EZCORP Reports Record Revenues, Income And Earnings Per Share

        EZCORP Reports Record Revenues, Income And Earnings Per Share

PR Newswire

AUSTIN, Texas, Nov. 6, 2012

AUSTIN, Texas, Nov.6, 2012 /PRNewswire/ --EZCORP, Inc. (NASDAQ: EZPW), a
leading provider of instant cash solutions for consumers, today announced
record results for its fourth quarter and fiscal year ended September30,
2012.

(Logo: http://photos.prnewswire.com/prnh/20090713/EZCORPLOGO)

For the quarter, total revenues were $258.4 million, net income was $38.6
million and earnings per share were $0.75, all records for the Company's
fourth fiscal quarter.

The Company also generated record-setting performance for the full fiscal
year. Compared with the prior year, total revenues increased 14% to $992.5
million, net income increased 18% to $143.7 million and earnings per share
increased 16% to $2.81, all records for the Company. The Company also added
151 locations in three countries,acquired majority ownership in two lending
companies in Mexico and the United Kingdom and signed a multi-year agreement
with Western Union to provide money transfer and other payment services across
its growing network.

Key Drivers

  oInternational Performance - Reflecting the continued successful execution
    of the Company's geographic, product and channel diversification strategy,
    31% of the Company's consolidated segment contribution in the quarter was
    attributable to areas outside the United States, up from 8% a year
    earlier. Furthermore, combined total revenue in the Latin America and
    Other International segments more than doubled during the quarter compared
    to the same quarter last year. For the full fiscal year, earnings
    generated outside the United States increased from 8% of consolidated
    segment contribution to 18%. These increases are the result of continued
    strength in the Company's Empeno Facil business in Mexico, the acquisition
    of controlling interests in Crediamigo and Cash Genie and the Company's
    strategic investments in the United Kingdom and Australia.

    oMexico Pawn Operations - Empeno Facil, the Company's Mexico pawn
      operation, continued its strong performance. Compared to the fourth
      quarter of last year, merchandise sales were up 51%, pawn service
      charges were up 40% and pawn loan balances increased 54%. Jewelry
      scrapping sales declined 15% reflective of the continued challenging
      gold dynamics. Year-over-year increases were due to the continued
      development and maturity of the existing store base and the addition of
      new stores. The Company now operates 230 pawn stores in Mexico, having
      opened 52 during fiscal 2012.
    oMexico Payroll Withholding Lending - Crediamigo recorded net revenues of
      $10.4 million in the quarter, and $27.4 million since the acquisition in
      late January, with bad debt as a percentage of fees of 1%. As expected,
      Crediamigo again refinanced portions of its $90 million third party debt
      at lower rates of interest. The lower interest rates will result in
      significantly reduced interest expense going forward. The weighted
      average interest rate on Crediamigo's third party debt is now 11%,
      compared to 19% before acquisition. Purchase accounting income impact
      during the quarter totaled $6.7 million, of which $4.0 million was
      attributable to EZCORP, with the majority of the adjustment coming from
      the accelerated amortization of debt premium associated with the
      refinanced debt. When reduced by income taxes and the noncontrolling
      interest, the net income attributable to EZCORP was $8.2 million for the
      quarter and $10.1 million during the fiscal year.
    oU.K. Online Lending - Cash Genie, the Company's U.K online lending
      business, was profitable for the year as expected. Cash Genie is one of
      the top 10 largest online lenders in the U.K.
    oAffiliates - The Company's equity investments in Albemarle & Bond
      Holdings PLC and Cash Converters International Limited combined
      generated a 9% and 7% increase, in earnings attributable to EZCORP for
      the quarter and full fiscal year, respectively, as compared to the prior
      same periods.

