EX-99 4 d63388_ex99-3.txt EXHIBIT 99.3 - AUDITED FINANCIAL STATEMENTS Exhibit 99.3 AMERICAN CHECK CASHERS OF LAFAYETTE, L.L.C. AND SUBSIDIARY, ALEXANDRIA FINANCIAL SERVICES, L.L.C. AND SUBSIDIARY, AND SOUTHERN FINANCIAL SERVICES, L.L.C. December 31, 2004 Audit of Combined Financial Statements December 31, 2004 TABLE OF CONTENTS Pages REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 1 FINANCIAL STATEMENTS: Combined Balance Sheet 2 Combined Statement of Operations 3 Combined Statement of Changes in Members' Equity 4 Combined Statement of Cash Flows 5 NOTES TO COMBINED FINANCIAL STATEMENTS 6 - 10 SUPPLEMENTAL SCHEDULES: Combining Balance Sheet 11 Combining Statement of Operations 12 [LETTERHEAD OF LAPORTE SEHRT ROMIG HAND] CERTIFIED PUBLIC ACCOUNTANTS To the Members American Check Cashers of Lafayette, L.L.C. and Subsidiary Alexandria Financial Services, L.L.C. and Subsidiary Southern Financial Services, L.L.C. Lafayette, Louisiana Report of Independent Registered Public Accounting Firm We have audited the accompanying combined balance sheet of American Check Cashers of Lafayette, L.L.C. and Subsidiary, Alexandria Financial Services, L.L.C. and Subsidiary, and Southern Financial Services, L.L.C. (the Companies) as of December 31, 2004, and the related combined statement of operations, changes in members' equity, and cash flows for the year then ended. These financial statements are the responsibility of the Companies' management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made my management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the combined financial statements referred to above present fairly, in all material respects, the combined financial position of the Companies as of December 31, 2004, and the combined results of their operations and their cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America Our audit was conducted for the purpose of forming an opinion on the basic combined financial statements taken as a whole. The supplemental schedules of combining balance sheet and combining statement of operations on pages 11 and 12 are presented for purposes of additional analysis and are not a required part of the basic combined financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic combined financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic combined financial statements taken as a whole. /s/ LaPorte, Sehrt, Romig & Hand A Professional Accounting Corporation Metairie, Louisiana March 16, 2005

110 VETERANS BOULEVARD, SUITE 200, METAIRIE, LA 70005-4958 o 504.835.5522 o Fax 504.835.5535 5100 VILLAGE WALK, SUITE 202, COVINGTON, LA 70433-4012 o 985.982.5850 o Fax 985.892.5956 WWW.LAPORTE.COM A PROFESSIONAL ACCOUNTING CORPORATION RSM McGladrey Network An Independently Owned Member

AMERICAN CHECK CASHERS OF LAFAYETTE, L.L.C. AND SUBSIDIARY, ALEXANDRIA FINANCIAL SERVICES, L.L.C. AND SUBSIDIARY, AND SOUTHERN FINANCIAL SERVICES, L.L.C. COMBINED BALANCE SHEET December 31, 2004 ASSETS Cash and Cash Equivalents $ 1,372,494 Loans Receivable 1,091,762 Less: Allowance for Loan Losses (114,397) ----------- Loans Receivable, Net 977,365 Advances to Related Parties 596,066 Other Receivables 8,460 Property and Equipment, Net 238,325 Other Assets 67,761 ----------- Total Assets $ 3,260,471 =========== LIABILITIES AND MEMBERS' EQUITY LIABILITIES Accounts Payable $ 41,710 Accrued Expenses and Other Liabilities 20,093 Lines of Credit 474,184 Money Order Payables 320,983 Advances from Members and Related Parties 1,307,002 ----------- Total Liabilities 2,163,972 MEMBERS' EQUITY 1,096,499 ----------- Total Liabilities and Members' Equity $ 3,260,471 =========== The accompanying notes are an integral part of these financial statements. 