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EZCORP REPORTS FISCAL FIRST QUARTER 2015 RESULTS

Jan 27, 2015

EZCORP, Inc. (NASDAQ: EZPW), a leading provider of easy cash solutions for consumers, today announced financial results for the fiscal first quarter ended December 31, 2014.

Total revenues were $252.6 million compared to $263.0 million for the same period last year. Net income from continuing operations attributable to EZCORP was $14.2 million or $0.26 per share as compared to $26.1 million or $0.48 per share in the same period a year earlier.

Mark Kuchenrither, EZCORP’s President and Chief Executive Officer, stated, “Our team delivered  a creditable performance in challenging trading conditions, with our Latin America operating segment delivering a strong performance. We continue to make progress on our operational excellence and growth initiatives with sound reductions in both administrative and operations expenses; the opening of 10 de novo locations (5 U.S. Pawn and 5 U.S. Financial Services); and the signing of a definitive agreement to acquire 12 pawn stores in the United States.”

“We recognize that as a financial services company, there has to be a continual focus on improving the quality of our balance sheet which is the key to improving profitability, and positioning the company for long-term growth,” continued Mr. Kuchenrither. “We have focused on growing a quality loan portfolio and increasing the velocity of inventory disposition by reducing our aged inventory. While sales unit numbers were up by 7% in the U.S., the focus on disposition activities led to a 1% growth in retail sales revenue with lower gross margins. U.S. pawn service charges were steady year-over-year despite strengthening economic conditions and lower gasoline prices. Scrap volumes were down 29% due to decreased gold inflow from both direct purchasing and lower collateral forfeitures. Empeño Fácil, our Mexico pawn business, outperformed expectations with pawn service charges up 12% in total, and 19% on a constant currency basis. Our U.S. financial services business, which has recently seen pressure from new lending ordinances in both Houston and El Paso, continues to diversify from both a product mix and geographic perspective. Our Latin America financial services operation, Grupo Finmart, experienced strong increases in new loan originations, which grew 37% on a constant-currency basis, and also had an improved bad debt experience.”

The strengthening of the U.S. dollar put pressure on year-over-year comparables on both income statement and balance sheet items, mostly with respect to our Latin America segment and the Mexican peso.  The average foreign exchange rate on the Mexican peso was 13.9 in the first quarter of fiscal 2015 versus 13.0 in the comparable period a year earlier, and the month-end foreign exchange rate on the peso was 14.7 at December 31, 2014 versus 13.1 a year earlier.

Net revenues were down by $13.5 million over the same quarter in the previous year, but a tight focus on efficiencies led to a 35% reduction in administrative expenses, from $15.7 million to $10.1 million. Operations expenses were down 1% to $103.7 million compared to $105.0 million for the same period in the prior year. Total operating expenses decreased by 5% when excluding the impact of a one-time $6.3 million gain on the sale of assets in the prior year's quarter, which had the effect of reducing operating expenses in the prior year quarter.

Interest expense was $9.0 million versus $4.5 million in the same quarter last year. Of the $4.5 million increase, $2.5 million (including a $2.3 million increase in non-cash interest) was as a result of the convertible bonds, which we issued in June 2014, and $1.9 million was related to Grupo Finmart due to increased borrowings.

 

U.S. & Canada Segment

Despite challenging trading conditions, performance in U.S. Pawn was consistent with the previous year, with gross margin pressure partially offset by stable pawn lending performance. In the Financial services business, while we continue to diversify away from cash advance products, performance was hampered by regulatory pressure.

Pawn —

• Pawn service charges were $57 million, up 1% on a same-store basis, despite strengthening economic conditions and lower gasoline prices. Pawn loan balances averaged $140.2 million during the quarter, flat in total year-over-year and up 1% on a same-store basis. General merchandise accounted for 40% of the product mix while jewelry was 60%, consistent with the prior year quarter.

• Merchandise sales unit volume increased 7% year-over-year to 1.5 million units, while revenue from merchandise sales increased 1% both in total and on a same-store basis.

