<SEC-DOCUMENT>0000926236-11-000004.txt : 20110328
<SEC-HEADER>0000926236-11-000004.hdr.sgml : 20110328
<ACCEPTANCE-DATETIME>20110120130852
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000926236-11-000004
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20110120

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST CASH FINANCIAL SERVICES INC
		CENTRAL INDEX KEY:			0000840489
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-MISCELLANEOUS RETAIL [5900]
		IRS NUMBER:				752237318
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		690 E LAMAR BLVD
		STREET 2:		STE 400
		CITY:			ARLINGTON
		STATE:			TX
		ZIP:			76011
		BUSINESS PHONE:		8174603947

	MAIL ADDRESS:	
		STREET 1:		690 E LAMAR BLVD
		STREET 2:		STE 400
		CITY:			ARLINGTON
		STATE:			TX
		ZIP:			76011

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST CASH INC
		DATE OF NAME CHANGE:	19940218
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>

<HTML>
<HEAD>
<TITLE>FCFS FORM CORRESP 01202011</TITLE>
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:624px"><P style="margin:0px" align=center><BR></P>
<HR>
<P style="margin:0px" align=center><BR></P>
</DIV><TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=416.133 /><TD width=283.2 /></TR>
<TR><TD style="margin-top:0px" valign=top width=416.133><P style="margin-top:0px; margin-bottom:14.667px"><BR></P>
<P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=283.2><P style="margin:0px; padding-right:7.667px">First Cash Financial Services, Inc.</P>
<P style="margin:0px; padding-right:7.667px">Direct: 817-505-3142</P>
<P style="margin:0px">dougo@firstcash.com</P>
</TD></TR>
</TABLE>
<DIV style="width:624px"><P style="margin:0px">January 20, 2011</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>VIA EDGAR</B></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">Mr. Andrew Mew</P>
<P style="margin:0px">Accounting Branch Chief</P>
<P style="margin:0px">United States Securities and Exchange Commission</P>
<P style="margin:0px">Washington, DC 20549</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; float:left">Re:</P>
<P style="margin:0px; text-indent:-2px" align=justify>First Cash Financial Services, Inc.</P>
<P style="margin:0px; padding-left:48px; clear:left" align=justify>Form 10-K for Fiscal Year Ended December 31, 2009</P>
<P style="margin:0px; padding-left:48px" align=justify>Filed March 15, 2010</P>
<P style="margin:0px; padding-left:48px" align=justify>File No. 000-19133</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Dear Mr. Mew:</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify>We are in receipt of the comments of the Staff (the &#147;Staff&#148;) of the Division of Corporation Finance of the Securities and Exchange Commission (the &#147;Commission&#148;) set forth in the Staff&#146;s letter dated December 22, 2010 to Rick L. Wessel, Chief Executive Officer of First Cash Financial Services, Inc. (the &#147;Company&#148;), regarding the Company&#146;s Annual Report on Form 10-K for the fiscal year ended December 31, 2009, filed on March&nbsp;15, 2010 (the &#147;Form 10-K&#148;).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>The Staff&#146;s comments are set forth below in italics, followed by our responses to the comments.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px"><FONT style="background-color:#FFFFFF"><B><U>Form 10-K for Fiscal Year Ended December 31, 2009</U></B></FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><FONT style="background-color:#FFFFFF"><B><U>Item 8. Financial Statements and Supplementary Data</U></B></FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><FONT style="background-color:#FFFFFF"><B><U>Notes to Consolidated Financial Statements</U></B></FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><FONT style="background-color:#FFFFFF"><B><U>Note 13 &#150; Goodwill and Other Intangible Assets</U></B></FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><I>We note your footnote disclosures regarding the company&#146;s goodwill balance for each period reported. Please tell us your consideration for providing a discussion of your goodwill valuation process within the critical accounting policies section of Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations given the material nature of your goodwill balance. Please note that these disclosures should provide investors with sufficient information as well as management&#146;s insights and assumptions with regard to the recoverability of goodwill. In this regard, we have identified areas where we believe additional discussion would enhance your disclosures. Specifically, we believe you should provide the following information pursuant to Item 303(a)(3)(ii) of Regulation S-K and Financial Reporting Release No. 60 and Section V of SEC Release No. 33-8350:</I></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; float:left"><FONT style="background-color:#FFFFFF"><I>&#183;</I></FONT></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px" align=justify><FONT style="background-color:#FFFFFF"><I>Please tell us the reporting units, as defined in ASC 350-20, used in your analysis; indicate how the reporting units are identified; provide the amount of goodwill allocated to each reporting unit and explain how you estimate the fair value of each reporting unit;</I></FONT></P>
<P style=margin-top:6.667px;margin-bottom:-1pt;font-size:1pt /><P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; clear:left; float:left"><FONT style="background-color:#FFFFFF"><I>&#183;</I></FONT></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px" align=justify><FONT style="background-color:#FFFFFF"><I>Please provide the carrying value and fair value for each reporting unit as of the date of your most recent step-one test. Alternatively, disclose the percentage by which the fair values exceed the carrying values for each unit;</I></FONT></P>
