Earnings
* Diluted earnings per share for Fiscal 2004 were $1.22. This
represents an increase of 26% compared to $0.97 diluted earnings per
share from continuing operations for 2003.
* For the quarter ending December 31, 2004, diluted earnings per share
were $0.36, up 24% compared to $0.29 diluted earnings per share from
continuing operations for the fourth quarter of 2003.
* Net income for Fiscal 2004 was $20.7 million. This represents a 35%
increase over Fiscal 2003 net income from continuing operations of
$15.3 million.
* For the quarter ending December 31, 2004, net income was $6.1 million,
an increase of 26% compared to $4.8 million of net income from
continuing operations for the same quarter in 2003.

Revenues
* Total revenues for Fiscal 2004 were $180 million, compared to
$145 million for Fiscal 2003, an increase of 24%. For the quarter
ending December 31, 2004, total revenues were $51 million, up from
$41 million in the comparative 2003 period, which represents a 26%
increase.
* For the three months ending December 31, 2004, same-store revenues
increased by 15% compared to the same period in 2003. Same-store
revenues for Fiscal 2004 increased by 10% compared to the prior year.
* Non-retail sales of scrap jewelry merchandise increased from
$9.9 million in 2003 to $16.7 million in 2004. Revenues excluding
non-retail sales of scrap jewelry merchandise increased by 20%, from
$136 million in 2003 to $163 million in 2004.

Growth & Expansion
* The Company added 52 new stores during Fiscal 2004, compared to the
47 stores that were opened during 2003. Of the 52 new stores, 40 were
pawn stores and 12 were payday advance stores.
* As of December 31, 2004, the Company had 284 total stores, a 21%
increase over the unit count of 235 at the end of 2003. Of the
284 stores open at year-end, 197 were pawn stores and 87 were payday
advance stores. In addition to the 284 stores, the Company has a 50%
interest in the Cash & Go, Ltd. joint venture, which operates
40 payday advance/check-cashing kiosks located inside convenience
stores in the Texas market.

Operating Metrics
* Net income from continuing operations as a percentage of revenues
increased to 11.5% in Fiscal 2004, compared to 10.5% in 2003. The
operating margin (net income from continuing operations before income
taxes) increased to 18.3% of revenues for the year ended December 31,
2004, compared to 17.0% in 2003.
* The return on stockholders' equity, based on the average equity
balance, increased from 14.8% in Fiscal 2003 to 15.3% in Fiscal 2004.
* The payday advance loss provision decreased from 23.0% of payday
advance service fees in Fiscal 2003 to 21.4% in Fiscal 2004.
* The inventory turnover ratio continued to improve, as total turns for
Fiscal 2004 were 3.1 times average inventory, compared to 2.9 in
Fiscal 2003.
* Retail merchandise margins, which do not include bulk sales of scrap
jewelry, were 44.3% for Fiscal 2004, compared to 44.9% in Fiscal 2003.

Liquidity & Financial Position
* Cash balances as of December 31, 2004 totaled $26 million, of which
approximately $12 million was required for daily store and
administrative operations, while the remaining $14 million represented
cash reserves on-hand.
* The Company utilized operating cash flows in 2004 to fund both its
store expansion activities and receivables growth in its new and
existing stores. During 2004, the Company invested $7.1 million in
capital expenditures, primarily related to new store openings, while
funding $5.1 million in net additional customer receivables. In
addition, the Company absorbed approximately $1.5 million in pre-
opening costs and net start-up losses associated with the 52 new
stores opened in 2004.
* As of December 31, 2004, there were no amounts outstanding on the
Company's $25 million revolving credit facility, nor did the Company
have any other outstanding interest-bearing debt. The Company had
$6 million of total interest-bearing debt at December 31, 2003.
* The Company's current ratio was in excess of 9 to 1 at December 31,
2004, compared to the prior year when it was approximately 7 to 1.
* In July 2004, the Company announced a stock repurchase plan for up to
1.6 million shares of common stock. Through December 31, 2004, the
Company repurchased 623,000 shares under the plan at an aggregate cost
of $12.1 million and an average price of $19.46 per share. Total
shares outstanding at December 31, 2004 were 15,989,240.
* Total stockholders' equity increased by $27 million during Fiscal
2004. As of December 31, 2004 stockholders' equity was $144 million,
and equity exceeded liabilities by a ratio of 9 to 1. This compares
favorably to December 31, 2003, when stockholders' equity was
$117 million and the equity-to-liabilities ratio was 5 to 1.

2005 Guidance
* The Company estimates that Fiscal 2005 diluted earnings per share will
be in a range of $1.46 to $1.52. This represents an increase of
between 20% and 25% compared to 2004 diluted earnings per share.
* The Company projects that it will open approximately 60 new stores in
2005. This represents a 21% increase to the 284 stores that were open
as of December 31, 2004.

