| [April 03, 2007] |
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Dollar Financial Corp Announces the Transition of Its U.S. CustomCash(R) Installment Loan Product to an Internet Based Platform; Reaffirms Previously Issued Guidance
BERWYN, Pa. --(Business Wire)-- Dollar Financial Corp (NASDAQ:DLLR), a leading international financial services company serving under-banked consumers today announced it is developing an internet based lending platform for its three global business units, and expects it will be in a position later this month to commence offering its CustomCash(R) installment loan product in the U.S. through the internet.
Commenting on this development, Jeff Weiss, the Company's Chairman and Chief Executive Officer, stated, "We believe that offering this product through the internet will allow us to further develop and tap into underserved markets in the U.S. The strength of this Company continues to be its multi-country, multi-channel and multi-product business model, which allows us to mitigate unfavorable changes in one aspect of the business with opportunities in other areas. Accordingly, the Company does not expect the First Bank of Delaware recent announcement to have a significant impact on the Company's global business performance and is reaffirming its previously issued fiscal 2007 and calendar year 2007 guidance estimates."
First Bank of Delaware (FBD) recently announced that effective April 17, 2007 it will no longer offer consumer loan products through store front vendors and instead will exclusively offer consumer loan products through its branch offices and the internet. Accordingly, the Company expects to transition its current CustomCash(R) product to the new internet lending platform which will coincide with the recent changes announced by FBD. These developments do not affect the Company's current two-week payday loan product which is offered within the majority of its U.S. stores.
Weiss continued: "For many years the Company has been continually evolving to meet changes in consumer demand and market environment by tailoring and modifying our global products through market research, product testing and the usage of innovative technology."
About Dollar Financial Corp
Dollar Financial Corp is a leading international financial services company serving under-banked consumers. Its customers are typically service sector individuals who require basic financial services but, for reasons of convenience and accessibility, purchase some or all of their financial services from the Company rather than from banks and other financial institutions. To meet the needs of these customers, the Company provides a range of consumer financial products and services primarily consisting of check cashing, short-term consumer loans, Western Union money order and money transfer products, reloadable VISA(R) and MasterCard(R) branded debit cards, electronic tax filing, bill payment services, and legal document preparation services.
At December 31, 2006, the Company's global store network consisted of 1,282 stores, including 883 company-operated financial services stores and 127 We The People legal document preparation locations in 34 states, the District of Columbia, Canada and the United Kingdom. The financial services store network is the largest network of its kind in each of Canada and the United Kingdom and the second-largest network of its kind in the United States. The Company's customers, many of whom receive income on an irregular basis or from multiple employers, are drawn to the convenient neighborhood locations, extended operating hours and high-quality customer service. The Company's products and services, principally check cashing and short-term consumer loan programs, provide immediate access to cash for living expenses or other needs. For more information, please visit the Company's website at www.dfg.com.
Forward Looking Statement
This news release contains forward looking statements, including statements regarding the Company's future results, growth and operating strategy, changes in consumer lending products, the impact of new stores and acquisitions, and of the performance of new products. These forward looking statements involve risks and uncertainties, including risks related to the regulatory environment, current and potential future litigation, the integration of acquired stores, the performance of new stores, the implementation of restructuring initiatives, and the effects of current and new products on the Company's business, results of operations, financial condition and prospects. There can be no assurance that the Company will attain its expected results, successfully integrate any of its acquisitions, or that ongoing and potential future litigation or that the various FDIC, Federal, state or foreign legislative or regulatory activities affecting the Company or the banks with which the Company does business will not negatively impact the Company's operations. A more complete description of these and other risks, uncertainties and assumptions is included in the Company's filings with the Securities and Exchange Commission, including those described under the heading "Risk Factors" in the final prospectus from the Company's follow-on public offering filed with the SEC on June 16, 2006 and its fiscal 2006 annual report on Form-10K. You should not place any undue reliance on any forward-looking statements. We disclaim any obligation to update any such factors or to publicly announce results of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.
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