UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                             Washington, DC 20549

                                  FORM 10-Q

  (Mark One)
  [x]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
       EXCHANGE ACT OF 1934

  For the quarterly period ended March 31, 2006, or

  [ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
       EXCHANGE ACT OF 1934

  For the transition period from __________ to ___________

  Commission file number 0-19133


                     FIRST CASH FINANCIAL SERVICES, INC.
            (Exact name of registrant as specified in its charter)

                  Delaware                         75-2237318
       (state or other jurisdiction    (IRS Employer Identification No.)
     of incorporation or organization)

      690 East Lamar Blvd., Suite 400
             Arlington, Texas                        76011
 (Address of principal executive offices)         (Zip Code)

     Registrant's telephone number, including area code:  (817) 460-3947


    Indicate by check mark whether the  registrant (1) has filed all  reports
 required to be filed by Section 13  or 15(d) of the Securities Exchange  Act
 of 1934 during the preceding 12 months (or for such shorter period that  the
 registrant was required to file such  reports), and (2) has been subject  to
 such filing requirements for the past 90 days.  Yes  X  No ___

      Indicate by check mark  whether the registrant  is a large  accelerated
 filer, an accelerated filer, or a non-accelerated filer.   Large accelerated
 filer [   ]     Accelerated filer [ X ]     Non-accelerated filer [   ]

      Indicate by check mark  whether the registrant is  a shell company  (as
 defined in Rule 12b-2 of the Exchange Act).  Yes ___  No  X


  As of May 8, 2006 there were 32,065,172 shares of Common Stock outstanding.

<PAGE>

                        PART I.  FINANCIAL INFORMATION

 ITEM 1.  FINANCIAL STATEMENTS

                     FIRST CASH FINANCIAL SERVICES, INC.
                    CONDENSED CONSOLIDATED BALANCE SHEETS

                                                    March 31,       December 31,
                                              --------------------  ------------
                                                2006        2005        2005
                                              --------    --------    --------
                                                  (unaudited)
                                              (in thousands, except share data)

                     ASSETS
 Cash and cash equivalents................   $  56,367   $  38,883   $  42,741
 Service fees receivable..................       3,934       3,968       4,176
 Pawn receivables.........................      26,743      22,435      27,314
 Short-term advance receivables,
   net of allowance of $171, $416
   and $242, respectively.................       4,599      11,575       6,488
 Inventories..............................      20,701      16,104      21,987
 Prepaid expenses and other current assets       4,487       2,582       5,430
                                              --------    --------    --------
   Total current assets ..................     116,831      95,547     108,136

 Property and equipment, net..............      25,380      18,516      23,565
 Goodwill.................................      53,237      53,237      53,237
 Other....................................       1,090       2,599       1,016
                                              --------    --------    --------
   Total assets ..........................   $ 196,538   $ 169,899   $ 185,954
                                              ========    ========    ========

      LIABILITIES AND STOCKHOLDERS' EQUITY
 Accounts payable.........................   $   1,211   $     693   $     908
 Accrued liabilities......................      10,443       8,680      13,722
                                              --------    --------    --------
   Total current liabilities .............      11,654       9,373      14,630

 Deferred income taxes payable............       8,826       9,055       8,616
                                              --------    --------    --------
   Total liabilities .....................      20,480      18,428      23,246
                                              --------    --------    --------
 Stockholders' equity:
   Preferred stock; $.01 par value;
     10,000,000 shares authorized ........           -           -           -
   Common stock; $.01 par value;
     90,000,000 shares authorized ........         345         334         340
   Additional paid-in capital ............      88,788      79,744      83,065
   Retained earnings .....................     110,445      83,509     102,823
   Common stock held in treasury .........     (23,520)    (12,116)    (23,520)
                                              --------    --------    --------
   Total stockholders' equity ............     176,058     151,471     162,708
                                              --------    --------    --------
   Total liabilities and stockholders'
     equity ..............................   $ 196,538   $ 169,899   $ 185,954
                                              ========    ========    ========

                 The accompanying notes are an integral part
            of these condensed consolidated financial statements.

<PAGE>
                     FIRST CASH FINANCIAL SERVICES, INC.
                 CONDENSED CONSOLIDATED STATEMENTS OF INCOME

                                                 Three Months Ended March 31,
                                                 ----------------------------
                                                       2006          2005
                                                     --------      --------
                                                   (unaudited, in thousands,
                                                   except per share amounts)
 Revenues:
   Merchandise sales ...........................    $  29,509     $  24,237
   Pawn service fees ...........................       11,066         8,954
   Short-term advance and credit services fees..       14,040        12,669
   Check cashing fees ..........................          886           826
   Other .......................................          199           313
                                                     --------      --------
                                                       55,700        46,999
                                                     --------      --------
 Cost of revenues:
   Cost of goods sold ..........................       17,516        14,590
   Short-term advance and credit services loss
     provision .................................          784         1,581
   Check cashing returned items expense ........           94            86
                                                     --------      --------
                                                       18,394        16,257
                                                     --------      --------
     Gross profit...............................       37,306        30,742

 Expenses and other income:
   Store operating expenses ....................       18,119        15,761
   Administrative expenses .....................        5,706         4,216
   Depreciation ................................        1,705         1,292
   Interest income .............................         (221)          (84)
                                                     --------      --------
                                                       25,309        21,185
 Income before income taxes.....................       11,997         9,557
 Provision for income taxes.....................        4,375         3,488
                                                     --------      --------
 Net income.....................................    $   7,622     $   6,069
                                                     ========      ========
 Net income per share:
   Basic........................................    $    0.24     $    0.19
                                                     ========      ========
   Diluted......................................    $    0.23     $    0.18
                                                     ========      ========

                 The accompanying notes are an integral part
            of these condensed consolidated financial statements.

<PAGE>

                     FIRST CASH FINANCIAL SERVICES, INC.
               CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                                                       Three Months Ended
                                                            March 31,
                                                            ---------
                                                       2006          2005
                                                     --------      --------
                                                    (unaudited, in thousands)
 Cash flows from operating activities:
  Net income ...................................    $   7,622     $   6,069
  Adjustments to reconcile net income to net
  cash flows from operating activities:
    Depreciation  ..............................        1,705         1,292
    Share-based compensation  ..................          506             -
    Short-term advance loss provision ..........          416         1,581
    Stock option and warrant income tax benefit             -           598
  Changes in operating assets and liabilities:
    Service fees receivable ....................          242           544
    Inventories ................................          450           554
    Prepaid expenses and other assets ..........        1,053        (1,600)
    Accounts payable and accrued liabilities ...       (3,912)       (1,552)
    Current and deferred income taxes  .........          962         2,550
                                                     --------      --------
      Net cash flows from operating activities .        9,044        10,036
                                                     --------      --------
 Cash flows from investing activities:
  Pawn receivables, net ........................        1,407         1,980
  Short-term advance receivables, net ..........        1,473         2,309
  Purchases of property and equipment ..........       (3,520)       (2,432)
                                                     --------      --------
      Net cash flows from investing activities .         (640)        1,857
                                                     --------      --------
 Cash flows from financing activities:
  Proceeds from exercise of stock options and
    warrants....................................        3,110           758
  Stock option and warrant income tax benefit ..        2,112             -
                                                     --------      --------
      Net cash flows from financing activities .        5,222           758
                                                     --------      --------
 Change in cash and cash equivalents............       13,626        12,651

 Cash and cash equivalents at beginning
   of the period................................       42,741        26,232
                                                     --------      --------
 Cash and cash equivalents at end of the period.    $  56,367     $  38,883
                                                     ========      ========
 Supplemental disclosure of cash flow information:
  Cash paid during the period for:
    Income taxes ...............................    $   1,232     $     341
                                                     ========      ========

 Supplemental disclosure of non-cash investing activity:
  Non-cash transactions in connection with pawn
    receivables settled through forfeitures of
    collateral transferred to inventories ......    $  10,550     $   8,483
                                                     ========      ========

                 The accompanying notes are an integral part
            of these condensed consolidated financial statements.