<P style=margin-top:6.667px;margin-bottom:-1pt;font-size:1pt /><P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; clear:left; float:left"><FONT style="background-color:#FFFFFF"><I>&#183;</I></FONT></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px" align=justify><FONT style="background-color:#FFFFFF"><I>For those reporting units in which the fair values do not exceed their carrying values by significant amounts, please describe the potential events and/or changes in circumstances that could reasonably be expected to negatively affect the key assumptions used in determining fair value.</I></FONT></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px" align=justify><B>Company&#146;s Response:</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><FONT style="background-color:#FFFFFF">The Company has identified three separate reporting units for purposes of testing for goodwill impairment: U.S. pawn operations, U.S. short-term loan operations and Mexico operations. These reporting units were identified based on the geographic locations and primary product lines. These reporting units are consistent with the nature of the Company&#146;s previous acquisitions and disposals (i.e. acquiring chains of pawn stores or disposing of groups of short-term loan/check cashing stores). Goodwill allocated to each reporting unit as of December 31, 2010 and 2009 is displayed in the table below.</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><FONT style="background-color:#FFFFFF">We estimated the fair value of our reporting units by using an income approach, and then validated the results with a market approach for reasonableness. The income approach establishes fair value based on the present value of estimated future cash flows, which are formed by evaluating historical trends, current budgets, operating plans, and industry data. The market approach establishes fair value by applying cash flow multiples to each reporting unit&#146;s operating performance. The multiples are derived from similar publicly traded companies and transactions involving the Company or similar public companies. </FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><FONT style="background-color:#FFFFFF">Our conclusion, as reflected in the table below, is that the estimated fair value for all reporting units is significantly in excess of the carrying value, and therefore goodwill for all reporting units is not impaired.</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><FONT style="background-color:#FFFFFF">For the year ended December 31, 2010 (amounts in thousands):</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=198.8 /><TD width=138 /><TD width=150 /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=198.8><P style="margin:0px"><B>Reporting Unit</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=138><P style="margin:0px" align=center><BR>
<B>Allocated<BR>
Goodwill</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=150><P style="margin:0px" align=center><B>% of Estimated<BR>
 Fair Value Over<BR>
 Carrying Value</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=198.8><P style="margin:0px" align=justify>U.S. Pawn Operations</P>
</TD><TD style="margin-top:0px" valign=top width=138><P style="margin:0px" align=center>$ &nbsp;&nbsp;&nbsp;&nbsp;36,251</P>
</TD><TD style="margin-top:0px" valign=top width=150><P style="margin:0px" align=center>252%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=198.8><P style="margin:0px" align=justify>U.S. Short-Term Loan Operations</P>
</TD><TD style="margin-top:0px" valign=top width=138><P style="margin:0px" align=center>$ &nbsp;&nbsp;&nbsp;&nbsp;16,373</P>
</TD><TD style="margin-top:0px" valign=top width=150><P style="margin:0px" align=center>368%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=198.8><P style="margin:0px" align=justify>Mexico Operations</P>
</TD><TD style="margin-top:0px" valign=top width=138><P style="margin:0px" align=center>$ &nbsp;&nbsp;&nbsp;&nbsp;23,731</P>
</TD><TD style="margin-top:0px" valign=top width=150><P style="margin:0px" align=center>538%</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><FONT style="background-color:#FFFFFF">For the year ended December 31, 2009 (amounts in thousands):</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=198.8 /><TD width=132 /><TD width=150 /></TR>
<TR><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=198.8><P style="margin:0px"><B>Reporting Unit</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=132><P style="margin:0px" align=center><BR>
<B>Allocated<BR>
Goodwill</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=150><P style="margin:0px" align=center><B>% of Estimated<BR>
 Fair Value Over <BR>
Carrying Value</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=198.8><P style="margin:0px" align=justify>U.S. Pawn Operations</P>
</TD><TD style="margin-top:0px" valign=top width=132><P style="margin:0px" align=center>$ &nbsp;&nbsp;&nbsp;&nbsp;30,869</P>
</TD><TD style="margin-top:0px" valign=top width=150><P style="margin:0px" align=center>240%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=198.8><P style="margin:0px" align=justify>U.S. Short-Term Loan Operations</P>
</TD><TD style="margin-top:0px" valign=top width=132><P style="margin:0px" align=center>$ &nbsp;&nbsp;&nbsp;&nbsp;16,373</P>
</TD><TD style="margin-top:0px" valign=top width=150><P style="margin:0px" align=center>295%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=198.8><P style="margin:0px" align=justify>Mexico Operations</P>
</TD><TD style="margin-top:0px" valign=top width=132><P style="margin:0px" align=center>$ &nbsp;&nbsp;&nbsp;&nbsp;22,489</P>
