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EZCORP ANNOUNCES GROWTH IN REVENUES AND EARNING ASSETS FOR ITS FISCAL THIRD QUARTER OF 2013



 EZCORP ANNOUNCES GROWTH IN REVENUES AND EARNING ASSETS FOR ITS FISCAL THIRD
                               QUARTER OF 2013

EZCORP continues to execute on its strategic plan as the market leader in
delivering easy cash solutions through its growing store fronts, online
channels, and expanding product lines

PR Newswire

AUSTIN, Texas, July 30, 2013

AUSTIN, Texas, July 30, 2013 /PRNewswire/ -- EZCORP, Inc. (NASDAQ: EZPW), a
leading provider of easy cash solutions for consumers, announced total
revenues from continuing operations for its third fiscal quarter ended
June 30, 2013 increased 5% to $235 million. Excluding gold scrapping revenues,
total revenues were up 13%. Earning assets increased 21% over last year. Net
income from continuing operations was $16 million, or $0.29 per share. The
negative impact of the gold marketplace in the quarter was roughly $10 million
in net income and $0.18 in earnings per share. The quarter also included
one-time charges related to expense reduction in continuing operations and
other investment costs, which reduced earnings per share by $0.02.

During the quarter, the company implemented a plan to exit certain components
of its business and close over 100 legacy stores that did not fit the
company's future growth profile. In connection with the reorganization, the
company recorded a charge of $21 million net of taxes, or $0.40 per share,
resulting in a total net loss for the quarter of $6 million, or $0.11 per
share.

The company also continued its strategic plan to diversify geographically, add
new channels, and broaden its product lines. So far this fiscal year, the
company has added 172 locations, 93 of which are outside the United States;
has introduced multiple new products to serve both domestic and international
customers; and has added a U.S. online lending channel to complement its
existing U.K. online lending business.

The following metrics refer to continuing operations, unless otherwise
noted. The store count activity attached does not exclude the stores that are
part of the discontinued operations.

Consolidated Financial Highlights — Third Quarter of Fiscal 2013 vs. Prior
Year Quarter

  o Total revenues were $235 million, an increase of 5%, representing growth
    across all business segments. Excluding gold scrapping, total revenues
    were up 13%.
  o Earning assets (which consist of pawn loans, consumer loans and inventory
    on the balance sheet, combined with CSO loans not on the balance sheet,
    net of reserves) were $416 million, an increase of 21%. This was a result
    of increases in all categories of earning assets, including pawn, payday,
    installment, and auto title loans, as well as inventory in the U.S. and
    Mexico.
  o Net income declined mainly due to the previously announced impact of
    volatility in the gold market in both the U.S. and Mexico, which caused a
    deterioration of approximately $15 million in consolidated net revenues.
    It was also impacted by one-time investment, and expense reduction costs
    of $2 million. Net income from continuing operations was $16 million, down
    48%.
  o Cash and cash equivalents, including restricted cash, were $51 million at
    quarter-end, with debt of $232 million, including $109 million of Grupo
    Finmart third-party debt, which is non-recourse to EZCORP.

U.S. & Canada — Growth in Loan Balances

  o De Novo Growth — During the quarter, the company added 5 new locations in
    the U.S. & Canada segment. During the nine-month period ended June 30,
    2013, the company added a total of 80 locations in the U.S. & Canada
    segment, consisting of 24 pawn stores and 56 financial services locations.
  o Pawn — The U.S. Pawn & Retail business, which consists of 501 stores in 21
    states, continued to be challenged by the gold environment. Core non-gold
    loan and merchandise sales posted solid year-over-year gains.

