|
|
|
September 30,
2004
|
|
December 31,
2003
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
(Dollars in thousands)
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
$
|
46,481
|
|
|
|
$
|
110,605
|
|
|
|
Restricted cash
|
|
|
10,255
|
|
|
|
11,921
|
|
|
|
Retained interests in
credit card receivables securitized
|
|
|
578,342
|
|
|
|
538,961
|
|
|
|
Amounts due from
securitization
|
|
|
7,624
|
|
|
|
4,199
|
|
|
|
Loans and fees
receivable, net
|
|
|
82,298
|
|
|
|
16,271
|
|
|
|
Deferred costs, net
|
|
|
32,786
|
|
|
|
7,750
|
|
|
|
Software, furniture,
fixtures and equipment, net
|
|
|
29,129
|
|
|
|
24,307
|
|
|
|
Investment in
equity-method investee
|
|
|
5,971
|
|
|
|
6,577
|
|
|
|
Investments in
previously charged off receivables
|
|
|
13,896
|
|
|
|
13,960
|
|
|
|
Investments in debt
securities
|
|
|
17,984
|
|
|
|
15,007
|
|
|
|
Intangibles
|
|
|
11,314
|
|
|
|
—
|
|
|
|
Goodwill
|
|
|
100,686
|
|
|
|
—
|
|
|
|
Prepaid expenses and
other assets
|
|
|
10,394
|
|
|
|
11,797
|
|
|
|
Total assets
|
|
|
$
|
947,160
|
|
|
|
$
|
761,355
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and
accrued expenses
|
|
|
$
|
35,929
|
|
|
|
$
|
26,436
|
|
|
|
Notes payable
|
|
|
75,469
|
|
|
|
1,945
|
|
|
|
Deferred revenue
|
|
|
6,317
|
|
|
|
9,895
|
|
|
|
Deferred gain on
Fingerhut receivables
|
|
|
29,927
|
|
|
|
—
|
|
|
|
Income tax liability
|
|
|
99,447
|
|
|
|
96,491
|
|
|
|
Total liabilities
|
|
|
247,089
|
|
|
|
134,767
|
|
|
|
Minority interests
|
|
|
57,931
|
|
|
|
52,575
|
|
|
|
Shareholders’ equity
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, no par value, 10,000,000 shares
authorized:
|
|
|
|
|
|
|
|
|
|
|
Series A preferred
stock, 25,000 shares issued and outstanding at September 30, 2004 and
December 31, 2003, respectively
|
|
|
32,157
|
|
|
|
29,816
|
|
|
|
Series B preferred
stock, 10,000 shares issued and outstanding at September 30, 2004 and
December 31, 2003, respectively
|
|
|
13,117
|
|
|
|
12,181
|
|
|
|
Common stock, no par value, 150,000,000 shares
authorized:
|
|
|
|
|
|
|
|
|
|
|
48,018,242 and
47,885,506 issued at September 30, 2004 and December 31, 2003,
respectively
|
|
|
—
|
|
|
|
—
|
|
|
|
Additional paid-in
capital
|
|
|
253,570
|
|
|
|
250,943
|
|
|
|
Treasury stock, at cost,
2,248,500 and 872,900 shares at September 30, 2004 and December 31,
2003, respectively
|
|
|
(28,459
|
)
|
|
|
(4,586
|
)
|
|
|
Deferred compensation
|
|
|
(354
|
)
|
|
|
(593
|
)
|
|
|
Warrant
|
|
|
16,498
|
|
|
|
—
|
|
|
|
Retained earnings
|
|
|
|