  oStorefront Growth - During the quarter, the Company added 12 new stores (2
    acquired and 10 de novo). For the full fiscal year, the Company added 151
    new stores (96 acquired, of which 45 came with the Crediamigo acquisition,
    and 55 de novo) and now operates 1,262 locations in the United States,
    Canada and Mexico. Based on the strength of its high return de novo
    performance over the last several years, the Company expects to accelerate
    its de novo openings in fiscal 2013 and beyond. During fiscal 2013, the
    Company expects to triple its annual de novo openings compared to fiscal
    2012, opening roughly 175 locations in the United States, Mexico and
    Canada.

  oU.S. Pawn Performance - U.S. Pawn loan balances grew 5% to $141 million at
    quarter-end, and pawn service charges increased 10% during the quarter,
    compared with the year-ago quarter. With the exception of jewelry sales
    and scrapping activities, the Company's pawn operations in the United
    States showed continued strength. General merchandise pawn loan balances
    grew 9% compared to the prior year quarter, with sales of general
    merchandise up 18%. Excluding earnings from scrap, the U.S. pawn
    operating contribution for the quarter increased 15% over the same quarter
    last year, while the year-over-year increase was 18%.

  oGold - In terms of dollars, jewelry as a percentage of total U.S. pawn
    loan balances has remained largely unchanged quarter-over-quarter, while
    jewelry redemption rates increased 50 bps, resulting in a 17% same-store
    decrease in jewelry scrapping sales in the quarter and a 24% same-store
    decrease in jewelry merchandise sales. The Company estimates that, on a
    same-store basis, the change in gold metrics (price and volume) from the
    prior year quarter caused a deterioration of approximately $11 million in
    net revenue for the U.S. and Canada segment.

  oConsumer Lending Performance - Consumer  loan balances increased to $96
    million globally at September 30, driving consumer loan fees earned during
    the quarter up 27%. In addition, improved underwriting and collections
    effectiveness, coupled with consolidation of the lower risk profile
    Crediamigo business, led to a significant improvement in bad debt as a
    percentage of consumer loan fees. On a consolidated basis, the measure
    improved 220 bps (from 24% to 22%). Within the United States, fee net
    revenues decreased by 5%, driven by regulatory pressures within Texas, but
    mostly offset by growth in other states; installment loan net revenues
    increased by 50% and auto title net revenues were flat.

Consolidated Financial Highlights – Three months ended September30, 2012
versus the prior year quarter

  oTotal revenues of $258.4 million, up 10%, were driven by a 27% increase in
    consumer loan fees, a 14% increase in merchandise sales and a 13% increase
    in pawn service charges.
  oNet revenues of $163.3 million were up 11%, with the increase primarily
    attributable to a combination of margin rate improvement in merchandise
    sales and 220 bps improvement in bad debt expense.
  oNet income increased 6% to $38.6 million, and diluted earnings per share
    were $0.75, up 4% over prior year's quarter.
  oCash and cash equivalents at quarter-end were $52.8 million, with debt of
    $219.9 million (including Crediamigo third party debt of $89.9 million,
    all of which is non-recourse to EZCORP).
  oFor the quarter, administrative expense of $30.3 million reflected an
    $11.3 million increase over the same quarter last year, $5.0 million of
    which result from the consolidation of Crediamigo and Cash Genie. Of the
    remaining $6.3 million increase, roughly half was associated with
    supporting accelerated growth of the de novo and international operations.
  oIncome tax expense for the quarter was 29% of income before income taxes,
    compared with 35% last year fourth quarter. The decrease in rate was
    attributable to increased earnings outside the United States and the
    benefit of state net operating loss carryovers.

Consolidated Financial Highlights – Fiscal year ended September30, 2012
versus the prior year

  oTotal revenues increased 14% to a record $992.5 million due primarily to a
    21% increase in consumer loan fees, a 19% increase in merchandise sales
    and a 17% increase in pawn service charges.
  oNet revenues increased 17% due primarily to a 30 bps improvement on
    merchandise margins and a 260 bps improvement in consumer bad debt
    expense.
  oNet income increased 18% to $143.7 million for the fiscal year, and
    diluted earnings per share were $2.81, a 16% increase over the prior
    year.
  oFor the fiscal year, administrative expense of $94.0 million reflects an
    $18.8 million increase over last year, $11.7 million of which result from
    the consolidation of Crediamigo and Cash Genie. The remaining $7.1
    million year-over-year increase was attributable to supporting the
    Company's domestic and international growth.
  oThe Company's effective tax rate for the year was reduced from 35% to 32%,
    reflecting the continued success and growth of the Company's business in
    areas outside the United States and the benefit of state NOL's mentioned
    previously.
  oThe Company delivered strong return on equity of 19% for the trailing
    twelve months.

