SOURCE: CompuCredit

CompuCredit

February 12, 2009 16:30 ET

CompuCredit Reports Fourth Quarter 2008 Results

ATLANTA, GA--(Marketwire - February 12, 2009) - CompuCredit (NASDAQ: CCRT) reported a fourth quarter 2008 GAAP net loss of $26.9 million, or $0.57 per fully diluted common share, which compares to fourth quarter 2007 GAAP earnings from continuing operations of $27.5 million, or $0.58 per fully diluted common share.

CompuCredit also reported fourth quarter 2008 managed earnings of $8.1 million, or $0.17 per fully diluted common share, which compares to fourth quarter 2007 managed losses from continuing operations of $16.0 million, or $0.34 per fully diluted common share.

"We are planning for economic uncertainty to continue through the remainder of 2009 and remain focused on capital preservation, account management, and expense reduction," said David G. Hanna, Chairman and CEO of CompuCredit.

CompuCredit's net interest margin was 13.8 percent in the fourth quarter of 2008, as compared to 17.8 percent for the fourth quarter of 2007 and 15.1 percent in the previous quarter. The adjusted charge-off rate was 14.2 percent in the fourth quarter of 2008, as compared to 13.2 percent for the fourth quarter of 2007 and 14.2 percent in the previous quarter. As of December 31, 2008, the 60-plus day delinquency rate was 16.3 percent, down from 18.4 percent as of December 31, 2007 and up from 13.1 percent as of September 30, 2008.

CompuCredit's GAAP and managed fourth quarter 2008 results include an $83.8 million pre-tax gain on the repurchase of convertible senior notes.

Various references within this press release and the accompanying financial information are to CompuCredit's "managed" results, which include the results of its non-securitized receivables, together with the receivables underlying its off-balance-sheet securitization facilities. Financial, operating and statistical data based on these aggregate managed receivables are key to any evaluation of CompuCredit's performance in managing (including underwriting, valuing purchased receivables, servicing and collecting) the portfolios of receivables reflected on CompuCredit's balance sheet and underlying its securitization facilities. In allocating CompuCredit's resources and managing its business, management relies heavily upon financial, operating and statistical data prepared on a so-called "managed basis." It also is important to analysts, investors and others that CompuCredit provide selected metrics and data on a managed basis because this allows a comparison of CompuCredit to others within the specialty finance industry. Moreover, CompuCredit's management, analysts, investors and others believe it is critical that they understand the credit performance of the entire portfolio of CompuCredit's managed receivables because it reveals information concerning the quality of loan originations and the related credit risks inherent within the securitized portfolios and CompuCredit's retained interests in its securitization facilities.

Managed receivables data assume that none of the credit card receivables underlying CompuCredit's off-balance-sheet securitization facilities was ever transferred to securitization facilities and present the net credit losses and delinquent balances on the receivables as if CompuCredit still owned the receivables. Reconciliation of the managed receivables data to CompuCredit's GAAP financial statements requires: (1) recognition that substantially all of CompuCredit's credit card receivables had been sold in securitization transactions as of December 31, 2008; (2) an understanding that CompuCredit's managed receivables data are based on billings and actual charge-offs as reported to it through underlying systems of record (i.e., without regard to an allowance for uncollectible loans and fees receivable); (3) a look-through to CompuCredit's economic share of (or equity interest in) the receivables that it manages for its equity-method investees; and (4) removal of CompuCredit's minority interest holders' interests in the managed receivables underlying CompuCredit's GAAP consolidated results.

For further details regarding CompuCredit's fourth quarter 2008 financial performance, the media and public are invited to listen to management's pre-recorded fourth quarter 2008 earnings commentary, which will be available by 5:00 p.m. Eastern Standard Time on Thursday, February 12, 2009 via the Internet at www.compucredit.com.

CompuCredit is a specialty finance company and marketer of branded credit cards and related financial services. CompuCredit provides these services to consumers who are underserved by traditional financial institutions. Through corporate and affinity contributions focused on the underserved and un-banked communities, CompuCredit also uses its financial resources and volunteer efforts to address the numerous challenges affecting its customers. For more information about CompuCredit, visit www.CompuCredit.com.