       o Pawn loan balances were $137 million at quarter end, up 2% from the
         prior year quarter. General merchandise loan balances were up 11% in
         total and 9% on a same store basis, and jewelry loan balances
         declined 8% in total and on a same store basis and continue to
         constitute approximately 60% of the total loan portfolio.
       o Revenues from pawn service charges increased 5% in total and 2% on a
         same store basis.
       o Redemption rates were 84%, up from 83% a year ago, in spite of a
         significant increase in the company's loan-to-value ratio. The
         jewelry redemption rate increased 100 basis points to 87%, while the
         general merchandise redemption rate remained at 77%.
       o Merchandise sales increased 9% in total and 5% on a same store basis.
         Gross margin on merchandise sales was 41%, unchanged from the same
         quarter last year. Online retail accounted for 6% of total U.S. sales
         during the quarter, compared to less than 1% for the same period last
         year.

  o Financial Services — The U.S. financial services business now consists of
    492 storefront locations in 15 states and online lending in five states.
    The company is now offering financial services products, in storefronts,
    online or both, in a total of 17 states, which reinforces its stated
    strategy of becoming a geographically diverse, multi-channel,
    multi-product provider.

       o Total loan balances, including U.S. online loans, were $44 million,
         up 22%. Storefront loan balances alone, were up 19%. Balances related
         to second generation single payment, multiple payment and auto title
         loan products were up approximately 48%, driven by auto title loans,
         as customers continued to shift from first generation to second
         generation loan products. Total loan balances, including online loan
         balances, outside of Texas grew 22%, driven by new locations and new
         products. Loan balances, including online loan balances, in Texas
         grew 21%.
       o Loan fees were $38 million, up 7%, reflecting loan growth in new
         states and the addition of the new U.S. online lending channel.
       o Bad debt as a percentage of fees was 25%, up 100 basis points, driven
         by the expected higher bad debt from online loans.
       o Local and federal regulatory changes negatively impacted the
         profitability of the financial services business by approximately $1
         million during the quarter. Regulatory impact over the first nine
         months of the year was roughly $3 million.
       o The U.S. online business continued to grow, and the loan book
         increased by 63% over the previous quarter. The company now offers
         online loans in five states, after successfully transitioning from
         the export lending model to the state-by-state compliant model. This
         business negatively impacted earnings per share by $(0.03) during the
         third quarter, and by $(0.07) year-to-date. The company has increased
         its marketing efforts in an effort to accelerate loan growth, and now
         expects this business to cross into profitability in the first half
         of fiscal 2014.

  o Cash Converters U.S. and Canada — The company's Cash Converters operations
    in the U.S. and Canada now include 47 stores (40 in Canada and 7 in the
    U.S.), plus another 8 franchise stores in Canada. The company expects this
    group of stores to positively impact segment contribution beginning in the
    fourth quarter of fiscal 2013.

Latin America — Strong Increase in Segment Contribution

Contribution from the Latin America segment increased 79%, excluding the
one-time purchase accounting adjustment related to the refinancing of Grupo
Finmart debt in the prior year quarter. Including this adjustment, segment
contribution decreased 21%. The segment now accounts for 14% of consolidated
segment contribution, up from 13% a year ago.

  o Pawn — Empeño Fácil, the company's Mexico pawn operation, operated 235
    stores in Mexico at the end of the quarter.

       o During the quarter, Empeño Fácil added 15 new de novo locations for a
         total of 62 thus far in fiscal 2013.
       o Pawn loan balances grew to $16 million, up 30% in total and 18% on a
         same store basis. General merchandise loan balances grew 42% in total
         and 18% on a same store basis, while jewelry loan balances decreased
         20% in total and 36% on a same store basis. General merchandise loans
         now comprise 92% of Empeño Fácil's pawn loan portfolio, up from 87%
         last year.
       o Revenue from pawn service charges increased 39% in total and 17% on a
         same-store basis.
       o Merchandise sales increased 44% in total and 18% on a same store
         basis. Gross margin on merchandise sales was 39%, down 500 basis
         points from a year ago, reflecting more aggressive pricing.

  o Payroll Withholding Lending — Grupo Finmart continues to gain market share
    through the addition of new contracts, multi-channel growth, and increased
    contract penetration. During the quarter, Grupo Finmart also completed a
    $30 million cross-border debt offering at 8.5%.