Strategic Developments

The Company also announced that it has entered into a multi-year agreement
with The Western Union Company, a leader in global payment services.
Theagreement will allow the Company to offer its customers Western Union's
products and services (such as money transfer, money order and consumer bill
payment services) through its ever widening network. The roll-out of these
services is anticipated to begin in the first half of the Company's fiscal
year 2013. 

CEO Comments

Commenting on the year's results, EZCORP's President and Chief Executive
Officer, Paul Rothamel, said, "I am very pleased with our 2012 performance as
we delivered record financial results in revenue, net income and EPS in a
difficult trading environment. We also positioned the Company for long-term
growth as we continue our multi-year plan to maximize our core pawn and
lending business, diversify our geographic footprint, and innovate new
products, services and channels.

"While we have doubled our revenues and net income over the last three years,
we expect 2013 to be a year of investment to position the Company to again
double in size over the next four to five years. We will continue to solidify
our market leading position by accelerating our proven de novo store growth in
the United States and Mexico; we will capitalize on our investments in
Crediamigo and Cash Genie; and we will continue to look for additional
investments that position us first in the customers' mind for instant cash.

"We expect these investments to propel the Company to double digit revenue and
net income growth in fiscal 2014 and beyond."

Company Outlook

The Company expects fiscal 2013 earnings per share to be between $2.55 and
$2.80, which would be down 9% to roughly flat from fiscal 2012. The Company
expects first quarter earnings per share to be between $0.55 and $0.60, down
from $0.78 in the first quarter of fiscal 2012. The decrease in the quarter
is driven primarily by expected continued weaknesses in the gold marketplace,
regulatory pressures in Texas (the Company's largest financial services
market), and the drag associated with accelerated de novo growth and U.S.
online lending initiatives. The Company expects to return to
quarter-over-quarter earnings growth in the second half of the fiscal year.

About EZCORP

EZCORP is a leading provider of instant cash solutions for consumers employing
approximately 6,500 teammates and operating 1,262 Company-operated pawn,
buy/sell and personal financial services locations in the U.S., Mexico and
Canada. We provide a variety of instant cash solutions, including pawn loans,
consumer loans, and fee-based credit services to customers seeking loans. At
our pawn and buy/sell stores, we also sell merchandise, primarily collateral
forfeited from pawn lending operations and used merchandise purchased from
customers.

EZCORP owns controlling interests in Prestaciones Finmart, S.A.P.I. de C.V.,
SOFOM, E.N.R. (doing business under the name "Crediamigo"), a leading provider
of payroll deduction loans in Mexico, and in Artiste Holding Limited (doing
business under the name "Cash Genie"), a leading provider of online loans in
the U.K. The Company also has significant investments in Albemarle& Bond
Holdings PLC (ABM.L), one of the U.K.'s largest pawnbroking businesses with
over 180 full-line stores offering pawnbroking, jewelry retailing, gold buying
and financial services; and in Cash Converters International Limited
(CCV.ASX), which franchises and operates a worldwide network ofalmost
700stores that provide personal financial services and sell pre-owned
merchandise.

Special Note Regarding Forward-Looking Statements

This announcement contains certain forward-looking statements regarding the
Company's expected operating and financial performance for future periods,
including expected future earnings and growth rates. These statements are
based on the Company's current expectations. Actual results for future periods
may differ materially from those expressed or implied by these forward-looking
statements due to a number of uncertainties and other factors, including
changes in the regulatory environment, changing market conditions in the
overall economy and the industry, fluctuations in gold prices or the desire of
our customers to pawn or sell their gold items, and consumer demand for the
Company's services and merchandise. For a discussion of these and other
factors affecting the Company's business and prospects, see the Company's
annual, quarterly and other reports filed with the Securities and Exchange
Commission.