                 CompuCredit Corporation and Subsidiaries
              Financial, Operating and Statistical Measures
                                (Unaudited)
        (In thousands, except for per share data and percentages)


                                     As Of And For The Three Months Ended
                                      December     September    December
                                      31, 2008     30, 2008     31, 2007
                                     -----------  -----------  -----------
Common Share Statistics
Net (Loss) Income From Continuing
 Operations Per Common Share:
    Basic                            $     (0.57) $     (0.66) $      0.58
    Diluted                          $     (0.57) $     (0.66) $      0.58
Loss On Discontinued Operations
 Per Common Share:
    Basic                                    N/A  $     (0.03) $     (0.25)
    Diluted                                  N/A  $     (0.03) $     (0.25)
Net (Loss) Income Per Common
 Share:
    Basic                            $     (0.57) $     (0.69) $      0.33
    Diluted                          $     (0.57) $     (0.69) $      0.33

Book Value Per Common Share
 Outstanding (Period End)            $     13.87  $     14.82  $     16.73
Stock Price Per Common Share
 (Period End)                        $      5.53  $      3.92  $      9.98
Total Market Capitalization
 (Period End)                        $   265,410  $   188,278  $   472,832
Shares Outstanding (Period End)(1)        47,995       48,030       47,378
Weighted Average Shares
 Outstanding -- Basic                     46,807       46,794       47,614
Weighted Average Shares
 Outstanding -- Diluted                   46,807       46,794       47,860

Average Managed Receivables
 Statistics (2)
Average Managed Receivables          $ 3,318,998  $ 3,519,736  $ 4,150,117
Average Shareholders' Equity         $   688,905  $   732,643  $   795,658
GAAP Return On Average Managed
 Receivables                                -3.2%        -3.5%         2.7%
GAAP Return On Average Equity (ROE)        -15.6%       -16.9%        13.8%
Net Interest Margin                         13.8%        15.1%        17.8%
Other Income Ratio                          17.8%        11.3%        14.9%
Net Charge-Off Rate                         15.0%        15.2%        15.6%
Adjusted Charge-Off Rate                    14.2%        14.2%        13.2%
Risk Adjusted Margin                        16.8%        11.5%        18.9%
Operating Ratio                             14.1%        16.4%        19.3%

Period-End Managed Receivables
 Statistics (2)
Total Managed Receivables            $ 3,121,682  $ 3,465,928  $ 4,136,430
Delinquency Rate (60+ days)                 16.3%        13.1%        18.4%
Number of Accounts                         3,993        4,342        5,306
Shareholders' Equity                 $   665,844  $   711,965  $   792,579
Equity to Managed Receivables Ratio         21.3%        20.5%        19.2%



(1) Shares outstanding balances exclude 3,651,069 shares that are
outstanding at December 31, 2008 and September 30, 2008
and exclude 5,677,950 shares that are outstanding at December 31, 2007 but
that are returnable to CompuCredit under the terms of a share lending
arrangement.
(2) Receivables-based statistics are based on continuing operations only.




                 CompuCredit Corporation and Subsidiaries
                        Consolidated Balance Sheets
                           (Dollars in thousands)


                                                 December 31, December 31,
                                                     2008         2007
                                                  -----------  -----------

Assets
Cash and cash equivalents (including restricted
 cash of $19,913 and $29,128 at December 31,
 2008 and 2007, respectively)                     $    94,428  $   137,526
Securitized earning assets                            813,793    1,015,579
Non-securitized earning assets, net:
    Loans and fees receivable, net (of $24,757
     and $27,199 in deferred revenue and $55,753
     and $51,489 in allowances for uncollectible
     loans and fees receivable at December 31,
     2008 and 2007, respectively)                     340,734      357,027
  Investments in previously charged-off
   receivables                                         47,676       14,523
  Investments in securities                             4,678       27,714
Deferred costs, net                                     8,467       14,923
Property at cost, net of depreciation                  48,297       84,466
Investments in equity-method investees                 53,093       63,023
Intangibles, net                                        4,547        8,248
Goodwill                                               59,129       97,169
Prepaid expenses and other assets                      52,575       45,247
Assets held for sale                                        -        8,735
                                                  -----------  -----------
Total assets                                      $ 1,527,417  $ 1,874,180
                                                  ===========  ===========


