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EZCORP Reports 30% Earnings Growth and Increases Annual Guidance

Apr 22, 2010

EZCORP, Inc. (NASDAQ: EZPW), a leading pawn store operator and provider of specialty consumer financial services, today announced results for its second fiscal quarter ended March 31, 2010.

(Logo: http://www.newscom.com/cgi-bin/prnh/20090713/EZCORPLOGO)

EZCORP's net income for the quarter increased 30% to $23.8 million ($0.48 per share) compared to $18.3 million ($0.37 per share) for the second quarter of fiscal 2009. Total revenues for the quarter increased 13% over the prior year period to $176.6 million compared to $156.3 million for the second quarter of 2009.

Consolidated operating income improved 23% to $34.1 million (31% of net revenues) from $27.7 million (29% of net revenues) in the prior year quarter. The Company's U.S. Pawn operations had an improvement in store level operating income of $8.0 million; the EZMONEY operations improved $3.3 million; and the Empeno Facil Mexico Pawn segment improved $0.1 million. Offsetting these increases in store level operating income was higher administrative costs and depreciation and a small loss on disposal of assets.

EZCORP's net income for the six-month period ended March 31, 2010 increased 49% to $49.5 million ($1.00 per share) compared to $33.1 million ($0.71 per share) for the prior year six-month period. Operating income for the six months improved 47% to $73.0 million (33% of net revenues) compared to $49.7 million (29% of net revenues) for the prior year six-month period.

Commenting on these results, Chief Executive Officer, Joe Rotunda, stated, "This was another outstanding quarter for EZCORP, our 31st consecutive quarter of year over year earnings growth, and clearly demonstrates our ability to consistently enhance earnings and shareholder value. Coupled with this strong financial performance is our expanding worldwide presence, as seen through our continued store growth in Mexico and Canada, as well as our strategic affiliations with Albemarle & Bond in the United Kingdom and Cash Converters in Australia."

"During the quarter, we saw strong and accelerating demand for our loan products. Our results demonstrate how EZCORP's expanded assortment of cash solutions provides a lower-cost, more convenient alternative to products offered by traditional financial institutions. With strong ending loan portfolios, the Company is well positioned for a solid fiscal year. We remain on track to open 40 to 50 Empeno Facil pawn locations in Mexico and 35 to 45 CASHMAX payday loan stores in Canada, as well as six domestic pawn stores by fiscal year-end," Rotunda added.

"For the June quarter, we expect earnings per share of approximately $0.39, compared to $0.29 for the same period a year ago. For our 2010 fiscal year ending September 30th, given our continued strong growth and outlook, we are raising our earnings guidance to approximately $1.91 per share, compared to $1.42 per share for fiscal 2009," Rotunda concluded.

You are invited to listen to a conference call discussing these results on April 22, 2010 at 3:30 pm Central Time. The conference call can be accessed over the Internet or replayed at your convenience at the following address. http://www.videonewswire.com/event.asp?id=68063

ABOUT EZCORP

EZCORP is a leading pawn store operator and provider of specialty consumer financial services. It provides collateralized non-recourse loans, commonly known as pawn loans, and a variety of short-term consumer loans, including payday loans, installment loans and auto title loans, or fee-based credit services to customers seeking loans. At its pawn stores, the Company also sells second-hand merchandise, primarily collateral forfeited from its pawn lending operations.

At March 31, 2010, EZCORP operated 450 pawn stores in the U.S. and Mexico and 482 short-term consumer loan stores in the U.S. and Canada. The Company also has significant investments in Albemarle & Bond Holdings PLC (ABM.L), one of the U.K.'s largest pawnbroking businesses with over 120 stores, and Cash Converters International Limited (CCV.L and CCV.AUS), which franchises and operates a worldwide network of over 500 financial services and second-hand retail stores.

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 new store expansion and expected future earnings. 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 changing market conditions in the overall economy and the industry, consumer demand for the Company's services and merchandise, actions of third parties who offer services and products in the Company's locations and changes in the regulatory environment. 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.