2 AMERICAN CHECK CASHERS OF LAFAYETTE, L.L.C. AND SUBSIDIARY, ALEXANDRIA FINANCIAL SERVICES, L.L.C. AND SUBSIDIARY, AND SOUTHERN FINANCIAL SERVICES, L.L.C. COMBINED STATEMENT OF OPERATIONS For the Year Ended December 31, 2004 REVENUES Check Cashing $ 1,766,475 Consumer Lending Interest and Fees from Consumer Lending 3,808,175 Provision for Loan Losses and Adjustment to Servicing Revenue (622,184) ----------- Consumer Lending, Net 3,185,991 Money Transfer and Bill Payment Fees 203,549 Money Order Fees 39,454 Interest Income 5,008 Other 245,516 ----------- Total Revenues 5,445,993 ----------- EXPENSES Personnel Costs 1,923,310 Occupancy 571,917 Management Fee 457,000 Advertising 346,497 Interest 161,531 Telephone and Telecommunications 158,149 Depreciation and Amortization 127,991 Travel 99,896 Bank Service Charges 98,647 Returned Checks, Net and Cash Shortages 62,527 Insurance 59,369 Professional Fees 53,699 Armored Carrier Services and Security 26,140 Membership Dues and Seminars 8,668 Other 225,189 ----------- Total Expenses 4,380,530 ----------- NET INCOME $ 1,065,463 =========== The accompanying notes are an integral part of these financial statements. 3 AMERICAN CHECK CASHERS OF LAFAYETTE, L.L.C. AND SUBSIDIARY, ALEXANDRIA FINANCIAL SERVICES, L.L.C. AND SUBSIDIARY, AND SOUTHERN FINANCIAL SERVICES, L.L.C. COMBINED STATEMENT OF CHANGES IN MEMBERS' EQUITY For the Year Ended December 31, 2004 Balance at December 31, 2003 $ 202,036 Member Contributions 220,000 Member Distributions (391,000) Net Income 1,065,463 ----------- Balance at December 31, 2004 $ 1,096,499 =========== The accompanying notes are an integral part of these financial statements. 4 AMERICAN CHECK CASHERS OF LAFAYETTE, L.L.C. AND SUBSIDIARY, ALEXANDRIA FINANCIAL SERVICES, L.L.C. AND SUBSIDIARY, AND SOUTHERN FINANCIAL SERVICES, L.L.C. COMBINED STATEMENT OF CHANGES IN MEMBERS' EQUITY For the Year Ended December 31, 2004 CASH FLOWS FROM OPERATING ACTIVITIES Net Income $ 1,065,463 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities Depreciation and Amortization 127,991 Bad Debt Expense 622,184 Decrease in Loans and Other Receivables (375,132) Decrease in Other Assets (1,186) Decrease in Accounts Payable (49,836) Decrease in Accounts Payable - Related Party Payables (341,748) Decrease in Accrued Expenses and Other Liabilities (41,336) Decrease in Money Order Payables (21) ----------- Net Cash Provided by Operating Activities 1,006,379 ----------- CASH FLOWS FROM INVESTING ACTIVITIES Capital Expenditures (101,493) Increase in Advances to Related Parties (562,067) ----------- Net Cash Used in Investing Activities (663,560) ----------- CASH FLOWS FROM FINANCING ACTIVITIES Net Decrease in Advances from Members and Related Parties (70,787) Net Increase in Lines of Credit 92,855 Cash Contributions from Members 220,000 Cash Distributions to Members (391,000) ----------- Net Cash Used in Financing Activities (148,932) ----------- NET INCREASE IN CASH AND CASH EQUIVALENTS 193,887 CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR 1,178,607 ----------- CASH AND CASH EQUIVALENTS - END OF YEAR $ 1,372,494 =========== SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Payments for Interest $ 161,531 =========== The accompanying notes are an integral part of these financial statements. 