Liabilities
Accounts payable and accrued expenses             $   120,235  $   159,396
Notes payable and other borrowings                    199,939      235,591
Convertible senior notes                              389,851      550,000
Deferred revenue, primarily from forward flow
 agreement                                             23,492       33,277
Current and deferred income tax liabilities           103,178       70,232
Liabilities related to assets held for sale                 -          373
                                                  -----------  -----------
Total liabilities                                     836,695    1,048,869

Minority interests                                     24,878       32,732

Shareholders' equity
Common stock, no par value, 150,000,000 shares
 authorized: 60,379,613 shares issued and
 51,645,697 shares outstanding at December 31,
 2008 (including 3,651,069 loaned shares to be
 returned); and 61,938,533 shares issued and
 53,055,505 shares outstanding at December 31,
 2007 (including 5,677,950 loaned shares,
 2,026,881 of which were returned subsequent to
 December 31, 2007 and the remainder of which
 are to be returned in the future)                          -            -
Additional paid-in capital                            413,857      409,964
Treasury stock, at cost, 8,733,916 and 8,883,028
 shares at December 31, 2008 and 2007,
 respectively                                        (222,310)    (225,457)
Accumulated other comprehensive income                (31,431)       1,637
Retained earnings                                     505,728      606,435
                                                  -----------  -----------

Total shareholders' equity                            665,844      792,579
                                                  -----------  -----------

Total liabilities and shareholders' equity        $ 1,527,417  $ 1,874,180
                                                  ===========  ===========




                 CompuCredit Corporation and Subsidiaries
                  Consolidated Statements of Operations
                  (In thousands, except per share data)


                    For The Three Months Ended        For The Year Ended
                ----------------------------------  ----------------------
                 December   September    December    December    December
                    31,         30,         31,         31,         31,
                   2008        2008        2007        2008        2007
                ----------  ----------  ----------  ----------  ----------
                (Unaudited)(Unaudited) (Unaudited)
Interest income:
  Consumer loans,
   including
   past due
   fees         $   21,580  $   23,556  $  141,641  $   92,918  $  440,084
  Other                627         971       5,641       5,071      22,682
                ----------  ----------  ----------  ----------  ----------
Total interest
 income             22,207      24,527     147,282      97,989     462,766
Interest
 expense           (10,783)    (10,140)    (26,194)    (42,772)    (81,516)
                ----------  ----------  ----------  ----------  ----------
  Net interest
   income before
   fees and
   related
   income on
   non-securitized
   earning assets
   and provision
   for loan losses  11,424      14,387     121,088      55,217     381,250
  Fees and related
   income on
   non-securitized
   earning assets   44,525      44,119     250,991     196,366     790,929
  Provision
   for loan
   losses          (18,470)    (17,283)   (330,921)    (72,262)   (958,858)
                ----------  ----------  ----------  ----------  ----------
Net interest
 income, fees
 and related
 income on
 non-securitized
 earning assets     37,479      41,223      41,158     179,321     213,321

Other operating
 income:
  Fees and related
   income on
   securitized
   earning assets  (94,024)      4,143     180,154    (108,505)    301,486
  Servicing
   income           44,192      44,537      24,585     181,883      96,944
  Ancillary and
   interchange
   revenues          9,751      14,401      18,319      55,283      67,840
  Gain on repurchase
   of convertible
   senior notes     83,816           -           -     112,240           -
  Equity in
   income of
   equity-method
   investees         5,189       1,674       7,413      22,319      34,360
                ----------  ----------  ----------  ----------  ----------
Total other
 operating
 income             48,924      64,755     230,471     263,220     500,630
Other operating
 expense:
  Salaries and
   benefits         14,340      16,407      18,274      67,434      74,371
  Card and loan
   servicing        67,878      65,716      88,578     281,774     307,842
  Marketing and
   solicitation      4,649       8,787      16,983      46,376     141,635
  Depreciation       6,911       8,397      14,066      32,667      42,433
  Goodwill
   impairment        1,704      29,164      48,449      30,868      48,449
  Other             31,228      28,293      37,940     124,959     131,485
                ----------  ----------  ----------  ----------  ----------
Total other
 operating
 expense           126,710     156,764     224,290     584,078     746,215
                ----------  ----------  ----------  ----------  ----------
(Loss) income
 from continuing
 operations
 before minority
 interest and
 income taxes      (40,307)    (50,786)     47,339    (141,537)    (32,264)
  Minority
   interest          3,616          30       1,163       2,145      (1,600)
                ----------  ----------  ----------  ----------  ----------
(Loss) income
 from continuing
 operations
 before income
 taxes             (36,691)    (50,756)     48,502    (139,392)    (33,864)
  Income tax
   benefit
   (expense)         9,813      19,728     (20,975)     44,224       8,896
                ----------  ----------  ----------  ----------  ----------
(Loss) income
 from
 continuing
 operations        (26,878)    (31,028)     27,527     (95,168)    (24,968)
Discontinued
 operations:
Loss from
 discontinued
 operations
 before income
 tax benefit             -      (1,883)    (18,108)     (9,868)    (40,043)
 Income tax
  benefit                -         659       6,338       3,454      14,015
                ----------  ----------  ----------  ----------  ----------
Loss from
 discontinued
 operations              -      (1,224)    (11,770)     (6,414)    (26,028)
                ----------  ----------  ----------  ----------  ----------
Net (loss)
 income         $  (26,878) $  (32,252) $   15,757  $ (101,582) $  (50,996)
                ==========  ==========  ==========  ==========  ==========