• Redemption rates remained flat at 83%, with the general merchandise redemption rate at 76% versus 75% a year earlier, and the jewelry redemption rate unchanged at 87%.

• During the quarter we focused on growing a quality loan book and increasing the velocity of inventory disposition. We made significant strides in selling down aged inventory, as evidenced by an improvement in inventory turns.

* General merchandise inventory turns for items aged 361+ days was 3.2 times compared to 2.3 times for the same period in the prior year. On a quarter-over-quarter basis, general merchandise inventory aged 361+ days declined 10%.

* Jewelry inventory turns for items aged 361+ days were 1.8 times compared to 0.8 times in the same period a year earlier. On a quarter over quarter basis, jewelry inventory aged 361+ days was down 17%.

* As a result of our efforts to reshape the inventory profile and increase the velocity of inventory, gross margin on merchandise sales was 34% as compared to 40% in the prior year. We expect to reduce aged inventory through the remainder of the fiscal year, which will pressure gross margins until we complete this effort.

• In the quarter, we opened 5 pawn stores in the U.S., and have recently signed a definitive agreement to acquire 12 more pawn stores in the United States. 

Financial Services —

• Total loan balances including CSO loans, net of reserves, were $47.1 million at quarter-end, a 14% decrease over the same period last year.  Non-Texas balances were $22.8 million, a 4% decrease, while Texas loan balances were $24.3 million, down 22%. The Texas balances are largely affected by a 41% decrease in balances in ordinance markets. Houston and El Paso ordinances have been in effect for two quarters, and we expect year-over-year loan comparables will show similar trends for the next two quarters until we have a full year of operations under the new Houston and El Paso ordinances. 

• Non-Texas installment loan balances were up 7% over the same period last year, demonstrating a mix shift toward installment products. Likewise, installment loan balances in total, excluding ordinance markets, were up 2% as compared to the same quarter last year.

• Non-Texas consumer loan fees were $18.0 million, a 3% increase over the same period last year. Total consumer loan fees were $42.2 million, down 8% over the prior year, highlighting the negative impact on the results of new ordinances in Texas. Fees in ordinance cities declined 29% to $4.6 million, with most of the impact experienced in Houston and El Paso. 

• Bad debt expense as a percentage of fees was 34%, up 300 basis points over the prior year. Bad debt in auto title loans was 25%, down 200 basis points over the prior year as a result of adjusting our underwriting policies and procedures on auto title loans. Bad debt in installment products was 40%, up 700 basis points over the prior year quarter, and cash advance loan bad debt was 34%, an increase of 300 basis points over the prior year quarter. Both increases were predominantly in ordinance markets.

• During the quarter, we opened 5 de novo financial services stores in the U.S., including one in Texas and four in Tennessee. We remain committed to investing in disciplined growth of the Financial Services business.

 

Latin America Segment

We recorded strong performance in Latin America, with impressive increases in consumer loan originations and improvement in bad debt, and solid increases in both pawn service charges and pawn loan balances. The improvements were strong in both the translated and constant currency results.

Consumer Lending —

• New loan originations at Grupo Finmart were $21.9 million, a year-over-year increase of 28% in total and 37% on a constant currency basis.  Strength in new loan originations can be seen in both the growth in number of contracts and steady penetration rates at existing contracts.

• Structured asset sales resulted in approximately $6.6 million of gains (reported in “Consumer loan sales and other revenues”), up 43% as compared to the prior year and up 61% year-over-year on a constant currency basis.  Consumer loan and interest fees on the remaining loan portfolio were $10.1 million, a year-over-year decrease of 30% (25% on a constant currency basis), primarily the result of structured asset sales over the last year.

• Reflecting the improvement of the quality of the loan portfolio, bad debt expense as a percentage of fees declined to 9%, down 100 basis points over the prior year.

• We continue to manage the growth and cost of capital at Grupo Finmart and have reduced the overall cost of debt to 9%, down from 11% in the same quarter last year.  Total interest expense was up $1.9 million, up 57% year-over-year and 69% year-over-year on a constant currency basis, on a higher debt base.

