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EZCORP Announces Changes to Segment Reporting

AUSTIN, Texas, April 18, 2012 /PRNewswire/ --EZCORP, Inc. (Nasdaq: EZPW), a leading provider of instant cash solutions for consumers, today announced changes to its segment reporting. These changes will be effective beginning with the Company's second fiscal quarter ended March 31, 2012.

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

Previously, the Company reported segments based primarily on product offerings as follows:

  • US Pawn Operations - 468 stores in the U.S. offering primarily pawn, buy/sell and, in 74 cases, unsecured loans and/or auto title loans (or related credit services).
  • Empeno Facil - 205 stores in Mexico offering pawn and buy/sell.
  • EZMONEY Operations - 435 stores in the U.S. offering unsecured loans and/or auto title loans (or related credit services) and 67 stores in Canada offering a mix of unsecured loans and buy/sell.

The Company also owns almost 30% of Albemarle & Bond Holdings PLC (ABM.L) and approximately 33% of Cash Converters International Limited (CCV.ASX), each of which are accounted for under the equity accounting method. Additionally, in January 2012, the Company acquired 60% of Prestaciones Finmart, S.A.P.I. de C.V., SOFOM, E.N.R. (doing business under the name "Crediamigo"), an unsecured lending business in Mexico.

The Company's strategy includes both broadening its product offerings and expanding its geographic coverage through strategic partners. Many of its bricks and mortar locations now offer multiple products, including pawn, buy/sell, unsecured loans, auto title loans and the Change Card (the Company's branded, reloadable debit card offering). In addition, the Company is increasingly being organized and managed along geographic lines, with product offerings and channels based on local custom and regulation. The Company has concluded that segment reporting based on geography more closely aligns with its management organization and strategic direction. Accordingly, for periods ending after January 1, 2012, the Company will report segments as follows:

  • U.S. & Canada - All business activities in the United States and Canada.
  • Latin America - All business activities in Mexico and other parts of Latin America.
  • Other International - All business activities in the rest of the world (currently consisting of unsecured loans online in the U.K. and the Company's equity interests in the net income of Albemarle & Bond and Cash Converters International).

Where practical, expenses, including administrative expenses, depreciation and amortization, are allocated to segments. Interest is also allocated to segments where indebtedness is incurred at the local country level and is non-recourse to EZCORP. Expenses that cannot be allocated are included as corporate expenses.

In the tables below, the Company updated its segment reporting for all quarters of the fiscal year ended September 30, 2010, all quarters of the fiscal year ended September 30, 2011 and the quarter ended December 31, 2011:

EZCORP, Inc.

Operating Segment Results

(In Thousands)














Year Ended September 30, 2011




U.S. & Canada


Latin America


Other
International


Consolidated











Revenues:









Merchandise sales

$ 256,846


$ 25,237


$ -


$ 282,083


Jewelry scrapping sales

196,482


15,997


-


212,479


Pawn service charges

184,234


16,901


-


201,135


Consumer loan fees

171,951


-


-


171,951


Other

1,547


122


-


1,669



Total revenues

811,060


58,257


-


869,317











Merchandise cost of goods sold

147,388


14,672


-


162,060

Jewelry scrapping cost of goods sold

121,355


12,205


-


133,560

Consumer loan bad debt

38,759


-


-


38,759


Net revenues

503,558


31,380


-


534,938











Operating expenses:








Store operations

246,416


20,636


-


267,052

Administrative

19,444


4,447


795


24,686

Depreciation

11,211


2,446


-


13,657

Amortization

456


399


-


855

Loss on sale/disposal of assets

296


13


-


309

Interest, net

30


4


-


34

Equity in net income of unconsolidated affiliates

-


-


(16,237)


(16,237)

Other

(3)


7


(168)


(164)

Segment contribution

$ 225,708


$ 3,428


$ 15,610


$ 244,746

Corporate expenses







56,035

Income before taxes







188,711

Income tax expense



66,552

Net income







122,159

Net income attributable to noncontrolling interest






-

Net income attributable to EZCORP, Inc.







