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EZCORP REPORTS 2013 REVENUES OF MORE THAN $1 BILLION

Nov 7, 2013

AUSTIN, Texas, Nov. 7, 2013 /PRNewswire/ -- EZCORP, Inc. (NASDAQ: EZPW), a leading provider of easy cash solutions for consumers, announced that for the fiscal year ended September 30, 2013, total revenues  were $1.01 billion, a record for the company. Net income from continuing operations attributable to EZCORP was $57 million.

EZCORP's core lending and retail businesses in the United States and Latin America showed continued strength, highlighted by the following:

  • Merchandise sales in the U.S. increased 7% during the year, as the company continued to diversify its retail channels.  Online sales, primarily of general merchandise, totaled $19 million during the year, and now account for 8% of general merchandise retail sales in the U.S.
  • Total loan balances in the company's U.S. Financial Services division (including online loans) were up 29%, including 23% growth in storefront loans. Loan fees were up 7%, offsetting the negative impact of various regulatory changes that reduced net income by $7 million.
  • Latin America's segment contribution improved 40% during the year, after normalizing the prior year's results for a $16 million positive purchase accounting adjustment.  This significant growth was driven by strong performance in the company's Mexico payroll withholding lending business (Grupo Finmart), where loan balances increased 46% during the year and total revenues increased 89%.

For the fiscal year, the combined effect of reduced gold volumes and the gold price decline had a $31 million negative impact on the company's after tax earnings. The company's fiscal year results also included $35 million of one-time charges, including an impairment charge of $29 million on the company's long-term investment in Albemarle & Bond Holdings, PLC, a gold and jewelry pawnbroker in the U.K.  In addition, investments in long-term growth initiatives (including the company's online lending businesses in the U.S. and the U.K. and denovo growth) further negatively impacted earnings by $20 million.

The following metrics refer to continuing operations, unless otherwise noted. 

Consolidated Financial Highlights — Fiscal Year ended September 30, 2013 versus the prior year

 

  • Total revenues exceeded $1 billion, a record for the company. Excluding jewelry scrapping, total revenues grew 14%, driven by a 24% increase in consumer loan fees, an 11% increase in merchandise sales, and an 8% increase in pawn service charges.
  • Net income from continuing operations attributable to EZCORP was $57 million, while diluted earnings per share from continuing operations attributable to EZCORP were $1.06.
  • Cash and cash equivalents, including restricted cash, were $42 million at year-end, with long-term debt of  $246 million, including $105 million of Grupo Finmart third-party debt, which is non-recourse to EZCORP.
  • Net earning assets, including discontinued operations, were $466 million, a 20% increase over last year.  Net earning assets consist of pawn loans, consumer loans and inventory on the balance sheet, combined with CSO loans not on the balance sheet, net of reserves.  The growth in net earnings assets was driven by a 35% increase in loan balances in our combined financial services businesses, and a 13% increase in earning assets related to our pawn and retail businesses.

