Xinyun Hang
Long-term horizon, value, contrarian, growth at reasonable price

Special Dividends And A Looser Credit Agreement May Signal A Turnaround At QC Holdings

QC Holdings (NASDAQ:QCCO) is an alternative finance company that operates in 23 states. The company makes payday and installment loans and offers other financial services from 409 branch locations. The company also makes short-term loans online.

QC Holdings has run into trouble these past few years. Since 2008, the company's yearly revenues have fallen by about a third, from $227 million to $153 million:

(click to enlarge)

Source: QC Holdings 10-K Annual Filings, 2008-2014

Similarly, the company's yearly net income is down from $13.5 million to $5.3 million, a more than 60% fall:

(click to enlarge)

Source: QC Holdings 10-K Annual Filings, 2008-2014

(2013 net income adjusted up by $22 million due to a writeoff of intangible assets)...

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