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8-K - FORM 8-K - EZCORP INC | d83688e8vk.htm |
Exhibit 99.1
EZCORP THIRD QUARTER NET INCOME INCREASES 33%
AUSTIN, Texas (July 21, 2011) EZCORP, Inc. (Nasdaq: EZPW), a leading provider of specialty
consumer financial services, today announced financial results for its third fiscal quarter ended
June 30, 2011.
Commenting on the results, President and Chief Executive Officer, Paul Rothamel, said, EZCORP
generated another quarter of exceptional results, with net income and EPS growing 33% and 32%,
respectively. This growth was driven by strong performance throughout our diverse product portfolio
in all of our geographic markets. We remain on track to deliver another outstanding year, including
30% EPS growth in fiscal 2011.
Highlights for the quarter include:
Financials Three months ended June 30, 2011 versus the prior year quarter
| Net income of $26.5 million, up 33%. | ||
| Diluted earnings per share of $0.53, an increase of 32%. | ||
| Total revenues of $203.2 million, up 17%, with same store revenue up 7%. | ||
| Net revenues of $123.0 million, up 17%. | ||
| Store level operating income of $56.2 million, up 20%, with margins improving 100 bps to 46%. | ||
| Consolidated operating income increased 29% to $37.0 million, with operating margin improving 260 bps to 30%. | ||
| Contribution from strategic affiliates of $4.1 million, an increase of 40%. |
Key Operating Metrics Three months ended June 30, 2011 versus the prior year quarter
| US Pawn: |
| Total revenue increased 16% to $149.4 million. | ||
| Same store revenue growth of 6% driven by same store growth in merchandise sales, scrap sales and pawn service charges of 8%, 1% and 9%, respectively. | ||
| Store level operating income increased 24% to $43.0 million with a 230 bps margin improvement to 49%. |
| Empeño Fácil (Mexico pawn): |
| Total revenue increased 87% to $15.2 million. |
Page 1 of 8
| Same store revenue growth of 32%, driven by same store growth in merchandise sales, scrap sales and pawn service charges of 29%, 32% and 43%, respectively. | ||
| Store level operating income increased 94% to $2.5 million with a 200 bps improvement in margin to 32%, despite the impact from opening 56 new stores in the past 12 months. |
| EZMONEY (US and Canada financial services): |
| Total revenue increased 6% to $38.6 million. | ||
| Same store revenue growth of 4% driven by increases in signature loan fees and auto title loan fees of 4% and 2%, respectively. | ||
| Bad debt as a percentage of fees increased to 28%, compared with 26% in the prior year quarter, primarily due to the transition from mature payday loan products to new installment loan products across a number of states. | ||
| Store level operating income decreased 2% to $10.7 million primarily due to higher bad debt noted above and increased competitive pressures in Texas. These factors were partially offset by improved expense control in the US and stronger performance in Canada. |
| Balance Sheet and Liquidity: |
| Combined pawn, signature and auto title loan balances (including CSO) at June 30 were $175.4 million, an increase of 15%. | ||
| At June 30, cash and cash equivalents were $27.5 million, with debt outstanding of $26.5 million, compared with debt less cash of $12.6 million a year ago. | ||
| During the quarter, the Company closed on a four-year $175 million senior secured revolving credit facility. |
Strategic Initiatives
| The previously announced strategic alliance with Cash Converters International Limited designed to develop and introduce a suite of innovative financial services products under the Cash Converters brand is progressing and is expected to close in the first quarter of fiscal 2012. Separately, in April the Company acquired the Cash Converters franchise rights for Canada, including rights to receive fees from 13 stores operated by franchisees. The Company plans to convert its 59 CASHMAX stores into the Cash Converters brand and add the Cash Converters buy / sell model to its existing non-collateralized loan model. | ||
| During the quarter, the Company acquired 23 pawn stores for a total cost of $31.6 million. These acquisitions included 11 stores in Iowa, seven in Utah, three in Wisconsin, and one in each of Florida and Illinois. Including the five greenfield stores opened and the nine stores acquired in the first half of the fiscal |
Page 2 of 8
year, the total US Pawn store count at June 30, 2011 was 432, compared to 389 at June 30, 2010. |
| Empeño Fácil opened eight greenfield stores in the third quarter. Including the 32 greenfield stores opened in the first half of the fiscal year, the total Empeño Fácil store count at June 30, 2011 was 155 compared to 99 at June 30, 2010. In July, Empeño Fácil acquired six additional stores in the states of Hidalgo and Tlaxcala. | ||
| Following successful market tests in Colorado and Wisconsin, EZCORPs Change card the Companys general purpose integrated and reloadable debit card was successfully rolled into the Companys Texas stores, both US Pawn and EZMONEY, in the third quarter. As of June 30, 2011, approximately 69,000 Change cards had been issued to EZCORP customers. |
Rothamel added, Overall, we are pleased with our third quarter results as well as the progress we
made toward improving both our near- and long-term competitive position. We also expect our
quarterly performance in the US EZMONEY division to improve steadily as we respond to competitive
pressures and continue the roll out of our new products. Our customers are under pressure on
multiple fronts today and have many choices in the marketplace. We are committed to being the
preferred option across all of our businesses and will continue to enhance our offering in order to
meet their short-term cash needs.