       o Total loan balances at the end of the quarter were $98 million, up
         53%.
       o Net revenues were $13 million in the quarter, with bad debt as a
         percentage of fees of 5%, which improved 100 bps over the prior year
         quarter.
       o Grupo Finmart added 17 contracts during the quarter representing
         240,000 employees. Contract penetration across all convenios was 5.6%
         in the quarter, compared to 3% in the prior year quarter.
       o Subsequent to the end of the quarter, Grupo Finmart was granted
         access to the Mexican Social Security Institute (Instituto Mexicano
         del Seguro Social or "IMSS"), which will allow it to offer payroll
         deduction loans to Mexican retirees of the private sector. This is a
         very important and stable market in Mexico and includes 90,000 direct
         employees, and 2.5 million people collecting pensions or social
         security.

Other International — U.K. Online Business Growing

  o Loan balances at Cash Genie, the company's U.K. online lending business,
    increased 9% over the second quarter and more than doubled from a year
    ago. Net fee revenue increased 50% over last year, and the company is now
    offering installment loans, broadening its product offerings.
  o The company's combined equity investments in Cash Converters International
    and Albemarle & Bond generated a 3% increase in earnings attributable to
    EZCORP for the quarter, as compared to the same period last year.

Discontinued Operations

During the third quarter, the company implemented a plan to exit certain
components of its business and close over 100 legacy stores. These stores are
generally older, smaller stores that did not fit the company's future growth
profile.

The following table summarizes the one-time, pre-tax termination costs
recorded in the third quarter related to the reorganization. An additional $2
million of third quarter pre-tax operating losses from stores being closed is
reflected in discontinued operations on the statement of
operations.                                                

 

                                               (in thousands)
Lease termination costs                        $     9,099
Employee severance                             1,023
Inventory write-down to liquidation value      7,801
Fixed asset write-down to liquidation value    5,840
Total pre-tax termination cost                 23,763

                               

The accrued reorganization charges are included in "Accounts payable and
accrued liabilities" in the consolidated balance sheet and in "Loss from
discontinued operations" in the consolidated statements of operations.

Growth Strategy Update

  o New Stores in Key Markets — The company opened 20 de novo locations,
    bringing total de novo stores opened so far in fiscal 2013 to 134.
    Including acquisitions, the company has added 172 locations this fiscal
    year.
  o New Channels — Loan balances at Grupo Finmart grew 53% year-over-year.
    Online loan balances within the U.K. grew 170% over the same quarter last
    year. At quarter end, 40% of the company's loan balances were attributable
    to loans other than pawn loans or payday loans, compared to 32% a year
    ago. Online retail accounted for 6% of total U.S. sales during the
    quarter, compared to less than 1% for the same period last year.
  o New Products — The company continues to develop new products to respond to
    customer preferences and regulatory changes. Both online lending
    businesses added installment products. The company launched its
    partnership with Western Union, and is now successfully retailing
    inventory online.

CEO Commentary

"We are pleased to report strong consolidated revenues for the third fiscal
quarter, particularly in the face of the volatile gold market. And our
non-gold businesses are performing very well. While the customer is certainly
impacted by the current macro trends, they continue to pick us as their
preferred provider of cash, as evidenced by our significant, consistent growth
in earning assets," said Paul Rothamel, EZCORP's President and Chief Executive
Officer.

"Our team members have remained committed to our vision, and as a result of
their hard work, we continue to make progress in diversifying our business
across geographies, products and channels."

"Looking ahead, we are confident that our size, scale and industry expertise
are significant competitive advantages over the long term. We intend to
continue to grow by providing our customers with the products and services
they want, when they want and how they want, and we expect to be a market
leader in the communities we serve for decades to come," said Rothamel.

The company provides supplemental information on its website. For additional
content, please see "Investor Resources & Supplemental Information" at
http://investors.ezcorp.com/.