<PAGE>

                     FIRST CASH FINANCIAL SERVICES, INC.
             NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                 (UNAUDITED)

 Note 1 - Basis of Presentation

      The accompanying unaudited condensed consolidated financial statements,
 including the notes thereto,  include the accounts  of First Cash  Financial
 Services, Inc.  (the  "Company"),  and  its  wholly-owned  subsidiaries.  In
 addition, the  accompanying consolidated  financial statements  include  the
 accounts of  Cash &  Go, Ltd.,  a Texas  limited partnership  that  operates
 financial services kiosks  inside convenience stores,  in which the  Company
 has a 50%  ownership interest.  All  significant  intercompany accounts  and
 transactions have been eliminated.

      Such unaudited consolidated financial  statements are condensed and  do
 not include all  disclosures and  footnotes required  by generally  accepted
 accounting principles in the United States of America for complete financial
 statements.  Such  interim  period financial  statements should  be read  in
 conjunction with the Company's consolidated financial statements, which  are
 included in the Company's December 31, 2005 Annual Report on Form 10-K.  The
 condensed consolidated financial statements as of March 31, 2006 and for the
 three month periods  ended  March 31, 2006 and 2005,  are unaudited, but  in
 management's opinion,  include all  adjustments (consisting  of only  normal
 recurring adjustments) considered necessary to present fairly the  financial
 position, results of  operations and cash  flows for  such interim  periods.
 Operating results for the  period ended March 31,  2006 are not  necessarily
 indicative of the results that may be expected for the full fiscal year.

      Certain amounts  in  prior  year comparative  presentations  have  been
 reclassified in order to conform to the 2006 presentation.


 Note 2 - Stock Split

      In January 2006, the Company's Board  of Directors approved a  two-for-
 one stock split in the form of a stock dividend to shareholders of record on
 February 6, 2006.  The additional shares were  distributed  on  February 20,
 2006.  Common stock and all share  and  per share amounts (except authorized
 shares and par value) have been retroactively adjusted to reflect the split.


 Note 3 - Revolving Credit Facility

      The Company maintains a  long-term line of  credit with two  commercial
 lenders (the "Credit Facility").  The Credit Facility provides a $25,000,000
 long-term line of credit that matures on April 15, 2007, and bears  interest
 at the prevailing  LIBOR rate  (which was  approximately 4.8%  at  March 31,
 2006) plus a fixed interest rate margin of 1.375%.  Amounts available  under
 the Credit Facility  are limited to  300% of the  Company's earnings  before
 income taxes, interest, and depreciation for the trailing twelve months.  At
 March 31, 2006, no  amounts were outstanding under  the Credit Facility  and
 the Company had $25,000,000  available for borrowings.  Under  the terms  of
 the Credit Facility, the Company is  required to maintain certain  financial
 ratios and comply  with certain  technical  covenants.  The  Company  was in
 compliance with the requirements and covenants of the Credit Facility as  of
 March 31, 2006, and May 8, 2006.  The  Company is required to pay an  annual
 commitment  fee  of  1/8  of  1% on  the  average  daily unused  portion  of
 the Credit  Facility  commitment.  The  Company's  Credit Facility  contains
 provisions that  allow  the Company  to  repurchase stock  and/or  pay  cash
 dividends within certain parameters.  Substantially all of the  unencumbered
 assets of the Company have been  pledged as collateral against  indebtedness
 under the Credit Facility.


 Note 4 - Earnings Per Share

          The following table sets forth the computation of basic and diluted
 earnings per share (in thousands, except per share data):

                                                 Three Months Ended March 31,
                                                 ----------------------------
                                                       2006        2005
                                                     --------    --------
    Numerator:
      Net income for calculating basic
        and diluted earnings per share              $   7,622   $   6,069
                                                     ========    ========
    Denominator:
      Weighted-average common shares for
        calculating basic earnings per share           31,846      32,125
      Effect of dilutive securities:
        Stock options and warrants                      1,951       1,900
                                                     --------    --------
      Weighted-average common shares for
        calculating diluted earnings per share         33,797      34,025
                                                     ========    ========

   Basic earnings per share                         $    0.24   $    0.19
                                                     ========    ========
   Diluted earnings per share                       $    0.23   $    0.18
                                                     ========    ========


 Note 5 - Share-Based Compensation Expense

      Under  the  Company's  equity  compensation plans, including the board-
 approved  1990  Stock  Option  Plan,  the  shareholder-approved  1999  Stock
 Option Plan  and  the shareholder-approved  2004  Long-Term  Incentive  Plan
 (collectively described as the "Plans"),  it  has granted qualified and non-
 qualified stock options to officers,  directors and other key employees.  At
 March 31, 2006, 214,000 shares of unissued common stock of the Company  were
 available for granting under the Plans.  In addition, the Company has issued
 warrants to  purchase shares  of  common stock  to  certain key  members  of
 management, directors and other third parties.

       Prior to  January 1, 2006,  the  Company applied  the recognition  and
 measurement principles of APB 25, Accounting for Stock Issued to  Employees,
 and related interpretations in  accounting for awards  of stock options  and
 warrants, whereby  at  the  date  of  grant,  no  compensation  expense  was
 reflected in  income, as  all  stock options  and  warrants granted  had  an
 exercise price equal to or greater  than the market value of the  underlying
 common stock on  the date  of  grant.  Pro forma  information regarding  net
 income and earnings per share was  provided in accordance with Statement  of
 Financial Accounting  Standards  ("SFAS") 148,  Accounting  for  Stock-Based
 Compensation -  Transition  and Disclosure,  as  if the  fair  value  method
 defined by  SFAS  123,  Accounting  for Stock-Based  Compensation  had  been
 applied  to  stock-based  compensation.  For  purposes  of  the  pro   forma
 disclosures, the  estimated fair  value of  stock options  was amortized  to
 expense over the options' vesting period.

      Effective January 1, 2006, the Company adopted SFAS No. 123(R),  Share-
 Based Payments, which replaces SFAS 123 and supersedes APB 25.  SFAS  123(R)
 requires all share-based payments to employees, including grants of employee
 stock options, to be recognized in  the financial statements based on  their
 fair values.  The Company adopted SFAS 123(R) using the modified-prospective
 transition method, which requires the Company, beginning January 1, 2006 and
 thereafter, to expense the grant-date fair  value of all share-based  awards
 over their remaining vesting periods to the extent the awards were not fully
 vested as of  the date  of adoption and  to expense  the fair  value of  all
 share-based  awards  granted  subsequent  to  December 31, 2005  over  their
 requisite service periods.  Stock-based compensation expense for all  share-
 based payment awards granted  after January 1, 2006  is based on the  grant-
 date fair value estimated in accordance with the provisions of SFAS  123(R).
 The Company  recognizes  compensation cost  net  of a  forfeiture  rate  and
 recognizes the compensation cost for only those awards expected to vest on a
 straight-line basis over the requisite service period of the award, which is
 generally the vesting term.  The Company estimated the forfeiture rate based
 on its historical experience and its expectations about future  forfeitures.
 As required under the modified-prospective transition method, prior  periods
 have  not  been  restated.  In  March  2005,  the  Securities  and  Exchange
 Commission ("SEC") issued  Staff Accounting Bulletin  ("SAB") 107  regarding
 the SEC's interpretation  of SFAS 123(R)  and the  valuation of  share-based
 payments for public companies.  The  Company has  applied the provisions  of
 SAB 107 in  its adoption  of SFAS  123(R).  The Company records  share-based
 compensation cost as an administrative expense.

      For purposes of the pro forma  information required to be disclosed  by
 SFAS 123,  the  Company recognized  compensation  expense over  the  vesting
 period.  Under SFAS  123(R),  compensation  expense is  recognized over  the
 period through the date that the  employee first becomes eligible to  retire
 and is no longer required to provide service to earn the award.  For  grants
 prior  to January 1, 2006, compensation expense  continues to be  recognized
 under the  prior  method;  compensation expense  for  awards  granted  after
 December 31, 2005  is recognized over  the period to  the date the  employee
 first becomes eligible for retirement.