Outlook for fiscal 2011
The Company reaffirmed that it expects fiscal 2011 earnings per share, excluding the first quarter
one-time charge related to the retirement of the former Chief Executive Officer, to increase 30%
year-over-year to $2.55 ($2.41 on a GAAP basis).
About EZCORP
EZCORP is a leading 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 merchandise, primarily
collateral forfeited from its pawn lending operations.
EZCORP operates more than 1,000 stores, including over 500 pawn stores in the U.S. and Mexico and
over 500 short-term consumer loan stores in the U.S. and Canada. The company also has significant
investments in Cash Converters International Limited (CCV.L and CCV.ASX), which franchises and
operates a worldwide network of over 600 stores in 21 countries that provide financial services and
sell pre-owned merchandise, and Albemarle & Bond Holdings PLC (ABM.L), one of the U.K.s largest
pawnbroking businesses with over 140 stores.
Page 3 of 8
Special Note Regarding Forward-Looking Statements
This announcement contains certain forward-looking statements regarding the Companys expected
operating and financial performance for future periods, including expected future earnings. These
statements are based on the Companys 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 changes in the regulatory environment,
changing market conditions in the overall economy and the industry, consumer demand for the
Companys services and merchandise, and actions of third parties who offer services and products in
the Companys locations. For a discussion of these and other factors affecting the Companys
business and prospects, see the Companys annual, quarterly and other reports filed with the
Securities and Exchange Commission.
Change to Presentation and Reclassification of Prior Year Comparatives
The Company has historically included fees from its Product Protection Plan and Jewelry VIP Program
as well as layaway fees in Other revenue in its Consolidated Statements of Operations and its
Operating Segment Results. Beginning in the second fiscal quarter of 2011 the Company has included
these fees in Merchandise sales on the basis that fees from these products are incidental to
sales of merchandise. Prior year figures have been reclassified to conform to this presentation
and margins have been recalculated accordingly.
Use of Non-GAAP Financial Measures
In addition to reporting financial results in accordance with generally accepted accounting
principles (GAAP), the Company has provided non-GAAP net income and non-GAAP earnings per share for
the nine-month period ended June 30, 2011, as well as non-GAAP expected earnings per share for
fiscal 2011. The only difference between the presented non-GAAP measures and the most closely
comparable GAAP measures is the exclusion of a one-time charge related to the retirement of the
Companys former Chief Executive Officer and the related tax benefit included in the quarter ended
December 31, 2011. The Companys management uses these non-GAAP financial measures to understand
its financial performance from period to period. Management does not believe that the excluded
one-time charge is reflective of underlying operating performance. The non-GAAP financial measures
are not meant to be considered in isolation or as a substitute for the corresponding GAAP measures,
but rather are provided to facilitate an enhanced understanding of the Companys actual and
expected performance and to enable more meaningful period-to-period comparisons. A reconciliation
of the non-GAAP financial measures to the most closely comparable GAAP financial measures is
provided in the accompanying financial schedules.
EZCORP Investor Relations
(512) 314-2220
(512) 314-2220
Page 4 of 8
EZCORP, Inc.