(Loss) income
 from
 continuing
 operations
 per common
 share -- basic $    (0.57) $    (0.66) $     0.58  $    (2.03) $    (0.51)
                ==========  ==========  ==========  ==========  ==========
(Loss) income
 from
 continuing
 operations
 per common
 share --
 diluted        $    (0.57) $    (0.66) $     0.58  $    (2.03) $    (0.51)
                ==========  ==========  ==========  ==========  ==========

 Loss from
  discontinued
  operations
  per common
  share --
  basic         $        -  $    (0.03) $    (0.25) $    (0.14) $    (0.53)
                ==========  ==========  ==========  ==========  ==========
 Loss from
  discontinued
  operations
  per common
  share --
  diluted       $        -  $    (0.03) $    (0.25) $    (0.14) $    (0.53)
                ==========  ==========  ==========  ==========  ==========

 Net (loss)
  income per
  common
  share --
  basic         $    (0.57) $    (0.69) $     0.33  $    (2.17) $    (1.04)
                ==========  ==========  ==========  ==========  ==========
 Net (loss)
  income per
  common
  share --
  diluted       $    (0.57) $    (0.69) $     0.33  $    (2.17) $    (1.04)
                ==========  ==========  ==========  ==========  ==========




                 CompuCredit Corporation and Subsidiaries
                          Business Segment Data
                                (Unaudited)
                              (In thousands)


                                               Investments
                                              in Previously
Three Months Ended December                    Charged Off      Retail
 31, 2008                      Credit Cards    Receivables    Micro-Loans
                               -------------  -------------  -------------
Net interest income (expense),
 fees and related income on
 non-securitized earning
 assets                        $      (2,539) $       4,027  $      16,640
                               =============  =============  =============
Total other operating income   $      48,710  $         129  $           -
                               =============  =============  =============
 Income (loss) from continuing
  operations before income
  taxes                        $     (24,963) $      (6,488) $       2,591
                               =============  =============  =============
Loss from discontinued
 operations before income
 taxes                         $           -  $           -  $           -
                               =============  =============  =============
Loans and fees receivable,
 gross                         $         712  $           -  $      40,099
                               =============  =============  =============
Loans and fees receivable, net $         534  $           -  $      33,597
                               =============  =============  =============
Total assets                   $     963,734  $      59,850  $      99,175
                               =============  =============  =============


Three Months Ended December
 31, 2008                      Auto Finance       Other          Total
                               -------------  -------------  -------------
Net interest income (expense),
 fees and related income on
 non-securitized earning
 assets                        $      11,098  $       8,253  $      37,479
                               =============  =============  =============
Total other operating income   $          85  $           -  $      48,924
                               =============  =============  =============
 Income (loss) from continuing
  operations before income
  taxes                        $      (9,748) $       1,917  $     (36,691)
                               =============  =============  =============
Loss from discontinued
 operations before income
 taxes                         $           -  $           -  $           -
                               =============  =============  =============
Loans and fees receivable,
 gross                         $     359,662  $      20,771  $     421,244
                               =============  =============  =============
Loans and fees receivable, net $     291,559  $      15,044  $     340,734
                               =============  =============  =============
Total assets                   $     342,465  $      62,193  $   1,527,417
                               =============  =============  =============



