Advance America
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| Type | Public (NYSE: AEA) |
|---|---|
| Industry | Financial Services |
| Founded | 1997 |
| Headquarters | Spartanburg, SC |
| Area served | USA |
| Key people | William M. Webster IV (Chairman of the Board) J. Patrick O'Shaughnessy (President) (CEO) (Director) |
| Revenue |  US$600 Million (FY 2010)[1] |
| Net income | US$35.8 Million (FY 2010)[2] |
| Total assets |  US$432 Million (FY 2010)[3] |
| Total equity | US$235 Million (FY 2010)[4] |
| Employees | 5,839 - December 2010 |
| Website | AdvanceAmerica.net |
Advance America Cash Advance (NYSE: AEA) was founded in 1997 and is the largest provider of non-bank cash advance services in the United States.[5] As of December 31, 2010 Advance America operated 2,313 lending centers in 30 states, 21 centers in the United Kingdom, and 18 centers in Canada.[6] Advance America does not franchise any of its centers in the United States or Canada and does not provide pawn lending, title lending, or similar services.[7] Advance America is a member of the Consumer Financial Services Association of America,[8] which sets best practices standards for its membership.[9]
Advance America provides its cash advances in small-denomination, short-term amounts.[10] The advances come due on the customer's next payday.[11] The company's stated goal is to attract customers by offering straightforward, rapid access to short-term funding, while providing high quality, professional customer service.[12]
Advance America's current President and CEO is J. Patrick O'Shaughnessy.[13] O'Shaughnessy previously served as the company's CFO. William Webster IV,[14] a former Clinton administration official,[15] is chairman of the board.[16]
[edit] Buyout
On February 16, 2012, Advance America announced that it is being acquired by Grupo Elektra, S.A.B. de C.V in a buyout that is estimated to be worth approximately $780 million. As a result, several US law firms have announced that they are investigating this deal on behalf of Advance America shareholders.[17]
[edit] References
- ^ "Advance America, Cash Advance Centers, Inc. Consolidated Statements of Income." Filed with the Securities and Exchange Commission March 3, 2011. (http://www.sec.gov/Archives/edgar/data/1299704/000104746911001973/a2202472z10-k.htm#fa79501_item_8._financial_statements_and_supplementary_data)
- ^ "Advance America, Cash Advance Centers, Inc. Consolidated Statements of Income." Filed with the Securities and Exchange Commission March 3, 2011. (http://www.sec.gov/Archives/edgar/data/1299704/000104746911001973/a2202472z10-k.htm#fa79501_item_8._financial_statements_and_supplementary_data)
- ^ "Advance America, Cash Advance Centers, Inc. Consolidated Balance Sheets." Filed with the Securities and Exchange Commission March 3, 2011. (http://www.sec.gov/Archives/edgar/data/1299704/000104746911001973/a2202472z10-k.htm#fa79501_item_8._financial_statements_and_supplementary_data)
- ^ "Advance America, Cash Advance Centers, Inc. Consolidated Statements of Stockholders' Equity." Filed with the Securities and Exchange Commission March 3, 2011. (http://www.sec.gov/Archives/edgar/data/1299704/000104746911001973/a2202472z10-k.htm#fa79501_item_8._financial_statements_and_supplementary_data)
- ^ Advance America, Cash Advance Centers, Inc. Form 10-K for the year ended December 31, 2010. Filed with the Securities and Exchange Commission March 3, 2011. (http://www.sec.gov/Archives/edgar/data/1299704/000104746911001973/a2202472z10-k.htm)
- ^ Advance America, Cash Advance Centers, Inc. Form 10-K for the year ended December 31, 2010. Filed with the Securities and Exchange Commission March 3, 2011. (http://www.sec.gov/Archives/edgar/data/1299704/000104746911001973/a2202472z10-k.htm)
- ^ Advance America, Cash Advance Centers, Inc. Form 10-K for the year ended December 31, 2010. Filed with the Securities and Exchange Commission March 3, 2011. (http://www.sec.gov/Archives/edgar/data/1299704/000104746911001973/a2202472z10-k.htm)
- ^ Community Financial Services Association of America website. "CFSA Corporate Member Companies." CFSAA.com Accessed July 20, 2011. (http://cfsaa.com/about-cfsa/2011-cfsa-members.aspx)
- ^ Community Financial Services Association of America website. "CFSA Member Best Practices." CFSAA.com. Accessed July 20, 2011. (http://cfsaa.com/about-cfsa/2011-cfsa-members.aspx)
- ^ Advance America, Cash Advance Centers, Inc. Form 10-K for the year ended December 31, 2010. Filed with the Securities and Exchange Commission March 3, 2011. (http://www.sec.gov/Archives/edgar/data/1299704/000104746911001973/a2202472z10-k.htm)
- ^ Advance America, Cash Advance Centers, Inc. Form 10-K for the year ended December 31, 2010. Filed with the Securities and Exchange Commission March 3, 2011. (http://www.sec.gov/Archives/edgar/data/1299704/000104746911001973/a2202472z10-k.htm)
- ^ Advance America, Cash Advance Centers, Inc. Form 10-K for the year ended December 31, 2010. Filed with the Securities and Exchange Commission March 3, 2011. (http://www.sec.gov/Archives/edgar/data/1299704/000104746911001973/a2202472z10-k.htm)
- ^ "Advance America Cash Advance: CEO & Executives." Businessweek.com. Accessed July 20, 2011. (http://investing.businessweek.com/research/stocks/people/people.asp?ticker=AEA:US)
- ^ http://investing.businessweek.com/businessweek/research/stocks/people/person.asp?personId=7404712&ticker=AEA:US&previousCapId=4303924&previousTitle=LKQ%20CORP
- ^ http://www2.ed.gov/offices/OS/webster.html
- ^ "Advance America Cash Advance: CEO & Executives." Businessweek.com. Accessed July 20, 2011. (http://investing.businessweek.com/research/stocks/people/people.asp?ticker=AEA:US)
- ^ "ADVANCE AMERICA CASH ADVANCE CENTERS (NYSE:AEA) BUYOUT SHAREHOLDER LAWSUIT". Mergers and Acquisitions Lawsuits Center. http://mergersacquisitionscenter.com/current-investigations/4-2012/88-advance-america-cash-advance-centers-nyseaea-buyout-shareholder-lawsuit.html.
[edit] External links
ADVANCE AMERICA CASH ADVANCE CENTERS (NYSE:AEA) BUYOUT SHAREHOLDER LAWSUIT
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