About EZCORP

EZCORP is a leading provider of easy cash solutions for consumers, employing
approximately 7,800 teammates and operating over 1,300 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 names "Crediamigo" and "Adex"), a
leading provider of payroll deduction loans in Mexico; in Ariste Holding
Limited (doing business under the name "Cash Genie"), a leading provider of
online loans in the U.K.; and in Renueva Commercial, S.A.P.I. de C.V., an
operator of buy/sell stores in Mexico under the name "TUYO." 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 of over 700 stores that provide personal
financial services and sell pre-owned merchandise.

For the latest information on EZCORP, please visit our website at:
http://investors.ezcorp.com/.

Forward-Looking Statements

This announcement contains certain forward-looking statements regarding the
company's expected operating and financial performance for future periods.
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 fluctuations in gold prices or the desire of our
customers to pawn or sell their gold items, changes in the regulatory
environment, changing market conditions in the overall economy and the
industry, 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.

Contact
Mark Trinske
Vice President, Investor Relations and Communications
EZCORP, Inc.
(512) 314-2220
Investor_Relations@ezcorp.com
http://investors.ezcorp.com/

 

EZCORP, Inc.
Highlights of Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
                                 Three Months Ended   Nine Months Ended
                                 June 30,             June 30,
                                 2013       2012      2013        2012
Revenues:
Merchandise sales                $ 86,576   $ 75,286  $ 281,262   $ 256,271
Jewelry scrapping sales          26,288     40,530    113,579     147,066
Pawn service charges             60,397     55,656    187,812     170,880
Consumer loan fees               59,234     51,753    183,119     143,594
Other revenues                   2,671      1,348     10,169      3,351
    Total revenues               235,166    224,573   775,941     721,162
Merchandise cost of goods sold   51,050     43,842    164,711     147,621
Jewelry scrapping cost of goods  20,377     27,116    80,993      92,807
sold
Consumer loan bad debt           12,518     10,689    34,496      27,269
Net revenues                     151,221    142,926   495,741     453,465
Operating expenses:
Operations                       104,230    85,200    309,346     248,014
Administrative                   12,644     9,857     34,918      33,509
Depreciation and amortization    8,968      7,019     24,629      18,965
Loss on sale or disposal of      178        313       220         108
assets
Total operating expenses         126,020    102,389   369,113     300,596
Operating income                 25,201     40,537    126,628     152,869
Interest income                  (471)      (133)     (787)       (486)
Interest expense                 4,108      1,030     11,814      4,180
Equity in net income of          (4,328)    (4,197)   (13,491)    (12,935)
unconsolidated affiliates
Other (income) expense           96         160       —           (157)
Income from continuing           25,796     43,677    129,092     162,267
operations before income taxes
Income tax expense               9,139      12,718    42,084      52,664
Income from continuing           16,657     30,959    87,008      109,603
operations, net of tax
Loss from discontinued           (21,497)   (1,248)   (24,813)    (3,167)
operations, net of tax
Net (loss) income                (4,840)    29,711    62,195      106,436
Net income from continuing
operations attributable to       1,041      1,188     3,378       1,300
redeemable noncontrolling
interest
Net (loss) income attributable   $ (5,881)  $ 28,523  $ 58,817    $ 105,136
to EZCORP, Inc.
Basic (loss) earnings per share
attributable to EZCORP, Inc.:
Continuing operations            $ 0.29     $ 0.58    $ 1.56      $ 2.13
attributable to EZCORP, Inc.
Discontinued operations          $ (0.40)   $ (0.02)  $ (0.46)    $ (0.06)
Basic (loss) earnings per share  $ (0.11)   $ 0.56    $ 1.10      $ 2.07
Diluted earnings per share
attributable to EZCORP, Inc.:
Continuing operations            $ 0.29     $ 0.58    $ 1.56      $ 2.12
attributable to EZCORP, Inc.
Discontinued operations          $ (0.40)   $ (0.02)  $ (0.46)    $ (0.06)
Diluted earnings per share       $ (0.11)   $ 0.56    $ 1.10      $ 2.06
Weighted average shares
outstanding:
Basic                            54,196     51,162    53,465      50,769
Diluted                          54,255     51,340    53,540      51,042
Net income from continuing
operations attributable to       15,616     29,771    83,630      108,303
EZCORP, Inc.
Net loss from discontinued
operations attributable to       (21,497)   (1,248)   (24,813)    (3,167)
EZCORP, Inc.
Net (loss) income attributable   $ (5,881)  $ 28,523  $ 58,817    $ 105,136
to EZCORP, Inc.