</TD><TD style="margin-top:0px" valign=top width=150><P style="margin:0px" align=center>730%</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><FONT style="background-color:#FFFFFF">Given the extent by which estimated fair values for each reporting unit exceed the respective carrying values, we believe that our disclosures as provided in Form 10-K for the year ended December 31, 2009 were adequate and no additional disclosures regarding potential events and/or changes in circumstances affecting the assumptions used in determining fair value were required. In addition, we believe that amending the Form 10-K for the year ended December 31, 2009 so close to the filing of the Form 10-K for the year ended December 31, 2010 would be confusing to investors. However, at your suggestion, we will include the following disclosure beginning with the Form 10-K for the year ended December 31, 2010 within the critical accounting policies section of Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations:</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:48px" align=justify><FONT style="background-color:#FFFFFF"><I>Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. In accordance with ASC 350-20-35, Goodwill &#150; Subsequent Measurement (&#147;ASC 350-20-35&#148;), the Company tests goodwill for potential impairment annually as of December 31, and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. </I></FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:48px" align=justify><FONT style="background-color:#FFFFFF"><I>The impairment test is a two-step assessment. The first step of the test, used to identify potential impairment, compares the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired, and the second step of the test is not necessary. If the carrying amount of a reporting unit exceeds its fair value, the second step of the test is performed to measure the amount of impairment loss, if any. As defined in ASC 350-20-35, the Company has identified three reporting units, or components, for the purpose of measuring the recoverability of goodwill: U.S. Pawn Operations, U.S. Short-Term Loan Operations and Mexico Operations. </I></FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:48px" align=justify><I>To estimate the fair value of each reporting unit, the Company used an income approach, and then validated the results with a market approach for reasonableness. The income approach establishes fair value based on the present value of estimated future cash flows, which are formed by evaluating historical trends, current budgets, operating plans, and industry data. The market approach establishes fair value by applying cash flow multiples to the reporting unit&#146;s operating performance. The multiples are derived from other publicly-traded companies that are similar but not identical from an operational and economic standpoint.</I></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px" align=justify><FONT style="background-color:#FFFFFF"><I>Determining the fair value of reporting units under both methods involves the use of significant estimates and assumptions. For the income approach, this includes revenue growth rates, operating margins, risk-adjusted discount rates, and future economic and market conditions. For the market approach, this includes determining appropriate market comparables and an appropriate control premium. The Company uses its fair value estimates on assumptions it believes to be reasonable, but that are unpredictable and inherently uncertain. Actual future results may differ from those estimates. In addition, the Company makes certain judgments and assumptions in allocating shared assets and liabilities to determine the carrying values for each reporting unit. </I></FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:48px" align=justify><FONT style="background-color:#FFFFFF"><I>The Company performed its 2010 annual impairment test of goodwill as of December 31, 2010. The results of the annual impairment test indicated that the estimated fair value of the U.S. Pawn Operations, U.S. Short-Term Loan Operations, and Mexico Operations reporting units exceeded the carrying value by 252%, 368% and 538%, respectively. Based on the results of this test, no impairment of goodwill was observed.</I></FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><FONT style="background-color:#FFFFFF">In addition to the above updated disclosure being included within the critical accounting policies section of Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations, we will include the following disclosure beginning with the Form 10-K for the year ended December 31, 2010 in the footnote for Goodwill:</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:48px" align=justify><FONT style="background-color:#FFFFFF"><I>Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. In accordance with ASC 350-20-35, Goodwill &#150; Subsequent Measurement (&#147;ASC 350-20-35&#148;), the Company tests goodwill for potential impairment annually as of December 31, and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. </I></FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:48px" align=justify><FONT style="background-color:#FFFFFF"><I>The impairment test is a two-step assessment. The first step of the test, used to identify potential impairment, compares the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired, and the second step of the test is not necessary. If the carrying amount of a reporting unit exceeds its fair value, the second step of the test is performed to measure the amount of impairment loss, if any. As defined in ASC 350-20-35, the Company has identified three reporting units, or components, for the purpose of measuring the recoverability of goodwill: U.S. Pawn Operations, U.S. Short-Term Loan Operations, and Mexico Operations. </I></FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px" align=justify><I>The accumulated amortization for goodwill was $8,421,000 at December 31, 2010 and 2009. Changes in the carrying value of goodwill, by reporting unit, were as follows (in thousands):</I></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=21.133 /><TD width=22.067 /><TD width=204 /><TD width=13.8 /><TD width=58.867 /><TD width=10.533 /><TD width=19.867 /><TD width=58.867 /><TD width=12.467 /><TD width=19.867 /><TD width=69.467 /><TD width=12.467 /><TD width=19.8 /><TD width=68.533 /></TR>
<TR><TD style="margin-top:0px" valign=top width=247.2 colspan=3><P style="margin:0px"><BR>
<BR>
<BR>
<B><U>December 31, 2010</U></B></P>