5 AMERICAN CHECK CASHERS OF LAFAYETTE, L.L.C. AND SUBSIDIARY, ALEXANDRIA FINANCIAL SERVICES, L.L.C. AND SUBSIDIARY, AND SOUTHERN FINANCIAL SERVICES, L.L.C. NOTES TO COMBINED FINANCIAL STATEMENTS NOTE A ORGANIZATION AND BUSINESS The accompanying combined financial statements are those of American Check Cashers of Lafayette, L.L.C. and its wholly-owned subsidiary American Check Cashers of Lake Charles, L.L.C., Alexandria Financial Services, L.L.C. and its wholly-owned subsidiary Alexandria Acquisition, L.L.C., and Southern Financial Services, L.L.C. (collectively referred to as the "Companies"). The Companies provide retail financial services through a network of 24 locations located throughout Louisiana. The services provided at the Companies' locations include check cashing, short-term consumer loans, sale of money order, bill paying services, and various other related services. NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES USE OF ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the United Sates of America requires management to make estimates and assumptions that affect the amounts reported in the combined financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the allowance for loan losses. REVENUE RECOGNITION Revenues from the Companies' check cashing, money order sales, money transfer and bill payment services and other miscellaneous services reported as other revenues on the Combined Statement of Operations are all recognized when the transactions are completed at the point of sale in the store. For short-term consumer loans, which have terms ranging from one to forty-five days, revenue is recognized using the interest method. BASIS OF ACCOUNTING The books and records of the Companies are kept on the accrual basis of accounting, whereby revenues are recognized when earned and expenses are recognized when incurred. CASH AND CASH EQUIVALENTS Cash includes cash in stores and demand deposits with financial institutions. Cash equivalents include time deposits, certificates of deposit, and all highly liquid debt instruments with original maturities of three months or less. LOANS RECEIVABLE Unsecured short-term consumer loans originated by the Companies are stated at unpaid principal balances, less an allowance for estimated loan losses. The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. 6 AMERICAN CHECK CASHERS OF LAFAYETTE, L.L.C. AND SUBSIDIARY, ALEXANDRIA FINANCIAL SERVICES, L.L.C. AND SUBSIDIARY, AND SOUTHERN FINANCIAL SERVICES, L.L.C. NOTES TO COMBINED FINANCIAL STATEMENTS NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) ALLOWANCE FOR LOAN LOSSES The Companies maintain a loan loss reserve for anticipated losses associated with loans made through its consumer lending program. To estimate the appropriate level of loan loss reserves, the Companies consider the amount of outstanding loans owed to them, historical loans charged off, current collection patterns and current economic trends. When a loan is originated, the customer receives the cash proceeds in exchange for a check issued by the customer. At the loan's stated maturity date, the customer may either receive the check in exchange for cash, or the check may be deposited and charged to the customer's bank account. If the check is returned from the bank unpaid, the Companies immediately record a charge-off against the allowance for loan losses account for the entire amount of the unpaid item. A recovery is credited to the reserve during the period in which the recovery is made. CHECK CASHING RETURNED ITEM POLICY The Companies recognize as an expense, losses on returned checks during the period in which