      Historically, stock options and warrants have been granted to  purchase
 the Company's common stock at an exercise price equal to or greater than the
 fair market value at the date of grant and generally have a maximum duration
 of ten years.  Stock options  and  warrants granted prior to January 1, 2005
 were either fully vested  and exercisable on the  date grant, or vested  and
 become exercisable ratably over a five year period beginning five years from
 the date  of  grant.  In  addition,  certain  of  the options  with  vesting
 provisions granted prior  to January 1, 2005  included  accelerated  vesting
 provisions tied to increases  in the market  value  of Company's stock.  All
 stock options granted during  fiscal 2005 were fully  vested on the date  of
 grant, of which 594,000 options were granted with an exercise price equal to
 the market price of  the stock on  the date of  grant and 5,264,000  options
 were granted with an  exercise price that exceeded  the market price on  the
 date of grant  ("premium-priced options").  The options  granted  in  fiscal
 2005 at market price had a  weighted-average exercise price of $12.50 and  a
 weighted-average fair value of $3.46.  The premium-priced options granted in
 fiscal 2005 had a weighted-average exercise price of $19.89 and a  weighted-
 average fair value  price of  $3.75.  No  options or  warrants were  granted
 during the three month period ended March 31, 2006.

      As a result of  adopting SFAS 123(R) on  January 1, 2006 the  Company's
 income before  income  taxes and  net  income  for the  three  months  ended
 March 31, 2006 were $506,000 and $321,000, respectively, less than if it had
 continued to account for share-based compensation under the recognition  and
 measurement provisions of APB 25, and related Interpretations, as  permitted
 by SFAS 123.  Basic and diluted net  income per share  for the three  months
 ended March 31, 2006 would have each increased by $0.01, to $0.25 and $0.24,
 respectively, if  the Company  had not  adopted  SFAS  123(R).  SFAS  123(R)
 requires that cash flows from tax benefits resulting from tax deductions  in
 excess of the  compensation cost recognized  for stock-based awards  (excess
 tax benefits)  be  classified as  financing  cash flows  prospectively  from
 January 1, 2006.  Prior to  the adoption  of SFAS  123(R), such  excess  tax
 benefits were presented as operating cash flows.  Accordingly, $2,112,000 of
 excess tax benefits has  been classified as a  financing cash inflow in  the
 2006 first quarter  Consolidated Statement of  Cash Flows.  For the  quarter
 ended March 31, 2005, such excess tax benefits amounted to $598,000.

      Of the total share-based compensation  expense (before tax benefit)  of
 $506,000 for the three months ended  March 31, 2006, approximately  $490,000
 related to accelerated vesting of previously  issued options as a result  of
 an increase in  the market value  of the Company's  common stock during  the
 three  months ended  March 31, 2006.  As  of  March 31, 2006,  there are  no
 outstanding,  unvested  options  with  accelerated  vesting  features.   The
 Company anticipates that it will record an additional $16,000 of share-based
 compensation expense in each remaining quarter of fiscal 2006.  Total share-
 based  compensation  expense,  before  tax  benefit,  for  fiscal  2006   is
 anticipated to be $556,000.  As of March 31, 2006, total future unrecognized
 share-based compensation  cost  related to  stock  options and  warrants  of
 $250,000, before tax benefit, is expected to be recognized over a  weighted-
 average period of 1.9 years.

      A summary of stock option and warrant activity during the  three-months
 ended March 31, 2006 is presented below:

                                                    Weighted-
                                        Weighted-    Average       Aggregate
                           Underlying    Average    Remaining      Intrinsic
                             Shares     Exercise   Contractual       Value
                           (thousands)    Price    Term (years)   (thousands)
                           -----------  --------   ------------   -----------
 Outstanding at
   December 31, 2005          6,631      $12.04        8.5         $ 26,099

 Granted                          -           -          -                -
 Exercised                     (550)       5.66        7.4            6,154
 Canceled or forfeited            -           -          -                -
                              -----
 Outstanding at
   March 31, 2006             6,081       12.62        8.3           44,806
                              =====

 Vested and expected to
   vest at March 31, 2006     6,081       12.62        8.3           44,806
                              =====
 Exercisable at
   March 31, 2006             5,904       12.91        8.4           41,780
                              =====

      The aggregate intrinsic  value in the  above table  reflects the  total
 pretax intrinsic value (the difference  between the Company's  closing stock
 price on the last trading day  of the period  and  the exercise price of the
 options and warrants, multiplied by the  number of in-the-money options  and
 warrants) that would have been received  by the option and warrants  holders
 had all option and warrant holders  exercised their options and warrants  on
 March 31, 2006.  The intrinsic value  of  the  stock  options  and  warrants
 exercised are based on the closing price of the Company's stock on the  date
 of exercise.  The  total intrinsic value of  options and warrants  exercised
 for  the  three  months  ended  March 31, 2005  was $1,794,000.  The Company
 typically issues new shares of common stock to satisfy  option  and  warrant
 exercises.

      Prior to the adoption of SFAS 123(R), the Company accounted for  share-
 based compensation  plans under  the provisions  of APB 25,  Accounting  for
 Stock Issued to  Employees,  and  related interpretations.  If  compensation
 cost for our stock-based compensation plans had been determined based on the
 fair value method (estimated using  the Black-Scholes option pricing  model)
 at the grant dates  in accordance with  SFAS 123, pro  forma net income  and
 earnings per share  for the three  months ended March 31, 2005,  would  have
 been as follows:

                                                         Three Months Ended
                                                           March 31, 2005
                                                           --------------
   Net income, as reported                                    $ 6,069
   Less:  Pro forma stock-based employee compensation
     determined under the fair value requirements of
     SFAS 123, net of income tax benefits                       7,392
                                                               ------
   Adjusted net income (loss)                                 $(1,323)
                                                               ======
   Earnings (loss) per share:
     Basic, as reported                                       $  0.19
                                                               ======
     Basic, adjusted                                          $ (0.04)
                                                               ======

     Diluted, as reported                                     $  0.18
                                                               ======
     Diluted, adjusted                                        $ (0.04)
                                                               ======

      The estimated per share weighted-average grant-date fair value of stock
 options  granted  during  the  three  months  ended  2005,  was  $15.13,  as
 determined using  the  Black-Scholes  option  pricing  model  based  on  the
 following assumptions:

         Dividend yield                     -
         Volatility                      45.0%
         Risk-free interest rate          3.5%
         Expected life                    5.0 years

      On November 10, 2005, the Financial Accounting Standards Board ("FASB")
 issued FASB Staff Position No. SFAS 123(R)-3, Transition Election Related to
 Accounting for Tax Effects of Share-Based Payment  Awards  ("FSP 123(R)-3").
 The  alternative  transition method includes simplified methods to establish
 the beginning balance of the additional paid-in capital  pool  ("APIC pool")
 related  to  the  tax  effects  of employee stock-based compensation, and to
 determine the subsequent impact on the APIC pool and Consolidated Statements
 of Cash Flows of the tax effects of employee stock-based compensation awards
 that  are  outstanding upon adoption of SFAS 123(R).  The Company has  until
 January 1, 2007  to  make  a  one-time  election  to  adopt  the  transition
 method described in FSP 123(R)-3.  The Company is currently  evaluating  FSP
 123(R)-3;  however, if the Company were to make the one-time election, it is
 not expected to affect operating income or net income.


 Note 6 - Guarantees

      Effective July 1, 2005, First Cash Credit, Ltd. ("FCC"), a wholly-owned
 subsidiary of  the  Company,  began offering  a  fee-based  credit  services
 program ("CSO  program")  to  assist  consumers  in  its  Texas  markets  in
 obtaining credit.  Under the CSO program, FCC assists customers in  applying
 for a  short-term  loan  from an  independent,  non-bank,  consumer  lending
 company (the  "Independent  Lender") and  issues  the Independent  Lender  a
 letter of credit to guarantee the repayment of the loan.  The loans made  by
 the Independent Lender to credit services  customers of FCC range in  amount
 from $100 to $1,000, have terms of 7 to 31 days and bear interest at a  rate
 of less than 10% on an annualized basis.