</TD><TD style="margin-top:0px" valign=top width=83.2 colspan=3><P style="margin:0px" align=center><BR>
<BR>
U.S. Pawn<BR>
<U>Operations</U></P>
</TD><TD style="margin-top:0px" valign=top width=91.2 colspan=3><P style="margin:0px" align=center><BR>
U.S. Short-<BR>
Term Loan <BR>
<U>Operations</U></P>
</TD><TD style="margin-top:0px" valign=top width=101.8 colspan=3><P style="margin:0px" align=center>Mexico Pawn<BR>
and Short-<BR>
Term Loan <BR>
<U>Operations</U></P>
</TD><TD style="margin-top:0px" valign=top width=88.333 colspan=2><P style="margin:0px" align=center><BR>
<BR>
<BR>
<U>Total</U></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=21.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=226.067 colspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=13.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=10.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=12.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=69.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=12.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=21.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=226.067 colspan=2><P style="margin:0px">Balance, beginning of year</P>
</TD><TD style="margin-top:0px" valign=top width=13.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=58.867><P style="margin:0px" align=right><B>30,869</B></P>
</TD><TD style="margin-top:0px" valign=top width=10.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.867><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=58.867><P style="margin:0px" align=right><B>16,373</B></P>
</TD><TD style="margin-top:0px" valign=top width=12.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.867><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.467><P style="margin:0px" align=right><B>22,489</B></P>
</TD><TD style="margin-top:0px" valign=top width=12.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=68.533><P style="margin:0px" align=right><B>69,731</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=21.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=22.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=204><P style="margin:0px">Acquisitions (Note 4)</P>
</TD><TD style="margin-top:0px" valign=top width=13.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.867><P style="margin:0px" align=right><B>5,382</B></P>
</TD><TD style="margin-top:0px" valign=top width=10.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.867><P style="margin:0px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=12.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=69.467><P style="margin:0px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=12.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.533><P style="margin:0px" align=right><B>5,382</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=21.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=22.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=204><P style="margin:0px">Foreign currency adjustments</P>
</TD><TD style="margin-top:0px" valign=top width=13.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=58.867><P style="margin:0px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=10.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=58.867><P style="margin:0px" align=right><B>-</B></P>
</TD><TD style="margin-top:0px" valign=top width=12.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=69.467><P style="margin:0px" align=right><B>1,242</B></P>
</TD><TD style="margin-top:0px" valign=top width=12.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=68.533><P style="margin:0px" align=right><B>1,242</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=21.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=226.067 colspan=2><P style="margin:0px">Balance, end of year</P>
</TD><TD style="margin-top:0px" valign=top width=13.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=58.867><P style="margin:0px" align=right><B>36,251</B></P>
</TD><TD style="margin-top:0px" valign=top width=10.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.867><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=58.867><P style="margin:0px" align=right><B>16,373</B></P>
</TD><TD style="margin-top:0px" valign=top width=12.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.867><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=69.467><P style="margin:0px" align=right><B>23,731</B></P>
</TD><TD style="margin-top:0px" valign=top width=12.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=68.533><P style="margin:0px" align=right><B>76,355</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=247.2 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=13.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=10.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=12.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=69.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=12.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=247.2 colspan=3><P style="margin:0px"><U>December 31, 2009</U></P>
</TD><TD style="margin-top:0px" valign=top width=13.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=10.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=12.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=69.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=12.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=21.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=226.067 colspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=13.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=10.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=12.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=69.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=12.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=21.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=226.067 colspan=2><P style="margin:0px">Balance, beginning of year</P>
</TD><TD style="margin-top:0px" valign=top width=13.8><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=58.867><P style="margin:0px" align=right>30,435</P>