$ 122,159


EZCORP, Inc.

Operating Segment Results

(In Thousands)














Year Ended September 30, 2010




U.S. & Canada


Latin America


Other
International


Consolidated











Revenues:









Merchandise sales

$ 226,424


$ 14,030


$ -


$ 240,454


Jewelry scrapping sales

164,022


7,389


-


171,411


Pawn service charges

154,505


9,190


-


163,695


Consumer loan fees

157,022


-


-


157,022


Other

463


-


-


463



Total revenues

702,436


30,609


-


733,045











Merchandise cost of goods sold

131,825


8,459


-


140,284

Jewelry scrapping cost of goods sold

104,701


6,137


-


110,838

Consumer loan bad debt

34,444


-


-


34,444


Net revenues

431,466


16,013


-


447,479











Operating expenses:








Store operations

225,006


11,658


-


236,664

Administrative

16,550


2,763


69


19,382

Depreciation

9,442


1,453


-


10,895

Amortization

275


356


-


631

(Gain)/loss on sale/disposal of assets

1,546


(2)


-


1,544

Interest, net

-


2


-


2

Equity in net income of unconsolidated affiliates

-


-


(10,750)


(10,750)

Other

3


(3)


(93)


(93)

Segment contribution

$ 178,644


$ (214)


$ 10,774


$ 189,204

Corporate expenses







37,674

Income before taxes







151,530

Income tax expense



54,236

Net income







97,294

Net income attributable to noncontrolling interest






-

EZCORP, Inc.

Operating Segment Results

(In Thousands)














Three Months Ended December 31, 2011




U.S. & Canada


Latin America


Other
International


Consolidated











Revenues:









Merchandise sales

$ 76,552


$ 10,342


$ -


$ 86,894


Jewelry scrapping sales

52,866


3,537


-


56,403


Pawn service charges

54,370


5,422


-


59,792


Consumer loan fees

45,012


-


76


45,088


Other

576


120


-


696



Total revenues

229,376


19,421


76


248,873











Merchandise cost of goods sold

43,451


4,945


-


48,396

Jewelry scrapping cost of goods sold

33,150


2,274


-


35,424

Consumer loan bad debt

10,890


-


135


11,025


Net revenues

141,885


12,202


(59)


154,028











Operating expenses:








Store operations

68,325


5,998


178


74,501

Administrative

6,447


1,295


420


8,162

Depreciation

3,117


680


22


3,819

Amortization

130


97


-


227

Gain on sale/disposal of assets

(200)


(1)


-


(201)

Interest, net

4


(36)


-


(32)

Equity in net income of unconsolidated affiliates

-


-


(4,161)


(4,161)

Other

(1,060)


5


(64)


(1,119)

Segment contribution

$ 65,122


$ 4,164


$ 3,546


$ 72,832

Corporate expenses







13,341

Income before taxes







59,491

Income tax expense



20,139

Net income







39,352

Net income attributable to noncontrolling interest






-

Net income attributable to EZCORP, Inc.







$ 39,352


EZCORP, Inc.

Operating Segment Results

(In Thousands)














Three Months Ended December 31, 2010




U.S. & Canada


Latin America


Other
International


Consolidated











Revenues:









Merchandise sales

$ 66,305


$ 5,575


$ -


$ 71,880


Jewelry scrapping sales

47,203


3,462


-


50,665


Pawn service charges

46,436


3,374


-


49,810


Consumer loan fees

46,310


-


-


46,310


Other

158


3


-


161



Total revenues

206,412


12,414


-


218,826











Merchandise cost of goods sold

38,197


3,114


-


41,311

Jewelry scrapping cost of goods sold

29,617


2,638


-


32,255

Consumer loan bad debt

11,028


-


-


11,028


Net revenues

127,570


6,662


-


134,232











Operating expenses:








Store operations

60,226


4,278


-


64,504

Administrative

5,403


937


25


6,365

Depreciation

2,602


506


-


3,108

Amortization

115


97


-


212

Loss on sale/disposal of assets

6


1


-


7

Interest, net

-


1


-


1

Equity in net income of unconsolidated affiliates

-


-


(3,367)


(3,367)

Other

-


-


(61)


(61)

Segment contribution

$ 59,218


$ 842


$ 3,403


$ 63,463

Corporate expenses







20,928

Income before taxes







42,535

Income tax expense



15,106

Net income







27,429

Net income attributable to noncontrolling interest






-

Net income attributable to EZCORP, Inc.