 

EZCORP, Inc.
Highlights of Consolidated Balance Sheets (Unaudited)
(in thousands)
                                               June 30,
                                               2013           2012
Assets:
Current assets:
  Cash and cash equivalents                    $ 45,955     $ 49,030
  Cash, restricted                             3,132        2,795
  Pawn loans                                   154,095      147,477
  Consumer loans, net                          42,717       28,764
  Pawn service charges receivable, net         28,590       26,092
  Consumer loan fees receivable, net           35,610       25,729
  Inventory, net                               122,503      94,421
  Deferred tax asset                           15,716       18,226
  Income tax receivable                        12,937       9,383
  Prepaid expenses and other assets            37,377       40,268
    Total current assets                       498,632      442,185
Investments in unconsolidated affiliates       146,707      125,309
Property and equipment, net                    110,312      100,242
Restricted cash, non-current                   2,182        —
Goodwill                                       426,148      366,286
Intangible assets, net                         64,533       37,166
Non-current consumer loans, net                82,631       54,479
Other assets, net                              23,056       10,108
    Total assets                               $ 1,354,201  $ 1,135,775
Liabilities and stockholders' equity:
Current liabilities:
  Current maturities of long-term debt         $ 33,525     $ 31,126
  Current capital lease obligations            533          395
  Accounts payable and other accrued expenses  68,960       54,487
  Other current liabilities                    22,640       14,848
  Customer layaway deposits                    7,912        6,740
    Total current liabilities                  133,570      107,596
Long-term debt, less current maturities        198,374      175,740
Long-term capital lease obligations            521          764
Deferred tax liability                         8,948        7,788
Deferred gains and other long-term liabilities 16,451       13,250
    Total liabilities                          357,864      305,138
Temporary equity:
Redeemable noncontrolling interest             56,837       44,864
Stockholders' equity                           939,500      785,773
    Total liabilities and stockholders' equity $ 1,354,201  $ 1,135,775

 

EZCORP, Inc.
Operating Segment Results (Unaudited)
(in thousands)
                               Three Months Ended June 30, 2013
                               U.S. &    Latin     Other
                                                                  Consolidated
                               Canada    America   International
Revenues:
Merchandise sales              $ 71,464  $ 15,112  $    —         $   86,576
Jewelry scrapping sales        26,288    —         —              26,288
Pawn service charges           52,505    7,892     —              60,397
Consumer loan fees             40,279    12,864    6,091          59,234
Other revenues                 1,058     1,034     579            2,671
    Total revenues             191,594   36,902    6,670          235,166
Merchandise cost of goods sold 41,795    9,255     —              51,050
Jewelry scrapping cost of      20,285    92        —              20,377
goods sold
Consumer loan bad debt         9,994     685       1,839          12,518
Net revenues                   119,520   26,870    4,831          151,221
Segment expenses:
Operations                     84,194    16,513    3,523          104,230
Depreciation and amortization  4,905     1,854     118            6,877
Loss on sale or disposal of    174       4         —              178
assets
Interest (income) expense, net (25)      2,790     —              2,765
Equity in net income of        —         —         (4,328)        (4,328)
unconsolidated affiliates
Other expense                  —         57        —              57
Segment contribution           $ 30,272  $ 5,652   $    5,518     $   41,442
Corporate expenses:
Administrative                                                    12,644
Depreciation and amortization                                     2,091
Interest expense, net                                             872
Other expense                                                     39
Income from continuing                                            25,796
operations before taxes
Income tax expense                                                9,139
Income from continuing                                            16,657
operations, net of tax
Loss from discontinued                                            (21,497)
operations, net of tax
Net loss                                                          (4,840)
Net income attributable to                                        1,041
noncontrolling interest
Net loss attributable to                                          $   (5,881)
EZCORP, Inc.