</TD><TD style="margin-top:0px" valign=top width=10.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.867><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=58.867><P style="margin:0px" align=right>22,802</P>
</TD><TD style="margin-top:0px" valign=top width=12.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.867><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=69.467><P style="margin:0px" align=right>21,954</P>
</TD><TD style="margin-top:0px" valign=top width=12.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.8><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=68.533><P style="margin:0px" align=right>75,191</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=21.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=22.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=204><P style="margin:0px">Purchase price adjustments</P>
</TD><TD style="margin-top:0px" valign=top width=13.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.867><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=10.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.867><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=12.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=69.467><P style="margin:0px" align=right>(644)</P>
</TD><TD style="margin-top:0px" valign=top width=12.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.533><P style="margin:0px" align=right>(644)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=21.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=22.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=204><P style="margin:0px">Acquisitions (Note 4)</P>
</TD><TD style="margin-top:0px" valign=top width=13.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.867><P style="margin:0px" align=right>434</P>
</TD><TD style="margin-top:0px" valign=top width=10.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.867><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=12.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=69.467><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=12.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.533><P style="margin:0px" align=right>434</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=21.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=22.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=204><P style="margin:0px">Sales of payday loan stores (Note 5)</P>
</TD><TD style="margin-top:0px" valign=top width=13.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.867><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=10.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.867><P style="margin:0px" align=right>(6,429)</P>
</TD><TD style="margin-top:0px" valign=top width=12.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=69.467><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=12.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.533><P style="margin:0px" align=right>(6,429)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=21.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=22.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=204><P style="margin:0px">Foreign currency adjustments</P>
</TD><TD style="margin-top:0px" valign=top width=13.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=58.867><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=10.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=58.867><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=12.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=69.467><P style="margin:0px" align=right>1,179</P>
</TD><TD style="margin-top:0px" valign=top width=12.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=68.533><P style="margin:0px" align=right>1,179</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=21.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=226.067 colspan=2><P style="margin:0px">Balance, end of year</P>
</TD><TD style="margin-top:0px" valign=top width=13.8><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=58.867><P style="margin:0px" align=right>30,869</P>
</TD><TD style="margin-top:0px" valign=top width=10.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.867><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=58.867><P style="margin:0px" align=right>16,373</P>
</TD><TD style="margin-top:0px" valign=top width=12.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.867><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=69.467><P style="margin:0px" align=right>22,489</P>
</TD><TD style="margin-top:0px" valign=top width=12.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=19.8><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=68.533><P style="margin:0px" align=right>69,731</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><B>Concluding Company Response:</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>We acknowledge that we are responsible for the accuracy and adequacy of the disclosures in the filing. We further acknowledge that the Commission&#146;s staff comments or changes to disclosures in response to their comments do not foreclose the Commission from taking any action with respect to the filing. We know that we may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>If you have questions concerning the above, or if you require additional information, please do not hesitate to contact me at (817) 505-3142.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Sincerely,</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">/s/ R. Douglas Orr</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:6.667px; margin-bottom:0px">R. Douglas Orr</P>
<P style="margin:0px">Executive Vice President and Chief Financial Officer</P>
<P style="margin:0px">(Principal Financial &amp; Accounting Officer)</P>
<P style="margin-top:6.667px; margin-bottom:0px"><BR></P>
<P style="margin-top:6.667px; margin-bottom:0px">cc: Milwood Hobbs, SEC Staff Accountant</P>
<P style="margin-top:6.667px; margin-bottom:0px"><BR>
<BR></P>
<P style="margin:0px"><BR></P>
</DIV>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