such checks are returned. Recoveries on returned checks are credited against the expense account in the period during which the recovery is made. This direct method for recording returned check losses and recoveries eliminates the need for an allowance for returned checks. The net expense for bad checks included in Returned Checks, Net and Cash Shortages in the accompanying Combined Statement of Operations was $53,533. PROPERTY AND EQUIPMENT Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using primarily accelerated methods over the estimated useful lives of the related assets. INCOME TAXES The Companies file their federal and state income tax returns as partnerships. As such, the Companies do not pay income taxes, as any income or loss will be included in the tax returns of the individual members of the Companies. Accordingly, no provision is made for income taxes in the combined financial statements. ADVERTISING COSTS The Companies expense advertising costs as incurred. Advertising costs charged to expense were $346,497 for the year ended December 31, 2004. 7 AMERICAN CHECK CASHERS OF LAFAYETTE, L.L.C. AND SUBSIDIARY, ALEXANDRIA FINANCIAL SERVICES, L.L.C. AND SUBSIDIARY, AND SOUTHERN FINANCIAL SERVICES, L.L.C. NOTES TO COMBINED FINANCIAL STATEMENTS NOTE B PROPERTY AND EQUIPMENT Property and equipment consists of the following at December 31, 2004: Automobiles $ 4,293 Computer Equipment 88,357 Furniture, Fixtures and Equipment 128,425 Signs 116,414 Leasehold Improvements 275,092 Software 50,949 --------- 663,530 Less: Accumulated Depreciation and Amortization (425,205) --------- Property and Equipment, Net $ 238,325 ========= Depreciation and amortization expense charged to operations totaled $127,991 for the year ended December 31, 2004. NOTE C LINES OF CREDIT At December 31, 2004, the Companies have available lines of credit with financial institutions totaling $670,000. These lines are secured by cash and receivables of the Companies and personal guarantees of certain members of the Companies. The interest rates are variable, and all lines mature in 2005. The total balance outstanding on the lines of credit at December 31, 2004 was $474,184. NOTE D ADVANCES FROM MEMBERS AND RELATED PARTIES The Companies have amounts due to certain members of the Companies and other entities affiliated by common ownership for advances made to the Companies. These advances are unsecured and bear interest at rates ranging from 6% to 10%. The advances are either due on demand or have no set term for repayment. 8 AMERICAN CHECK CASHERS OF LAFAYETTE, L.L.C. AND SUBSIDIARY, ALEXANDRIA FINANCIAL SERVICES, L.L.C. AND SUBSIDIARY, AND SOUTHERN FINANCIAL SERVICES, L.L.C. NOTES TO COMBINED FINANCIAL STATEMENTS NOTE E COMMITMENTS The Companies lease store locations under operating leases expiring in various years through 2009. Minimum future lease payments are as follows: Year Amount ---- ------ 2005 $ 364,510 2006 186,911 2007 122,428 2008 91,750 2009 22,125 ---------- $ 787,724 ========== Rent expense charged to operations for the year ended December 31, 2004 totaled $400,115. NOTE F RELATED PARTY TRANSACTIONS MANAGEMENT FEES During 2004, an entity affiliated to the Companies through common ownership provided management services to the Companies. The amounts paid to this affiliated entity during the year ended December 31, 2004, totaled $457,000. STORE LEASES The Companies lease certain store locations from entities affiliated to the Companies through common ownership. The leases are classified as operating leases. The