ACE Cash Express First Quarter Earnings Per Share Increases 43 Percent

ACE Cash Express, Inc., the nation's largest check-cashing chain and a significant provider of related retail financial services, announced today that it recorded diluted earnings per share of 20 cents for its first fiscal quarter ended September 30, 2001. This is a 43 percent increase over earnings per share for the first fiscal quarter of the last fiscal year.

Total revenue in the first quarter of fiscal 2002 grew by 29 percent, or $11.7 million, to $51.9 million, from $40.2 million in the first quarter of fiscal 2001. This total revenue produced net income of $2.0 million in the first quarter of fiscal 2002, a 44 percent increase over net income of $1.4 million in the first quarter of fiscal 2001. Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 22 percent, to $8.6 million in the first quarter of fiscal 2002 from $7.0 million in the first quarter of fiscal 2001.

ACE achieved the increase in total revenue in the first quarter of fiscal 2002 through growth primarily in check cashing fees and loan fees and interest. In the first quarter of fiscal 2002, check-cashing fees increased 14 percent, to $24.1 million from $21.1 million in the first quarter of fiscal 2001. Loan fees and interest increased 75 percent, to $19.1 million from $10.9 million in the first quarter of fiscal 2001. Primarily because of the increases in check cashing fees and loan fees, same store sales increased 21 percent in the first quarter of fiscal 2002 from the first quarter of fiscal 2001. The Company opened 5 newly-constructed stores, acquired 6 franchised stores, and opened 6 franchised stores in the first quarter of fiscal 2002.

ACE Cash Express, Inc. is headquartered in Irving, Texas and is the largest owner, operator and franchiser of check-cashing stores in the United States. Founded in 1968, the Company has a total network of 1,170 stores, consisting of 995 company-owned stores and 175 franchised stores in 35 states and the District of Columbia. ACE also maintains automatic self-service machines, which provide certain retail Financial Services without the need for a service associate, at 71 locations. ACE offers a broad range of financial and check-cashing services and is one of the largest providers of MoneyGram wire transfer transactions. In addition, ACE offers money orders, bill payment services, and prepaid local and long distance telecommunication services. Under ACE's agreement with Goleta National Bank (GNB), GNB currently makes small short-term consumer loans available to customers at various ACE company-owned stores.