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Exhibit 99.1
(LOGO)
EZCORP REPORTS RECORD REVENUE AND EARNINGS
Fourth Quarter and Fiscal Year Net Income Increase 31% and 33%, Respectively
AUSTIN, Texas (November 8, 2011) — EZCORP, Inc. (Nasdaq: EZPW), a leading provider of specialty consumer financial services, today announced financial results for its fourth fiscal quarter and 2011 fiscal year ended September 30, 2011.
Commenting on the results, EZCORP’s President and Chief Executive Officer, Paul Rothamel, said, “I’m pleased with our continued strong performance, All three of our business segments reported dramatic operating income growth for the fourth quarter as well as for the fiscal year. This performance reflects not only the strength of our business model but also the efforts of our team members in executing against our strategic initiatives, which include bolstering the core business, diversifying our geographic footprint, and integrating innovation into our service offerings.”
Financials — Three months ended September 30, 2011 versus the prior year quarter
    Net income of $36.4 million, up 31%.
 
    Diluted earnings per share of $0.72, an increase of 29%.
 
    Total revenues of $234.1 million, up 18%, with same store revenue up 8%.
 
    Net revenues of $146.8 million, up 22%.
 
    Store level operating income of $77.0 million, up 33%, with margins up to 52%.
 
    Consolidated operating income of $52.7 million, up 31%, with operating margin improving 245 bps to 36%.
 
    Contribution from strategic affiliates of $4.1 million, an increase of 26%.
Key Operating Metrics — Three months ended September 30, 2011 versus the prior year quarter
    US Pawn:
  o   Total revenue increased 16% to $170.2 million.
 
  o   Same store revenue growth of 6% driven by same store growth in merchandise sales, scrap sales and pawn service charges of 4%, 4% and 12%, respectively.
 
  o   Store level operating income increased 34% to $55.5 million with a 499 bps margin improvement to 55%.
 
  o   US Pawn loan balance increased 18% to $134.5 million at September 30, 2011 and grew 10% on a same store basis.
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    Empeño Fácil (Mexico pawn):
  o   Total revenue increased 87% to $17.9 million.
 
  o   Same store revenue growth of 32%, driven by same store growth in merchandise sales, scrap sales and pawn service charges of 37%, 24% and 31%, respectively.
 
  o   Store level operating income increased 214% to $4.2 million with an improvement in margin from 25% to 41%, despite the impact from opening 57 new stores in the past 12 months. At constant exchange rates, Empeño Fácil recorded store level operating income of $4.0 million, an increase of 201%.
 
  o   Empeño Fácil’s pawn loan balance increased 50% to $10.9 million at September 30, 2011 and grew 7% on a same store basis. At constant exchange rates, loan balances grew 61% and 14% on a same store basis.
    EZMONEY (US Financial Services and Cash Converters Canada):
  o   Total revenue increased 9% to $45.9 million.
 
  o   Same store revenue growth of 8% driven primarily by an increase in signature loan fees of 9%.
 
  o   Bad debt as a percentage of fees decreased to 24%, compared with 28% in the fiscal third quarter 2011 and 25% in the prior year quarter.
 
  o   Store level operating income increased 16% to $17.3 million.
 
  o   Total loan balances (including CSO lender balances) at September 30, 2011 decreased 7% to $39.4 million.
Financials — Fiscal year ended September 30, 2011 versus the prior year
    Net income of $129.3 million, up 33% (non-GAAP). On a GAAP basis, net income was $122.2 million, up 26%.
 
    Diluted earnings per share of $2.57, an increase of 31% (non-GAAP) and $2.43, an increase of 24% (GAAP).
 
    Total revenues of $869.3 million, up 19%, with same store revenue up 10%.
 
    Net revenues of $534.9 million, up 20%.
 
    Store level operating income of $267.9 million, up 27%, with a margin of 50%, an increase of 297 bps.
 
    Consolidated operating income increased 30% to $184.9 million (non-GAAP) and 23% to $174.0 million (GAAP). Operating margin improving 285 bps to 35%.
 