      These letters of credit constitute a guarantee for which the Company is
 required to recognize, at  the inception of the  guarantee, a liability  for
 the fair  value of  the  obligation undertaken  by  issuing the  letters  of
 credit.  The Independent Lender may present the letter of credit to FCC  for
 payment if the  customer fails  to  repay  the full amount of  the loan  and
 accrued interest after  the due date  of the loan.  Each  letter  of  credit
 expires within  60  days  from  the  inception  of  the  associated  lending
 transaction.  FCC's maximum  loss  exposure  under  all of  the  outstanding
 letters of  credit issued  on behalf  of its  customers to  the  Independent
 Lender as  of March 31, 2006  was  $8,535,000.  There  were  no  outstanding
 letters of credit at March 31, 2005.  According to the letter of credit,  if
 the borrower defaults  on the  loan, the  Company will  pay the  Independent
 Lender the principal,  accrued interest,  insufficient funds  fee, and  late
 fees, all of which the Company records as bad debt in the short-term advance
 and credit  services loss  provision.  FCC  is  entitled  to  seek  recovery
 directly from its customers  for amounts it pays  the Independent Lender  in
 performing under the letters of credit.  The Company records  the  estimated
 fair value  of  the  liability  under  the  letters  of  credit  in  accrued
 liabilities.


 ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
          RESULTS OF OPERATIONS

 GENERAL

      The Company's pawn  store revenues are  derived primarily from  service
 fees  on  pawns,  service  fees  from  short-term  advances,  also  known as
 payday  loans,  credit  services fees  and  the  sale  of  unredeemed  goods
 (merchandise sales).  The Company accrues  pawn service charge revenue on  a
 constant-yield basis  over the  life of  the  pawn for  all pawns  that  the
 Company deems collection to be probable based on historical pawn  redemption
 statistics.  If  a  pawn  is  not repaid  prior  to the  expiration  of  the
 automatic extension period, if applicable, the property is forfeited to  the
 Company and  transferred to  inventory at  a value  equal to  the  principal
 amount of the loan, exclusive of accrued interest.

      The Company's payday advance store revenues are derived primarily  from
 fees on short-term/payday advances, credit services fees, check cashing fees
 and fees from  the sale of  money orders, money  transfers and prepaid  card
 products.  The Company recognizes service fee income on short-term  advances
 on a constant-yield basis over the  life of the advance, which is  generally
 thirty-one  days  or  less.  The net  defaults  on short-term  advances  and
 changes  in the short-term  advance valuation  reserve  are charged  to  the
 short-term advance loss provision.

      Effective  July 1,  2005,  First  Cash  Credit,  Ltd.,  a  wholly-owned
 subsidiary  of the  Company,  began offering  a  fee-based  credit  services
 organization program to assist consumers in  its Texas markets in  obtaining
 credit.  Under  the CSO  program, FCC assists  customers in  applying for  a
 short-term loan from an independent, non-bank, consumer lending company  and
 issues the Independent Lender a letter of credit to guarantee the  repayment
 of  the  loan.  The  Company  recognizes  credit services  fees,  which  are
 collected from the customer at the  inception, ratably over the life of  the
 loan made by  the Independent  Lender.  The  loans made  by the  Independent
 Lender to credit services customers of FCC have terms of seven to thirty-one
 days.  The Company records a  liability for collected, but unearned,  credit
 services fees received from its customers.


 OPERATIONS AND LOCATIONS

       As of March 31, 2006,  the  Company had 348  locations in eleven  U.S.
 states and seven states in Mexico.  Included in this total, the Company  has
 235 pawn shops of which 96  are located in the U.S.  and  139 are located in
 Mexico.  In  addition, the  Company has 113  payday advance  stores, all  of
 which are located in the U.S.  Approximately 69 of the U.S. pawn stores also
 offer the payday  advance or credit  services products in  addition to  pawn
 loans and retail sales.  The following table  details store counts  for  the
 three month period ended March 31, 2006:

                                          Three Months Ended March 31, 2006
                                         -----------------------------------
                                          Pawn     Payday Advance     Total
                                         Stores        Stores         Stores
                                         ------        ------         ------
      Beginning of period count             226           102            328

      New stores opened                       9            11             20

      Stores closed or consolidated           -             -              -
                                         ------        ------         ------
      End of period count                   235           113            348
                                         ======        ======         ======

      For the three months ended March 31, 2006,  all of the new pawn  stores
 opened were located  in Mexico, while  all of the  new payday stores  opened
 were located in the U.S.  The Company's 50% owned joint venture, Cash &  Go,
 Ltd., operates a total of 40 kiosks located inside convenience stores in the
 state of Texas, which are not included in  the above table.  No kiosks  were
 opened or closed during the three months ended March 31, 2006.

      While the Company has had significant increases in revenues due to  new
 store  openings  in 2005  and  2006, the Company has also incurred increases
 in  operating  expenses  attributable  to  the additional stores.  Operating
 expenses consist  of all  items directly  related to  the operation  of  the
 Company's stores,  including  salaries  and  related  payroll  costs,  rent,
 utilities,  equipment,  advertising,  property  taxes,  licenses,   supplies
 and security.  Administrative  expenses  consist  of items  relating  to the
 operation of the  corporate office, including  the compensation and  benefit
 costs  of  corporate  management,  area  supervisors  and  other  operations
 management  personnel,  accounting  and  administrative  costs,  information
 technology costs,  liability  and  casualty  insurance,  outside  legal  and
 accounting fees and stockholder-related expenses.

      Stores included in the same-store revenue calculations are those stores
 that were opened prior to the beginning of the prior year comparative fiscal
 period and are  still open.  Also included are  stores that  were  relocated
 during the year within a specified  distance serving the same market,  where
 there is not a  significant change in store  size and where  there is not  a
 significant overlap or gap  in timing between the  opening of the new  store
 and the closing  of the existing  store.  During  the periods reported,  the
 Company has not had store expansions  that involved a significant change  in
 the size of retail showrooms, and accordingly, no expanded stores have  been
 excluded  from  the  same-store  calculations.  Non-retail  sales  of  scrap
 jewelry are included in same-store revenue calculations.


 CRITICAL ACCOUNTING POLICIES

      The preparation of financial  statements in conformity with  accounting
 principles generally  accepted  in the  United  States of  America  requires
 management to  make  estimates  and assumptions  that  affect  the  reported
 amounts of  assets  and  liabilities, related  revenues  and  expenses,  and
 disclosure of  gain and  loss contingencies  at the  date of  the  financial
 statements.  Such estimates and assumptions are subject to a number of risks
 and uncertainties, which may cause actual results to differ materially  from
 the Company's  estimates.  Both  the  significant accounting  policies  that
 management believes are the most critical to aid in fully understanding  and
 evaluating  the  reported  financial  results  and  the  effects  of  recent
 accounting pronouncements have  been reported in  the Company's 2005  Annual
 Report on Form 10-K.

      Effective  January 1, 2006,  the Company  adopted Financial  Accounting
 Standards   Board   Statement   No.   123(R),  Share-Based  Payments  ("SFAS
 123(R)").  SFAS  123(R)  establishes the accounting required for share-based
 compensation, and requires companies  to measure and recognize  compensation
 expense for all  share-based payments at  the grant date  based on the  fair
 value of the award, as defined in SFAS 123(R), and include such costs as  an
 expense in  their  statements  of  operations  over  the  requisite  service
 (vesting) period. The Company elected to adopt SFAS 123(R) using a modified-
 prospective application, whereby the provisions of the statement will  apply
 going forward only  from the  date of adoption  to new  stock option  awards
 (issued  subsequent  to  December 31, 2005)  and  for  the  portion  of  any
 previously  issued  and  outstanding  stock  option  awards  for  which  the
 requisite service is rendered after the date of adoption.  Thus, the Company
 recognizes as  expense the  fair  value of  stock  options issued  prior  to
 January 1, 2006,  but  vesting after  January 1, 2006,  over  the  remaining
 vesting period. In addition, compensation expense must be recognized for any
 awards modified, repurchased, or canceled after the date of adoption.  Under
 the modified-prospective application,  no restatement  of previously  issued
 results is  required.  The Black-Scholes option  pricing  model is  used  to
 measure fair  value,  which is  the  same method  used  in prior  years  for
 disclosure purposes.

