Stock Market & Financial Investment News

News Breaks February 6, 2013 05:07 EDT CSFS Cash Store Financial will request hearing regarding Registrar proposal The Cash Store Financial Services issued the following statement: "On February 4, the Registrar for payday loans in Ontario issued a proposal to revoke the payday lending licenses of the Cash Store and Instaloans. Sections 13(2) and 14(1) of the Payday Loans Act provide that licensees are entitled to a hearing before the License Appeal Tribunal in respect of the Registrar's proposal. The Cash Store and Instaloans will be requesting a hearing. Since September 2011, the Consumer Protection Branch of the Ministry of Consumer Affairs has attempted to force the companies to deliver payday loans in cash, rather than the much safer and efficient electronic methods that they now use. The companies have indicated that they are unwilling to place employees and customers at risk of physical harm. The Consumer Protection Branch of the Ministry of Consumer Affairs has also attempted to prohibit the Cash Store and Instaloans from selling products other than payday loans. The companies have indicated that they are not prepared to accept these onerous restrictions. As a result of the companies' recently announced introduction of its Line of Credit products in Ontario, the Cash Store and Instaloans do not offer payday loans in the province, so the Registrar's proposal to revoke the companies' payday loan licenses is not expected to cause any interruptions to the companies' current operations. The Registrar's proposal to revoke payday loan licenses is not related to the companies' Line of Credit offerings." News For CSFS From The Last 14 Days Check below for free stories on CSFS the last two weeks. Sign up for a free trial to see the rest of the stories you've been missing. May 22, 2013 09:18 EDT CSFS Cash Store Financial trading halted, pending news May 21, 2013 09:11 EDT CSFS Cash Store Financial trading halted, pending news Subscribe for More Information May 20, 2013 09:13 EDT CSFS Cash Store Financial trading halted, pending news Subscribe for More Information May 17, 2013 09:05 EDT CSFS Cash Store Financial trading halted, pending news Subscribe for More Information May 16, 2013 09:09 EDT CSFS Cash Store Financial trading halted, pending news May 15, 2013 19:48 EDT CSFS Cash Store Financial reports Q2 EPS (24c), one estimate (9c) Subscribe for More Information 09:44 EDT CSFS Cash Store Financial says investigation ended, no further restatements needed Subscribe for More Information 09:26 EDT CSFS Cash Store Financial trading halted, pending news May 14, 2013 12:00 EDT CSFS Cash Store Financial falls 6.8% Subscribe for More Information 06:18 EDT CSFS Cash Store Financial to restate issued consolidated financial statements The Cash Store Financial Services announced that it will restate the previously issued consolidated financial statements for the years ended September 30, 2012; September 30, 2011 and the fifteen month period ended September 30, 2010. The Company will also restate the December 31, 2011; March 31, 2012; June 30, 2012 and December 31, 2012 unaudited interim consolidated financial statements. The correction of the error effective from September 30, 2010 will result in the maximum exposure of $18.8M being expensed. The maximum amount of the potential liability was first disclosed in the notes to the financial statements in March 2010, and disclosed thereafter in the annual and quarterly financial statements. The maximum potential exposure consists of approximately $6.2M in cash, which was paid to the Settlement Administrator in 2011, approximately $6.2M in credit vouchers, and $6.4M in legal fees, which was paid to the plaintiff's counsel in 2010. After cash and credit vouchers have been disbursed by the Settlement Administrator, the remaining accrual for unclaimed credit vouchers as of March 31, 2013 is approximately $5.3M. May 9, 2013 05:24 EDT CSFS Cash Store Financial reports Q2 revenue C$46.7M vs. C$42.1M last year Sign up for a free trial to see the rest of the stories you've been missing.