News Column

EZCORP Reports Third Quarter Revenues of $241 Million, and Earnings Per Share of $0.21

July 29, 2014

AUSTIN, Texas, July 29, 2014 (GLOBE NEWSWIRE) -- EZCORP, Inc. (Nasdaq:EZPW), a leading provider of easy cash solutions for consumers, today announced its financial results for the third quarter of fiscal 2014.

For the quarter, total revenues were $241 million, with net income from continuing operations of $11.3 million and earnings per share of $0.21.

Mark Kuchenrither, EZCORP's Interim President and Chief Executive Officer, stated, "We are pleased to have met our outlook for the third quarter. Our Pawn businesses and our Grupo Finmart business continued to drive our growth, representing 69% of our total revenues this quarter. During the quarter we strengthened our financial flexibility by raising $230 million through a private convertible debt offering which enabled us to pay off all amounts outstanding under our senior secured credit agreement and to buy back one million shares of stock. These capital structure enhancements in combination with our improving operational efficiencies enhance our ability to grow revenue and earnings, while improving the customer experience."

Consolidated Financial Highlights — Third Quarter Fiscal 2014 vs. Prior Year Quarter

• Earning assets, including credit service organization (CSO) loans, were $443 million at quarter-end, an increase of 7% from continuing operations, as a result of growth in consumer loans at Grupo Finmart, as well as strong growth of installment loans in the U.S.

 • Total revenues were $241 million, an increase of 3% compared to $235 million in the same period last year. Excluding an expected decrease in gold scrapping, total revenues were up 6%, driven by 3% increases in consumer loan fees and merchandise sales in the United States and Mexico. In addition, we had two structured financing transactions at Grupo Finmart from which we recognized $10 million of revenues.

 • Cash and cash equivalents, including restricted cash, were $86 million at quarter-end, with aggregate consolidated debt of $382 million, comprised of the $230 million of our newly issued convertible debt and $152 million of Grupo Finmart third-party debt, which is non-recourse to EZCORP. 

U.S. & Canada

Pawn —

• Pawn loan balances were $141 million at quarter-end, up 2% in total and up 3% on a same-store basis due to transactional growth in new loans made in general merchandise and jewelry.

 • Redemption rates were 85%, up 100 basis points compared to a year ago, driven by a 200 basis point increase in the jewelry redemption rate to 89%, and a 100 basis point increase in general merchandise redemption rate to 78%.

 • Total merchandise sales increased 4% in total and 5% on a same-store basis over the same quarter last year, driven by growth in storefront jewelry sales and strong online performance. Gross margin on merchandise sales was 38%.

 • Jewelry sales increased 18% in total and 16% on a same-store basis compared to the same quarter last year, with gross margin of 43%. For the first nine months of the fiscal year, jewelry sales growth was 27% in total and 23% on a same-store basis.

 • Online sales grew 51% over the same quarter last year and accounted for roughly10% of the segment's total merchandise sales. Gross margin was 43% as compared to 42% for the same quarter last year.

Financial Services —

• Total loan balances including CSO loans, net of reserves, were $48 million at quarter-end, a 5% increase over the same quarter last year. For the quarter, including CSO loans, installment loans were up 51% while auto title loans decreased 1% and traditional payday loans declined 9%.

 • Total loan fees were $42 million, up 4% over the same quarter last year. The gap in growth between loan balances and fees year-over-year is the result of a shift in product mix to lower yielding products driven by a more competitive marketplace and regulatory impact.

 • Bad debt as a percentage of fees was 31%, up 600 basis points over the same quarter last year, driven primarily by our online lending business.

Latin America

Consumer Lending —

On the last day of the third quarter of fiscal 2014, EZCORP acquired an additional 16% percent ownership of Grupo Finmart and now owns 76% of the company. Grupo Finmart is a vertically integrated lender focused on the following core business activities:

• Development and servicing of primarily government agency contracts authorizing Grupo Finmart to lend to agency employees.

 • Origination of new loans through a number of expanding sales channels (direct/indirect sales teams, call center, mobile units and branches).

 • Grupo Finmart is a financial intermediary that has developed a hybrid business comprised of a distributor model and a loan portfolio model.

 • Grupo Finmart began using structured financing transactions in the first quarter of this year. As a result, Grupo Finmart operates as a distributor, while continuing to service customer loans.

