Staff Report
Published Oct. 29, 2009

Advance America Cash Advance Centers Inc. reported that, although revenues were down slightly in the third quarter and year-to-date, profits were up.

Net income for the quarter rose 49%, to $12.6 million, from $8.5 million a year ago. Revenue for the quarter ended Sept. 30 declined 3.4%, to $167.9 million, from $173.9 million a year ago.

Net income for the nine months rose 5.6%, to $34.4 million, from $32.5 million a year ago. Revenue for the nine months declined 5.4%, to $474.4 million, from $501.5 million a year ago.

The comparisons include the results of operations in Arkansas and New Mexico, states the company exited in 2008, as well as operations in New Hampshire, a state in which the company ceased making advances in January.

The provision for doubtful accounts as a percentage of total revenues for the nine months ended Sept. 30 was 20%, compared with 19% for the same period in 2008. For the quarter ended Sept. 30, the provision for doubtful accounts as a percentage of total revenues was 23%, compared with 24% for the same period in 2008.