Highlights of Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data and percents)
Highlights of Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data and percents)
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Revenues: |
||||||||||||||||
Merchandise sales |
$ | 64,574 | $ | 53,278 | $ | 214,227 | $ | 184,202 | ||||||||
Jewelry scrapping sales |
50,771 | 43,773 | 149,431 | 117,443 | ||||||||||||
Pawn service charges |
48,365 | 39,424 | 144,944 | 118,527 | ||||||||||||
Signature loan fees |
34,195 | 32,296 | 109,364 | 102,616 | ||||||||||||
Auto title loan fees |
4,675 | 4,658 | 16,288 | 11,716 | ||||||||||||
Other |
572 | 113 | 978 | 373 | ||||||||||||
Total revenues |
203,152 | 173,542 | 635,232 | 534,877 | ||||||||||||
Cost of goods sold: |
||||||||||||||||
Cost of merchandise sales |
36,691 | 29,710 | 122,641 | 108,055 | ||||||||||||
Cost of jewelry scrapping sales |
32,437 | 29,275 | 96,617 | 75,662 | ||||||||||||
Total cost of goods sold |
69,128 | 58,985 | 219,258 | 183,717 | ||||||||||||
Bad debt: |
||||||||||||||||
Signature loan bad debt |
10,491 | 8,917 | 25,975 | 22,104 | ||||||||||||
Auto title loan bad debt |
536 | 836 | 1,820 | 1,616 | ||||||||||||
Total bad debt |
11,027 | 9,753 | 27,795 | 23,720 | ||||||||||||
Net revenue |
122,997 | 104,804 | 388,179 | 327,440 | ||||||||||||
Operations expense |
66,753 | 57,952 | 197,302 | 174,338 | ||||||||||||
Administrative expense |
14,379 | 13,576 | 56,250 | 39,356 | ||||||||||||
Depreciation and amortization |
4,679 | 3,759 | 13,324 | 10,688 | ||||||||||||
(Gain) / loss on sales / disposal of assets |
169 | 734 | (2 | ) | 1,301 | |||||||||||
Operating income |
37,017 | 28,783 | 121,305 | 101,757 | ||||||||||||
Interest income |
(21 | ) | (135 | ) | (35 | ) | (151 | ) | ||||||||
Interest expense |
586 | 311 | 1,186 | 1,071 | ||||||||||||
Equity in net income of unconsolidated affiliates |
(4,099 | ) | (2,930 | ) | (12,157 | ) | (7,519 | ) | ||||||||
Other |
(103 | ) | (100 | ) | (160 | ) | (103 | ) | ||||||||
Income before income taxes |
40,654 | 31,637 | 132,471 | 108,459 | ||||||||||||
Income tax expense |
14,127 | 11,675 | 46,677 | 39,017 | ||||||||||||
Net income |
$ | 26,527 | $ | 19,962 | $ | 85,794 | $ | 69,442 | ||||||||
Net income per share, diluted |
$ | 0.53 | $ | 0.40 | $ | 1.71 | $ | 1.40 | ||||||||
Weighted average shares, diluted |
50,385 | 49,640 | 50,292 | 49,541 | ||||||||||||
OTHER DATA: |
||||||||||||||||
Gross margin on merchandise sales |
43.2 | % | 44.2 | % | 42.8 | % | 41.3 | % | ||||||||
Gross margin on jewelry scrapping sales |
36.1 | % | 33.1 | % | 35.3 | % | 35.6 | % | ||||||||
Gross margin on total sales |
40.1 | % | 39.2 | % | 39.7 | % | 39.1 | % | ||||||||
Signature loan bad debt as percent of fees |
30.7 | % | 27.6 | % | 23.8 | % | 21.5 | % | ||||||||
Auto title loan bad debt as percent of fees |
11.5 | % | 17.9 | % | 11.2 | % | 13.8 | % |
Page 5 of 8
EZCORP, Inc.