Pawn —

▪ Performance at Empeño Fácil was strong, as we continued our focus on operational execution.  Pawn service charges were $7.9 million, a year-over-year increase of 12%, and 19% on a constant currency basis.  Average pawn loan balances of $15.7 million were up 15% year-over-year and 22% year-over-year on a constant currency basis.

• Total merchandise sales were $19.6 million, a year-over-year increase of 17% and 25% on a constant currency basis. Gross margin was 32%, as compared to 37% in the prior year which reflects our efforts to increase the velocity of inventory disposition consistent with our U.S. pawn operations.

• Despite lower redemption rates (76%, down 300 basis points year-over-year) and higher inventory levels, inventory turns held steady at 2.6 times.  Inventory turns for general merchandise held for one year or more were 3.2 times versus 1.5 times in the same period a year earlier. General merchandise items held for 361+ days were reduced by 43% quarter-over-quarter.

Other International Segment

• Income from the Other International segment was $2.2 million, up $0.9 million from a year earlier; the prior year incorporated a $1.2 million loss related to our Albemarle & Bond investment.

Discontinued Operations

• The first quarter includes $1.0 million in income from discontinued operations of our stand-alone online lending businesses in the U.S. and the U.K. as the wind-down collection experience was better than previously assumed.

Non-GAAP Financial Information

• In addition to the financial information prepared in conformity with generally accepted accounting principles in the United States of America ("GAAP"), we provide certain other non-GAAP financial information such as constant currency results ("constant currency"). Management believes that presentation of non-GAAP financial information is meaningful and useful in understanding the activities and business metrics of our Latin America operations, which are denominated in Mexican pesos. Management believes that these non-GAAP financial measures reflect an additional way of viewing aspects of our business that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting our business. Management provides non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated financial statements. Readers should consider the information in addition to, but not instead of or superior to, its financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes. 

• Constant currency results reported herein are calculated by translating balance sheet and income statement items denominated in Mexican pesos using the exchange rate from the prior-year comparable period, as opposed to the current comparable period, in order to exclude the effects of foreign currency rate fluctuations.  For balance sheet items, the end of the period rate at the end of the applicable prior-year period (December 31, 2013) of 13.1 to 1 was used, compared to the current end of period (December 31, 2014) exchange rate of 14.7 to 1.  For income statement items, the average closing daily exchange rate for the appropriate period was used.  The average exchange rate for the prior-year quarter ended December 31, 2013 was 13.0 to 1 compared to the current quarter rate of 13.9 to 1.

 

Conference Call

A webcast will be held today, January 27, 2015 at 4:00 p.m. (CT). Prior to the webcast, a slide presentation containing supplemental materials which will be referred to during the presentation, will be available on the company's website at http://investors.ezcorp.com/.

To participate in the webcast, log on to: http://edge.media-server.com/m/p/7hoxpmkv

An archive of the webcast will be available shortly after the call on the company's website at http://investors.ezcorp.com/.

 

 

About EZCORP

EZCORP is a leader in delivering easy cash solutions to our customers across channels, products, services and markets. With approximately 7,000 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 and Canada, and fee-based credit services to customers seeking loans. 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 750 stores that provide personal financial services and sell pre-owned merchandise.

Forward-Looking Statements

This announcement contains certain forward-looking statements regarding the company’s strategy, initiatives and expected performance. These statements are based on the company’s current expectations as to the outcome and timing of future events. All statements, other than statements of historical facts, including all statements regarding the company's strategy, initiatives and future performance, that address activities or results that the company plans, expects, believes, projects, estimates or anticipates will, should or may occur in the future, including future financial or operating results, are forward-looking statements. 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 operating risks, liquidity risks, legislative or regulatory developments, market factors or current or future litigation. 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. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

Contact:

Mark Trinske

Vice President, Investor Relations and Communications

EZCORP, Inc.

(512) 314-2220

Investor_Relations@ezcorp.com

http://investors.ezcorp.com/

 

 

 

EZCORP, Inc.