Use of Non-GAAP Financial Measures

In addition to reporting financial results in accordance with generally
accepted accounting principles (GAAP), the Company has provided non-GAAP net
income and non-GAAP earnings per share for the fiscal year ended September 30,
2011. The only difference between the presented non-GAAP measures and the most
closely comparable GAAP measures is the exclusion of a one-time charge related
to the retirement of the Company's former Chief Executive Officer and the
related tax benefit included in the quarter ended December31, 2010. The
Company's management uses these non-GAAP financial measures to understand its
financial performance from period to period. Management does not believe that
the excluded one-time charge is reflective of underlying operating
performance. The non-GAAP financial measures are not meant to be considered in
isolation or as a substitute for the corresponding GAAP measures, but rather
are provided to facilitate an enhanced understanding of the Company's actual
and expected performance and to enable more meaningful period-to-period
comparisons. A reconciliation of the non-GAAP financial measures to the most
closely comparable GAAP financial measures is provided in the accompanying
financial schedules.

EZCORP Investor Relations
(512) 314-2220
Investor_Relations@ezcorp.com
www.ezcorp.com



EZCORP, Inc.
Highlights of Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data and percents)
                    Three Months Ended September  Fiscal Year Ended September
                    30,                           30,
                    2012            2011          2012            2011
Revenues:
Merchandise sales   $   77,561      $  67,856     $  335,410      $  282,083
Jewelry scrapping   56,767          63,048        208,319         212,479
sales
Pawn service        63,243          56,191        235,642         201,135
charges
Consumer loan fees  58,760          46,299        207,671         171,951
Other               2,021           691           5,425           1,669
Total revenues      258,352         234,085       992,467         869,317
Merchandise cost of 43,484          39,419        192,014         162,060
goods sold
Jewelry scrapping   38,915          36,943        134,848         133,560
cost of goods sold
Consumer loan bad   12,635          10,964        41,377          38,759
debt
Net revenue         163,318         146,759       624,228         534,938
Operations expense  76,007          69,750        303,486         267,052
Administrative      30,274          19,020        94,035          75,270
expense
Depreciation        6,484           4,819         23,289          17,489
Amortization        (1,107)         201           1,979           855
(Gain) / loss on
sales / disposal of (139)           311           (1)             309
assets
Operating income    51,799          52,658        201,440         173,963
Interest income     (322)           (2)           (808)           (37)
Interest expense    (4,922)         504           (742)           1,690
Equity in net
income of           (4,465)         (4,080)       (17,400)        (16,237)
unconsolidated
affiliates
Other               (1,053)         (4)           (1,210)         (164)
Income before       62,561          56,240        221,600         188,711
income taxes
Income tax expense  18,420          19,875        71,023          66,552
Net income          44,141          36,365        150,577         122,159
Attributable to
redeemable          5,569           —             6,869           —
noncontrolling
interest
Net income
attributable to     $   38,572      $  36,365     $  143,708      $  122,159
EZCORP, Inc.
Net income per      $   0.75        $  0.72       $  2.81         $  2.43
share, diluted
Weighted average    51,394          50,589        51,133          50,369
shares, diluted