Fiscal Year 2013 Business Review

U.S. & Canada

  • Storefront Growth — At year end, the company operated over 1,000 locations in 26 states.  During the year, the company opened 84 de novo stores, and acquired 12 stores in key markets.
  • Pawn —
    • Pawn loan balances increased to $143 million from $141 million for the prior year, and revenues from pawn service charges increased 5% in total and 2% on a same store basis. General merchandise loan balances grew by 11%, while jewelry loan balances declined 6%.
    • Overall merchandise sales were up 7% in total and 3% on a same store basis. General merchandise sales increased 10% in total and 6% on a same store basis. The company's online retail channel continued to grow, and reported $19 million in revenues primarily in general merchandise sales, for the fiscal year. During the year, jewelry sales decreased 1% in total and 4% on a same store basis. However, in the fourth quarter, jewelry sales increased 18% in total and 14% on a same store basis, reflecting our previously announced strategy to sell more gold through our retail channel and scrap less.
    • Gross margin on merchandise sales was 41%, down 130 basis points from last year. This decrease was driven by a higher mix of general merchandise sales as general merchandise gross margin remained flat at 40% while gross margin on jewelry sales was 45%.
    • The overall redemption rate was 83%, up 80 basis points, driven by a jewelry redemption rate of 86%, up 150 basis points. Redemption rates for general merchandise were at unchanged at 76%.
  • Financial Services (Storefront and Online) —
    • Total loan balances (including CSO loans not on the balance sheet) were $51 million, up 29%, driven by a 70% increase in second generation loan products (such as installment and other multiple payment products and auto title loans). Storefront loan growth was strong as well, increasing 23%.
    • Loan fees were $175 million, up 7%, as a result of new products in existing stores, storefront growth, and new fees from the U.S. online lending channel.
    • Bad debt as a percentage of fees was 25%, an increase of 300 basis points as we attracted new customers and our customers transitioned to our new multi-payment products, including auto title and our online channel.
    • The U.S. online business's loan book continues to grow and at year end was $2 million, net of reserves. While this business negatively impacted segment contribution in 2013, it is expected to make a positive contribution in fiscal 2014.

Latin America

The Latin America segment contribution was $27 million, a 40% increase over the prior year after normalizing for the prior year's purchase accounting adjustments. This increase was driven by strong performance at Grupo Finmart, the company's payroll withholding lending division.

  • Payroll Withholding Lending — 
    • Total loan balances at Grupo Finmart at the end of the year were $107 million, up 46%.
    • Total revenue was $52 million, an increase of 89%, as a result of better contract terms and better penetration. Net revenues, including a credit for aged consumer loans that were sold, were $53 million. Absent this credit, bad debt as a percentage of fees was approximately 2%.
    • Grupo Finmart ended the year with 72 active convenios, compared to 67 at the end of last year. Contract penetration across all convenios was 6% for the year, compared to 3% in the prior year.
  • Pawn —  
    •  Empeno Facil, the company's Mexico pawn operation, opened 66 locations during the year and operated 239 stores at the end of the year. As previously announced, the company closed 57 legacy, gold-only stores during the year, which is a part of the discontinued operations charge.
    • Pawn loan balances at year-end were $14 million, a 10% decrease from the prior year-end. General merchandise loan balances were down 4%, while jewelry loan balances decreased 31%. General merchandise loans now comprise 92% of Empeno Facil's pawn loan portfolio, up from 89% last year.
    • Revenue from pawn service charges increased 29% in total and 10% on a same store basis.
    • Merchandise sales increased 40% in total and 10% on a same store basis. Gross margin on merchandise sales was 39%, down 700 basis points from a year ago, reflecting a much more competitive lending and selling marketplace.

Other International

  • At fiscal year end, after reviewing the valuation of our holdings in Albemarle & Bond Holdings PLC, we recognized an impairment charge of $43 million ($29 million net of tax). 
  • Cash Genie, the company's online lending operation in the U.K., performed well during the second and third quarters of the year, but a poorly executed introduction of an installment loan product caused performance to deteriorate in the fourth quarter. The company took rapid action to improve performance and is on track to return to profitability in fiscal 2014.

CEO Commentary

Paul Rothamel, EZCORP's President and Chief Executive Officer, stated: "Obviously, we are disappointed with our financial results in 2013, particularly after posting three straight years of record revenue and net income. We are committed to improving the operational performance of our existing businesses, including our recently acquired online lending businesses. We are confident that our consistent execution against that commitment will ensure that we will deliver superior long-term value to our shareholders."

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 instant cash solutions to our customers across channels, products, services and markets. With approximately 7,800 teammates 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 payroll deduction 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 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.