  For additional information, contact Brad Wolfe at (512) 314-2289.


                                      EZCORP, Inc.
             Highlights of Consolidated Statements of Operations (Unaudited)
                   (in thousands, except per share data and percents)

                                           Three Months Ended March
                                                                     31,
                                          -------------------------
                                              2010              2009
                                              ----              ----
  1   Revenues:
  2       Merchandise sales               $63,083           $61,056
  3       Jewelry scrapping sales          36,228            27,957
  4       Pawn service charges             38,306            33,516
  5       Signature loan fees              31,642            31,594
  6       Auto title loan fees              3,956               415
  7       Other                             3,369             1,728
  8           Total revenues              176,584           156,266
  9   Cost of goods sold:
  10      Cost of merchandise sales        39,081            38,125
  11      Cost of jewelry scrapping sales  23,081            18,301
                                           ------
  12          Total cost of goods sold     62,162            56,426
  13  Bad debt:
  14      Signature loan bad debt           4,397             5,072
  15      Auto title loan bad debt            320                42
                                              ---
  16          Total bad debt                4,717             5,114
                                            -----
  17  Net revenue                         109,705            94,726
  18
  19  Operations expense                   58,205            54,628
  20  Administrative expense               13,483             9,794
  21  Depreciation and amortization         3,573             3,151
       (Gain) / Loss on sale/disposal
  22   of assets                              356              (537)
                                              ---
  23      Operating income                 34,088            27,690
  24
  25  Interest income                          (8)              (72)
  26  Interest expense                        395               471
       Equity in net income of
  27   unconsolidated affiliates           (3,306)           (1,371)
  28  Other                                    12                 2
  29  Income before income taxes           36,995            28,660
  30  Income tax expense                   13,222            10,340
                                           ------
  31  Net income                          $23,773           $18,320
                                          =======
  32
  33  Net income per share, diluted         $0.48             $0.37
                                            =====
  34  Weighted average shares, diluted     49,558            49,272
  35
  36
  37
  38  OTHER DATA:
  ---
        Gross margin on merchandise sales
  39                     (lines (2-10)/2)    38.0%             37.6%
        Gross margin on jewelry scrapping
  40               sales (lines (3-11)/3)    36.3%             34.5%
       Gross margin on total sales (lines
  41   ((2+3)-12)/(2+3))                     37.4%             36.6%
  42
       Signature loan bad debt as percent
  43                 of fees (lines 14/5)    13.9%             16.1%
              Auto title loan bad debt as
  44         percent of fees (lines 15/6)     8.1%             10.1%
  45
  46  Annualized inventory turnover           4.2               3.8
  47
           Operating income margin (lines
  48                               23/17)    31.1%             29.2%