                                               Investments
                                              in Previously
Three Months Ended December                    Charged Off       Retail
 31, 2007                       Credit Cards    Receivables    Micro-Loans
                               -------------  -------------  -------------
Net interest income, fees and
 related income on
 non-securitized earning
 assets                        $         125  $      14,393  $      22,815
                               =============  =============  =============
Total other operating income   $     229,963  $         291  $           -
                               =============  =============  =============
 Income (loss) from continuing
  operations before income
  taxes                        $     107,860  $       3,838  $     (44,255)
                               =============  =============  =============
Loss from discontinued
 operations before income
 taxes                         $           -  $           -  $     (13,795)
                               =============  =============  =============
Loans and fees receivable,
 gross                         $      28,054  $           -  $      49,464
                               =============  =============  =============
Loans and fees receivable, net $      22,473  $           -  $      39,391
                               =============  =============  =============
Total assets                   $   1,318,631  $      31,819  $     112,516
                               =============  =============  =============


Three Months Ended December
 31, 2007                      Auto Finance       Other          Total
                               -------------  -------------  -------------
Net interest income, fees and
 related income on
 non-securitized earning
 assets                        $       1,121  $       2,704  $      41,158
                               =============  =============  =============
Total other operating income   $         217  $           -  $     230,471
                               =============  =============  =============
 Income (loss) from continuing
  operations before income
  taxes                        $     (18,073) $        (868) $      48,502
                               =============  =============  =============
Loss from discontinued
 operations before income
 taxes                         $           -  $      (4,313) $     (18,108)
                               =============  =============  =============
Loans and fees receivable,
 gross                         $     345,843  $      12,354  $     435,715
                               =============  =============  =============
Loans and fees receivable, net $     285,531  $       9,632  $     357,027
                               =============  =============  =============
Total assets                   $     380,783  $      30,431  $   1,874,180
                               =============  =============  =============



                                               Investments
                                              in Previously
                                               Charged Off       Retail
Year Ended December 31, 2008    Credit Cards    Receivables    Micro-Loans
                               -------------  -------------  -------------
Net interest income (expense),
 fees and related income on
 non-securitized earning
 assets                        $     (14,772) $      38,985  $      64,305
                               =============  =============  =============
Total other operating income   $     262,208  $         631  $           -
                               =============  =============  =============
Income (loss) from continuing
 operations before income
 taxes                         $    (116,299) $      12,402  $       9,775
                               =============  =============  =============
Loss from discontinued
 operations before income
 taxes                         $           -  $           -  $      (8,622)
                               =============  =============  =============
Loans and fees receivable,
 gross                         $         712  $           -  $      40,099
                               =============  =============  =============
Loans and fees receivable, net $         534  $           -  $      33,597
                               =============  =============  =============
Total assets                   $     963,734  $      59,850  $      99,175
                               =============  =============  =============


Year Ended December 31, 2008   Auto Finance       Other          Total
                               -------------  -------------  -------------
Net interest income (expense),
 fees and related income on
 non-securitized earning
 assets                        $      64,821  $      25,982  $     179,321
                               =============  =============  =============
Total other operating income   $         381  $           -  $     263,220
                               =============  =============  =============
Income (loss) from continuing
 operations before income
 taxes                         $     (44,799) $        (471) $    (139,392)
                               =============  =============  =============
Loss from discontinued
 operations before income
 taxes                         $           -  $      (1,246) $      (9,868)
                               =============  =============  =============
Loans and fees receivable,
 gross                         $     359,662  $      20,771  $     421,244
                               =============  =============  =============
Loans and fees receivable, net $     291,559  $      15,044  $     340,734
                               =============  =============  =============
Total assets                   $     342,465  $      62,193  $   1,527,417
                               =============  =============  =============