 • Grupo Finmart will continue to grow the loan portfolio as well as sell a portion of the portfolio on a regular basis.

 • The hybrid approach is an important competitive advantage for the business that allows for maximum flexibility, healthy diversification in funding sources and consistent availability of capital for growth.

In the third quarter, Grupo Finmart's financial results were driven by focusing on organic growth initiatives, optimizing financing strategy, and capitalizing on increasing market demand.

• New loan originations for the quarter grew 22% over last year to $22 million from $18 million.

 • Total consumer loan fees and interest was $15 million, up 15% as compared to the same period last year.

 • Three new government contracts were signed including one with the State of Tabasco. 

 • Bad debt as a percentage of fees was 9%, up from 5% in the same last quarter last year.

 • Our planned structured financing transactions this quarter resulted in $38 million in accelerated cash flow to fund new loan originations, and a $10 million gain reported in "Consumer loan sales and other."

 • This quarter's structured asset sales represented less than 25% of the company's current loan portfolio.

Pawn — Latin America

• Pawn loan balances were $17 million, up 7% over the same quarter last year. The yield on the loan balance improved 1100 basis points to 195% as compared to the same period last year.

 • Redemption rates were 76%, up 300 basis points compared to a year ago, driven by a 600 basis point increase in jewelry redemption rates to 75% and a 300 basis point increase in general merchandise to 76%.

 • Merchandise sales decreased 4% compared to last year.

Other International

Online Lending —

• At Cash Genie, our U.K. online lending business, total loan fees were $5 million for the quarter.

 • Total loan balances at the end of the quarter were $3 million.

 • Bad debt as a percentage of fees was 66% for the quarter, as a result of business changes related to Financial Conduct Authority (FCA) regulations.

Strategic Affiliates —

• Our income from our Cash Converters International affiliate was $2 million.

CEO Commentary

Mr. Kuchenrither added, "As we have announced, there have been significant changes to the management and board of EZCORP over the past two weeks. These strategic changes were made in order to refocus the company on building a sustainable growth model which creates long-term shareholder value. We will employ a capital allocation strategy that is focused on achieving a return on invested capital of at least 15%."

Outlook

The company confirms its outlook for Q4 earnings per share of $0.37 to $0.39 from continuing operations, including the impact of our recent financing. This outlook does not take into account any potential expenses related to the recent management and board changes at the company. 

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, Inc. is a leader in delivering easy cash solutions to our customers across channels, products, services and markets. With approximately 7,500 team members and approximately 1,400 locations and branches, we give our customers multiple ways to access instant cash, including pawn loans and consumer loans in the United States, Mexico, Canada and the United Kingdom. We offer these products through four primary channels: in-store, online, at the worksite and through our mobile platform. At our pawn and buy/sell stores and online, 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 consumer loans in Mexico; 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 a significant investment 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.

EZCORP, Inc.
Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
         
         
         
 Three Months Ended

June 30,
Nine Months Ended

June 30,
 2014201320142013
Revenues:        
Merchandise sales  $ 89,170  $ 86,576  $ 298,211  $ 281,262
Jewelry scrapping sales 20,273 26,288 74,169 113,579
Pawn service charges 59,917 60,397 183,212 187,812
Consumer loan fees and interest 61,144 59,234 192,258 183,119
Consumer loan sales and other 10,876 2,671 22,587 10,169
Total revenues 241,380 235,166 770,437 775,941
Merchandise cost of goods sold 55,751 51,050 183,196 164,711
Jewelry scrapping cost of goods sold 15,131 20,377 55,262 80,993
Consumer loan bad debt 17,246 12,518 46,100 34,496
Net revenues 153,252 151,221 485,879 495,741
Operating expenses:        
Operations 109,575 104,230 330,408 309,346
Administrative 14,467 12,644 50,244 34,918
Depreciation 7,551 7,377 22,556 21,008
Amortization 1,640 1,591 5,555 3,621
(Gain) loss on sale or disposal of assets (26) 178 (5,974) 220
Total operating expenses 133,207 126,020 402,789 369,113
Operating income 20,045 25,201 83,090 126,628
Interest expense, net 6,073 3,637 15,680 11,027
Equity in net income of unconsolidated affiliates (2,117) (4,328) (3,880) (13,491)
Impairment of investments — — 7,940 —
Other (income) expense (370) 96 786 —
Income from continuing operations before income taxes 16,459 25,796 62,564 129,092
Income tax expense 4,302 9,139 18,387 42,084
Income from continuing operations, net of tax 12,157 16,657 44,177 87,008
Income (loss) from discontinued operations, net of tax 186 (21,497) 1,628 (24,813)
Net income (loss) 12,343 (4,840) 45,805 62,195
Net income from continuing operations attributable to redeemable noncontrolling interest 837 1,041 3,738 3,378
Net income (loss) attributable to EZCORP, Inc.  $ 11,506  $ (5,881)   $ 42,067  $ 58,817
         