 

EZCORP, Inc.
Operating Segment Results (Unaudited)
(in thousands)
                             Three Months Ended June 30, 2012
                             U.S. &     Latin      Other
                                                                  Consolidated
                             Canada     America    International
Revenues:
Merchandise sales            $ 65,221   $ 10,065   $   —          $   75,286
Jewelry scrapping sales      37,298     3,232      —              40,530
Pawn service charges         49,969     5,687      —              55,656
Consumer loan fees           37,492     10,381     3,880          51,753
Other revenues               643        547        158            1,348
    Total revenues           190,623    29,912     4,038          224,573
Merchandise cost of goods    38,174     5,668      —              43,842
sold
Jewelry scrapping cost of    24,337     2,779      —              27,116
goods sold
Consumer loan bad debt       8,806      632        1,251          10,689
Net revenues                 119,306    20,833     2,787          142,926
Segment expenses:
Operations                   70,666     11,722     2,812          85,200
Depreciation and             3,608      1,942      94             5,644
amortization
(Gain) loss on sale or       93         (3)        223            313
disposal of assets
Interest (income) expense,   16         22         (1)            37
net
Equity in net income of      —          —          (4,197)        (4,197)
unconsolidated affiliates
Other (income) expense       497        (14)       (441)          42
Segment contribution         $ 44,426   $ 7,164    $   4,297      $   55,887
Corporate expenses:
Administrative                                                    9,857
Depreciation and                                                  1,375
amortization
Interest expense, net                                             860
Other expense                                                     118
Income from continuing                                            43,677
operations before taxes
Income tax expense                                                12,718
Income from continuing                                            30,959
operations, net of tax
Loss from discontinued                                            (1,248)
operations, net of tax
Net income                                                        29,711
Net income attributable to                                        1,188
noncontrolling interest
Net income attributable to                                        $   28,523
EZCORP, Inc.

 

EZCORP, Inc.
Operating Segment Results (Unaudited)
(in thousands)
                            Nine Months Ended June 30, 2013
                            U.S. &      Latin      Other
                                                                  Consolidated
                            Canada      America    International
Revenues:
Merchandise sales           $ 237,577   $ 43,685   $   —          $   281,262
Jewelry scrapping sales     108,777     4,802      —              113,579
Pawn service charges        165,202     22,610     —              187,812
Consumer loan fees          126,873     36,583     19,663         183,119
Other revenues              5,469       2,880      1,820          10,169
    Total revenues          643,898     110,560    21,483         775,941
Merchandise cost of goods   138,936     25,775     —              164,711
sold
Jewelry scrapping cost of   76,922      4,071      —              80,993
goods sold
Consumer loan bad debt      27,363      (1,024)    8,157          34,496
Net revenues                400,677     81,738     13,326         495,741
Segment expenses:
Operations                  251,593     46,483     11,270         309,346
Depreciation and            13,395      5,067      337            18,799
amortization
Loss on sale or disposal of 202         18         —              220
assets
Interest (income) expense,  7           8,205      (1)            8,211
net
Equity in net income of     —           —          (13,491)       (13,491)
unconsolidated affiliates
Other income                (5)         (238)      (69)           (312)
Segment contribution        $ 135,485   $ 22,203   $   15,280     $   172,968
Corporate expenses:
Administrative                                                    34,918
Depreciation and                                                  5,830
amortization
Interest expense, net                                             2,816
Other expense                                                     312
Income from continuing                                            129,092
operations before taxes
Income tax expense                                                42,084
Income from continuing                                            87,008
operations, net of tax
Loss from discontinued                                            (24,813)
operations, net of tax
Net income                                                        62,195
Net income attributable to                                        3,378
noncontrolling interest
Net income attributable to                                        $   58,817
EZCORP, Inc.