EZCORP, Inc.
Highlights of Consolidated Balance Sheets
(in thousands)
                                               September 30,
                                               2012          2011
Assets:
Current assets:
Cash and cash equivalents                      $ 52,814      $ 23,969
Cash, restricted                               1,145         —
Pawn loans                                     157,648       145,318
Consumer loans, net                            34,152        14,611
Pawn service charges receivable, net           29,401        26,455
Consumer loan fees receivable, net             30,416        6,775
Inventory, net                                 109,214       90,373
Deferred tax asset                             14,984        18,125
Federal income tax receivable                  10,511        —
Prepaid expenses and other assets              45,451        30,611
Total current assets                           485,736       356,237
Investments in unconsolidated affiliates       126,066       120,319
Property and equipment, net                    108,131       78,498
Goodwill                                       374,663       173,206
Intangible assets, net                         45,185        19,790
Non-current consumer loans, net                61,997        —
Other assets, net                              16,229        8,400
Total assets                                   $ 1,218,007   $ 756,450
Liabilities and stockholders' equity:
Current liabilities:
Current maturities of long-term debt           $ 21,085      $ —
Current capital lease obligations              594           —
Accounts payable and other accrued expenses    78,925        57,400
Customer layaway deposits                      7,238         6,176
Federal income taxes payable                   —             693
Total current liabilities                      107,842       64,269
Long-term debt, less current maturities        198,836       17,500
Long-term capital lease obligations            995           —
Deferred tax liability                         7,922         8,331
Deferred gains and other long-term liabilities 13,903        2,102
Total liabilities                              329,498       92,202
Temporary equity:
Redeemable noncontrolling interest             53,681        —
Stockholders' equity                           834,828       664,248
Total liabilities and stockholders' equity     $ 1,218,007   $ 756,450



EZCORP, Inc.
Operating Segment Results (Unaudited)
(In thousands)
                    Three Months Ended September 30, 2012
                                                  Other
                    U.S.&Canada  LatinAmerica                 Consolidated
                                                  International
Revenues:
Merchandise sales   $   65,612     $   11,949     $   —          $   77,561
Jewelry scrapping   52,851         3,916          —              56,767
sales
Pawn service        55,791         7,452          —              63,243
charges
Consumer loan fees  43,825         9,137          5,798          58,760
Other               1,325          546            150            2,021
Total revenues      219,404        33,000         5,948          258,352
Merchandise cost of 36,816         6,668          —              43,484
goods sold
Jewelry scrapping   35,853         3,062          —              38,915
cost of goods sold
Consumer loan bad   11,269         (831)          2,197          12,635
debt
Net revenues        135,466        24,101         3,751          163,318
Operating expenses:
Store operations    69,256         5,918          833            76,007
Administrative      8,051          4,317          2,306          14,674
Depreciation        3,811          1,148          67             5,026
Amortization        111            (1,262)        25             (1,126)
Loss on
sale/disposal of    (155)          16             —              (139)
assets
Interest, net       (6)            (6,262)        —              (6,268)
Equity in net
income of           —              —              (4,465)        (4,465)
unconsolidated
affiliates
Other               (992)          (7)            (54)           (1,053)
Segment             $   55,390     $   20,233     $   5,039      $   80,662
contribution
Corporate expenses:
Administrative                                                   15,600
Depreciation                                                     1,458
Amortization                                                     19
(Gain)/loss on
sale/disposal of                                                 —
assets
Interest, net                                                    1,024
Income before taxes                                              62,561
Income tax expense                                               18,420
Net income                                                       44,141
Net income attributable to
redeemable noncontrolling                                        5,569
interest
Net income
attributable to                                                  $   38,572
EZCORP, Inc.



