Payday Loan Industry Watch Home News: Archive News: Recent News: RSS Newsfeeds News: Archive News: By State News: By Big 7 Podcasts Reviews Tips Links
About Us
Contact Us
Site Help
Find a Lender

Advance America Cash Advance 'market perform,' estimates reduced

December 28, 2005 - New York, New York

NEW YORK, December 28 ( - 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, reported by JMP Securities

Related Stories - Advance America Cash Advance Centers Inc. (NYSE: AEA)

Related Stories - New York


See: Recent News | Archived News | RSS Newsfeeds | News by State
Go to home.

E-mail This Page Open a new window and send this page to a friend.
Share this page by E-mail.
Podcasts Podcasts page.
Interview with David Farias - Founder,
Payday loan opponents caution people against taking payday loans. We interviewed David to better understand the practice and viability of an emerging source for loans: The Internet social lending network.

Interview with Pete Kowenhoven - Special Agent, FBI
Interview with Dr. Tom Lehman - Author of 'In Defense of Payday Lending'
Interview with Bill McCloskey - Email Data Source President and CEO
Reviews Reviews page.
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.
small payday loan industry watch logo
Recent RSS Newsfeeds Archive Shown by State Shown by 'Big 7'
Home News & RSS Podcasts Reviews Tips Links Find a Lender About Us Contact Us Donate / Sponsor Site Help
Terms of Use Privacy Policy Site Map copyright © 2005-2024 all rights reserved Updated: Nov 22, 2022 07:57 EST