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

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 September 30,

 

Fiscal Year Ended September 30,

 

2013

 

2012

 

2013

 

2012

Revenues:

             

Merchandise sales

$

87,504

   

$

76,793

   

$

368,766

   

$

333,064

 

Jewelry scrapping sales

18,123

   

55,415

   

131,702

   

202,481

 

Pawn service charges

63,542

   

62,658

   

251,354

   

233,538

 

Consumer loan fees

65,185

   

57,087

   

248,304

   

200,681

 

Other revenues

12

   

2,008

   

10,181

   

5,359

 

Total revenues

234,366

   

253,961

   

1,010,307

   

975,123

 

Merchandise cost of goods sold

53,906

   

43,016

   

218,617

   

190,637

 

Jewelry scrapping cost of goods sold

15,140

   

37,908

   

96,133

   

130,715

 

Consumer loan bad debt

20,377

   

12,101

   

54,873

   

39,370

 

Net revenues

144,943

   

160,936

   

640,684

   

614,401

 

Operating expenses:

             

Operations

104,879

   

88,334

   

414,225

   

336,348

 

Administrative

17,556

   

14,403

   

52,474

   

47,912

 

Depreciation

3,698

   

3,046

   

28,327

   

22,011

 

Amortization

5,233

   

1,956

   

5,233

   

1,956

 

Loss (gain) on sale or disposal of assets

1,214

   

(135)

   

1,434

   

(27)

 

Total operating expenses

132,580

   

107,604

   

501,693

   

408,200

 

Operating income

12,363

   

53,332

   

138,991

   

206,201

 

Interest expense (income)

4,139

   

(5,244)

   

15,166

   

(1,550)

 

Equity in net loss (income) of unconsolidated affiliates

1,613

   

(4,465)

   

(11,878)

   

(17,400)

 

Impairment of investments

44,598

   

   

44,598

   

 

Other income

(205)

   

(1,054)

   

(205)

   

(1,211)

 

(Loss) income from continuing operations before income taxes

(37,782)

   

64,095

   

91,310

   

226,362

 

Income tax (benefit) expense

(12,509)

   

18,588

   

29,575

   

71,252

 

(Loss) income from continuing operations, net of tax

(25,273)

   

45,507

   

61,735

   

155,110

 

Income (loss) from discontinued operations, net of tax

1,503

   

(1,366)

   

(23,310)

   

(4,533)

 

Net (loss) income

(23,770)

   

44,141

   

38,425

   

150,577

 

Net income from continuing operations attributable to redeemable noncontrolling interest

970

   

5,569

   

4,348

   

6,869

 

Net (loss) income attributable to EZCORP, Inc.

$

(24,740)

   

$

38,572

   

$

34,077

   

$

143,708

 
               

Diluted earnings (loss) per share attributable to EZCORP, Inc.:

             

Continuing operations

$

(0.48)

   

$

0.78

   

$

1.06

   

$

2.90

 

Discontinued operations

0.02

   

(0.03)

   

(0.43)

   

(0.09)

 

Diluted earnings per share

$

(0.46)

   

$

0.75

   

$

0.63

   

$

2.81

 
               

Weighted average shares diluted

54,310

   

51,394

   

53,737

   

51,133

 
               

Net (loss) income from continuing operations attributable to EZCORP, Inc.

$

(26,243)

   

$

39,938

   

$

57,387

   

$

148,241

 

Income (loss) from discontinued operations attributable to EZCORP, Inc.

1,503

   

(1,366)

   

(23,310)

   

(4,533)

 

Net (loss) income attributable to EZCORP, Inc.

$

(24,740)

   

$

38,572

   

$

34,077

   

$

143,708

 

 

 

EZCORP, Inc.
Highlights of Consolidated Balance Sheets (Unaudited)
(in thousands)

   
 

September 30,

 

2013

 

2012

 

(in thousands)

Assets:

     

Current assets:

     

Cash and cash equivalents

$

36,317

   

$

48,477

 

Restricted cash

3,312

   

1,145

 

Pawn loans

156,637

   

157,648

 

Consumer loans, net

64,515

   

34,152

 

Pawn service charges receivable, net

30,362

   

29,401

 

Consumer loan fees receivable, net

36,588

   

30,416

 

Inventory, net

145,200

   

109,214

 

Deferred tax asset

13,825

   

14,984

 

Income tax receivable

10,694

   

10,511

 

Prepaid expenses and other assets

34,217

   