    Contribution from strategic affiliates of $16.2 million, an increase of 51%.
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Note: Non-GAAP financials and percentages are adjusted for the one-time pre-tax charge of $10.9 million ($7.1 million post-tax) related to the retirement of the former Chief Executive Officer recorded in the first quarter of fiscal 2011. A reconciliation of GAAP to non-GAAP results is provided at the end of this release for further reference.
Balance Sheet and Liquidity
    Combined pawn, signature and auto title loan balances (including CSO) at September 30 were $187 million, an increase of 13%.
 
    At September 30, cash and cash equivalents were $24.0 million, with debt outstanding of $17.5 million, compared with cash less debt of $0.9 million a year ago.
Growth and Innovation Initiatives
     US Pawn Growth
    During the fourth quarter, US Pawn added seven stores including five in the Chicago metropolitan area. With 14 stores added in 15 months, EZCORP has grown from having no presence to becoming one of the leading pawn operators in the Chicago area.
 
    During the whole of fiscal 2011, US Pawn added 44 stores on a base of 396 (an 11% increase in footprint) and established a presence in three new states: Iowa, Utah and Wisconsin.
 
    In October, US Pawn acquired seven Cash Converters stores in Virginia and Pennsylvania. The Cash Converters buy / sell model allows the Company to meet the short-term cash needs of customers in markets and neighborhoods where the traditional pawn model may not be feasible.
 
    On November 4, US Pawn acquired 15 Money Mart stores in the San Antonio metropolitan area. These stores bring the total in the San Antonio area to 37, solidifying EZCORP’s position as the leading pawn operator in that area.
     Empeño Fácil Growth
    During the fourth quarter, Empeño Fácil added 23 stores and entered the Mexican states of Hidalgo and Tlaxcala.
 
    For the whole of fiscal 2011, Empeño Fácil added 63 stores on a base of 115 (a 55% increase in footprint) and currently has a presence in over half of all Mexico states.
     Cash Converters Canada Growth
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    In April, EZCORP acquired the Cash Converters master franchise rights for Canada. At September 30, the Company had 15 of its 64 Company owned stores operating under the Cash Converters brand. Including the 13 franchise stores, the Cash Converters brand is represented in five of 10 Canadian provinces.
     Innovation
    During the fourth quarter, the Company established an eCommerce and Card Services division to further develop and market EZCORP’s “Change” card as well as introduce online and mobile services to enhance the ease and efficiency with which customers can transact with the Company. As of September 30, 124,000 Change cards had been issued to EZCORP customers in nine states, covering 656 US Pawn and US Financial Services stores.
Rothamel concluded, “In total, strength in all markets and divisions, combined with operational execution on our strategic initiatives, drove our success, both in the fourth quarter and the 2011 fiscal year overall. Looking ahead, I’m confident we will reap additional rewards from our recent investments in talent and technology as we enhance our differentiated product offering. We will therefore be able to better serve our customers and position ourselves for continued growth.”
Outlook for fiscal 2012
The Company expects fiscal 2012 earnings per share to be between $3.05 and $3.10. This represents an increase of approximately 20% over fiscal 2011 non-GAAP earnings per share and an increase of 27% over fiscal 2011 GAAP earnings per share.
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 1,100 pawn, buy/sell and personal financial services stores in the U.S., Mexico and Canada. The company also has significant investments in Albemarle & Bond Holdings PLC (ABM.L), one of the U.K.’s largest pawnbroking businesses with over 160 full-line stores offering pawnbroking, jewelry retailing, gold buying and financial services; and in Cash Converters International Limited (CCV.L and
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CCV.ASX), which franchises and operates a worldwide network of over 600 stores that provide personal financial services and sell pre-owned merchandise.
Special Note Regarding Forward-Looking Statements
This announcement contains certain forward-looking statements regarding the Company’s expected operating and financial performance for future periods, including expected future earnings. 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 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.
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 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 Company’s former Chief Executive Officer and the related tax benefit included in the quarter ended December 31, 2010. The Company’s 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 Company’s 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
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EZCORP, Inc.
Highlights of Consolidated Statements of Operations (Unaudited)

(in thousands, except per share data and percents)
                                 
    Three Months Ended September 30,     Year Ended September 30,  
    2011     2010     2011     2010  
Revenues:
                               