                                               Investments
                                              in Previously
                                               Charged Off       Retail
Year Ended December 31, 2007    Credit Cards    Receivables    Micro-Loans
                               -------------  -------------  -------------
Net interest income, fees and
 related income on
 non-securitized earning
 assets                        $      39,855  $      58,286  $      79,106
                               =============  =============  =============
Total other operating income   $     497,453  $       1,125  $           -
                               =============  =============  =============
Income (loss) from continuing
 operations before income
 taxes                         $      (4,483) $      33,159  $     (28,240)
                               =============  =============  =============
Loss from discontinued
 operations before income
 taxes                         $           -  $           -  $     (25,242)
                               =============  =============  =============
Loans and fees receivable,
 gross                         $      28,054  $           -  $      49,464
                               =============  =============  =============
Loans and fees receivable, net $      22,473  $           -  $      39,391
                               =============  =============  =============
Total assets                   $   1,318,631  $      31,819  $     112,516
                               =============  =============  =============


Year Ended December 31, 2007   Auto Finance       Other          Total
                               -------------  -------------  -------------
Net interest income, fees and
 related income on
 non-securitized earning
 assets                        $      28,493  $       7,581  $     213,321
                               =============  =============  =============
Total other operating income   $       2,052  $           -  $     500,630
                               =============  =============  =============
Income (loss) from continuing
 operations before income
 taxes                         $     (33,439) $        (861) $     (33,864)
                               =============  =============  =============
Loss from discontinued
 operations before income
 taxes                         $           -  $     (14,801) $     (40,043)
                               =============  =============  =============
Loans and fees receivable,
 gross                         $     345,843  $      12,354  $     435,715
                               =============  =============  =============
Loans and fees receivable, net $     285,531  $       9,632  $     357,027
                               =============  =============  =============
Total assets                   $     380,783  $      30,431  $   1,874,180
                               =============  =============  =============



                 CompuCredit Corporation and Subsidiaries
Managed Earnings and Reconciliation of Reported GAAP Net Income to Managed
                                 Earnings
                                (Unaudited)
                  (In thousands, except per share data)


                                         For The Three Months Ended
                                  ----------------------------------------
                                  December 31,  September 30, December 31,
                                      2008          2008          2007
                                  ------------  ------------  ------------

GAAP net (loss) income as
 reported                         $    (26,878) $    (32,252) $     15,757
Securitization adjustment, net of
 tax                                    32,996         4,012       193,314
Provision to charge off
 adjustment, net of tax                  1,936        (5,415)     (237,174)
                                  ------------  ------------  ------------
Managed net income (loss)         $      8,054  $    (33,655) $    (28,103)
                                  ============  ============  ============
Managed net income (loss) per
 common share                     $       0.17  $      (0.72) $      (0.59)
                                  ============  ============  ============


                                      For The Year Ended
                                  --------------------------
                                  December 31,  December 31,
                                      2008          2007
                                  ------------  ------------

GAAP net (loss) income as
 reported                         $   (101,582) $    (50,996)
Securitization adjustment, net of
 tax                                  (118,330)      164,556
Provision to charge off
 adjustment, net of tax                (11,954)      (92,345)
                                  ------------  ------------
Managed net income (loss)         $   (231,866) $     21,215
                                  ============  ============
Managed net income (loss) per
 common share                     $      (4.96) $       0.43
                                  ============  ============



                                         For The Three Months Ended
                                              December 31, 2008
                                  ----------------------------------------
                                      GAAP      Adjustments      Managed
                                  ------------  ------------  ------------
Net interest margin on loans
 receivable                       $     21,580  $     93,002  $    114,582
Net interest expense                   (10,156)        5,033        (5,123)
Provision / charge offs                (18,470)      (99,533)     (118,003)
Other operating income                  93,449        54,306       147,755
Marketing expense                       (4,649)            -        (4,649)
Ancillary product expense                 (146)            -          (146)
Operating expenses                    (121,915)        4,562      (117,353)
Minority interests                       3,616        (3,616)            -
                                  ------------  ------------  ------------
Pre-tax (loss) income from
 continuing operations                 (36,691)       53,754        17,063
Income tax benefit (expense)             9,813       (18,822)       (9,009)
                                  ------------  ------------  ------------
(Loss) income from continuing
 operations                            (26,878)       34,932         8,054
                                  ------------  ------------  ------------
Pre-tax discontinued operations
 loss                                      N/A           N/A           N/A
Income tax benefit of
 discontinued operations                   N/A           N/A           N/A
                                  ------------  ------------  ------------
Loss from discontinued operations          N/A           N/A           N/A
                                  ------------  ------------  ------------
Net (loss) income                 $    (26,878)       34,932  $      8,054
                                  ============  ============  ============