Diluted earnings (loss) per share attributable to EZCORP, Inc.:        
Continuing operations  $ 0.21  $ 0.29  $ 0.74  $ 1.56
Discontinued operations — (0.40) 0.03 (0.46)
Diluted earnings per share  $ 0.21  $ (0.11)   $ 0.77  $ 1.10
         
Weighted average shares outstanding diluted 54,395 54,255 54,529 53,540
         
Net income from continuing operations attributable to EZCORP, Inc.  $ 11,320  $ 15,616  $ 40,439  $ 83,630
Income (loss) from discontinued operations attributable to EZCORP, Inc. 186 (21,497) 1,628 (24,813)
Net income (loss) attributable to EZCORP, Inc.  $ 11,506  $ (5,881)   $ 42,067  $ 58,817
 
EZCORP, Inc.
Consolidated Balance Sheets (Unaudited)
(in thousands)
     
     
 June 30,
 20142013
Assets:    
Current assets:    
Cash and cash equivalents  $ 49,999  $ 45,955
Restricted cash 13,248 3,132
Pawn loans 157,491 154,095
Consumer loans, net 76,748 42,883
Pawn service charges receivable, net 29,307 28,590
Consumer loan fees and interest receivable, net 38,351 35,315
Inventory, net 132,021 122,503
Deferred tax asset 13,825 15,716
Income tax prepaid 21,779 12,937
Prepaid expenses and other assets 113,458 37,377
Total current assets 646,227 498,503
Investments in unconsolidated affiliates 90,730 146,707
Property and equipment, net 109,458 110,312
Restricted cash, non-current 22,473 2,182
Goodwill 436,765 430,940
Intangible assets, net 62,915 60,687
Non-current consumer loans, net 51,798 82,935
Deferred tax asset 9,308 —
Other assets, net 92,693 28,835
Total assets  $ 1,522,367  $ 1,361,101
Liabilities and stockholders' equity:    
Current liabilities:    
Current maturities of long-term debt  $ 21,029  $ 33,525
Current capital lease obligations 520 533
Accounts payable and other accrued expenses 90,234 68,960
Other current liabilities 8,716 22,640
Customer layaway deposits 8,206 7,912
Total current liabilities 128,705 133,570
Long-term debt, less current maturities 360,628 198,374
Long-term capital lease obligations — 521
Deferred tax liability — 8,948
Deferred gains and other long-term liabilities 18,463 23,351
Total liabilities 507,796 364,764
Temporary equity:    
Redeemable noncontrolling interest 36,645 56,837
EZCORP, Inc. stockholders' equity 977,926 939,500
Total liabilities and stockholders' equity  $ 1,522,367  $ 1,361,101
 
EZCORP, Inc.
Operating Segment Results (Unaudited)
(in thousands)
             