Highlights of Consolidated Balance Sheets
(in thousands)
Highlights of Consolidated Balance Sheets
(in thousands)
June 30, (unaudited) | September 30, | |||||||||||
2011 | 2010 | 2010 | ||||||||||
Assets: |
||||||||||||
Current assets: |
||||||||||||
Cash and cash equivalents |
$ | 27,492 | $ | 14,912 | $ | 25,854 | ||||||
Pawn loans |
134,633 | 112,807 | 121,201 | |||||||||
Signature loans, net |
12,089 | 8,915 | 10,775 | |||||||||
Auto title loans, net |
2,348 | 2,802 | 3,145 | |||||||||
Pawn service charges receivable, net |
24,372 | 19,899 | 21,626 | |||||||||
Signature loan fees receivable, net |
5,646 | 5,493 | 5,818 | |||||||||
Auto title loan fees receivable, net |
1,238 | 1,314 | 1,616 | |||||||||
Inventory, net |
79,031 | 61,027 | 71,502 | |||||||||
Deferred tax asset |
16,150 | 15,857 | 23,208 | |||||||||
Federal income taxes receivable |
3,099 | 10,655 | | |||||||||
Prepaid expenses and other assets |
21,932 | 15,179 | 17,427 | |||||||||
Total current assets |
328,030 | 268,860 | 302,172 | |||||||||
Investments in unconsolidated affiliates |
114,777 | 99,773 | 101,386 | |||||||||
Property and equipment, net |
75,049 | 59,045 | 62,293 | |||||||||
Deferred tax asset, non-current |
| 5,472 | 60 | |||||||||
Goodwill |
167,017 | 115,570 | 117,305 | |||||||||
Other assets, net |
28,748 | 22,663 | 23,196 | |||||||||
Total assets |
$ | 713,621 | $ | 571,383 | $ | 606,412 | ||||||
Liabilities and stockholders equity: |
||||||||||||
Current liabilities: |
||||||||||||
Current maturities of long term debt |
| 10,000 | 10,000 | |||||||||
Accounts payable and other accrued expenses |
53,242 | 44,194 | 49,663 | |||||||||
Customer lay away deposits |
6,131 | 5,404 | 6,109 | |||||||||
Federal income taxes payable |
| | 3,687 | |||||||||
Total current liabilities |
59,373 | 59,598 | 69,459 | |||||||||
Long-term debt, less current maturities |
26,500 | 17,500 | 15,000 | |||||||||
Deferred tax liability |
1,237 | | | |||||||||
Deferred gains and other long-term liabilities |
2,209 | 2,630 | 2,525 | |||||||||
Total stockholders equity |
624,302 | 491,655 | 519,428 | |||||||||
Total liabilities and stockholders equity |
$ | 713,621 | $ | 571,383 | $ | 606,412 | ||||||
Other Data: |
||||||||||||
Pawn loan balance per ending pawn store |
$ | 232 | $ | 234 | $ | 240 | ||||||
Inventory per ending pawn store |
$ | 136 | $ | 127 | $ | 142 | ||||||
Book value per share |
$ | 12.50 | $ | 10.00 | $ | 10.55 |
Page 6 of 8
EZCORP, Inc.
Operating Segment Results (Unaudited)
(in thousands, except percents)
Operating Segment Results (Unaudited)
(in thousands, except percents)
Three Months Ended June 30, | ||||||||||||||||||||||||
US Pawn | Empeño Fácil | EZMONEY | ||||||||||||||||||||||
2011 | 2010 | 2011 | 2010 | 2011 | 2010 | |||||||||||||||||||
Revenues: |
||||||||||||||||||||||||
Merchandise sales |
$ | 58,168 | $ | 49,749 | $ | 6,401 | $ | 3,529 | $ | 5 | $ | | ||||||||||||
Scrap sales |
46,157 | 41,423 | 4,257 | 2,181 | 357 | 169 | ||||||||||||||||||
Pawn service charges |
43,846 | 37,014 | 4,519 | 2,410 | | | ||||||||||||||||||
Signature loan fees |
691 | 455 | | | 33,504 | 31,841 | ||||||||||||||||||
Auto title loan fees |
352 | 359 | | | 4,323 | 4,299 | ||||||||||||||||||
Other |
161 | 105 | 6 | | 405 | 8 | ||||||||||||||||||
Total revenues |
149,375 | 129,105 | 15,183 | 8,120 | 38,594 | 36,317 | ||||||||||||||||||
Merchandise cost of goods sold |