Weighted average shares
 outstanding                            46,807                      46,840
                                  ------------  ------------  ------------
(Loss) income from continuing
 operations per common share      $      (0.57) $       0.74  $       0.17
                                  ============  ============  ============
Loss from discontinued operations
 per common share                          N/A           N/A           N/A
                                  ============  ============  ============
Net (loss) income per common
 share                            $      (0.57) $       0.74  $       0.17
                                  ============  ============  ============

Gross loans and fees receivable   $    421,244  $  2,700,438  $  3,121,682
                                  ============  ============  ============


                                         For The Three Months Ended
                                              December 31, 2007
                                  ----------------------------------------
                                      GAAP      Adjustments      Managed
                                  ------------  ------------  ------------
Net interest margin on loans
 receivable                       $    141,641  $     42,885  $    184,526
Net interest expense                   (20,553)       15,071        (5,482)
Provision / charge offs               (330,921)      193,701      (137,220)
Other operating income                 481,462      (327,280)      154,182
Marketing expense                      (16,983)            -       (16,983)
Ancillary product expense                 (691)            -          (691)
Operating expenses                    (206,616)        6,760      (199,856)
Minority interests                       1,163        (1,163)            -
                                  ------------  ------------  ------------
Pre-tax (loss) income from
 continuing operations                  48,502       (70,026)      (21,524)
Income tax benefit (expense)           (20,975)       26,500         5,525
                                  ------------  ------------  ------------
(Loss) income from continuing
 operations                             27,527       (43,526)      (15,999)
                                  ------------  ------------  ------------
Pre-tax discontinued operations
 loss                                  (18,108)         (513)      (18,621)
Income tax benefit of
 discontinued operations                 6,338           179         6,517
                                  ------------  ------------  ------------
Loss from discontinued operations      (11,770)         (334)      (12,104)
                                  ------------  ------------  ------------
Net (loss) income                 $     15,757       (43,860) $    (28,103)
                                  ============  ============  ============

Weighted average shares
 outstanding                            47,860                      47,614
                                  ------------  ------------  ------------
(Loss) income from continuing
 operations per common share      $       0.58  $      (0.92) $      (0.34)
                                  ============  ============  ============
Loss from discontinued operations
 per common share                 $      (0.25) $          -  $      (0.25)
                                  ============  ============  ============
Net (loss) income per common
 share                            $       0.33  $      (0.92) $      (0.59)
                                  ============  ============  ============

Gross loans and fees receivable   $    435,715  $  3,700,715  $  4,136,430
                                  ============  ============  ============


                                             For The Year Ended
                                              December 31, 2008
                                  ----------------------------------------
                                      GAAP      Adjustments      Managed
                                  ------------  ------------  ------------
Net interest margin on loans
 receivable                       $     92,918  $    408,550  $    501,468
Net interest expense                   (37,701)       16,206       (21,495)
Provision / charge offs                (72,262)     (531,203)     (603,465)
Other operating income                 459,586      (108,948)      350,638
Marketing expense                      (46,376)            -       (46,376)
Ancillary product expense                 (947)            -          (947)
Operating expenses                    (536,755)       16,872      (519,883)
Minority interests                       2,145        (2,145)            -
                                  ------------  ------------  ------------
Pre-tax (loss) income from
 continuing operations                (139,392)     (200,668)     (340,060)
Income tax benefit (expense)            44,224        70,491       114,715
                                  ------------  ------------  ------------
(Loss) income from continuing
 operations                            (95,168)     (130,177)     (225,345)
                                  ------------  ------------  ------------
Pre-tax discontinued operations
 loss                                   (9,868)         (164)      (10,032)
Income tax benefit of
 discontinued operations                 3,454            57         3,511
                                  ------------  ------------  ------------
Loss from discontinued operations       (6,414)         (107)       (6,521)
                                  ------------  ------------  ------------
Net (loss) income                 $   (101,582)     (130,284) $   (231,866)
                                  ============  ============  ============

Weighted average shares
 outstanding                            46,782                      46,782
                                  ------------  ------------  ------------
(Loss) income from continuing
 operations per common share      $      (2.03) $      (2.79) $      (4.82)
                                  ============  ============  ============
Loss from discontinued operations
 per common share                 $      (0.14) $          -  $      (0.14)
                                  ============  ============  ============
Net (loss) income per common
 share                            $      (2.17) $      (2.79) $      (4.96)
                                  ============  ============  ============