             
 Three Months Ended June 30, 2014
 U.S. &

Canada
Latin AmericaOther

International
Total

Segments
Corporate

Items
Consolidated
Revenues:            
Merchandise sales  $ 74,674  $ 14,496  $ —   $ 89,170  $ —   $ 89,170
Jewelry scrapping sales 18,909 1,364 — 20,273 — 20,273
Pawn service charges 51,894 8,023 — 59,917 — 59,917
Consumer loan fees and interest 41,749 14,839 4,556 61,144 — 61,144
Consumer loan sales and other 531 10,333 12 10,876 — 10,876
Total revenues 187,757 49,055 4,568 241,380 — 241,380
Merchandise cost of goods sold 45,927 9,824 — 55,751 — 55,751
Jewelry scrapping cost of goods sold 13,894 1,237 — 15,131 — 15,131
Consumer loan bad debt 12,894 1,361 2,991 17,246 — 17,246
Net revenues 115,042 36,633 1,577 153,252 — 153,252
Operating expenses (income):           —
Operations 84,553 22,112 2,910 109,575 — 109,575
Administrative — — — — 14,467 14,467
Depreciation 4,305 1,502 80 5,887 1,664 7,551
Amortization 414 329 4 747 893 1,640
Loss (gain) on sale or disposal of assets 129 11 (160) (20) (6) (26)
Interest expense (income), net — 4,234 (2) 4,232 1,841 6,073
Equity in net income of unconsolidated affiliates — — (2,117) (2,117) — (2,117)
Other (income) expense (7) (167) — (174) (196) (370)
Segment contribution$ 25,648$ 8,612$ 862$ 35,122    
Income (loss) from continuing operations before income taxes      $ 35,122$ (18,663)$ 16,459
 
EZCORP, Inc.
Operating Segment Results (Unaudited)
(in thousands)
             
             
 Three Months Ended June 30, 2013
 U.S. &

Canada
Latin AmericaOther

International
Segments

Total
Corporate

Items
Consolidated
Revenues:            
Merchandise sales  $ 71,464  $ 15,112  $ —   $ 86,576  $ —   $ 86,576
Jewelry scrapping sales 26,288 — — 26,288 — 26,288
Pawn service charges 52,505 7,892 — 60,397 — 60,397
Consumer loan fees and interest 40,279 12,864 6,091 59,234 — 59,234
Consumer loan sales and other 1,058 1,034 579 2,671 — 2,671
Total revenues 191,594 36,902 6,670 235,166 — 235,166
Merchandise cost of goods sold 41,795 9,255 — 51,050 — 51,050
Jewelry scrapping cost of goods sold 20,285 92 — 20,377 — 20,377
Consumer loan bad debt expense 9,994 685 1,839 12,518 — 12,518
Net revenues 119,520 26,870 4,831 151,221 — 151,221
Operating expenses (income):            
Operations 84,194 16,513 3,523 104,230 — 104,230
Administrative — — — — 12,644 12,644
Depreciation 4,184 1,420 93 5,697 1,680 7,377
Amortization 721 434 25 1,180 411 1,591
Loss on sale or disposal of assets 174 4 — 178 — 178
Interest (income) expense, net (25) 2,790 — 2,765 872 3,637
Equity in net income of unconsolidated affiliates — — (4,328) (4,328) — (4,328)
Other expense — 57 — 57 39 96
Segment contribution  $ 30,272  $ 5,652  $ 5,518  $ 41,442    
Income (loss) from continuing operations before income taxes        $ 41,442  $ (15,646)   $ 25,796
 
EZCORP, Inc.
Operating Segment Results (Unaudited)
(in thousands)
             
             
 Nine Months Ended June 30, 2014
 U.S. &

Canada
Latin AmericaOther

International
Total

Segments
Corporate

Items
Consolidated
Revenues:            
Merchandise sales  $ 253,501  $ 44,710  $ —   $ 298,211  $ —   $ 298,211
Jewelry scrapping sales 69,531 4,638 — 74,169 — 74,169
Pawn service charges 161,117 22,095 — 183,212 — 183,212
Consumer loan fees and interest 136,108 43,460 12,690 192,258 — 192,258
Consumer loan sales and other 2,025 20,520 42 22,587 — 22,587
Total revenues 622,282 135,423 12,732 770,437 — 770,437
Merchandise cost of goods sold 153,864 29,332 — 183,196 — 183,196
Jewelry scrapping cost of goods sold 51,257 4,005 — 55,262 — 55,262
Consumer loan bad debt 37,571 3,206 5,323 46,100 — 46,100
Net revenues 379,590 98,880 7,409 485,879 — 485,879
Operating expenses (income):            
Operations 261,161 58,580 10,667 330,408 — 330,408
Administrative — — — — 50,244 50,244
Depreciation 12,867 4,411 288 17,566 4,990 22,556
Amortization 1,723 1,553 55 3,331 2,224 5,555
(Gain) loss on sale or disposal of assets (6,630) 15 (1) (6,616) 642 (5,974)
Interest (income) expense, net (11) 11,628 (4) 11,613 4,067 15,680
Equity in net income of unconsolidated affiliates — — (3,880) (3,880) — (3,880)
Impairment of investments — — 7,940 7,940 — 7,940
Other (income) expense (7) (208) 346 131 655 786
Segment contribution (loss)  $ 110,487  $ 22,901  $ (8,002)   $ 125,386    
Income (loss) from continuing operations before income taxes        $ 125,386  $ (62,822)   $ 62,564
 