amount paid to these affiliated entities for rent during the year ended December 31, 2004, totaled $107,600. ADVANCES TO RELATED PARTIES The Companies have made advances to other entities related by common ownership. These advances have no set terms of repayment. The total amount due to the Companies from these related entities at December 31, 2004 is $596,066. ADVANCES FROM MEMBERS AND RELATED PARTIES As disclosed in Note D, the Companies have advances due to certain members of the Companies and to entities affiliated through common ownership totaling $1,307,002 at December 31, 2004. These advances bear interest at rates ranging from 6% to 10%, and are either due on demand or have no set term of repayment. 9 AMERICAN CHECK CASHERS OF LAFAYETTE, L.L.C. AND SUBSIDIARY, ALEXANDRIA FINANCIAL SERVICES, L.L.C. AND SUBSIDIARY, AND SOUTHERN FINANCIAL SERVICES, L.L.C. NOTES TO COMBINED FINANCIAL STATEMENTS NOTE G OFF-BALANCE SHEET RISK At December 31, 2004, the Companies had cash balances in financial institutions in excess of federally insured limits. NOTE H LIMITED LIABILITY COMPANY Since the Companies are limited liability companies, no member shall be personally liable to contribute money to, or in respect of, the debts, liabilities, contracts or any other obligation of the Companies, nor shall any member be personally liable for any obligations of the Companies. The duration of the Companies is perpetual. NOTE I SUBSEQUENT EVENT On January 31, 2005, the Companies entered into an asset purchase agreement whereby the Companies substantially sold all of their assets to an unrelated third party. 10 AMERICAN CHECK CASHERS OF LAFAYETTE, L.L.C. AND SUBSIDIARY, ALEXANDRIA FINANCIAL SERVICES, L.L.C. AND SUBSIDIARY SOUTHERN FINANCIAL SERVICES, L.L.C. COMBINING BALANCE SHEET December 31, 2004

AMERICAN AMERICAN AMERICAN CHECK CASHERS CHECK CASHERS CHECK CASHERS OF ALEXANDRIA OF LAFAYETTE, OF LAKE CHARLES, ELIMINATIONS LAFAYETTE, L.L.C. FINANCIAL L.L.C. L.L.C. DEBIT CREDIT (CONSOLIDATED) SERVICES, L.L.C. ------------- ---------------- ----- ------ ----------------- ---------------- ASSETS Cash and Cash Equivalents $ 710,792 $ 177,198 $ -- $ -- $ 887,990 $ 205,755 Loans Receivable 395,400 135,936 -- -- 531,336 63,208 Less: Allowance for Loan Losses (25,787) (16,312) -- -- (42,099) (9,481) ----------- --------- -------- -------- ----------- --------- Loans Receivable, Net 369,613 119,624 -- -- 489,237 53,727 Other Receivables - Related Parties 596,066 -- -- -- 596,066 -- Other Receivables 10,069 293 -- -- 10,362 6,432 Intercompany Receivables -- -- -- -- -- 50,000 Property and Equipment, Net 27,009 41,530 -- -- 68,539 12,894 Other Assets 2,454 3,964 -- -- 6,418 1,852 Investment in Subsidiary 182,506 -- -- 182,506 -- 428,467 ----------- --------- -------- -------- ----------- --------- Total Assets $ 1,898,509 $ 342,609 $ -- $182,506 $ 2,058,612 $ 759,127 =========== ========= ======== ======== =========== ========= LIABILITIES AND MEMBERS' EQUITY LIABILITIES Accounts Payable $ 16,217 $ 4,504 $ -- $ -- $ 20,721 $ 3,940 Accrued Expenses and Other Liabilities 16,425 46 -- -- 16,471 2,196 Intercompany Payables -- -- -- -- -- -- Lines of Credit 100,000 -- -- -- 100,000 125,000 Money Orders Payable 122,585 59,731 -- -- 182,316 69,624 Advances from Members and Related Parties 403,680 95,822 -- -- 499,502 50,000 ----------- --------- -------- -------- ----------- --------- Total Liabilities 658,907 160,103 -- -- 819,010 250,760 MEMBERS' EQUITY 1,239,602 182,506 182,506 -- 1,239,602 508,367 ----------- --------- -------- -------- ----------- --------- Total Liabilities and Members' Equity $ 1,898,509 $ 342,609 $182,506 $ -- $ 2,058,612 $ 759,127 =========== ========= ======== ======== =========== =========