Gross loans and fees receivable   $    421,244  $  2,700,438  $  3,121,682
                                  ============  ============  ============


                                             For The Year Ended
                                              December 31, 2007
                                  ----------------------------------------
                                      GAAP      Adjustments      Managed
                                  ------------  ------------  ------------
Net interest margin on loans
 receivable                       $    440,084  $    240,317  $    680,401
Net interest expense                   (58,834)       43,746       (15,088)
Provision / charge offs               (958,858)      548,949      (409,909)
Other operating income               1,291,559      (747,962)      543,597
Marketing expense                     (141,635)            -      (141,635)
Ancillary product expense               (2,452)            -        (2,452)
Operating expenses                    (602,128)       20,957      (581,171)
Minority interests                      (1,600)        1,600             -
                                  ------------  ------------  ------------
Pre-tax (loss) income from
 continuing operations                 (33,864)      107,607        73,743
Income tax benefit (expense)             8,896       (37,485)      (28,589)
                                  ------------  ------------  ------------
(Loss) income from continuing
 operations                            (24,968)       70,122        45,154
                                  ------------  ------------  ------------
Pre-tax discontinued operations
 loss                                  (40,043)        3,214       (36,829)
Income tax benefit of
 discontinued operations                14,015        (1,125)       12,890
                                  ------------  ------------  ------------
Loss from discontinued operations      (26,028)        2,089       (23,939)
                                  ------------  ------------  ------------
Net (loss) income                 $    (50,996)       72,211  $     21,215
                                  ============  ============  ============

Weighted average shares
 outstanding                            48,717                      49,191
                                  ------------  ------------  ------------
(Loss) income from continuing
 operations per common share      $      (0.51) $       1.43  $       0.92
                                  ============  ============  ============
Loss from discontinued operations
 per common share                 $      (0.53) $       0.04  $      (0.49)
                                  ============  ============  ============
Net (loss) income per common
 share                            $      (1.04) $       1.47  $       0.43
                                  ============  ============  ============

Gross loans and fees receivable   $    435,715  $  3,700,715  $  4,136,430
                                  ============  ============  ============


                                         For The Three Months Ended
                                             September 30, 2008
                                  ----------------------------------------
                                      GAAP      Adjustments      Managed
                                  ------------  ------------  ------------

Net interest margin on loans
 receivable                       $     23,556  $    108,876  $    132,432
Net interest expense                    (9,169)        3,921        (5,248)
Provision / charge offs                (17,283)     (107,792)     (125,075)
Other operating income                 108,874        (9,505)       99,369
Marketing expense                       (8,787)            -        (8,787)
Ancillary product expense                 (226)            -          (226)
Operating expenses                    (147,751)        3,607      (144,144)
Minority interests                          30           (30)            -
                                  ------------  ------------  ------------
Pre-tax (loss) income from
 continuing operations                 (50,756)         (923)      (51,679)
Income tax benefit (expense)            19,728          (846)       18,882
                                  ------------  ------------  ------------
(Loss) income from continuing
 operations                            (31,028)       (1,769)      (32,797)
                                  ------------  ------------  ------------
Pre-tax discontinued operations
 loss                                   (1,883)          563        (1,320)
Income tax benefit of
 discontinued operations                   659          (197)          462
                                  ------------  ------------  ------------
Loss from discontinued operations       (1,224)          366          (858)
                                  ------------  ------------  ------------
Net (loss) income                 $    (32,252)       (1,403) $    (33,655)
                                  ============  ============  ============

Weighted average shares
 outstanding                            46,794                      46,794
                                  ------------  ------------  ------------
(Loss) income from continuing
 operations per common share      $      (0.66) $      (0.04) $      (0.70)
                                  ============  ============  ============
Loss from discontinued operations
 per common share                 $      (0.03) $       0.01  $      (0.02)
                                  ============  ============  ============
Net (loss) income per common
 share                            $      (0.69) $      (0.03) $      (0.72)
                                  ============  ============  ============

Gross loans and fees receivable   $    441,764  $  3,024,164  $  3,465,928
                                  ============  ============  ============

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