 

EZCORP, Inc.
Operating Segment Results (Unaudited)
(in thousands)
                            Nine Months Ended June 30, 2012
                            U.S. &      Latin      Other
                                                                  Consolidated
                            Canada      America    International
Revenues:
Merchandise sales           $ 226,507   $ 29,764   $   —          $   256,271
Jewelry scrapping sales     139,252     7,814      —              147,066
Pawn service charges        154,823     16,057     —              170,880
Consumer loan fees          121,744     17,764     4,086          143,594
Other revenues              2,430       763        158            3,351
    Total revenues          644,756     72,162     4,244          721,162
Merchandise cost of goods   131,682     15,939     —              147,621
sold
Jewelry scrapping cost of   86,848      5,959      —              92,807
goods sold
Consumer loan bad debt      24,663      1,140      1,466          27,269
Net revenues                401,563     49,124     2,778          453,465
Segment expenses:
Operations                  216,653     27,781     3,580          248,014
Depreciation and            9,862       4,907      130            14,899
amortization
(Gain) loss on sale or      (113)       (2)        223            108
disposal of assets
Interest (income) expense,  20          1,755      (1)            1,774
net
Equity in net income of     —           —          (12,935)       (12,935)
unconsolidated affiliates
Other (income) expense      346         2          (505)          (157)
Segment contribution        $ 174,795   $ 14,681   $   12,286     $   201,762
Corporate expenses:
Administrative                                                    33,509
Depreciation and                                                  4,066
amortization
Interest expense, net                                             1,920
Income from continuing                                            162,267
operations before taxes
Income tax expense                                                52,664
Income from continuing                                            109,603
operations, net of tax
Loss from discontinued                                            (3,167)
operations, net of tax
Net income                                                        106,436
Net income attributable to                                        1,300
noncontrolling interest
Net income attributable to                                        $   105,136
EZCORP, Inc.

 

EZCORP, Inc.
Store Count Activity
          Three Months Ended June 30, 2013
          Company-owned Stores
                                        Other
          U.S. & Canada  Latin America                 Consolidated  Franchises
                                        International
Beginning 1,058          345            —              1,403         9
of period
De novo   5              15             —              20            —
Acquired  —              6              —              6             —
Sold,
combined  (2)            (3)            —              (5)           (1)
or closed
End of    1,061          363            —              1,424         8
period
          Three Months Ended June 30, 2012
          Company-owned Stores
                                        Other
          U.S. & Canada  Latin America                 Consolidated  Franchises
                                        International
Beginning 970            250            —              1,220         12
of period
De novo   4              19             —              23            —
Acquired  9              —              —              9             —
Sold,
combined  (1)            (1)            —              (2)           —
or closed
End of    982            268            —              1,250         12
period
          Nine Months Ended June 30, 2013
          Company-owned Stores
                                        Other
          U.S. & Canada  Latin America                 Consolidated  Franchises
                                        International
Beginning 987            275            —              1,262         10
of period
De novo   68             66             —              134           —
Acquired  12             26             —              38            —
Sold,
combined  (6)            (4)            —              (10)          (2)
or closed
End of    1,061          363            —              1,424         8
period
          Nine Months Ended June 30, 2012
          Company-owned Stores
                                        Other
          U.S. & Canada  Latin America                 Consolidated  Franchises
                                        International
Beginning 933            178            —              1,111         13
of period
De novo   12             46             —              58            —
Acquired  49             45             —              94            —
Sold,
combined  (12)           (1)            —              (13)          (1)
or closed
End of    982            268            —              1,250         12
period

 

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

SOURCE EZCORP, Inc.

Website: http://www.ezcorp.com
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