EZCORP, Inc.
Operating Segment Results (Unaudited)
(In thousands)
                     Three Months Ended September 30, 2011
                                                   Other
                     U.S.&Canada  LatinAmerica                 Consolidated
                                                   International
Revenues:
Merchandise sales    $   59,948     $   7,908      $   —          $   67,856
Jewelry scrapping    58,414         4,634          —              63,048
sales
Pawn service charges 50,879         5,312          —              56,191
Consumer loan fees   46,299         —              —              46,299
Other                603            88             —              691
Total revenues       216,143        17,942         —              234,085
Merchandise cost of  34,783         4,636          —              39,419
goods sold
Jewelry scrapping    33,939         3,004          —              36,943
cost of goods sold
Consumer loan bad    10,964         —              —              10,964
debt
Net revenues         136,457        10,302         —              146,759
Operating expenses:
Store operations     63,647         6,103          —              69,750
Administrative       5,341          1,417          237            6,995
Depreciation         3,017          723            —              3,740
Amortization         103            98             —              201
Gain on
sale/disposal of     311            —              —              311
assets
Interest, net        10             —              —              10
Equity in net income
of unconsolidated    —              —              (4,080)        (4,080)
affiliates
Other                (8)            4              —              (4)
Segment contribution $   64,036     $   1,957      $   3,843      $   69,836
Corporate expenses:
Administrative                                                    12,025
Depreciation                                                      1,079
(Gain)/loss on
sale/disposal of                                                  —
assets
Interest, net                                                     492
Income before taxes                                               56,240
Income tax expense                                                19,875
Net income                                                        36,365
Net income attributable to                                        —
redeemable noncontrolling interest
Net income
attributable to                                                   $   36,365
EZCORP, Inc.



EZCORP, Inc.
Operating Segment Results (Unaudited)
(In thousands)
                    Fiscal Year Ended September 30, 2012
                                                  Other
                    U.S.&Canada  LatinAmerica                 Consolidated
                                                  International
Revenues:
Merchandise sales   $  293,461     $   41,949     $   —          $   335,410
Jewelry scrapping   192,587        15,732         —              208,319
sales
Pawn service        210,645        24,997         —              235,642
charges
Consumer loan fees  170,886        26,901         9,884          207,671
Other               3,769          1,348          308            5,425
Total revenues      871,348        110,927        10,192         992,467
Merchandise cost of 169,285        22,729         —              192,014
goods sold
Jewelry scrapping   122,955        11,893         —              134,848
cost of goods sold
Consumer loan bad   37,405         309            3,663          41,377
debt
Net revenues        541,703        75,996         6,529          624,228
Operating expenses:
Store operations    272,446        28,919         2,121          303,486
Administrative      25,893         14,281         4,597          44,771
Depreciation        13,930         3,725          177            17,832
Amortization        526            1,388          46             1,960
(Gain)/loss on
sale/disposal of    (235)          12             223            —
assets
Interest, net       (3)            (4,507)        (1)            (4,511)
Equity in net
income of           —              —              (17,400)       (17,400)
unconsolidated
affiliates
Other               (647)          (4)            (559)          (1,210)
Segment             $  229,793     $   32,182     $   17,325     $   279,300
contribution
Corporate expenses:
Administrative                                                   49,264
Depreciation                                                     5,457
Amortization                                                     19
(Gain)/loss on
sale/disposal of                                                 (1)
assets
Interest, net                                                    2,961
Income before taxes                                              221,600
Income tax expense                                               71,023
Net income                                                       150,577
Net income attributable to
redeemable noncontrolling                                        6,869
interest
Net income
attributable to                                                  $   143,708
EZCORP, Inc.



EZCORP, Inc.
Operating Segment Results (Unaudited)
(In thousands)
                    Fiscal Year Ended September 30, 2011
                                                  Other
                    U.S.&Canada  LatinAmerica                 Consolidated
                                                  International
Revenues:
Merchandise sales   $  256,846     $   25,237     $   —          $   282,083
Jewelry scrapping   196,482        15,997         —              212,479
sales
Pawn service        184,234        16,901         —              201,135
charges
Consumer loan fees  171,951        —              —              171,951
Other               1,547          122            —              1,669
Total revenues      811,060        58,257         —              869,317
Merchandise cost of 147,388        14,672         —              162,060
goods sold
Jewelry scrapping   121,355        12,205         —              133,560
cost of goods sold
Consumer loan bad   38,759         —              —              38,759
debt
Net revenues        503,558        31,380         —              534,938
Operating Expenses:
Store operations    246,416        20,636         —              267,052
Administrative      19,444         4,447          795            24,686
Depreciation        11,211         2,446          —              13,657
Amortization        456            399            —              855
(Gain)/loss on
sale/disposal of    296            13             —              309
assets
Interest, net       30             4              —              34
Equity in net
income of           —              —              (16,237)       (16,237)
unconsolidated
affiliates
Other               (3)            7              (168)          (164)
Segment             $  225,708     $   3,428      $   15,610     $   244,746
contribution
Corporate expenses:
Administrative                                                   50,584
Depreciation                                                     3,832
(Gain)/loss on
sale/disposal of                                                 —
assets
Interest, net                                                    1,619
Income before taxes                                              188,711
Income tax expense                                               66,552
Net income                                                       122,159
Net income attributable to
redeemable noncontrolling                                        —
interest
Net income
attributable to                                                  $   122,159
EZCORP, Inc.