      Effective July 1, 2005, First Cash Credit, Ltd. ("FCC"), a wholly-owned
 subsidiary of  the  Company,  began offering  a  fee-based  credit  services
 program ("CSO  program")  to  assist  consumers  in  its  Texas  markets  in
 obtaining credit.  Under the CSO program, FCC assists customers in  applying
 for a  short-term  loan  from an  independent,  non-bank,  consumer  lending
 company (the  "Independent  Lender") and  issues  the Independent  Lender  a
 letter of credit to guarantee the repayment of the loan.  The loans made  by
 the Independent Lender to credit services  customers of FCC range in  amount
 from $100 to $1,000, have terms of 7 to 31 days and bear interest at a  rate
 of less than 10% on an annualized basis.

      In accordance  with  the  provisions of  FASB  Interpretation  No.  45,
 Guarantor's Accounting and Disclosure Requirements for Guarantees, Including
 Indirect Guarantees of  Indebtedness of Others,  the Company has  determined
 that the letters of credit issued by  FCC to the Independent Lender as  part
 of the CSO program constitute a guarantee for which the Company is  required
 to recognize, at the  inception of the guarantee,  a liability for the  fair
 value of the obligation undertaken by  issuing the letters  of credit.  Each
 letter of credit is issued at the  time that a FCC credit services  customer
 enters into a loan agreement with  the Independent Lender.  The  Independent
 Lender may present the letter of credit  to FCC for payment if the  customer
 fails to repay the full  amount of the loan  and accrued interest after  the
 due date of the loan.  Each letter of credit expires within 60 days from the
 inception of the associated  lending transaction.  FCC  is entitled to  seek
 recovery directly from  its customers for  amounts it  pays the  Independent
 Lender in performing under the letters  of credit.  The Company records  the
 estimated fair  value of  the liabilities  under the  letters of  credit  in
 accrued liabilities.


 RESULTS OF OPERATIONS

 Three months ended March 31, 2006, compared to the three months ended
 March 31, 2005

      The following table (amounts shown in thousands) details the components
 of revenues for the three months ended March 31, 2006 (the "First Quarter of
 2006"), as compared  to the three  months ended March 31, 2005  (the  "First
 Quarter of 2005"):

                                           Three Months Ended March 31,
                                      --------------------------------------
                                        2006       2005    Increase/Decrease
                                      --------   --------  -----------------
   Domestic revenues:
     Retail merchandise sales        $  15,816  $  14,559   $  1,257      9%
     Scrap jewelry sales                 2,320      1,857        463     25%
     Pawn service fees                   6,746      6,053        693     11%
     Short-term advance and
       credit services fees             14,040     12,669      1,371     11%
     Check cashing fees                    886        826         60      7%
     Other                                 199        313       (114)   (36%)
                                      --------   --------    -------
                                        40,007     36,277      3,730     10%
                                      --------   --------    -------
   Foreign revenues:
     Retail merchandise sales            6,786      4,409      2,377     54%
     Scrap jewelry sales                 4,587      3,412      1,175     34%
     Pawn service fees                   4,320      2,901      1,419     49%
                                      --------   --------    -------
                                        15,693     10,722      4,971     46%
                                      --------   --------    -------
   Total revenues:
     Retail merchandise sales           22,602     18,968      3,634     19%
     Scrap jewelry sales                 6,907      5,269      1,638     31%
     Pawn service fees                  11,066      8,954      2,112     24%
     Short-term advance and
       credit services fees             14,040     12,669      1,371     11%
     Check cashing fees                    886        826         60      7%
     Other                                 199        313       (114)   (36%)
                                      --------   --------    -------
                                     $  55,700  $  46,999   $  8,701     19%
                                      ========   ========    =======

       Year-over-year revenue increases  for  retail merchandise sales,  pawn
 service  fees  and  short-term  advance/credit  service  fees  were due to a
 combination of same-store revenue growth  and  the addition  of new  stores.
 Same-store revenues  (stores that were in operation  during all of the First
 Quarter of both 2005  and  2006) increased 13% or $5,860,000 for  the  First
 Quarter  of  2006  as  compared  to  the same quarter  last  year.  Revenues
 generated by the 44 new pawn stores located in Mexico and the  26 new payday
 advance  stores located in the U.S. which have  opened since January 1, 2005
 increased by $3,128,000, compared to the same quarter last year.

       The increase in scrap jewelry sales  during the First Quarter of 2006,
 as compared  to the  First Quarter  of  2005, was  due primarily  to  higher
 selling prices  of  gold.  The volume-weight of  scrap jewelry  sold in  the
 First Quarter  of 2006  was  essentially  flat compared  to  the  prior-year
 quarter.

       Aggregate short-term  advance  and  credit services fees increased 11%
 over the  same  period, although  revenues  in the  Company's  ten  Illinois
 locations decreased due  to new payday  advance regulations  in that  state.
 Excluding the  Illinois locations,  revenues  from short-term  advances  and
 credit services increased by  19% compared  to the  prior year quarter.  The
 Company introduced its  credit services program  in its  Texas locations  in
 July 2005.  Credit services fees, which are included in reported  short-term
 advance and credit services fees, totaled  $9,037,000 for the First  Quarter
 of 2006.

       The  following  table  (amounts  shown  in  thousands)  details   pawn
 receivables, short-term advance receivables and active CSO loans outstanding
 from an independent third-party lender as of March 31, 2006, as compared  to
 March 31, 2005:

                                                  Balance at March 31,
                                          ----------------------------------
                                           2006     2005   Increase/Decrease
                                          ------   ------  -----------------
  Domestic receivables & CSO
    loans outstanding:
     Pawn receivables                    $16,355  $14,886   $ 1,469     10%
     Short-term advance receivables        4,599   11,575    (6,976)   (60%)
     CSO loans held by independent
       third-party lender (1)              7,623        -     7,623      -
                                          ------   ------    ------
                                          28,577   26,461     2,116      8%
                                          ------   ------    ------
  Foreign receivables:
     Pawn receivables                     10,388    7,549     2,839     38%
                                          ------   ------    ------
  Total receivables & CSO
    loans outstanding:
     Pawn receivables                     26,743   22,435     4,308     19%
     Short-term advance receivables        4,599   11,575    (6,976)   (60%)
     CSO loans held by independent
       third-party lender (1)              7,623        -     7,623      -
                                          ------   ------    ------
                                         $38,965  $34,010   $ 4,955     15%
                                          ======   ======    ======

  (1) CSO loans outstanding are comprised of the principal portion of active
      CSO loans outstanding from an independent third-party lender, the
      balance of which is not included on the Company's balance sheet.

      Of the $4,308,000  total increase in  pawn receivables, $2,921,000  was
 attributable to growth at stores that were in operation as of March 31, 2006
 and 2005, and $1,387,000 was attributable to the 55 new stores opened  since
 March 31, 2005.  The  decrease  in  short-term advance  receivables was  due
 primarily to  the  introduction  of  the  credit  services  program  in  the
 Company's Texas locations  in  July 2005.  As a result,  the Company had  no
 short-term advance receivables in its Texas locations, including the Cash  &
 Go, Ltd, joint venture kiosks, at March 31, 2006, compared to $6,287,000  at
 March 31, 2005.  Short-term advance  receivables in the Company's  non-Texas
 locations decreased  from $5,288,000  at  March 31, 2005,  to $4,599,000  at
 March 31, 2006, primarily due to the introduction of more restrictive payday
 advance regulations  in the  State of  Illinois, which  negatively  affected
 short-term  receivables  in  the  Company's  ten  Illinois  locations.   The
 Company's  loss  reserve on  short-term  advance receivables  decreased from
 $416,000 at March 31, 2005, to $171,000 at March 31, 2006 as a result of the
 decrease in outstanding short-term advance receivables.  The estimated  fair
 value of the  liabilities under the  letters of credit,  net of  anticipated
 recoveries from customers, was $324,000 at March 31, 2006, which is included
 as  a  component  of  the  Company's  accrued  liabilities.  There  were  no
 outstanding letters of credit or related liabilities at March 31, 2005.