Commentary & Analysis
The Company's newly appointed Chief Executive Officer, Mr. Alan Barron,
commented on the Company's 2004 operating results, "I am honored and excited
to be reporting on the Company's results in my expanded role at First Cash.
The orderly transition provided by the Company's Chairman and former Chief
Executive Officer, Mr. Rick Powell, has been remarkably smooth. We are
extremely pleased to report another record performance for First Cash. In
addition to the strength of our 2004 revenue and earnings results, the year
included the Company's first stock split. The Company's success in 2004 gives
us tremendous momentum and confidence as we look to the future."
The core revenue streams for the Company remained strong in 2004 as
evidenced by significant increases in same-store customer receivable balances
and revenues. Importantly, the Company generated its double-digit same-store
growth results domestically, and in its Mexico markets, across both of its
major product lines: pawns and payday advances. Key operating metrics such
as operating margins, bad debt expense, and inventory turnover improved to
record levels during 2004.
The Company continued to successfully execute its well-developed expansion
strategy during 2004. With the opening of 52 stores in 2004, First Cash has
now opened 137 stores over the past three years and boosted its total store
count from 158 to 284, an 80% increase, over the same time period. According
to Mr. Barron, "The Company intends to continue its expansion program in 2005,
with a number of new stores in the pipeline scheduled to be opened in the
first quarter. For the year, we expect to open 60 new stores, which will
include a combination of both pawn stores and payday advance stores. Within
both of these growth channels, the Company will continue to enter new
geographic markets while adding to its base of stores in existing expansion
markets."
First Cash utilized its strong operating cash flows and financial position
to fund all of the store openings and invest in operational infrastructure,
such as information technology systems, necessary to support continued future
expansion. Mr. Barron noted, "Our debt-free balance sheet and the ability to
generate significant amounts of free cash flow provide First Cash tremendous
opportunity and flexibility to profitably sustain our growth."
In summary, Mr. Barron stated, "First Cash remains committed to increasing
long-term shareholder value. We believe that our expansion model, which is
based on opening new stores in high-potential markets, as opposed to
acquisitions, is extremely efficient and delivers the greatest value to our
shareholders. In addition, First Cash will continue to grow through its
innovation and by consistent execution of the operating fundamentals that
drive both short and long-term profitability."

About First Cash
First Cash Financial Services, Inc. is engaged in the operation of pawn
and payday advance stores which lend money on the collateral of pledged
personal property, retail previously-owned merchandise acquired through loan
forfeitures, and provide short-term advances, also known as payday loans. The
Company currently owns and operates over 287 pawn and payday advance stores in
eleven states and Mexico. First Cash Financial Services is also an equal
partner in Cash & Go, Ltd., a joint venture, which owns and operates 40 check-
cashing and payday advance kiosks located inside convenience stores. First
Cash's common stock is traded on the Nasdaq Stock Market under the ticker
symbol "FCFS" and it is a component company in the Russell 2000 Index.
First Cash has been recognized for three consecutive years by Forbes
magazine as one of its "200 Best Small Companies." The 2004 ranking, which is
based on a combination of profitability and growth performance measures over
the most current one and five-year periods, placed First Cash 130th out of
3,500 companies evaluated by Forbes. In addition, during 2004 First Cash was
ranked 25th by Fortune Small Business magazine on the "FSB 100: America's
Fastest-Growing Small Public Companies."

Forward-Looking Statements
This release may contain forward-looking statements about the business,
financial condition and prospects of First Cash Financial Services, Inc.
Forward-looking statements can be identified by the use of forward-looking
terminology such as "believes," "projects," "expects," "may," "estimates,"
"should," "plans," "intends," or "anticipates" or the negative thereof, or
other variations thereon, or comparable terminology, or by discussions of
strategy. Forward-looking statements in this release include, without
limitation, the Company's earnings forecast for 2005 and its expectations for
new store openings in 2005. These statements are made to provide the public
with management's assessment of the Company's business. Although the Company
believes that the expectations reflected in forward-looking statements are
reasonable, there can be no assurances that such expectations will prove to be
accurate. Security holders are cautioned that such forward-looking statements
involve risks and uncertainties. The forward-looking statements contained in
this release speak only as of the date of this statement, and the Company
expressly disclaims any obligation or undertaking to release any updates or
revisions to any such statement to reflect any change in the Company's
expectations or any change in events, conditions or circumstance on which any
such statement is based. Certain factors may cause results to differ
materially from those anticipated by some of the statements made in this
release. Such factors are difficult to predict and many are beyond the
control of the Company, but may include changes in regional, national or
international economic conditions, the ability to open and integrate new
stores, the ability to maintain favorable banking relationships as it relates
to short-term lending products, changes in governmental regulations,
unforeseen litigation, changes in interest rates, changes in tax rates or
policies, changes in gold prices, changes in foreign currency exchange rates,
future business decisions, and other uncertainties.