                                           Increase        Percent
                                          (Decrease)       Change
                                          ----------       ------
  1   Revenues:
  2       Merchandise sales                  $2,027           3.3
  3       Jewelry scrapping sales             8,271          29.6
  4       Pawn service charges                4,790          14.3
  5       Signature loan fees                    48           0.2
  6       Auto title loan fees                3,541         853.3
  7       Other                               1,641          95.0
  8           Total revenues                 20,318          13.0
  9   Cost of goods sold:
  10      Cost of merchandise sales             956           2.5
  11      Cost of jewelry scrapping sales     4,780          26.1
                                              -----
  12          Total cost of goods sold        5,736          10.2
  13  Bad debt:
  14      Signature loan bad debt              (675)        (13.3)
  15      Auto title loan bad debt              278         661.9
                                                ---
  16          Total bad debt                   (397)         (7.8)
                                              -----
  17  Net revenue                            14,979          15.8
  18
  19  Operations expense                      3,577           6.5
  20  Administrative expense                  3,689          37.7
  21  Depreciation and amortization             422          13.4
       (Gain) / Loss on sale/disposal
  22   of assets                                893        (166.3)
                                                ---
  23      Operating income                    6,398          23.1
  24
  25  Interest income                            64         (88.9)
  26  Interest expense                          (76)        (16.1)
       Equity in net income of
  27   unconsolidated affiliates             (1,935)        141.1
  28  Other                                      10         500.0
  29  Income before income taxes              8,335          29.1
  30  Income tax expense                      2,882          27.9
                                              -----
  31  Net income                             $5,453          29.8
                                             ======
  32
  33  Net income per share, diluted           $0.11          29.0
                                              =====
  34  Weighted average shares, diluted
  35
  36                                            Amount or
                                            Percentage Point
  37                                                               (ppt)
  38  OTHER DATA:                          Increase (Decrease)
  ---                                          -----------
        Gross margin on merchandise sales
  39                     (lines (2-10)/2)       0.4      ppts
        Gross margin on jewelry scrapping
  40               sales (lines (3-11)/3)       1.8      ppts
       Gross margin on total sales (lines
  41   ((2+3)-12)/(2+3))                        0.8      ppts
  42
       Signature loan bad debt as percent
  43                 of fees (lines 14/5)      (2.2)     ppts
              Auto title loan bad debt as
  44         percent of fees (lines 15/6)      (2.0)     ppts
  45
  46  Annualized inventory turnover             0.4
  47
           Operating income margin (lines
  48                               23/17)       1.9      ppts



                                      EZCORP, Inc.
             Highlights of Consolidated Statements of Operations (Unaudited)
                   (in thousands, except per share data and percents)

                                              Six Months Ended March
                                                                     31,
                                             -----------------------
                                                 2010           2009
                                                 ----           ----
  1   Revenues:
  2       Merchandise sales                $125,559       $105,851
  3       Jewelry scrapping sales            73,670         47,742
  4       Pawn service charges               79,103         59,897
  5       Signature loan fees                70,320         67,594
  6       Auto title loan fees                7,058            636
  7       Other                               5,625          3,161
  8           Total revenues                361,335        284,881
  9   Cost of goods sold:
  10      Cost of merchandise sales          78,346         65,291
  11      Cost of jewelry scrapping sales    46,386         31,560
                                             ------
  12          Total cost of goods sold      124,732         96,851
  13  Bad debt:
  14      Signature loan bad debt            13,187         14,556
  15      Auto title loan bad debt              780             49
                                                ---
  16          Total bad debt                 13,967         14,605
                                             ------
  17  Net revenue                           222,636        173,425
  18
  19  Operations expense                    116,386         98,122
  20  Administrative expense                 25,780         20,205
  21  Depreciation and amortization           6,929          6,217
       (Gain) / Loss on sale/disposal of
  22   assets                                   567           (821)
                                                ---
  23      Operating income                   72,974         49,702
  24
  25  Interest income                           (16)          (198)
  26  Interest expense                          760            636
       Equity in net income of
  27   unconsolidated affiliates             (4,589)        (2,312)
  28  Other                                      (3)            27
  29  Income before income taxes             76,822         51,549
  30  Income tax expense                     27,342         18,401
                                             ------
  31  Net income                            $49,480        $33,148
                                            =======
  32
  33  Net income per share, diluted           $1.00          $0.71
                                              =====
  34  Weighted average shares, diluted       49,486         46,939
  35
  36
  37
  38  OTHER DATA:
  ---
         Gross margin on merchandise sales
  39                      (lines (2-10)/2)     37.6%          38.3%
         Gross margin on jewelry scrapping
  40                sales (lines (3-11)/3)     37.0%          33.9%
       Gross margin on total sales (lines
  41   ((2+3)-12)/(2+3))                       37.4%          36.9%
  42
        Signature loan bad debt as percent
  43                  of fees (lines 14/5)     18.8%          21.5%
       Auto title loan bad debt as percent
  44                  of fees (lines 15/6)     11.1%           7.7%
  45
  46  Annualized inventory turnover             3.9            3.6
  47
            Operating income margin (lines
  48                                23/17)     32.8%          28.7%