      Gross profit margin on total merchandise sales was 41% during the First
 Quarter of 2006, compared to 40% during the First Quarter of 2005, primarily
 due to increased margin on scrap jewelry sales.  Retail merchandise  margin,
 which excludes scrap  jewelry sales,  was 43%  during  the First Quarter  of
 2006,  compared to 44%  during the First  Quarter of 2005.  Gross  margin on
 sales of scrap jewelry increased  from 25% in the  First Quarter of 2005  to
 32% in the First Quarter of 2006 due to increased selling prices of gold.

      The  Company's  payday  advance  and  credit  services  loss  provision
 decreased from  12% of  short-term  advance and credit services fee revenues
 during the First Quarter  of 2005 to  6% during the  First Quarter of  2006.
 During the  First  Quarter  of  2006, the  Company  sold  certain  bad  debt
 portfolios  generated   from  short-term   advances  and   credit   services
 agreements.  The sales were recorded  as a credit to the short-term  advance
 and credit  services loss  provision, as  are all  recoveries of  previously
 written-off short-term advance and credit services bad debt  portfolios.  It
 is anticipated that the  regular sale of additional  2005 and 2006 bad  debt
 portfolios will continue  into future  periods in  2006 and  beyond for  the
 purpose of ongoing reduction of the payday advance and credit services  loss
 provision.  Excluding  the benefit of  all such sales,  the current  quarter
 loss provision would have been 13%.

      Store operating expenses increased 15% to $18,119,000 during the  First
 Quarter of 2006, compared to $15,761,000  during the First Quarter  of 2005,
 primarily  as  a  result  of  the   net  addition  of  64  pawn  and   check
 cashing/short-term advance  stores since  January 1, 2005, which  is  a  23%
 increase  in  the  store  count.  Administrative  expenses  increased 35% to
 $5,706,000 during the First  Quarter of 2006  compared to $4,216,000  during
 the First  Quarter of  2005, which  is primarily  attributable to  increased
 costs related to  variable management and  supervisory compensation  expense
 and a non-cash charge of approximately $506,000 for share-based compensation
 expense as a  result of the  adoption of SFAS  123(R), effective  January 1,
 2006.  Interest income increased from  $84,000 in the First Quarter of  2005
 to $221,000 in the First Quarter  of 2006, due primarily to interest  income
 earned on increased levels of invested cash and cash equivalents.

      For both the First  Quarter of 2006  and  2005, the Company's effective
 federal income tax  rate of 36.5%  differed from the  federal statutory  tax
 rate of 35%, primarily as a result of state income taxes.


 LIQUIDITY AND CAPITAL RESOURCES

      As of March 31, 2006, the  Company's primary sources of liquidity  were
 $56,367,000 in  cash  and  cash  equivalents,  $35,276,000  in  receivables,
 $20,701,000 in inventories  and $25,000,000  of available  and unused  funds
 under  the  Company's  Credit Facility.  The  Company  had  working  capital
 of  $105,177,000  as  of March 31, 2006,  and  total equity  exceeded  total
 liabilities by a ratio  of  9  to  1.  The  Company's operations  and  store
 openings have been financed with funds generated primarily from operations.

      The Company maintains a  long-term line of  credit with two  commercial
 lenders (the "Credit Facility").  The Credit Facility provides a $25,000,000
 long-term line of credit that matures on April 15, 2007, and bears  interest
 at the prevailing  LIBOR rate  (which was  approximately 4.8%  at March  31,
 2006) plus a fixed interest rate margin of 1.375%.  Amounts available  under
 the Credit Facility  are limited to  300% of the  Company's earnings  before
 income taxes,  interest,  depreciation  and amortization  for  the  trailing
 twelve months.  At  March 31, 2006, the  Company had no amounts  outstanding
 under the Credit Facility and $25,000,000  available  for borrowings.  Under
 the terms  of the  Credit  Facility, the  Company  is required  to  maintain
 certain financial ratios  and  comply with certain technical covenants.  The
 Company was in compliance with the requirements and covenants of the  Credit
 Facility as of March 31, 2006, and May 8, 2006.  The Company is required  to
 pay an  annual commitment  fee of  1/8 of  1% on  the average  daily  unused
 portion of the Credit  Facility  commitment.  The Company's Credit  Facility
 contains  provisions  that  allow  the  Company to  repurchase stock  and/or
 pay  cash  dividends within  certain  parameters.  Substantially  all of the
 unencumbered assets of the Company have  been pledged as collateral  against
 indebtedness under the Credit Facility.

      Net cash provided  by operating activities  of the  Company during  the
 First  Quarter  of  2006, was $9,044,000, consisting primarily of net income
 of  $7,622,000  plus  non-cash  adjustments  for  depreciation,  share-based
 compensation,  and  the  short-term advance loss  provision  of  $1,705,000,
 $506,000, and $416,000 respectively.  Net  changes  in operating assets  and
 liabilities reduced  cash used  by operating  activities  in the  amount  of
 $1,205,000.  Net cash used by  investing activities during the three  months
 ended March 31, 2006,  was $640,000,  which was primarily  comprised of  net
 cash inflows  from  pawn  receivables  and  short-term  advance  receivables
 activity of $1,407,000 and  $1,473,000, respectively, net  of cash paid  for
 fixed asset additions of  $3,520,000.  Net  inflows from short-term  advance
 activity were due to the reduction in outstanding short-term advances in the
 Company's Texas  locations resulting  from the  introduction of  the  credit
 services program in  July 2005.  The opening  of  20 new  stores during  the
 First Quarter of 2006 contributed significantly to the volume of fixed asset
 additions.  Net  cash provided by financing activities was $5,222,000 during
 the First Quarter  of 2006, which  consisted of proceeds  from exercises  of
 stock options and warrants and the tax benefit from the exercise of employee
 stock options of $3,110,000 and $2,112,000, respectively.

      For  purposes  of  its  internal  liquidity  assessments,  the  Company
 considers net  cash  changes  in pawn  receivables  and  short-term  advance
 receivables to be closely related to operating  cash  flows.  For the  First
 Quarter of 2006, net cash flows  from operations were $9,044,000, while  net
 cash inflows related to pawn receivables and short-term advance  receivables
 activity was $1,407,000  and  $1,473,000.  The combined  net cash flows from
 operations and pawn and short-term  advance receivables totaled  $11,924,000
 for the First Quarter of 2006.  For the  comparable  prior  year period, net
 cash flows from operations were $10,036,000, and net cash inflows related to
 pawn receivables  and  short-term advance  receivables  were  $1,980,000 and
 $2,309,000, respectively.  The combined net  cash flows from operations  and
 pawn and short-term  advance receivables totaled  $14,325,000 for the  First
 Quarter of 2005.

      The profitability  and liquidity  of the  Company  is affected  by  the
 amount of pawn receivables outstanding, which  is controlled in part by  the
 Company's pawn lending  decisions.  The Company  is able  to  influence  the
 frequency of  pawn  redemptions  by  increasing  or  decreasing  the  amount
 advanced in relation to  the resale value of  the pawned  property.  Tighter
 credit decisions generally result  in smaller pawn  advances in relation  to
 the estimated resale value of the pledged property and can thereby  decrease
 the Company's aggregate pawn receivables balance and, consequently, decrease
 pawn service fees.  Additionally, small advances in relation to the  pledged
 property's estimated  resale value  tend to  increase pawn  redemptions  and
 improve the  Company's liquidity.  Conversely,  providing  larger  pawns  in
 relation to the estimated resale value of the pledged property can result in
 an increase  in the  Company's pawn  service  charge  income.  Also,  larger
 average pawn balances can result in  an increase in pawn forfeitures,  which
 increases the quantity of  goods on hand, and  unless the Company  increases
 inventory turnover, reduces the Company's liquidity.  The Company's  renewal
 policy allows customers to renew pawns  by repaying all accrued interest  on
 such pawns, effectively creating a new pawn transaction.