$ 27,429

EZCORP, Inc.

Operating Segment Results

(In Thousands)














Three Months Ended December 31, 2009




U.S. & Canada


Latin America


Other
International


Consolidated











Revenues:









Merchandise sales

$ 61,262


$ 3,354


$ -


$ 64,616


Jewelry scrapping sales

36,835


607


-


37,442


Pawn service charges

38,941


1,856


-


40,797


Consumer loan fees

41,780


-


-


41,780


Other

116


-


-


116



Total revenues

178,934


5,817


-


184,751











Merchandise cost of goods sold

36,906


2,358


-


39,264

Jewelry scrapping cost of goods sold

22,831


475


-


23,306

Consumer loan bad debt

9,250


-


-


9,250


Net revenues

109,947


2,984


-


112,931











Operating expenses:








Store operations

56,017


2,164


-


58,181

Administrative

3,726


598


67


4,391

Depreciation

2,224


267


-


2,491

Amortization

38


88


-


126

Loss on sale/disposal of assets

211


-


-


211

Interest, net

-


(2)


-


(2)

Equity in net income of unconsolidated affiliates

-


-


(1,283)


(1,283)

Other

(1)


(9)


(5)


(15)

Segment contribution

$ 47,732


$ (122)


$ 1,221


$ 48,831

Corporate expenses







9,004

Income before taxes







39,827

Income tax expense



14,120

Net income







25,707

Net income attributable to noncontrolling interest






-

Net income attributable to EZCORP, Inc.







$ 25,707

EZCORP, Inc.

Operating Segment Results

(In Thousands)














Three Months Ended March 31, 2011




U.S. & Canada


Latin America


Other
International


Consolidated











Revenues:









Merchandise sales

$ 72,420


$ 5,353


$ -


$ 77,773


Jewelry scrapping sales

44,351


3,644


-


47,995


Pawn service charges

43,073


3,696


-


46,769


Consumer loan fees

40,472


-


-


40,472


Other

220


25


-


245



Total revenues

200,536


12,718


-


213,254











Merchandise cost of goods sold

41,484


3,155


-


44,639

Jewelry scrapping cost of goods sold

28,848


3,077


-


31,925

Consumer loan bad debt

5,740


-


-


5,740


Net revenues

124,464


6,486


-


130,950











Operating expenses:








Store operations

61,196


4,849


-


66,045

Administrative

4,407


1,079


27


5,513

Depreciation

2,764


578


-


3,342

Amortization

121


100


-


221

Gain on sale/disposal of assets

(178)


-


-


(178)

Interest, net

-


1


-


1

Equity in net income of unconsolidated affiliates

-


-


(4,691)


(4,691)

Other

3


1


-


4

Segment contribution

$ 56,151


$ (122)


$ 4,664


$ 60,693

Corporate expenses







11,411

Income before taxes







49,282

Income tax expense



17,444

Net income







31,838

Net income attributable to noncontrolling interest






-

Net income attributable to EZCORP, Inc.







$ 31,838

EZCORP, Inc.