                                             Increase       Percent
                                            (Decrease)      Change
                                            ----------      ------
  1   Revenues:
  2       Merchandise sales                  $19,708         18.6
  3       Jewelry scrapping sales             25,928         54.3
  4       Pawn service charges                19,206         32.1
  5       Signature loan fees                  2,726          4.0
  6       Auto title loan fees                 6,422       1009.7
  7       Other                                2,464         78.0
  8           Total revenues                  76,454         26.8
  9   Cost of goods sold:
  10      Cost of merchandise sales           13,055         20.0
  11      Cost of jewelry scrapping sales     14,826         47.0
                                              ------
  12          Total cost of goods sold        27,881         28.8
  13  Bad debt:
  14      Signature loan bad debt             (1,369)        (9.4)
  15      Auto title loan bad debt               731       1491.8
                                                 ---
  16          Total bad debt                    (638)        (4.4)
                                               -----
  17  Net revenue                             49,211         28.4
  18
  19  Operations expense                      18,264         18.6
  20  Administrative expense                   5,575         27.6
  21  Depreciation and amortization              712         11.5
       (Gain) / Loss on sale/disposal of
  22   assets                                  1,388      (169.1)
                                               -----
  23      Operating income                    23,272         46.8
  24
  25  Interest income                            182        (91.9)
  26  Interest expense                           124         19.5
       Equity in net income of
  27   unconsolidated affiliates              (2,277)        98.5
  28  Other                                      (30)     (111.1)
  29  Income before income taxes              25,273         49.0
  30  Income tax expense                       8,941         48.6
                                               -----
  31  Net income                             $16,332         49.3
                                             =======
  32
  33  Net income per share, diluted            $0.29         41.6
                                               =====
  34  Weighted average shares, diluted
  35
  36                                            Amount or
                                             Percentage Point
  37                                                                (ppt)
  38  OTHER DATA:                          Increase (Decrease)
  ---                                          -----------
         Gross margin on merchandise sales
  39                      (lines (2-10)/2)      (0.7)     ppts
         Gross margin on jewelry scrapping
  40                sales (lines (3-11)/3)       3.1      ppts
       Gross margin on total sales (lines
  41   ((2+3)-12)/(2+3))                         0.5      ppts
  42
        Signature loan bad debt as percent
  43                  of fees (lines 14/5)      (2.7)     ppts
       Auto title loan bad debt as percent
  44                  of fees (lines 15/6)       3.4      ppts
  45
  46  Annualized inventory turnover              0.3
  47
            Operating income margin (lines
  48                                23/17)       4.1      ppts



                           EZCORP, Inc.
       Highlights of Consolidated Balance Sheets (Unaudited)
      (in thousands, except per share data and store counts)

                                                          March 31,
                                                         2010         2009
                                                         ----         ----
  1    Assets:
  2      Current assets:
  3        Cash and cash equivalents                  $51,192      $55,244
  4        Pawn loans                                  89,040       79,359
  5        Signature loans, net                         7,287        6,420
  6        Auto title loans, net                        1,939          874
  7        Pawn service charges receivable, net        16,353       14,551
  8        Signature loan fees receivable, net          4,607        4,417
  9        Auto title loan fees receivable, net           850           72
  10       Inventory, net                              56,403       56,025
  11       Deferred tax asset                          15,673       15,826
  12       Federal income taxes receivable             13,414          495
  13       Prepaid expenses and other assets           15,625       13,574
  14            Total current assets                  272,383      246,857
  15
  16     Investments in unconsolidated affiliates      90,854       34,725
  17     Property and equipment, net                   54,044       48,206
  18     Deferred tax asset, non-current                5,318        8,452
  19     Goodwill                                     101,456       99,008
  20     Other assets, net                             22,223       17,533
  21          Total assets                           $546,278     $454,781
                                                     ========
  22   Liabilities and stockholders' equity:
  23     Current liabilities:
  24       Current maturities of long-term debt       $10,000      $10,000
           Accounts payable and other accrued
  25        expenses                                   38,592       30,457
  26       Customer layaway deposits                    4,487        4,345
  27            Total current liabilities              53,079       44,802
  28
  29     Long-term debt, less current maturities       20,000       30,000
         Deferred gains and other long-term
  30      liabilities                                   2,735        3,462
  31     Total stockholders' equity                   470,464      376,517
                                                      -------
              Total liabilities and stockholders'
  32           equity                                $546,278     $454,781
                                                    =========
  33
  34   Pawn loan balance per ending pawn store           $198         $191
  35   Inventory per ending pawn store                   $125         $135
  36   Book value per share                             $9.57        $7.75
  37   Tangible book value per share                    $7.18        $5.38
  38   Pawn store count - end of period                   450          416
        Signature loan store count -end of
  39    period                                            482          482
  40   Shares outstanding - end of period              49,163       48,597