      The amount  of short-term  advances outstanding  and the  related  loss
 provision also affect the  profitability and liquidity  of  the Company.  An
 allowance for losses is provided on  active short-term advances and  service
 fees receivable, based upon expected default rates, net of estimated  future
 recoveries of  previously defaulted  short-term  advances and  service  fees
 receivable.  The Company considers short-term  advances to be in default  if
 they are not repaid on the due date, and writes off the principal amount and
 service fees  receivable  as  of  the  default  date,  leaving  only  active
 receivables  in  the reported  balances.  Net defaults  and changes  in  the
 short-term advance  allowance  are charged  to  the short-term  advance  and
 credit services loss provision.

      In addition to these factors, merchandise  sales and the pace of  store
 expansions affect the  Company's liquidity.  Management  believes  that  the
 Credit Facility and  cash generated from  operations will  be sufficient  to
 accommodate the Company's current operations for  fiscal 2006.  The  Company
 has  no  significant  capital  commitments.  The Company  currently  has  no
 written  commitments  for  additional  borrowings  or  future  acquisitions;
 however, the Company  intends to continue  to grow and  may seek  additional
 capital to facilitate expansion.  The  Company  will  evaluate acquisitions,
 if any,  based  upon  opportunities,  acceptable financing, purchase  price,
 strategic fit and qualified management personnel.

      The Company  currently intends  to  continue to  engage  in a  plan  of
 expansion primarily through  new store openings.  During  fiscal  2006,  the
 Company currently plans to open approximately 60 to 70 new stores, comprised
 of both payday advance locations, located  primarily in Texas and  Michigan,
 and pawn  shops, located  primarily in  Mexico.  All  capital  expenditures,
 working capital requirements and start-up  losses related to this  expansion
 are expected to be funded entirely through operating cash flows.  While  the
 Company continually looks for, and  is presented with potential  acquisition
 opportunities, the Company currently has no definitive plans or  commitments
 for acquisitions.  The Company will evaluate potential acquisitions, if any,
 based upon growth potential,  purchase price, strategic  fit and quality  of
 management personnel, among  other factors.  If the  Company  encounters  an
 attractive opportunity to acquire new stores in the near future, the Company
 may seek additional financing,  the terms of which  will be negotiated on  a
 case-by-case basis.

      Earnings  before   interest,  taxes,   depreciation  and   amortization
 ("EBITDA") for the trailing twelve month period ended March 31, 2006 totaled
 $47,881,000, an increase  of 24% compared  to $38,682,000  for the  trailing
 twelve month  period ended  March 31, 2005.  The  EBITDA  margin,  which  is
 EBITDA as a  percentage of revenues,  for the trailing  twelve month  period
 ended March 31, 2006 was 22%, compared to 21% for the comparable prior  year
 period.

      EBITDA is commonly  used by investors  to assess  a company's  leverage
 capacity, liquidity and financial performance.  EBITDA  is not considered  a
 measure of financial  performance under U.S.  generally accepted  accounting
 principles ("GAAP"),  and the  items excluded  from EBITDA  are  significant
 components  in   understanding  and   assessing  the   Company's   financial
 performance.  Since EBITDA  is not a measure  determined in accordance  with
 GAAP and is thus susceptible to varying calculations, EBITDA, as  presented,
 may not be comparable to other similarly titled measures of other companies.
 EBITDA should not be considered as an alternative to net income, cash  flows
 provided by or used in operating, investing or financing activities or other
 financial statement data presented  in the Company's consolidated  financial
 statements as an indicator of financial  performance or liquidity.  Non-GAAP
 measures should be evaluated in conjunction  with, and are not a  substitute
 for, GAAP financial measures.

      The following table provides a reconciliation  of  net income to EBITDA
 (amounts in thousands):

                                                   Trailing Twelve Months
                                                       Ended March 31,
                                                 ----------------------------
                                                       2006        2005
                                                     --------    --------
   Net income                                       $  26,936   $  21,597

   Adjustments:
     Interest income, net of interest expense            (454)       (107)
     Depreciation                                       6,217       4,544
     Income taxes                                      15,182      12,648
                                                     --------    --------
   Earnings before interest, income taxes,
     depreciation and amortization                  $  47,881   $  38,682
                                                     ========    ========


 CAUTIONARY STATEMENT REGARDING RISKS AND UNCERTAINTIES THAT MAY AFFECT
 FUTURE RESULTS

 Forward-Looking Information

      This quarterly report may contain forward-looking statements about  the
 business,  financial  condition  and  prospects  of  First  Cash   Financial
 Services, Inc. ("First Cash" or the "Company").  Forward-looking statements,
 as that term is defined in  the Private Securities Litigation Reform Act  of
 1995, can be identified  by the use of  forward-looking terminology such  as
 "believes," "projects,"  "expects," "may,"  "estimates," "should,"  "plans,"
 "intends," "could,"  or "anticipates,"  or the  negative thereof,  or  other
 variations  thereon,  or  comparable  terminology,  or  by  discussions   of
 strategy.  Forward-looking  statements can also  be identified  by the  fact
 that these  statements  do not  relate  strictly to  historical  or  current
 matters.  Rather,  forward-looking  statements  relate  to  anticipated   or
 expected events,  activities, trends  or  results.  Because  forward-looking
 statements relate to matters  that have not  yet occurred, these  statements
 are   inherently   subject  to  risks  and  uncertainties.   Forward-looking
 statements  in  this  quarterly  report  include,  without  limitation,  the
 Company's expectations  of  earnings  per  share, expansion strategy,  store
 openings,  loss  provisions,  future  liquidity,  option-based  compensation
 expense and cash  flows.  These  statements are made  to provide the  public
 with management's current  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 quarterly  report speak only as of  the
 date of this statement, and the  Company expressly disclaims any  obligation
 or undertaking to report any updates  or revisions to any such statement  to
 reflect any change in  the Company's expectations or  any  change in events,
 conditions or circumstances 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 quarterly  report.  Such  factors  are
 difficult to predict and many are beyond the control of the Company and  may
 include changes in regional, national or international economic  conditions,
 changes in consumer borrowing and repayment behaviors, changes or  increases
 in competition, the ability  to locate, open and  integrate new stores,  the
 ability to operate as a credit  services organization in Texas, the  ability
 to successfully refer credit services customers to an independent lender who
 can provide  credit  to  these customers,  new  legislative  initiatives  or
 governmental regulations,  or  changes  to  existing  laws  and  regulations
 affecting payday advance businesses, credit services organizations and  pawn
 businesses in both the  U.S. and Mexico,  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.  These and other risks and uncertainties are  indicated
 in the Company's  2005 Annual  Report on  Form 10-K  (see "Item  1A. -  Risk
 Factors").

 Regulatory Developments

      The Company is subject to extensive regulation of its pawnshop,  short-
 term advance/payday lending, credit services and check-cashing operations in
 most jurisdictions  in which  it operates.  These regulations  are  provided
 through numerous laws, ordinances and regulatory pronouncements from various
 federal, state  and local  governmental entities  in the  United States  and
 Mexico.  In  many  jurisdictions,  the  Company  must  obtain  and  maintain
 regulatory operating licenses.  In addition, many  statutes and  regulations
 prescribe,  among  other  things,  the  general  terms of the Company's loan
 and  credit  services  agreements  and  the  maximum  service  fees   and/or
 interest rates  that  may be charged.  These  regulatory agencies have broad
 discretionary authority.  The Company is also  subject to  U.S. federal  and
 state regulations  relating  to  the  reporting  and  recording  of  certain
 currency transactions.  The Company's pawnshop operations in Mexico are also
 subject to, and must comply with  pawnshop and other general business,  tax,
 employment and consumer protection  regulations from various federal,  state
 and local governmental agencies in Mexico.