32,911 | 27,749 | 3,767 | 1,961 | 13 | | ||||||||||||||||||
Scrap cost of goods sold |
28,754 | 27,328 | 3,486 | 1,862 | 197 | 85 | ||||||||||||||||||
Signature loan bad debt |
325 | 159 | | | 10,166 | 8,758 | ||||||||||||||||||
Auto title loan bad debt |
69 | 44 | | | 467 | 792 | ||||||||||||||||||
Net revenue |
87,316 | 73,825 | 7,930 | 4,297 | 27,751 | 26,682 | ||||||||||||||||||
Operations expense |
44,280 | 39,148 | 5,406 | 2,999 | 17,067 | 15,805 | ||||||||||||||||||
Store operating income |
$ | 43,036 | $ | 34,677 | $ | 2,524 | $ | 1,298 | $ | 10,684 | $ | 10,877 | ||||||||||||
OTHER DATA |
||||||||||||||||||||||||
Gross margin on merchandise sales |
43.4 | % | 44.2 | % | 41.1 | % | 44.4 | % | N/A | N/A | ||||||||||||||
Gross margin on scrap sales |
37.7 | % | 34.0 | % | 18.1 | % | 14.6 | % | 44.8 | % | 53.8 | % | ||||||||||||
Gross margin on total sales |
40.9 | % | 39.6 | % | 31.9 | % | 33.0 | % | 42.0 | % | 49.7 | % | ||||||||||||
Signature loan bad debt as a percent of fees |
47.0 | % | 34.9 | % | N/A | N/A | 30.3 | % | 27.5 | % | ||||||||||||||
Auto title loan bad debt as percent of fees |
19.6 | % | 12.3 | % | N/A | N/A | 10.8 | % | 18.4 | % | ||||||||||||||
Operating income margin |
49.3 | % | 47.0 | % | 31.8 | % | 30.2 | % | 38.5 | % | 40.8 | % |
Nine Months Ended June 30, | ||||||||||||||||||||||||
US Pawn | Empeño Fácil | EZMONEY | ||||||||||||||||||||||
2011 | 2010 | 2011 | 2010 | 2011 | 2010 | |||||||||||||||||||
Revenues: |
||||||||||||||||||||||||
Merchandise sales |
$ | 196,893 | $ | 174,060 | $ | 17,329 | $ | 10,142 | $ | 5 | $ | | ||||||||||||
Scrap sales |
137,221 | 112,660 | 11,363 | 4,550 | 847 | 233 | ||||||||||||||||||
Pawn service charges |
133,355 | 112,211 | 11,589 | 6,316 | | | ||||||||||||||||||
Signature loan fees |
1,607 | 1,442 | | | 107,757 | 101,174 | ||||||||||||||||||
Auto title loan fees |
1,092 | 1,261 | | | 15,196 | 10,455 | ||||||||||||||||||
Other |
420 | 365 | 34 | | 524 | 8 | ||||||||||||||||||
Total revenues |
470,588 | 401,999 | 40,315 | 21,008 | 124,329 | 111,870 | ||||||||||||||||||
Merchandise cost of goods sold |
112,592 | 101,713 | 10,036 | 6,342 | 13 | | ||||||||||||||||||
Scrap cost of goods sold |
86,979 | 71,635 | 9,201 | 3,911 | 437 | 116 | ||||||||||||||||||
Signature loan bad debt |
583 | 446 | | | 25,392 | 21,658 | ||||||||||||||||||
Auto title loan bad debt |
110 | 166 | | | 1,710 | 1,450 | ||||||||||||||||||
Net revenue |
270,324 | 228,039 | 21,078 | 10,755 | 96,777 | 88,646 | ||||||||||||||||||
Operations expense |
131,293 | 119,259 | 14,533 | 7,736 | 51,476 | 47,343 | ||||||||||||||||||
Store operating income |
$ | 139,031 | $ | 108,780 | $ | 6,545 | $ | 3,019 | $ | 45,301 | $ | 41,303 | ||||||||||||
OTHER DATA |
||||||||||||||||||||||||
Gross margin on merchandise sales |
42.8 | % | 41.6 | % | 42.1 | % | 37.5 | % | N/A | N/A | ||||||||||||||
Gross margin on scrap sales |
36.6 | % | 36.4 | % | 19.0 | % | 14.0 | % | 48.4 | % | 50.2 | % | ||||||||||||
Gross margin on total sales |
40.3 | % | 39.5 | % | 33.0 | % | 30.2 | % | 47.2 | % | 50.2 | % | ||||||||||||
Signature loan bad debt as percent of fees |
36.3 | % | 30.9 | % | N/A | N/A | 23.6 | % | 21.4 | % | ||||||||||||||
Auto title loan bad debt as percent of fees |
10.1 | % | 13.2 | % | N/A | N/A | 11.3 | % | 13.9 | % | ||||||||||||||
Operating income margin |
51.4 | % | 47.7 | % | 31.1 | % | 28.1 | % | 46.8 | % | 46.6 | % |
Page 7 of 8
EZCORP, Inc.