                                       EZCORP, Inc.
                          Operating Segment Results (Unaudited)
                     (in thousands, except store counts and percents)

                                            U.S. Pawn         Empeno
    Three months ended March 31, 2010:     Operations          Facil
                                           ----------          -----
  1      Revenues:
  2          Sales                           $94,364         $4,895
  3          Pawn service charges             36,256          2,050
  4          Signature loan fees                 434              -
  5          Auto title loan fees                427              -
  6          Other                             3,243            126
  7              Total revenues              134,724          7,071
  8
  9      Cost of goods sold                  58,541          3,597
  10     Signature loan bad debt                101              -
  11     Auto title loan bad debt                52              -
                                                 ---
  12             Net revenues                 76,030          3,474
  13
  14     Operations expense                  39,912          2,573
                                              ------
  15             Store operating income      $36,118           $901
                                                               ====
  16
           Gross margin on total sales
  17                   (lines (2-9)/2)         38.0%          26.5%
          Annualized inventory
  18      turnover                              4.1            5.2
            Signature loan bad debt as
                percent of fees (lines
  19                             10/4)         23.3%           N/A
           Auto title loan bad debt as
                percent of fees (lines
  20                             11/5)         12.2%           N/A
               Operating income margin
  21                     (lines 15/12)         47.5%          25.9%
          Pawn store count -end of
  22      period                                371             79
          Signature loan store count -
  23      end of period                           6              -
  24
  25
          Three months ended March 31,
  26      2009:
  27     Revenues:
  28         Sales                           $86,809         $2,204
  29         Pawn service charges             32,265          1,251
  30         Signature loan fees                 557              -
  31         Auto title loan fees                351              -
  32         Other                             1,728              -
  33             Total revenues              121,710          3,455
  34
  35     Cost of goods sold                  55,071          1,355
  36     Signature loan bad debt                108              -
  37     Auto title loan bad debt                36              -
                                                 ---
  38             Net revenues                 66,495          2,100
  39
  40     Operations expense                  38,369          1,297
                                              ------
  41             Store operating income      $28,126           $803
                                                               ====
  42
           Gross margin on total sales
  43                (lines (28-35)/28)         36.6%          38.5%
          Annualized inventory
  44      turnover                              3.8            2.1
            Signature loan bad debt as
                percent of fees (lines
  45                            36/30)         19.4%           N/A
           Auto title loan bad debt as
                percent of fees (lines
  46                            37/31)         10.3%           N/A
               Operating income margin
  47                     (lines 41/38)         42.3%          38.2%
          Pawn store count -end of
  48      period                                371             45
          Signature loan store count -
  49      end of period                           6              -