      Existing regulations and recent  regulatory developments are  described
 in greater detail in the Company's Annual  Report of Form 10-K for the  year
 ended  December 31, 2005.  Subsequent to the filing  of the 2005 Form  10-K,
 the State of Oregon has enacted legislation that provides for  significantly
 more  restrictive  regulation  of  the  payday advance industry beginning in
 July 2007.  The implementation  of these more  restrictive  regulations,  as
 currently enacted, is expected to have a significant negative effect on  the
 revenues and profitably of the Company's operations in Oregon, beginning  in
 July 2007.  The Company currently has seven payday advance stores located in
 Oregon.

      There can  be no  assurance that  additional  local, state  or  federal
 statutes or regulations in  either the United States  or Mexico will not  be
 enacted or that existing  laws and regulations will  not be amended at  some
 future date that  could inhibit  the ability of  the Company  to offer  pawn
 loans, short-term advances and  credit services, significantly decrease  the
 service fees for lending money, or prohibit or more stringently regulate the
 sale of  certain goods,  any of  which could  cause a  significant,  adverse
 effect on the Company's future results. If legislative or regulatory actions
 that had negative  effects on the  pawn, payday advance  or credit  services
 industries were taken at a federal level in the United States or Mexico,  or
 in U.S.  or  Mexican  states  or municipalities  where  the  Company  has  a
 significant number of stores, those actions could have a materially  adverse
 effect on the Company's lending, credit  services and retail activities  and
 revenues.  There can be no assurance that additional federal, state or local
 legislation in the U.S. or Mexico will not be enacted, or that existing laws
 and regulations will not be amended,  which would have a materially  adverse
 impact on the Company's operations and financial condition.


 ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

      Market risks relating to the Company's operations result primarily from
 changes in interest rates, gold prices  and foreign currency exchange  rates
 and are described in detail in the Company's 2005 Annual Report on Form  10-
 K.  The Company  does not engage in  speculative or leveraged  transactions,
 nor does  it  hold or  issue  financial instruments  for  trading  purposes.
 There have been  no material  changes to  the Company's  exposure to  market
 risks since December 31, 2005.


 ITEM 4.  CONTROLS AND PROCEDURES

      (a) Evaluation of Disclosure Controls and Procedures

          The Company's Chief Executive  Officer and Chief Financial  Officer
        have  evaluated  the   effectiveness  of  the  Company's   disclosure
        controls and  procedures (as defined in  Rule 13a-15(e) or Rule  15d-
        15(e) under  the Exchange  Act) as  of the  end of  our first  fiscal
        quarter  of 2006.  Based  on  such  evaluation,  such  officers  have
        concluded that the  Company's disclosure controls and procedures  are
        effective.

      (b) Changes in Internal Control Over Financial Reporting

          There has  been no  significant change  in the  Company's  internal
        control over  financial reporting that  was identified in  connection
        with our evaluation that occurred during the quarter ended March  31,
        2006,  that has  materially  affected,  or is  reasonably  likely  to
        materially  affect, the  Company's  internal control  over  financial
        reporting.


                         PART II.  OTHER INFORMATION


 ITEM 1.  LEGAL PROCEEDINGS

      There have been no material  developments in the litigation  previously
 reported in the Company's 2005 Annual Report on Form 10-K.


 ITEM 1A.  RISK FACTORS

      There have  been no  material changes  in the  risk factors  previously
 reported in the Company's 2005 Annual Report on Form 10-K.



 ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

      In January 2006, the Company's Board  of Directors approved a  two-for-
 one stock split in the form of a stock dividend to shareholders of record on
 February 6, 2006.  The  additional shares  were  distributed on February 20,
 2006 and stock  began trading at  the split-adjusted price  on  February 22,
 2006.  All  share and per  share amounts (except  authorized shares and  par
 value) have been retroactively adjusted to reflect the split.

      During the period  from January 1, 2006,  through  March 31, 2006,  the
 Company issued 228,000 shares  of common stock relating  to the exercise  of
 outstanding stock  options for  an aggregate  exercise price  of  $2,733,000
 (including income  tax benefit).  During the  period  from  January 1, 2006,
 through March 31, 2006,  the Company issued 322,000  shares of common  stock
 relating to  the exercise  of outstanding  stock warrants  for an  aggregate
 exercise price of $2,490,000 (including income tax benefit).

      The transactions  set  forth in  the  above paragraphs  were  completed
 pursuant to  either  Section 4(2)  of  the Securities  Act  or Rule  506  of
 Regulation D of the Securities Act.  With respect to issuances made pursuant
 to Section 4(2) of the Securities Act, the transactions did not involve  any
 public offering and were sold to a limited group of persons.  Each recipient
 either received  adequate  information  about the  Company  or  had  access,
 through employment  or other  relationships, to  such information,  and  the
 Company determined that each recipient had such knowledge and experience  in
 financial and business matters  that they were able  to evaluate the  merits
 and risks of an investment in the  Company.  With respect to issuances  made
 pursuant to Rule  506 of  Regulation D of  the Securities  Act, the  Company
 determined that each purchaser  was an "accredited  investor" as defined  in
 Rule 501(a) under the Securities Act.  All sales of the Company's securities
 were  made  by  officers  of  the  Company  who  received  no  commission or
 other remuneration  for the solicitation  of any  person in connection  with
 the respective  sales  of  securities  described above.  The  recipients  of
 securities  represented  their  intention  to  acquire  the  securities  for
 investment only and not with a  view to or for  sale in connection with  any
 distribution thereof  and  appropriate legends  were  affixed to  the  share
 certificates and other instruments issued in such transactions.

      In July 2004, the Company's Board of Directors authorized an open-ended
 stock  repurchase  plan,  with  no  dollar  limitation,  to  permit   future
 repurchases of up to  3,200,000 shares of  the Company's outstanding  common
 stock.  During  2004, the Company  repurchased a total  of 1,245,000  common
 shares under the stock  repurchase plan for an  aggregate purchase price  of
 $12,116,000 or $9.73  per share.  During  2005,  the  Company repurchased  a
 total of 1,153,000  common shares  under the  stock repurchase  plan for  an
 aggregate purchase price of $11,404,000  or  $9.89 per share.  There were no
 repurchases of the  Company's common shares  during the  three months  ended
 March 31, 2006.


 ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

    Not Applicable


 ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

    None


 ITEM 5.  OTHER INFORMATION

    None


 ITEM 6.  EXHIBITS

         Exhibits:

          31.1  Certification Pursuant to Section 302 of the Sarbanes-Oxley
                Act provided by J. Alan Barron, Chief Executive Officer

          31.2  Certification Pursuant to Section 302 of the Sarbanes-Oxley
                Act provided by R. Douglas Orr, Chief Financial Officer

          32.1  Certification Pursuant to 18 U.S.C. Section 1350, as Adopted
                Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
                provided by J. Alan Barron, Chief Executive Officer and R.
                Douglas Orr, Chief Financial Officer


                               SIGNATURES


 Pursuant to the  requirements of the  Securities Exchange Act  of 1934,  the
 registrant has duly caused  this report to  be signed on  its behalf by  the
 undersigned thereunto duly authorized.


 Dated:  May 8, 2006           FIRST CASH FINANCIAL SERVICES, INC.
                               (Registrant)

                               /s/ J. ALAN BARRON
                               -----------------------------
                               J. Alan Barron
                               Chief Executive Officer
                               (Principal Executive Officer)

                               /s/ R. DOUGLAS ORR
                               -----------------------------
                               R. Douglas Orr
                               Executive Vice President and
                               Chief Financial Officer
                               (Principal Financial and Accounting Officer)

<PAGE>

                              INDEX TO EXHIBITS


  EXHIBIT
  NUMBER                   DESCRIPTION
  ------                   -----------

   31.1    Certification Pursuant to Section 302 of the Sarbanes-Oxley Act
           provided by J. Alan Barron, Chief Executive Officer

   31.2    Certification Pursuant to Section 302 of the Sarbanes-Oxley Act
           provided by R. Douglas Orr, Chief Financial Officer

   32.1    Certification Pursuant to 18 U.S.C. Section 1350, as Adopted
           Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 provided
           by J. Alan Barron, Chief Executive Officer and R. Douglas Orr,
           Chief Financial Officer