ALEXANDRIA SOUTHERN ALEXANDRIA FINANCIAL FINANCIAL ALL ACQUISITION, ELIMINATIONS SERVICES, L.L.C. SERVICES, ELIMINATIONS COMPANIES L.L.C. DEBIT CREDIT (CONSOLIDATED) L.L.C. DEBIT CREDIT COMBINED ------------ ----- ------ ---------------- --------- ----- ------ --------- ASSETS Cash and Cash Equivalents $ 51,593 $ -- $ -- $ 257,348 $ 227,156 $ -- $ -- $ 1,372,494 Loans Receivable 294,138 -- -- 357,346 203,080 -- -- 1,091,762 Less: Allowance for Loan Losses (32,355) -- -- (41,836) (30,462) -- -- (114,397) --------- -------- -------- --------- ----------- --------- ------- ----------- Loans Receivable, Net 261,783 -- -- 315,510 172,618 -- -- 977,365 Other Receivables - Related Parties -- -- -- -- -- -- -- 596,066 Other Receivables 141 -- -- 6,573 150 -- 8,625 8,460 Intercompany Receivables 15,000 -- -- 65,000 -- -- 65,000 -- Property and Equipment, Net 70,199 -- -- 83,093 86,693 -- -- 238,325 Other Assets 48,287 -- -- 50,139 11,204 -- -- 67,761 Investment in Subsidiary -- -- 428,467 -- -- -- -- -- --------- -------- -------- --------- ----------- --------- ------- ----------- Total Assets $ 447,003 $ -- $428,467 $ 777,663 $ 497,821 $ -- $73,625 $ 3,260,471 ========= ======== ======== ========= =========== ========= ======= =========== LIABILITIES AND MEMBERS' EQUITY LIABILITIES Accounts Payable $ 5,060 $ -- $ -- $ 9,000 $ 20,614 $ 8,625 $ -- $ 41,710 Accrued Expenses and Other Liabilities -- -- -- 2,196 1,426 -- -- 20,093 Intercompany Payables -- -- -- -- 65,000 65,000 -- -- Lines of Credit -- -- -- 125,000 249,184 -- -- 474,184 Money Orders Payable 13,476 -- -- 83,100 55,567 -- -- 320,983 Advances from Members and Related Parties -- -- -- 50,000 757,500 -- -- 1,307,002 --------- -------- -------- --------- ----------- --------- ------- ----------- Total Liabilities 18,536 -- -- 269,296 1,149,291 73,625 -- 2,163,972 MEMBERS' EQUITY 428,467 428,467 -- 508,367 (651,470) (402,000) -- 1,096,499 --------- -------- -------- --------- ----------- --------- ------- ----------- Total Liabilities and Members' Equity $ 447,003 $428,467 $ -- $ 777,663 $ 497,821 $(328,375) $ -- $ 3,260,471 ========= ======== ======== ========= =========== ========= ======= ===========

11 AMERICAN CHECK CASHERS OF LAFAYETTE, L.L.C. AND SUBSIDIARY, ALEXANDRIA FINANCIAL SERVICES, L.L.C. AND SUBSIDIARY SOUTHERN FINANCIAL SERVICES, L.L.C. COMBINING STATEMENT OF OPERATIONS December 31, 2004

AMERICAN CHECK AMERICAN AMERICAN CASHERS CHECK CASHERS ALEXANDRIA CHECK CASHERS OF LAKE ELIMINATIONS OF LAFAYETTE, FINANCIAL OF LAFAYETTE, CHARLES, -------------------- L.L.C. SERVICES, L.L.C. L.L.C. DEBIT CREDIT (CONSOLIDATED) L.L.C. ------------ ---------- --------- -------- -------------- ---------- REVENUES Check Cashing $ 961,247 $ 281,547 $ -- $ -- $ 1,242,794 $ 337,959 Consumer Lending; Interest and Fees from Consumer Lending 1,338,100 489,541 -- -- 1,827,641 185,285 Provision for Loan Losses and Adjustment to Servicing Revenue (168,642) (82,181) -- -- (250,823) (38,660) ----------- --------- ------- -------- ----------- --------- Consumer Lending, Net 1,169,458 407,360 -- -- 1,576,818 146,625 Money Transfer and Bill Payment Fees 67,077 35,696 -- -- 102,773 48,280 Money Order Fees 14,292 5,701 -- -- 19,993 11,685 Interest Income 4,694 -- -- -- 4,694 -- Equity in Undistributed Earnings of Subsidiary 17,103 -- 17,103 -- -- 278,093 Other 147,079 49,214 -- -- 