                                             EZMONEY
    Three months ended March 31, 2010:     Operations      Consolidated
                                           ----------      ------------
  1      Revenues:
  2          Sales                              $52           $99,311
  3          Pawn service charges                 -            38,306
  4          Signature loan fees             31,208            31,642
  5          Auto title loan fees             3,529             3,956
  6          Other                                -             3,369
  7              Total revenues              34,789           176,584
  8
  9      Cost of goods sold                     24            62,162
  10     Signature loan bad debt             4,296             4,397
  11     Auto title loan bad debt              268               320
                                                ---
  12             Net revenues                30,201           109,705
  13
  14     Operations expense                 15,720            58,205
                                             ------
  15             Store operating income     $14,481           $51,500
                                                              =======
  16
           Gross margin on total sales
  17                   (lines (2-9)/2)        53.8%             37.4%
          Annualized inventory
  18      turnover                             N/A               4.2
            Signature loan bad debt as
                percent of fees (lines
  19                             10/4)        13.8%             13.9%
           Auto title loan bad debt as
                percent of fees (lines
  20                             11/5)         7.6%              8.1%
               Operating income margin
  21                     (lines 15/12)        47.9%             46.9%
          Pawn store count -end of
  22      period                                 -               450
          Signature loan store count -
  23      end of period                        476               482
  24
  25
          Three months ended March 31,
  26      2009:
  27     Revenues:
  28         Sales                               $-           $89,013
  29         Pawn service charges                 -            33,516
  30         Signature loan fees             31,037            31,594
  31         Auto title loan fees                64               415
  32         Other                                -             1,728
  33             Total revenues              31,101           156,266
  34
  35     Cost of goods sold                      -            56,426
  36     Signature loan bad debt             4,964             5,072
  37     Auto title loan bad debt                6                42
                                                ---
  38             Net revenues                26,131            94,726
  39
  40     Operations expense                 14,962            54,628
                                             ------
  41             Store operating income     $11,169           $40,098
                                                              =======
  42
           Gross margin on total sales
  43                (lines (28-35)/28)         N/A              36.6%
          Annualized inventory
  44      turnover                             N/A               3.8
            Signature loan bad debt as
                percent of fees (lines
  45                            36/30)        16.0%             16.1%
           Auto title loan bad debt as
                percent of fees (lines
  46                            37/31)         9.4%             10.1%
               Operating income margin
  47                     (lines 41/38)        42.7%             42.3%
          Pawn store count -end of
  48      period                                 -               416
          Signature loan store count -
  49      end of period                        476               482



                                       EZCORP, Inc.
                          Operating Segment Results (Unaudited)
                     (in thousands, except store counts and percents)

                                            U.S. Pawn        Empeno
    Six months ended March 31, 2010:       Operations         Facil
                                           ----------         -----
  1      Revenues:
  2          Sales                          $190,398        $8,767
  3          Pawn service charges             75,197         3,906
  4          Signature loan fees                 987             -
  5          Auto title loan fees                902             -
  6          Other                             5,410           215
  7              Total revenues              272,894        12,888
  8
  9      Cost of goods sold                 118,271         6,430
  10     Signature loan bad debt                287             -
  11     Auto title loan bad debt               122             -
                                                 ---
  12             Net revenues                154,214         6,458
  13
  14     Operations expense                  80,111         4,737
                                              ------
  15             Store operating income      $74,103        $1,721
                                                            ======
  16
           Gross margin on total sales
  17                   (lines (2-9)/2)         37.9%         26.7%
          Annualized inventory
  18      turnover                              3.9           4.5
            Signature loan bad debt as
                percent of fees (lines
  19                             10/4)         29.1%          N/A
           Auto title loan bad debt as
                percent of fees (lines
  20                             11/5)         13.5%          N/A
               Operating income margin
  21                     (lines 15/12)         48.1%         26.6%
          Pawn store count -end of
  22      period                                371            79
          Signature loan store count -
  23      end of period                           6             -
  24
  25
          Six months ended March 31,
  26      2009:
  27     Revenues:
  28         Sales                          $148,975        $4,618
  29         Pawn service charges             57,149         2,748
  30         Signature loan fees               1,243             -
  31         Auto title loan fees                561             -
  32         Other                             3,160             1
  33             Total revenues              211,088         7,367
  34
  35     Cost of goods sold                  94,010         2,841
  36     Signature loan bad debt                344             -
  37     Auto title loan bad debt                42             -
                                                 ---
  38             Net revenues                116,692         4,526
  39
  40     Operations expense                  65,045         2,583
                                              ------
  41             Store operating income      $51,647        $1,943
                                                            ======
  42
           Gross margin on total sales
  43                (lines (28-35)/28)         36.9%         38.5%
          Annualized inventory
  44      turnover                              3.7           2.1
            Signature loan bad debt as
                percent of fees (lines
  45                            36/30)         27.7%          N/A
           Auto title loan bad debt as
                percent of fees (lines
  46                            37/31)          7.5%          N/A
               Operating income margin
  47                     (lines 41/38)         44.3%         42.9%
          Pawn store count -end of
  48      period                                371            45
          Signature loan store count -
  49      end of period                           6             -