45,451

 

Total current assets

531,667

   

481,399

 

Investments in unconsolidated affiliates

97,085

   

126,066

 

Property and equipment, net

116,281

   

108,131

 

Restricted cash, non-current

2,156

   

4,337

 

Goodwill

428,508

   

374,663

 

Intangible assets, net

61,872

   

45,185

 

Non-current consumer loans, net

69,991

   

61,997

 

Deferred tax asset

13,625

   

 

Other assets, net

24,105

   

16,229

 

Total assets

$

1,345,290

   

$

1,218,007

 

Liabilities and stockholders' equity:

     

Current liabilities:

     

Current maturities of long-term debt

$

30,436

   

$

21,085

 

Current capital lease obligations

533

   

594

 

Accounts payable and other accrued expenses

79,967

   

64,104

 

Other current liabilities

22,337

   

14,821

 

Customer layaway deposits

8,628

   

7,238

 

Total current liabilities

141,901

   

107,842

 

Long-term debt, less current maturities

215,939

   

198,836

 

Long-term capital lease obligations

391

   

995

 

Deferred tax liability

   

7,922

 

Deferred gains and other long-term liabilities

17,140

   

13,903

 

Total liabilities

375,371

   

329,498

 

Temporary equity:

     

Redeemable noncontrolling interest

55,393

   

53,681

 

EZCORP, Inc. stockholders' equity

914,526

   

834,828

 

Total liabilities and stockholders' equity

$

1,345,290

   

$

1,218,007

 

 

 

EZCORP, Inc.
Operating Segment Results (Unaudited)
(in thousands)

   
 

Three Months Ended September 30, 2013

 

U.S. & Canada

 

Latin America

 

Other International

 

Consolidated

 

(in thousands)

Revenues:

             

Merchandise sales

$

72,944

   

$

14,560

   

$

   

$

87,504

 

Jewelry scrapping sales

14,385

   

3,738

   

   

18,123

 

Pawn service charges

56,573

   

6,969

   

   

63,542

 

Consumer loan fees

47,853

   

13,878

   

3,454

   

65,185

 

Other revenues

(356)

   

317

   

51

   

12

 

Total revenues

191,399

   

39,462

   

3,505

   

234,366

 

Merchandise cost of goods sold

44,211

   

9,695

   

   

53,906

 

Jewelry scrapping cost of goods sold

11,715

   

3,425

   

   

15,140

 

Consumer loan bad debt

15,732

   

911

   

3,734

   

20,377

 

Net revenues

119,741

   

25,431

   

(229)

   

144,943

 

Segment items:

           

 

Operations

84,828

   

16,013

   

4,038

   

104,879

 

Depreciation and amortization

4,567

   

1,866

   

125

   

6,558

 

Loss (gain) on sale or disposal of assets

82

   

(1)

   

   

81

 

Interest expense (income), net

9

   

3,074

   

(1)

   

3,082

 

Equity in net loss of unconsolidated affiliates

   

   

1,613

   

1,613

 

Impairment of investments

   

   

44,598

   

44,598

 

Other expense

2

   

20

   

222

   

244

 

Segment contribution (loss)

$

30,253

   

$

4,459

   

$

(50,824)

   

$

(16,112)

 

Corporate expenses:

             

Administrative

           

17,556

 

Depreciation and amortization

           

2,373

 

Loss on sale or disposal of assets

           

1,133

 

Interest expense, net

           

1,057

 

Other income

           

(449)

 

Loss from continuing operations before income taxes

           

(37,782)

 

Income tax benefit

           

(12,509)

 

Loss from continuing operations, net of tax

           

(25,273)

 

Income from discontinued operations, net of tax

           

1,503

 

Net loss

           

(23,770)

 

Net income attributable to redeemable noncontrolling interest

         

970

 

Net loss attributable to EZCORP, Inc.

