SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of Earliest Event Reported): JANUARY 20, 2005 EZCORP, INC. (Exact name of registrant as specified in its charter) DELAWARE 0-19424 74-2540145 (State or other jurisdiction of (Commission File Number) (I.R.S. Employer incorporation) Identification No.) 1901 CAPITAL PARKWAY AUSTIN, TEXAS 78746 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (512) 314-3400 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION This information set forth under "Item 2.02. Results Of Operations And Financial Condition," including the Exhibit attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities and Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing. On January 20, 2005, EZCORP, Inc. issued a press release announcing its revised results of operations and financial condition for the quarter ended December 31, 2004. A copy of the press release is attached hereto as Exhibit 99. ITEM 9.01. EXHIBITS.
SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. EZCORP, INC. (Registrant) Date: January 20, 2005 By: /s/ Daniel N. Tonissen ------------------------ (Signature) Senior Vice President, Chief Financial Officer, and Director
EXHIBIT INDEX
EXHIBIT 99 EZCORP ANNOUNCES 66% EARNINGS GROWTH FOR FIRST QUARTER AUSTIN, TEXAS (JANUARY 20, 2005) -- EZCORP, Inc. (Nasdaq/NM: EZPW) announced today results for its fiscal first quarter, which ended December 31, 2004. For the quarter ended December 31, 2004, EZCORP's net income improved sixty-six percent to $4,949,000 (thirty-seven cents per share) compared to $2,990,000 (twenty-three cents per share) for the 2004 first fiscal quarter. Total revenues for the quarter increased thirteen percent over the prior year period to $61,628,000 with sales, pawn loan and payday loan revenues up eight, seven and seventy-one percent respectively. During the quarter, the Company sold a portfolio of old payday loan bad debt for approximately $905,000. Excluding the benefit of this sale, net income for the quarter would have increased forty-six percent to $4,370,000 (thirty-three cents per share). Commenting on these results, President and Chief Executive Officer, Joe Rotunda, stated, "The quarter was an excellent start to our 2005 fiscal year. Earnings were strong and exceeded our previously announced guidance. The earnings growth was driven by year over year increases in sales and lending revenues and improvements in our payday loan collections. For the quarter, our net defaults measured as a percent of loans made during the quarter improved to 4.9%, excluding the sale of old bad debt, compared to 5.6% for the same period a year ago. Rotunda continued, "During the quarter, we opened forty EZMoney Payday Loans locations bringing our total store fronts, including our 280 EZPawns, to 445. We are on track with our expectation to open 120 to 140 EZMoney locations this fiscal year. Rotunda concluded, "We expect our second quarter earnings to be in the range of twenty-seven to thirty cents per share compared to twenty-three cents for the fiscal 2004 second quarter. For our 2005 fiscal year, we are raising our guidance to $1.00 to $1.05 per share compared to earlier guidance of ninety to ninety-five cents and fiscal 2004's seventy cents per share." EZCORP meets the short-term cash needs of the cash and credit constrained consumer by offering convenient, non-recourse loans collateralized by tangible personal property, commonly known as pawn loans, and short-term non-collateralized loans, often referred to as payday loans. The Company also sells merchandise, primarily collateral forfeited from its pawn lending operations, to consumers looking for good value. As of December 31, 2004, the Company operated 280 EZPAWN and 165 EZMONEY Payday Loans locations, 128 of which adjoin an EZPAWN location.
This announcement contains certain forward-looking statements regarding the Company's expected performance for future periods including, but not limited to, new store expansion and expected future earnings. Actual results for these periods may materially differ from these statements. Such forward-looking statements involve risks and uncertainties such as changing market conditions in the overall economy and the industry, consumer demand for the Company's services and merchandise, changes in regulatory environment, and other factors periodically discussed in the Company's annual, quarterly and other reports filed with the Securities and Exchange Commission. You are invited to listen to a conference call discussing these results on January 20, 2005 at 3:30pm Central Standard Time. The conference call can be accessed over the Internet (or replay it at your convenience) at the following address. http://phx.corporate-ir.net/playerlink.zhtml?c=69434&s=wm&e=997984 For additional information, contact Investor Relations at (512) 314-2220 or Dan Tonissen at (512) 314-2289.
EZCORP, INC. HIGHLIGHTS OF CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share data) - --------------------------------------------------------------------------------
EZCORP, INC. HIGHLIGHTS OF CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except per share data and store counts) - --------------------------------------------------------------------------------