SELECTED OPERATING INFORMATION

The following table details store openings and closings for the quarter
and year ended December 31, 2004:

Quarter Ended Year Ended
December 31, 2004 December 31, 2004
Payday Payday
Pawn Advance Total Pawn Advance Total
Stores Stores Stores Stores Stores Stores
Beginning of period count 190 83 273 160 75 235
New stores opened 8 4 12 40 12 52
Closed stores (1) --- (1) (3) --- (3)
End of period count 197 87 284 197 87 284

For the quarter and year ended December 31, 2004, the Company's 50% owned
joint venture, Cash & Go, Ltd., operated a total of 40 kiosks located inside
convenience stores in the state of Texas, which are not included in the above
chart. No kiosks were opened or closed during the year ended December 31,
2004.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

Quarter Ended Year Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2004 2003 2004 2003
(unaudited, in thousands, except per
share amounts)
Revenues:
Merchandise sales $25,642 $19,822 $86,745 $69,808
Pawn service charges 9,487 8,008 34,663 28,804
Short-term advance
service charges 14,936 11,803 54,123 42,939
Check cashing fees 714 640 3,030 2,749
Other 322 292 1,252 1,168
51,101 40,565 179,813 145,468
Cost of revenues:
Cost of goods sold 15,726 11,540 52,056 41,110
Short-term advance loss
provision 3,146 2,742 11,559 9,879
Check cashing returned
items expense 73 82 252 233
18,945 14,364 63,867 51,222

Gross profit 32,156 26,201 115,946 94,246

Expenses:
Operating expenses 16,340 13,725 61,063 51,814
Interest expense 13 60 73 472
Interest income (25) (128) (67) (595)
Depreciation 1,191 843 4,173 3,019
Administrative expenses 4,967 3,952 17,837 14,807
22,486 18,452 83,079 69,517

Income before income taxes 9,670 7,749 32,867 24,729
Provision for income taxes 3,578 2,932 12,161 9,397

Income before continuing
operations 6,092 4,817 20,706 15,332
Cumulative effect of change
in accounting principal,
net of tax (A) --- (357) --- (357)
Net Income $ 6,092 $ 4,460 $20,706 $14,975
Net income per share (B):
Basic
Income from continuing
operations $ 0.39 $ 0.32 $ 1.31 $ 1.09
Cumulative effect of change
in accounting principal,
net of tax (A) --- (0.02) --- (0.02)
Net income $ 0.39 $ 0.30 $ 1.31 $ 1.07
Diluted
Income from continuing
operations $ 0.36 $ 0.29 $ 1.22 $ 0.97
Cumulative effect of change
in accounting principal,
net of tax (A) --- (0.02) --- (0.02)
Net income $ 0.36 $ 0.27 $ 1.22 $ 0.95

Weighted average common shares
outstanding (B):
Basic 15,801 14,969 15,754 13,986
Diluted 16,931 16,773 17,034 15,756

(A) As required by Financial Accounting Standards Board Interpretation
No. 46R ("FIN 46R"), First Cash consolidated into its financial
statements the assets, liabilities and operating results of its 50%-
owned joint venture, Cash & Go, Ltd. effective December 31, 2003, at
which time it recorded a cumulative, non-recurring change in
accounting principle charge, net of tax benefit. Accordingly, the
results of Cash & Go, Ltd. are included in the consolidated
operating results for the periods ended December 31, 2004 and the
operating results from continuing operations shown for the periods
ended December 31, 2003 do not include the results of Cash & Go,
Ltd. The condensed balance sheets, included herein, include the
assets and liabilities of Cash & Go, Ltd. as of December 31, 2003
and 2004.
(B) Earnings per share and outstanding share amounts reflect the
Company's three-for-two stock split on April 6, 2004.

CONDENSED CONSOLIDATED BALANCE SHEETS

December 31,
2004 2003
(unaudited)
(in thousands)
ASSETS:
Cash & cash equivalents $ 26,232 $ 15,847
Service charges receivable 4,512 3,918
Pawn receivables 23,429 20,037
Short-term advance receivables 15,465 13,759
Inventories 17,644 15,588
Prepaid expenses and other current assets 1,378 964
Income taxes receivable 867 1,613
Total current assets 89,527 71,726
Property & equipment, net 17,376 14,418
Goodwill 53,237 53,237
Other 799 683
$160,939 $140,064

Liabilities & stockholders' equity:
Accounts payable and other current
liabilities $ 9,542 $ 10,886
Total current liabilities 9,542 10,886
Revolving credit facility --- 6,000
Deferred income taxes payable 7,351 5,955
Total liabilities 16,893 22,841
Stockholders' Equity 144,046 117,223
$160,939 $140,064