196,293 67,967 ----------- --------- ------- -------- ----------- --------- Total Revenues 2,380,950 779,518 17,103 -- 3,143,365 890,609 ----------- --------- ------- -------- ----------- --------- EXPENSES Personnel Costs 821,905 365,215 -- -- 1,187,120 132,144 Occupancy 194,270 73,810 -- -- 268,080 50,171 Management Fee 365,000 92,000 -- -- 457,000 -- Advertising 128,719 45,972 -- -- 174,691 31,425 Interest 34,423 18,403 -- -- 52,826 5,267 Telephone and Telecommunications 54,450 25,986 -- -- 80,436 14,328 Depreciation and Amortization 37,444 8,759 -- -- 46,203 14,198 Travel 35,591 12,530 -- -- 48,121 12,126 Bank Service Charges 30,755 19,811 -- -- 50,566 12,068 Returned Checks, net and Cash Shortages 9,902 28,924 -- -- 38,826 14,688 Insurance 25,770 10,465 -- -- 36,235 4,266 Professional Fees 29,921 8,830 -- -- 38,751 8,233 Armored Carrier Services and Security 9,852 5,014 -- -- 14,866 5,092 Membership Dues and Seminars 2,977 2,372 -- -- 5,349 856 Other 97,044 44,324 -- -- 141,368 26,738 ----------- --------- ------- -------- ----------- --------- Total Expenses 1,878,023 762,415 -- -- 2,640,438 331,600 ----------- --------- ------- -------- ----------- --------- NET INCOME $ 502,927 $ 17,103 $17,103 $ -- $ 502,927 $ 559,009 =========== ========= ======= ======== =========== =========

ALEXANDRIA SOUTHERN ALEXANDRIA ELIMINATIONS FINANCIAL FINANCIAL ALL ACQUISITION, --------------------- SERVICES, L.L.C. SERVICES, COMPANIES L.L.C. DEBIT CREDIT (CONSOLIDATED) L.L.C. COMBINED ------------ -------- -------- ---------------- --------- ----------- REVENUES Check Cashing $ 2,549 $ -- $ -- $ 340,508 $ 183,173 $ 1,766,475 Consumer Lending; Interest and Fees from Consumer Lending 1,038,813 -- -- 1,224,098 756,436 3,808,175 Provision for Loan Losses and Adjustment to Servicing Revenue (157,825) -- -- (196,485) (174,876) (622,184) ----------- -------- ------- ----------- --------- ----------- Consumer Lending, Net 880,988 -- -- 1,027,613 581,560 3,185,991 Money Transfer and Bill Payment Fees 6,761 -- -- 55,041 45,735 203,549 Money Order Fees 436 -- -- 12,121 7,340 39,454 Interest Income -- -- -- -- 314 5,008 Equity in Undistributed Earnings of Subsidiary -- 278,093 -- -- -- -- Other 6,746 37,085 -- 37,628 11,595 245,516 ----------- -------- ------- ----------- --------- ----------- Total Revenues 897,480 315,178 -- 1,472,911 829,717 5,445,993 ----------- -------- ------- ----------- --------- ----------- EXPENSES Personnel Costs 272,788 -- -- 404,932 331,258 1,923,310 Occupancy 102,356 -- -- 152,527 151,310 571,917 Management Fee -- -- -- -- -- 457,000 Advertising 54,895 -- -- 86,320 85,486 346,497 Interest 5,982 -- -- 11,249 97,456 161,531 Telephone and Telecommunications 25,385 -- -- 39,713 38,000 158,149 Depreciation and Amortization 48,994 -- -- 63,192 18,596 127,991 Travel 23,740 -- -- 35,866 15,909 99,896 Bank Service Charges 11,116 -- -- 23,184 24,897 98,647 Returned Checks, net and Cash Shortages 1,151 -- -- 15,839 7,862 62,527 Insurance 9,724 -- -- 13,990 9,144 59,369 Professional Fees 2,690 -- -- 10,923 4,025 53,699 Armored Carrier Services and Security 2,498 -- -- 7,590 3,684 26,140 Membership Dues and Seminars 1,069 -- -- 1,925 1,394 8,668 Other 56,999 -- 37,085 46,652 37,169 225,189 ----------- -------- ------- ----------- --------- ----------- Total Expenses 619,387 -- 37,085 913,902 826,190 4,380,530 ----------- -------- ------- ----------- --------- ----------- NET INCOME $ 278,093 $315,178 $37,085 $ 559,009 $ 3,527 $ 1,065,463 =========== ======== ======= =========== ========= ===========

12