EZCORP, Inc.
Operating Segment Results (Unaudited)
(in thousands)
             
             
 Nine Months Ended June 30, 2013
 U.S. &

Canada
Latin AmericaOther

International
Segments

Total
Corporate

Items
Consolidated
Revenues:            
Merchandise sales  $ 237,577  $ 43,685  $ —   $ 281,262  $ —   $ 281,262
Jewelry scrapping sales 108,777 4,802 — 113,579 — 113,579
Pawn service charges 165,202 22,610 — 187,812 — 187,812
Consumer loan fees and interest 126,873 36,583 19,663 183,119 — 183,119
Consumer loan sales and other 5,469 2,880 1,820 10,169 — 10,169
Total revenues 643,898 110,560 21,483 775,941 — 775,941
Merchandise cost of goods sold 138,936 25,775 — 164,711 — 164,711
Jewelry scrapping cost of goods sold 76,922 4,071 — 80,993 — 80,993
Consumer loan bad debt expense (benefit) 27,363 (1,024) 8,157 34,496 — 34,496
Net revenues 400,677 81,738 13,326 495,741 — 495,741
Operating expenses (income):            
Operations 251,593 46,483 11,270 309,346 — 309,346
Administrative — — — — 34,918 34,918
Depreciation 11,905 3,782 263 15,950 5,058 21,008
Amortization 1,490 1,285 74 2,849 772 3,621
Loss on sale or disposal of assets 202 18 — 220 — 220
Interest expense (income), net 7 8,205 (1) 8,211 2,816 11,027
Equity in net income of unconsolidated affiliates — — (13,491) (13,491) — (13,491)
Other (income) expense (5) (238) (69) (312) 312 —
Segment contribution  $ 135,485  $ 22,203  $ 15,280  $ 172,968    
Income (loss) from continuing operations before income taxes        $ 172,968  $ (43,876)   $ 129,092
 
EZCORP, Inc.
Store Count Activity
           
 Three Months Ended June 30, 2014
 Company-owned StoresFranchises
 U.S. & CanadaLatin AmericaOther

International
Consolidated  
Beginning of period 1,037 318 — 1,355 5
De novo 5 — — 5 —
Acquired — — — — —
Sold, combined, or closed (1) (3) — (4) —
End of period 1,041 315 — 1,356 5
           
 Three Months Ended June 30, 2013
 Company-owned StoresFranchises
 U.S. & CanadaLatin AmericaOther

International
Consolidated  
Beginning of period 1,058 345 — 1,403 9
De novo 5 15 — 20 —
Acquired — 6 — 6 —
Sold, combined, or closed (2) (3) — (5) (1)
End of period 1,061 363 — 1,424 8
           
Discontinued operations (50) (57) — (107) —
Stores in continuing operations: 1,011 306 — 1,317 8
           
           
 Nine Months Ended June 30, 2014
 Company-owned StoresFranchises
 U.S. & CanadaLatin AmericaOther

International
Consolidated  
Beginning of period 1,030 312 — 1,342 8
De novo 19 6 — 25 —
Acquired — — — — —
Sold, combined, or closed (8) (3) — (11) (3)
End of period 1,041 315 — 1,356 5
           
 Nine Months Ended June 30, 2013
 Company-owned StoresFranchises
 U.S. & CanadaLatin AmericaOther

International
Consolidated  
Beginning of period 987 275 — 1,262 10
De novo 68 66 — 134 —
Acquired 12 26 — 38 —
Sold, combined, or closed (6) (4) — (10) (2)
End of period 1,061 363 — 1,424 8
           
Discontinued operations (50) (57) — (107) —
Stores in continuing operations: 1,011 306 — 1,317 8
 
EZCORP, Inc.
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.
             