Store Count Activity
Three Months Ended June 30, 2011 | ||||||||||||||||||||
Company-owned Stores | ||||||||||||||||||||
US Pawn | Empeño Fácil | EZMONEY | Consolidated | Franchises | ||||||||||||||||
Beginning of period |
409 | 147 | 501 | 1,057 | | |||||||||||||||
New openings |
| 8 | 1 | 9 | | |||||||||||||||
Acquired |
23 | | | 23 | 13 | |||||||||||||||
Sold, combined or closed |
| | (6 | ) | (6 | ) | | |||||||||||||
End of period |
432 | 155 | 496 | 1,083 | 13 | |||||||||||||||
Nine Months Ended June 30, 2011 | ||||||||||||||||||||
Company-owned Stores | ||||||||||||||||||||
US Pawn | Empeño Fácil | EZMONEY | Consolidated | Franchises | ||||||||||||||||
Beginning of period |
396 | 115 | 495 | 1,006 | | |||||||||||||||
New openings |
5 | 40 | 11 | 56 | | |||||||||||||||
Acquired |
32 | | | 32 | 13 | |||||||||||||||
Sold, combined or closed |
(1 | ) | | (10 | ) | (11 | ) | | ||||||||||||
End of period |
432 | 155 | 496 | 1,083 | 13 | |||||||||||||||
Reconciliation of GAAP to Non-GAAP Results (Unaudited)
(in thousands, except per share data)
(in thousands, except per share data)
The following tables provide a reconciliation of the differences between the reported or
projected non-GAAP financial measures for the periods indicated and the most comparable GAAP
financial measures. The non-GAAP financial measures presented may not be directly comparable to
similarly titled measures reported by other companies and their usefulness for such purposes are
therefore limited. EZCORP management believes presentation of the non-GAAP financial measures
enhances investors ability to analyze the Companys operating results. However, non-GAAP
financial measures are not an alternative to GAAP financial measures and should be read only in
conjunction with financial measures presented on a GAAP basis.
Three Months Ended June 30, 2011 | Nine Months Ended June 30, 2011 | |||||||||||||||||||||||
Non-GAAP | Non-GAAP | |||||||||||||||||||||||
GAAP | Adjustments | Non-GAAP | GAAP | Adjustments | Non-GAAP | |||||||||||||||||||
Net revenue |
$ | 122,997 | | $ | 122,997 | $ | 388,179 | | $ | 388,179 | ||||||||||||||
Operations expense |
66,753 | | 66,753 | 197,302 | | 197,302 | ||||||||||||||||||
Administrative expense |
14,379 | | 14,379 | 56,250 | (10,945 | ) | 45,305 | |||||||||||||||||
Depreciation and amortization |
4,679 | | 4,679 | 13,324 | | 13,324 | ||||||||||||||||||
(Gain) / loss on sale/disposal of assets |
169 | | 169 | (2 | ) | | (2 | ) | ||||||||||||||||
Operating income |
37,017 | | 37,017 | 121,305 | 10,945 | 132,250 | ||||||||||||||||||
Interest income |
(21 | ) | | (21 | ) | (35 | ) | | (35 | ) | ||||||||||||||
Interest expense |
586 | | 586 | 1,186 | | 1,186 | ||||||||||||||||||
Equity in net income of unconsolidated
affiliates |
(4,099 | ) | | (4,099 | ) | (12,157 | ) | | (12,157 | ) | ||||||||||||||
Other |
(103 | ) | | (103 | ) | (160 | ) | | (160 | ) | ||||||||||||||
Income before income taxes |
40,654 | | 40,654 | 132,471 | 10,945 | 143,416 | ||||||||||||||||||
Income tax expense |
14,127 | | 14,127 | 46,677 | 3,831 | 50,508 | ||||||||||||||||||
Net income |
$ | 26,527 | $ | | $ | 26,527 | $ | 85,794 | $ | 7,114 | $ | 92,908 | ||||||||||||
Net income per share, diluted |
$ | 0.53 | $ | | $ | 0.53 | $ | 1.71 | $ | 0.14 | $ | 1.85 | ||||||||||||
Weighted average shares, diluted |
50,385 | | 50,385 | 50,292 | | 50,292 |
Projected Year Ending September 30, 2011 | ||||||||||||
Projected | Non-GAAP | Projected | ||||||||||
GAAP | Adjustments | Non-GAAP | ||||||||||
Net income per share, diluted |
$ | 2.41 | $ | 0.14 | $ | 2.55 | ||||||
Page 8 of 8