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Payday loan company QC Holdings reports drop in income
May 4, 2006 - Kansas City, Kansas
Overland Park-based payday loan company QC Holdings Inc. today reported a drop in first-quarter net income but said it got a better handle on loan losses. In the quarter ended March 31, QC reported net income of $2.5 million, or 12 cents a share, down from $3.6 million, or 17 cents, in the same period a year ago. Revenue in the quarter increased to $38.4 million from $33.4 million a year ago, reflecting growth in the number of branches and higher payday loan volumes. "Entering the first quarter, we emphasized the need to grow net revenues and manage costs, and our field personnel stepped up to this challenge by reducing losses and improving profitability," QC President and Chief Operating Officer Darrin Andersen said in a news release. During the quarter, QC reported a reduction in loan losses to $5.2 million from $6.7 million a year ago. The company said its loss ratio in the quarter of 13.6 percent was a record. A year ago, the loss ratio was 20.1 percent. The company will discuss first-quarter results during a conference call starting at 1 p.m. In trading Wednesday on the Nasdaq, QC Holdings shares closed up 2 cents at $15.53. Shares have traded in a 52-week range of $10.91 to $17.10.
News Source
Kansas City Star, Kansas City Star News Services
QC Holdings, Inc. (NASDAQ: QCCO)
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