EZCORP, Inc.
Store Count Activity
          Three Months Ended September 30, 2012
          Company-owned Stores                                       Franchises
                                        Other
          U.S.&Canada  LatinAmerica                 Consolidated
                                        International
Beginning 982            268            —              1,250         12
of period
De novo   5              8              —              13            —
Acquired  2              —              —              2             —
Sold,
combined  (2)            (1)            —              (3)           (2)
or closed
End of    987            275            —              1,262         10
period
          Fiscal Year Ended September 30, 2012
          Company-owned Stores                                       Franchises
                                        Other
          U.S. & Canada  Latin America                 Consolidated
                                        International
Beginning 933            178            —              1,111         13
of period
De novo   17             54             —              71            —
Acquired  51             45             —              96            —
Sold,
combined  (14)           (2)            —              (16)          (3)
or closed
End of    987            275            —              1,262         10
period

Reconciliation of GAAP to Non-GAAP Results (Unaudited)
(in thousands, except per share data)

The following tables provide a reconciliation of the differences between the
reported or projected non-GAAP financial measures for the periods indicated
and the most comparable GAAP financial measures. The non-GAAP financial
measures presented may not be directly comparable to similarly titled measures
reported by other companies and their usefulness for such purposes are
therefore limited. EZCORP management believes presentation of the non-GAAP
financial measures enhances investors' ability to analyze the Company's
operating results. However, non-GAAP financial measures are not an alternative
to GAAP financial measures and should be read only in conjunction with
financial measures presented on a GAAP basis.

               Fiscal Year Ended September 30,     Fiscal Year Ended September 30,
               2012                                2011
                           Non-GAAP                            Non-GAAP
               GAAP                     Non-GAAP   GAAP                     Non-GAAP
                           Adjustments                         Adjustments
Net revenue    $ 624,228   —            $ 624,228  $ 534,938   —            $ 534,938
Operations     303,486     —            303,486    267,052     —            267,052
expense
Administrative 94,035      —            94,035     75,270      (10,945)  )  64,325
expense
Depreciation   23,289      —            23,289     17,489      —            17,489
Amortization   1,979       —            1,979      855         —            855
(Gain) / loss
on             (1)         —            (1)        309         —            309
sale/disposal
of assets
Operating      201,440     —            201,440    173,963     10,945       184,908
income
Interest       (808)       —            (808)      (37)        —            (37)
income
Interest       (742)       —            (742)      1,690       —            1,690
expense
Equity in net
income of      (17,400)    —            (17,400)   (16,237)    —            (16,237)
unconsolidated
affiliates
Other          (1,210)     —            (1,210)    (164)       —            (164)
Income before  221,600     —            221,600    188,711     10,945       199,656
income taxes
Income tax     71,023      —            71,023     66,552      3,831        70,383
expense
Net income     150,577     —            150,577    122,159     7,114        129,273
Attributable
to             6,869       —            6,869      —           —            —
noncontrolling
interest
Net income
attributable   $ 143,708   $    —       $ 143,708  $ 122,159   $   7,114    $ 129,273
to EZCORP,
Inc.
Net income per $ 2.81      $    —       $ 2.81     $ 2.43      $   0.14     $ 2.57
share, diluted
Weighted
average        51,133      —            51,133     50,369      50,369       50,369
shares,
diluted

SOURCE EZCORP, Inc.

Website: http://www.ezcorp.com