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Advance America Cash Advance 'market perform,' estimates reduced
December 28, 2005 - New York, New York
NEW YORK, December 28 (newratings.com) - Analyst John Hecht of JMP Securities maintains his "market perform" rating on Advance America Cash Advance Inc (ticker: AEA), while reducing his estimates for the company. In a research note published yesterday, the analyst mentions that Advance America Cash Advance has recently announced that the chief banking regulator of North Carolina has ruled that the company's lending activities were not exempt from the consumer finance laws of the state. The ruling thereby indicates that bank-agency short-term loans are in violation of state laws, the analyst adds. The ruling is expected to result in the permanent closure of the company's 118 stores in North Carolina, leading to an estimated extraordinary pre-tax charge of about $2.5 million in 4Q05 and the loss of about $6 million in store gross margins during 2006, JMP Securities adds. The EPS estimates for 2005 and 2006 have been reduced from $0.75 to $0.73 and from $1.03 to $0.97, respectively.
News Source
NewRatings.com, reported by JMP Securities
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July 21 - WeGiveCash claimed we could get $1,500. But, after entering qualifying customer information, we were declined and then forwarded to another Web site to re-apply.
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