Operating Segment Results

(In Thousands)














Three Months Ended March 31, 2010




U.S. & Canada


Latin America


Other
International


Consolidated











Revenues:









Merchandise sales

$ 63,049


$ 3,259


$ -


$ 66,308


Jewelry scrapping sales

34,466


1,762


-


36,228


Pawn service charges

36,256


2,050


-


38,306


Consumer loan fees

35,598


-


-


35,598


Other

144


-


-


144



Total revenues

169,513


7,071


-


176,584











Merchandise cost of goods sold

37,058


2,023


-


39,081

Jewelry scrapping cost of goods sold

21,507


1,574


-


23,081

Consumer loan bad debt

4,717


-


-


4,717


Net revenues

106,231


3,474


-


109,705











Operating expenses:








Store operations

55,632


2,573


-


58,205

Administrative

4,124


634


2


4,760

Depreciation

2,328


340


-


2,668

Amortization

72


84


-


156

(Gain)/loss on sale/disposal of assets

383


(3)


-


380

Interest, net

-


1


-


1

Equity in net income of unconsolidated affiliates

-


-


(3,306)


(3,306)

Other

13


(1)


-


12

Segment contribution

$ 43,679


$ (154)


$ 3,304


$ 46,829

Corporate expenses







9,834

Income before taxes







36,995

Income tax expense



13,222

Net income







23,773

Net income attributable to noncontrolling interest






-

Net income attributable to EZCORP, Inc.







$ 23,773

EZCORP, Inc.

Operating Segment Results

(In Thousands)














Three Months Ended June 30, 2011




U.S. & Canada


Latin America


Other
International


Consolidated











Revenues:









Merchandise sales

$ 58,173


$ 6,401


$ -


$ 64,574


Jewelry scrapping sales

46,514


4,257


-


50,771


Pawn service charges

43,846


4,519


-


48,365


Consumer loan fees

38,870


-


-


38,870


Other

566


6


-


572



Total revenues

187,969


15,183


-


203,152











Merchandise cost of goods sold

32,924


3,767


-


36,691

Jewelry scrapping cost of goods sold

28,951


3,486


-


32,437

Consumer loan bad debt

11,027


-


-


11,027


Net revenues

115,067


7,930


-


122,997











Operating expenses:








Store operations

61,347


5,406


-


66,753

Administrative

4,293


1,014


506


5,813

Depreciation

2,828


639


-


3,467

Amortization

117


104


-


221

Loss on sale/disposal of assets

157


12


-


169

Interest, net

20


2


-


22

Equity in net income of unconsolidated affiliates

-


-


(4,099)


(4,099)

Other

2


2


(107)


(103)

Segment contribution

$ 46,303


$ 751


$ 3,700


$ 50,754

Corporate expenses







10,100

Income before taxes







40,654

Income tax expense



14,127

Net income







26,527

Net income attributable to noncontrolling interest






-

Net income attributable to EZCORP, Inc.







$ 26,527

EZCORP, Inc.

Operating Segment Results

(In Thousands)














Three Months Ended June 30, 2010




U.S. & Canada


Latin America


Other
International


Consolidated











Revenues:









Merchandise sales

$ 49,749


$ 3,529


$ -


$ 53,278


Jewelry scrapping sales

41,592


2,181


-


43,773


Pawn service charges

37,014


2,410


-


39,424


Consumer loan fees

36,954


-


-


36,954


Other

113


-


-


113



Total revenues

165,422


8,120


-


173,542











Merchandise cost of goods sold

27,749


1,961


-


29,710

Jewelry scrapping cost of goods sold

27,413


1,862


-


29,275

Consumer loan bad debt

9,753


-


-


9,753


Net revenues

100,507


4,297


-


104,804











Operating expenses:








Store operations

54,953


2,999


-


57,952

Administrative

4,307


741


-


5,048

Depreciation

2,387


423


-


2,810

Amortization

59


92


-


151

Loss on sale/disposal of assets

732


1


-


733

Interest, net

-


1


-


1

Equity in net income of unconsolidated affiliates

-


-


(2,930)


(2,930)

Other

(10)


(2)


(88)


(100)

Segment contribution

$ 38,079


$ 42


$ 3,018


$ 41,139

Corporate expenses







9,502

Income before taxes







31,637

Income tax expense



11,675

Net income







19,962

Net income attributable to noncontrolling interest






-

Net income attributable to EZCORP, Inc.







$ 19,962

EZCORP, Inc.