           

$

(24,740)

 

 

 

 

EZCORP, Inc.
Operating Segment Results (Unaudited)
(in thousands)

   
 

Three Months Ended September 30, 2012

 

U.S. & Canada

 

Latin America

 

Other International

 

Consolidated

 

(in thousands)

Revenues:

             

Merchandise sales

$

64,990

   

$

11,803

   

$

   

$

76,793

 

Jewelry scrapping sales

52,653

   

2,762

   

   

55,415

 

Pawn service charges

55,778

   

6,880

   

   

62,658

 

Consumer loan fees

42,152

   

9,137

   

5,798

   

57,087

 

Other revenues

1,329

   

529

   

150

   

2,008

 

Total revenues

216,902

   

31,111

   

5,948

   

253,961

 

Merchandise cost of goods sold

36,451

   

6,565

   

   

43,016

 

Jewelry scrapping cost of goods sold

35,756

   

2,152

   

   

37,908

 

Consumer loan bad debt

10,735

   

(831)

   

2,197

   

12,101

 

Net revenues

133,960

   

23,225

   

3,751

   

160,936

 

Segment items:

           

 

Operations

75,718

   

9,478

   

3,138

   

88,334

 

Depreciation and amortization

3,717

   

(218)

   

93

   

3,592

 

(Gain) loss on sale or disposal of assets

(148)

   

14

   

   

(134)

 

Interest income, net

(23)

   

(6,262)

   

   

(6,285)

 

Equity in net income of unconsolidated affiliates

   

   

(4,465)

   

(4,465)

 

Other income

(993)

   

(7)

   

(54)

   

(1,054)

 

Segment contribution

$

55,689

   

$

20,220

   

$

5,039

   

$

80,948

 

Corporate expenses:

             

Administrative

           

14,403

 

Depreciation and amortization

           

1,410

 

Gain on sale or disposal of assets

           

(1)

 

Interest expense, net

           

1,041

 

Income from continuing operations before income taxes

           

64,095

 

Income tax expense

           

18,588

 

Income from continuing operations, net of tax

           

45,507

 

Loss from discontinued operations, net of tax

           

(1,366)

 

Net income

           

44,141

 

Net income attributable to redeemable noncontrolling interest

         

5,569

 

Net income attributable to EZCORP, Inc.

           

$

38,572

 

 

 

EZCORP, Inc.
Operating Segment Results (Unaudited)
(in thousands)

   
 

Year Ended September 30, 2013

 

U.S. & Canada

 

Latin America

 

Other International

 

Consolidated

 

(in thousands)

Revenues:

             

Merchandise sales

$

310,521

   

$

58,245

   

$

   

$

368,766

 

Jewelry scrapping sales

123,162

   

8,540

   

   

131,702

 

Pawn service charges

221,775

   

29,579

   

   

251,354

 

Consumer loan fees

174,726

   

50,461

   

23,117

   

248,304

 

Other revenues

5,113

   

3,197

   

1,871

   

10,181

 

Total revenues

835,297

   

150,022

   

24,988

   

1,010,307

 

Merchandise cost of goods sold

183,147

   

35,470

   

   

218,617

 

Jewelry scrapping cost of goods sold

88,637

   

7,496

   

   

96,133

 

Consumer loan bad debt

43,095

   

(113)

   

11,891

   

54,873

 

Net revenues

520,418

   

107,169

   

13,097

   

640,684

 

Segment items:

             

Operations

336,421

   

62,496

   

15,308

   

414,225

 

Depreciation and amortization

17,962

   

6,933

   

462

   

25,357

 

Loss on sale or disposal of assets

284

   

17

   

   

301

 

Interest expense (income), net

16

   

11,279

   

(2)

   

11,293

 

Equity in net income of unconsolidated affiliates

   

   

(11,878)

   

(11,878)

 

Impairment of investments

       

44,598

   

44,598

 

Other (income) expense

(3)

   

(218)

   

153

   

(68)

 

Segment contribution

$

165,738

   

$

26,662

   

$

(35,544)

   

$

156,856

 

Corporate expenses:

             

Administrative

           

52,474

 

Depreciation and amortization

           

8,203

 

Loss on sale or disposal of assets

           

1,133

 

Interest expense, net

           

3,873

 

Other income

           

(137)

 

Income from continuing operations before income taxes

           

91,310

 

Income tax expense

           

29,575

 

Income from continuing operations, net of tax

           

61,735

 

Loss from discontinued operations, net of tax

           

(23,310)

 

Net income

           

38,425

 

Net income attributable to redeemable noncontrolling interest

         

4,348

 

Net income attributable to EZCORP, Inc.