                                             EZMONEY
    Six months ended March 31, 2010:       Operations       Consolidated
                                           ----------       ------------
  1      Revenues:
  2          Sales                               $64          $199,229
  3          Pawn service charges                  -            79,103
  4          Signature loan fees              69,333            70,320
  5          Auto title loan fees              6,156             7,058
  6          Other                                 -             5,625
  7              Total revenues               75,553           361,335
  8
  9      Cost of goods sold                      31           124,732
  10     Signature loan bad debt             12,900            13,187
  11     Auto title loan bad debt               658               780
                                                 ---
  12             Net revenues                 61,964           222,636
  13
  14     Operations expense                  31,538           116,386
                                              ------
  15             Store operating income      $30,426          $106,250
                                                               =======
  16
           Gross margin on total sales
  17                   (lines (2-9)/2)         51.6%             37.4%
          Annualized inventory
  18      turnover                              N/A               3.9
            Signature loan bad debt as
                percent of fees (lines
  19                             10/4)         18.6%             18.8%
           Auto title loan bad debt as
                percent of fees (lines
  20                             11/5)         10.7%             11.1%
               Operating income margin
  21                     (lines 15/12)         49.1%             47.7%
          Pawn store count -end of
  22      period                                  -               450
          Signature loan store count -
  23      end of period                         476               482
  24
  25
          Six months ended March 31,
  26      2009:
  27     Revenues:
  28         Sales                                $-          $153,593
  29         Pawn service charges                  -            59,897
  30         Signature loan fees              66,351            67,594
  31         Auto title loan fees                 75               636
  32         Other                                 -             3,161
  33             Total revenues               66,426           284,881
  34
  35     Cost of goods sold                       -            96,851
  36     Signature loan bad debt             14,212            14,556
  37     Auto title loan bad debt                 7                49
                                                 ---
  38             Net revenues                 52,207           173,425
  39
  40     Operations expense                  30,494            98,122
                                              ------
  41             Store operating income      $21,713           $75,303
                                                               =======
  42
           Gross margin on total sales
  43                (lines (28-35)/28)          N/A              36.9%
          Annualized inventory
  44      turnover                              N/A               3.6
            Signature loan bad debt as
                percent of fees (lines
  45                            36/30)         21.4%             21.5%
           Auto title loan bad debt as
                percent of fees (lines
  46                            37/31)          9.3%              7.7%
               Operating income margin
  47                     (lines 41/38)         41.6%             43.4%
          Pawn store count -end of
  48      period                                  -               416
          Signature loan store count -
  49      end of period                         476               482

First Call Analyst:
FCMN Contact: connie_moore@ezcorp.com

Photo: http://www.newscom.com/cgi-bin/prnh/20090713/EZCORPLOGO
http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com

SOURCE: EZCORP, Inc.

CONTACT: Brad Wolfe of EZCORP, Inc., +1-512-314-2289

Web Site: http://www.ezcorp.com/

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