Condensed Consolidated Statements of Operations (Unaudited)

(in thousands, except per share data)

 

 

Three Months Ended December 31,

 

2014

 

 

2013

 

Revenues:

 

 

 

 

 

Merchandise sales

$

109,639

 

 

$

105,587

 

Jewelry scrapping sales

18,534

 

 

27,703

 

Pawn service charges

64,927

 

 

64,133

 

Consumer loan fees and interest

52,232

 

 

60,117

 

Consumer loan sales and other revenues

7,312

 

 

5,499

 

Total revenues

252,644

 

 

263,039

 

Merchandise cost of goods sold

72,388

 

 

63,588

 

Jewelry scrapping cost of goods sold

14,675

 

 

20,020

 

Consumer loan bad debt

15,251

 

 

15,574

 

Net revenues

150,330

 

 

163,857

 

Operating expenses:

 

 

 

 

 

Operations

103,656

 

 

104,955

 

Administrative

10,174

 

 

15,745

 

Depreciation

7,573

 

 

7,340

 

Amortization

1,457

 

 

1,365

 

Loss (gain) on sale or disposal of assets

259

 

 

(6,290

)

Total operating expenses

123,119

 

 

123,115

 

Operating income

27,211

 

 

40,742

 

Interest expense

8,958

 

 

4,530

 

Interest income

(525

)

 

(196

)

Equity in net income of unconsolidated affiliates

(2,194

)

 

(1,271

)

Other expense (income)

537

 

 

(168

)

Income from continuing operations before income taxes

20,435

 

 

37,847

 

Income tax expense

6,365

 

 

9,958

 

Income from continuing operations, net of tax

14,070

 

 

27,889

 

Income (loss) from discontinued operations, net of tax

1,043

 

 

(3,494

)

Net income

15,113

 

 

24,395

 

Net (loss) income from continuing operations attributable to redeemable noncontrolling interest

(147

)

 

1,826

 

Net income attributable to EZCORP, Inc.

$

15,260

 

 

$

22,569

 

 

 

 

 

 

 

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

 

 

 

 

 

Continuing operations

$

0.26

 

 

$

0.48

 

Discontinued operations

0.02

 

 

(0.06

)

Diluted earnings per share

$

0.28

 

 

$

0.42

 

 

 

 

 

 

 

Weighted average shares outstanding diluted

53,698

 

 

54,362

 

 

 

 

 

 

 

Net income from continuing operations attributable to EZCORP, Inc.

$

14,217

 

 

$

26,063

 

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

1,043

 

 

(3,494

)

Net income attributable to EZCORP, Inc.

$

15,260

 

 

$

22,569

 

 

EZCORP, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

 

 

December 31, 2014

 

December 31, 2013

 

September 30, 2014

 

(Unaudited)

 

 

 

Assets:

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

77,599

 

 

$

38,486

 

 

$

56,329

 

Restricted cash

60,218

 

 

4,019

 

 

62,406

 

Pawn loans

150,930

 

 

153,421

 

 

162,444

 

Consumer loans, net

62,380

 

 

82,807

 

 

67,594

 

Pawn service charges receivable, net

30,241

 

 

30,842

 

 

31,044

 

Consumer loan fees and interest receivable, net

28,355

 

 

40,181

 

 

30,653

 

Inventory, net

133,986

 

 

142,711

 

 

139,419

 

Deferred tax asset

20,858

 

 

13,825

 

 

20,858

 

Prepaid income taxes

23,790

 

 

7,268

 

 

28,655

 

Prepaid expenses and other assets

34,195

 

 

42,895

 

 

76,959

 

Total current assets

622,552

 

 

556,455

 

 

676,361

 

Investments in unconsolidated affiliates

99,219

 

 

97,424

 

 

91,098

 

Property and equipment, net

104,353

 

 

114,539

 

 

105,900

 

Restricted cash, non-current

3,454

 

 

2,742

 

 

4,257

 

Goodwill

337,498

 

 

434,835

 

 

346,577

 

Intangible assets, net

60,739

 

 

65,178

 

 

64,624

 

Non-current consumer loans, net

36,449

 

 

60,750

 

 

40,442

 

Deferred tax asset

11,630

 

 

7,521

 

 

13,154

 