           

$

34,077

 

 

 

EZCORP, Inc.
Operating Segment Results (Unaudited)
(in thousands)

   
 

Year Ended September 30, 2012

 

U.S. & Canada

 

Latin America

 

Other International

 

Consolidated

 

(in thousands)

Revenues:

             

Merchandise sales

$

291,497

   

$

41,567

   

$

   

$

333,064

 

Jewelry scrapping sales

191,905

   

10,576

   

   

202,481

 

Pawn service charges

210,601

   

22,937

   

   

233,538

 

Consumer loan fees

163,896

   

26,901

   

9,884

   

200,681

 

Other revenues

3,759

   

1,292

   

308

   

5,359

 

Total revenues

861,658

   

103,273

   

10,192

   

975,123

 

Merchandise cost of goods sold

168,133

   

22,504

   

   

190,637

 

Jewelry scrapping cost of goods sold

122,604

   

8,111

   

   

130,715

 

Consumer loan bad debt

35,398

   

309

   

3,663

   

39,370

 

Net revenues

535,523

   

72,349

   

6,529

   

614,401

 

Segment items:

             

Operations

292,371

   

37,259

   

6,718

   

336,348

 

Depreciation and amortization

13,579

   

4,689

   

223

   

18,491

 

(Gain) loss on sale or disposal of assets

(261)

   

12

   

223

   

(26)

 

Interest income, net

(3)

   

(4,507)

   

(1)

   

(4,511)

 

Equity in net income of unconsolidated affiliates

   

   

(17,400)

   

(17,400)

 

Other income

(647)

   

(5)

   

(559)

   

(1,211)

 

Segment contribution

$

230,484

   

$

34,901

   

$

17,325

   

$

282,710

 

Corporate expenses:

             

Administrative

           

47,912

 

Depreciation and amortization

           

5,476

 

Gain on sale or disposal of assets

           

(1)

 

Interest expense, net

           

2,961

 

Income from continuing operations before income taxes

           

226,362

 

Income tax expense

           

71,252

 

Income from continuing operations, net of tax

           

155,110

 

Loss from discontinued operations, net of tax

           

(4,533)

 

Net income

           

150,577

 

Net income attributable to redeemable noncontrolling interest

         

6,869

 

Net income attributable to EZCORP, Inc.

           

$

143,708

 

 

 

EZCORP, Inc.
Store Count Activity

   
 

Fiscal Year Ended September 30, 2013

 

Company-owned Stores

   

Franchises

 

U.S. & Canada

 

Latin America

 

Other

International

 

Consolidated

   

Beginning of period

987

   

275

   

   

1,262

   

10

 

De novo

84

   

73

   

   

157

   

 

Acquired

12

   

26

   

   

38

   

 

Sold, combined or closed

(3)

   

(5)

   

   

(8)

   

(2)

 

Discontinued operations

(50)

   

(57)

   

   

(107)

   

 

End of period

1,030

   

312

   

   

1,342

   

8

 
                   
 

Fiscal Year Ended September 30, 2012

 
 

Company-owned Stores

   

Franchises

 

U.S. & Canada

 

Latin America

 

Other

International

 

Consolidated

   

Beginning of period

933

   

178

   

   

1,111

   

13

 

De novo

17

   

54

   

   

71

   

 

Acquired

51

   

45

   

   

96

   

 

Sold, combined or closed

(14)

   

(2)

   

   

(16)

   

(3)

 

End of period

987

   

275

   

   

1,262

   

10

 

SOURCE EZCORP, Inc.

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