Operating Segment Results

(In Thousands)














Three Months Ended September 30, 2011




U.S. & Canada


Latin America


Other
International


Consolidated











Revenues:









Merchandise sales

$ 59,948


$ 7,908


$ -


$ 67,856


Jewelry scrapping sales

58,414


4,634


-


63,048


Pawn service charges

50,879


5,312


-


56,191


Consumer loan fees

46,299


-


-


46,299


Other

603


88


-


691



Total revenues

216,143


17,942


-


234,085











Merchandise cost of goods sold

34,783


4,636


-


39,419

Jewelry scrapping cost of goods sold

33,939


3,004


-


36,943

Consumer loan bad debt

10,964


-


-


10,964


Net revenues

136,457


10,302


-


146,759











Operating expenses:








Store operations

63,647


6,103


-


69,750

Administrative

5,341


1,417


237


6,995

Depreciation

3,017


723


-


3,740

Amortization

103


98


-


201

Loss on sale/disposal of assets

311


-


-


311

Interest, net

10


-


-


10

Equity in net income of unconsolidated affiliates

-


-


(4,080)


(4,080)

Other

(8)


4


-


(4)

Segment contribution

$ 64,036


$ 1,957


$ 3,843


$ 69,836

Corporate expenses







13,596

Income before taxes







56,240

Income tax expense



19,875

Net income







36,365

Net income attributable to noncontrolling interest






-

Net income attributable to EZCORP, Inc.







$ 36,365

EZCORP, Inc.

Operating Segment Results

(In Thousands)














Three Months Ended September 30, 2010




U.S. & Canada


Latin America


Other
International


Consolidated











Revenues:









Merchandise sales

$ 52,364


$ 3,888


$ -


$ 56,252


Jewelry scrapping sales

51,129


2,839


-


53,968


Pawn service charges

42,294


2,874


-


45,168


Consumer loan fees

42,690


-


-


42,690


Other

90


-


-


90



Total revenues

188,567


9,601


-


198,168











Merchandise cost of goods sold

30,112


2,117


-


32,229

Jewelry scrapping cost of goods sold

32,950


2,226


-


35,176

Consumer loan bad debt

10,724


-


-


10,724


Net revenues

114,781


5,258


-


120,039











Operating expenses:








Store operations

58,404


3,922


-


62,326

Administrative

4,393


790


-


5,183

Depreciation

2,503


423


-


2,926

Amortization

106


92


-


198

Loss on disposal of assets

220


-


-


220

Interest, net

-


2


-


2

Equity in net income of unconsolidated affiliates

-


-


(3,231)


(3,231)

Other

1


9


-


10

Segment contribution

$ 49,154


$ 20


$ 3,231


$ 52,405

Corporate expenses







9,334

Income before taxes







43,071

Income tax expense



15,219

Net income







27,852

Net income attributable to noncontrolling interest






-

Net income attributable to EZCORP, Inc.







$ 27,852

About EZCORP

EZCORP is a leading provider of instant cash solutions for consumers. Through more than 1,200 company-operated pawn, buy/sell and personal financial services stores in the U.S., Mexico and Canada, we provide a variety of instant cash solutions, including pawn loans, payday loans, installment loans, auto title loans, and fee-based credit services to customers seeking loans. At our pawn and buy/sell stores, we also sell merchandise, primarily collateral forfeited from pawn lending operations and used merchandise purchased from customers.

EZCORP owns a controlling interest in Prestaciones Finmart, S.A.P.I. de C.V., SOFOM, E.N.R. (doing business under the name "Crediamigo"), a leading provider of payroll deduction loans in Mexico. The company also has significant investments in Albemarle & Bond Holdings PLC (ABM.L), one of the U.K.'s largest pawnbroking businesses with over 170 full-line stores offering pawnbroking, jewelry retailing, gold buying and financial services; and in Cash Converters International Limited (CCV.L and CCV.ASX), which franchises and operates a worldwide network of over 600 stores that provide personal financial services and sell pre-owned merchandise.

EZCORP Investor Relations
(512) 314-2220
Investor_Realtions@ezcorp.com
www.ezcorp.com

SOURCE EZCORP, Inc.

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