Other assets, net

75,489

 

 

29,685

 

 

61,058

 

Total assets

$

1,351,383

 

 

$

1,369,129

 

 

$

1,403,471

 

Liabilities and stockholders’ equity:

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current maturities of long-term debt

$

24,789

 

 

$

16,737

 

 

$

10,673

 

Current capital lease obligations

258

 

 

533

 

 

418

 

Accounts payable and other accrued expenses

80,314

 

 

77,619

 

 

97,213

 

Other current liabilities

6,000

 

 

11,106

 

 

8,595

 

Customer layaway deposits

5,133

 

 

5,782

 

 

8,097

 

Total current liabilities

116,494

 

 

111,777

 

 

124,996

 

Long-term debt, less current maturities

324,029

 

 

235,289

 

 

356,430

 

Long-term capital lease obligations

 

 

253

 

 

 

Deferred gains and other long-term liabilities

10,803

 

 

22,938

 

 

11,359

 

Total liabilities

451,326

 

 

370,257

 

 

492,785

 

Temporary equity:

 

 

 

 

 

 

 

 

Redeemable noncontrolling interest

31,868

 

 

57,578

 

 

35,498

 

EZCORP, Inc. stockholders’ equity

868,189

 

 

941,294

 

 

875,188

 

Total liabilities and stockholders’ equity

$

1,351,383

 

 

$

1,369,129

 

 

$

1,403,471

 

 

EZCORP, Inc.

Operating Segment Results (Unaudited)

(in thousands)

 

 

Three Months Ended December 31, 2014

 

U.S. & Canada

 

Latin America

 

Other International

 

Total Segments

 

Corporate Items

 

Consolidated

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Merchandise sales

$

90,059

 

 

$

19,580

 

 

$

 

 

$

109,639

 

 

$

 

 

$

109,639

 

Jewelry scrapping sales

17,127

 

 

1,407

 

 

 

 

18,534

 

 

 

 

18,534

 

Pawn service charges

57,035

 

 

7,892

 

 

 

 

64,927

 

 

 

 

64,927

 

Consumer loan fees and interest

42,162

 

 

10,070

 

 

 

 

52,232

 

 

 

 

52,232

 

Consumer loan sales and other revenues

420

 

 

6,892

 

 

 

 

7,312

 

 

 

 

7,312

 

Total revenues

206,803

 

 

45,841

 

 

 

 

252,644

 

 

 

 

252,644

 

Merchandise cost of goods sold

59,031

 

 

13,357

 

 

 

 

72,388

 

 

 

 

72,388

 

Jewelry scrapping cost of goods sold

13,414

 

 

1,261

 

 

 

 

14,675

 

 

 

 

14,675

 

Consumer loan bad debt

14,310

 

 

941

 

 

 

 

15,251

 

 

 

 

15,251

 

Net revenues

120,048

 

 

30,282

 

 

 

 

150,330

 

 

 

 

150,330

 

Operating expenses (income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations

84,746

 

 

18,910

 

 

 

 

103,656

 

 

 

 

103,656

 

Administrative

 

 

 

 

 

 

 

 

10,174

 

 

10,174

 

Depreciation

4,400

 

 

1,391

 

 

 

 

5,791

 

 

1,782

 

 

7,573

 

Amortization

71

 

 

419

 

 

 

 

490

 

 

967

 

 

1,457

 

Loss on sale or disposal of assets

3

 

 

256

 

 

 

 

259

 

 

 

 

259

 

Interest expense

8

 

 

5,206

 

 

 

 

5,214

 

 

3,744

 

 

8,958

 

Interest income

(17

)

 

(474

)

 

 

 

(491

)

 

(34

)

 

(525

)

Equity in net income of unconsolidated affiliates

 

 

 

 

(2,194

)

 

(2,194

)

 

 

 

(2,194

)

Other expense

3

 

 

390

 

 

 

 

393

 

 

144

 

 

537

 

Segment contribution

$

30,834

 

 

$

4,184

 

 

$

2,194

 

 

$

37,212

 

 

 

 

 

 

 

Income (loss) from continuing operations before income taxes

 

 

 

 

 

 

 

 

 

$

37,212

 

 

$

(16,777

)

 

$

20,435

 

EZCORP, Inc.