 Three Months Ended June 30, 2014Three Months Ended June 30, 2013
 GAAPNon-GAAP

Adjustment
Non-GAAPGAAPNon-GAAP

Adjustment
Non-GAAP
Segment Contribution:            
U.S. & Canada  $ 25,648  $ —   $ 25,648  $ 30,272  $ —   $ 30,272
Latin America 8,612 — 8,612 5,652 — 5,652
Other International* 862 — 862 5,518 (1,493) 4,025
Total Segment Contribution (Loss) 35,122 — 35,122 41,442 (1,493) 39,949
             
Administrative expense 14,467 — 14,467 12,644 — 12,644
Depreciation 1,664 — 1,664 1,680 — 1,680
Amortization 893 — 893 411 — 411
Gain on sale or disposal of assets (6) — (6) — — —
Interest expense, net 1,841 — 1,841 872 — 872
Other (income) expense (196) — (196) 39 — 39
Income (loss) from continuing operations before income taxes 16,459 — 16,459 25,796 (1,493) 24,303
Income tax expense (benefit) 4,302 — 4,302 9,139 (529) 8,610
Income (loss) from continuing operations, net of tax 12,157 — 12,157 16,657 (964) 15,693
Income (loss) from discontinued operations, net of tax 186 — 186 (21,497) — (21,497)
Net income (loss) 12,343 — 12,343 (4,840) (964) (5,804)
Net income from continuing operations attributable to redeemable noncontrolling interest 837 — 837 1,041 — 1,041
Net income (loss) attributable to EZCORP, Inc.  $ 11,506  $ —   $ 11,506  $ (5,881)   $ (964)   $ (6,845) 
             
Weighted Average Shares Outstanding - Diluted 54,395 — 54,395 54,255 — 54,255
EPS - Diluted  $ 0.21  $ —   $ 0.21  $ (0.11)   $ (0.02)   $ (0.13) 
* The Other International non-GAAP adjustment includes our equity in the net income of Albemarle & Bond for the three months ended June 30, 2013.
 
 Nine Months Ended June 30, 2014Nine Months Ended June 30, 2013
 GAAPNon-GAAP

Adjustment
Non-GAAPGAAPNon-GAAP

Adjustment
Non-GAAP
Segment Contribution:            
U.S. & Canada  $ 110,487  $ —   $ 110,487  $ 135,485  $ —   $ 135,485
Latin America 22,901 — 22,901 22,203 — 22,203
Other International* (8,002) 9,489 1,487 15,280 (4,430) 10,850
Total Segment Contribution (Loss) 125,386 9,489 134,875 172,968 (4,430) 168,538
             
Administrative expense (income)** 50,244 (7,951) 42,293 34,918 — 34,918
Depreciation 4,990 — 4,990 5,058 — 5,058
Amortization 2,224 — 2,224 772 — 772
Loss on sale or disposal of assets 642 — 642 — — —
Interest expense, net 4,067 — 4,067 2,816 — 2,816
Other expense 655 — 655 312 — 312
Income (loss) from continuing operations before income taxes 62,564 17,440 80,004 129,092 (4,430) 124,662
Income tax expense (benefit) 18,387 5,125 23,512 42,084 (1,444) 40,640
Income (loss) from continuing operations, net of tax 44,177 12,315 56,492 87,008 (2,986) 84,022
Income (loss) from discontinued operations, net of tax 1,628 — 1,628 (24,813) — (24,813)
Net income (loss) 45,805 12,315 58,120 62,195 (2,986) 59,209
Net income from continuing operations attributable to redeemable noncontrolling interest 3,738 — 3,738 3,378 — 3,378
Net income (loss) attributable to EZCORP, Inc.  $ 42,067  $ 12,315  $ 54,382  $ 58,817  $ (2,986)   $ 55,831
             
Weighted Average Shares Outstanding - Diluted 54,529 — 54,529 53,540 — 53,540
EPS - Diluted  $ 0.77  $ 0.23  $ 1.00  $ 1.10$ (0.06)  $ 1.04
* The Other International non-GAAP adjustment includes the Albemarle & Bond impairment charge and its related foreign currency exchange loss during the nine months ended June 30, 2014 and our equity in the net income of Albemarle & Bond for the nine months ended June 30, 2013.
** The administrative expense (income) non-GAAP adjustment is due to the compensatory benefits charge recorded in the second quarter of fiscal 2014 related to Sterling B. Brinkley's retirement.

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



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Source: EZCORP, Inc.


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