Operating Segment Results (Unaudited)

(in thousands)

 

 

Three Months Ended December 31, 2013

 

U.S. & Canada

 

Latin America

 

Other International

 

Total Segments

 

Corporate Items

 

Consolidated

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Merchandise sales

$

88,890

 

 

$

16,697

 

 

$

 

 

$

105,587

 

 

$

 

 

$

105,587

 

Jewelry scrapping sales

25,925

 

 

1,778

 

 

 

 

27,703

 

 

 

 

27,703

 

Pawn service charges

57,069

 

 

7,064

 

 

 

 

64,133

 

 

 

 

64,133

 

Consumer loan fees and interest

45,824

 

 

14,293

 

 

 

 

60,117

 

 

 

 

60,117

 

Consumer loan sales and other revenues

377

 

 

5,122

 

 

 

 

5,499

 

 

 

 

5,499

 

Total revenues

218,085

 

 

44,954

 

 

 

 

263,039

 

 

 

 

263,039

 

Merchandise cost of goods sold

53,047

 

 

10,541

 

 

 

 

63,588

 

 

 

 

63,588

 

Jewelry scrapping cost of goods sold

18,570

 

 

1,450

 

 

 

 

20,020

 

 

 

 

20,020

 

Consumer loan bad debt

14,183

 

 

1,391

 

 

 

 

15,574

 

 

 

 

15,574

 

Net revenues

132,285

 

 

31,572

 

 

 

 

163,857

 

 

 

 

163,857

 

Operating expenses (income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations

86,573

 

 

18,382

 

 

 

 

104,955

 

 

 

 

104,955

 

Administrative

 

 

 

 

 

 

 

 

15,745

 

 

15,745

 

Depreciation

4,244

 

 

1,459

 

 

 

 

5,703

 

 

1,637

 

 

7,340

 

Amortization

103

 

 

617

 

 

 

 

720

 

 

645

 

 

1,365

 

(Gain) loss on sale or disposal of assets

(6,318

)

 

6

 

 

 

 

(6,312

)

 

22

 

 

(6,290

)

Interest expense

5

 

 

3,320

 

 

 

 

3,325

 

 

1,205

 

 

4,530

 

Interest income

 

 

(172

)

 

 

 

(172

)

 

(24

)

 

(196

)

Equity in net income of unconsolidated affiliates

 

 

 

 

(1,271

)

 

(1,271

)

 

 

 

(1,271

)

Other income

 

 

(30

)

 

(29

)

 

(59

)

 

(109

)

 

(168

)

Segment contribution

$

47,678

 

 

$

7,990

 

 

$

1,300

 

 

$

56,968

 

 

 

 

 

 

 

Income (loss) from continuing operations before income taxes

 

 

 

 

 

 

 

 

 

$

56,968

 

 

$

(19,121

)

 

$

37,847

 

 

EZCORP, Inc.

Store Count Activity (Unaudited)

 

 

Three Months Ended December 31, 2014

 

Company-owned Stores

 

 

 

 

U.S. & Canada

 

Latin America

 

Other

International

 

Consolidated

 

Franchises

Beginning of period

1,044

 

 

314

 

 

 

 

1,358

 

 

5

 

De novo

10

 

 

3

 

 

 

 

13

 

 

 

Sold, combined or closed

 

 

(3

)

 

 

 

(3

)

 

(1

)

End of period

1,054

 

 

314

 

 

 

 

1,368

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31, 2013

 

Company-owned Stores

 

 

 

 

U.S. & Canada

 

Latin America

 

Other

International

 

Consolidated

 

Franchises

Beginning of period

1,030

 

 

312

 

 

 

 

1,342

 

 

8

 

De novo

5

 

 

4

 

 

 

 

9

 

 

 

Sold, combined or closed

(7

)

 

 

 

 

 

(7

)

 

(2

)

End of period

1,028

 

 

316

 

 

 

 

1,344

 

 

6

 

 

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