Merchandise sales
  $ 67,856     $ 56,252     $ 282,083     $ 240,454  
Jewelry scrapping sales
    63,048       53,968       212,479       171,411  
Pawn service charges
    56,191       45,168       201,135       163,695  
Signature loan fees
    40,886       36,699       150,250       139,315  
Auto title loan fees
    5,413       5,991       21,701       17,707  
Other
    691       90       1,669       463  
 
                       
Total revenues
    234,085       198,168       869,317       733,045  
 
                               
Cost of goods sold:
                               
Cost of merchandise sales
    39,419       32,229       162,060       140,284  
Cost of jewelry scrapping sales
    36,943       35,176       133,560       110,838  
 
                       
Total cost of goods sold
    76,362       67,405       295,620       251,122  
 
                               
Bad debt:
                               
Signature loan bad debt
    10,353       9,605       36,328       31,709  
Auto title loan bad debt
    611       1,119       2,431       2,735  
 
                       
Total bad debt
    10,964       10,724       38,759       34,444  
 
                       
Net revenue
    146,759       120,039       534,938       447,479  
 
                               
Operations expense
    69,750       62,326       267,052       236,664  
Administrative expense
    19,020       13,384       75,270       52,740  
Depreciation and amortization
    5,020       3,973       18,344       14,661  
(Gain) / loss on sales / disposal of assets
    311       227       309       1,528  
 
                       
Operating income
    52,658       40,129       173,963       141,886  
 
                               
Interest income
    (2 )     (35 )     (37 )     (186 )
Interest expense
    504       314       1,690       1,385  
Equity in net income of unconsolidated affiliates
    (4,080 )     (3,231 )     (16,237 )     (10,750 )
Other
    (4 )     10       (164 )     (93 )
 
                       
Income before income taxes
    56,240       43,071       188,711       151,530  
Income tax expense
    19,875       15,219       66,552       54,236  
 
                       
Net income
  $ 36,365     $ 27,852     $ 122,159     $ 97,294  
 
                       
 
                               
Net income per share, diluted
  $ 0.72     $ 0.56     $ 2.43     $ 1.96  
 
                       
Weighted average shares, diluted
    50,589       49,672       50,369       49,576  
 
                               
OTHER DATA:
                               
Gross margin on merchandise sales
    41.9 %     42.7 %     42.5 %     41.7 %
Gross margin on jewelry scrapping sales
    41.4 %     34.8 %     37.1 %     35.3 %
Gross margin on total sales
    41.7 %     38.8 %     40.2 %     39.0 %
 
                               
Signature loan bad debt as percent of fees
    25.3 %     26.2 %     24.2 %     22.8 %
Auto title loan bad debt as percent of fees
    11.3 %     18.7 %     11.2 %     15.4 %
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EZCORP, Inc.
Highlights of Consolidated Balance Sheets

(in thousands)
                 
    September 30, (unaudited)  
    2011     2010  
Assets:
               
Current assets:
               
Cash and cash equivalents
  $ 23,969     $ 25,854  
Pawn loans
    145,318       121,201  
Signature loans, net
    11,389       10,775  
Auto title loans, net
    3,222       3,145  
Pawn service charges receivable, net
    26,455       21,626  
Signature loan fees receivable, net
    5,348       5,818  
Auto title loan fees receivable, net
    1,427       1,616  
Inventory, net
    90,373       71,502  
Deferred tax asset
    18,125       23,208  
Federal income taxes receivable
           
Prepaid expenses and other assets
    30,611       17,427  
 
           
Total current assets
    356,237       302,172  
 
               
Investments in unconsolidated affiliates
    120,319       101,386  
Property and equipment, net
    78,498       62,293  
Deferred tax asset, non-current
          60  
Goodwill
    173,206       117,305  
Other assets, net
    28,190       23,196  
 
               
 
           
Total assets
  $ 756,450     $ 606,412  
 
           
Liabilities and stockholders’ equity:
               
Current liabilities:
               
Current maturities of long term debt
          10,000  
Accounts payable and other accrued expenses
    57,400       49,663  
Customer layaway deposits
    6,176       6,109  
Federal income taxes payable
    693       3,687  
 
           
Total current liabilities
    64,269       69,459  
 
               
Long-term debt, less current maturities
    17,500       15,000  
Deferred tax liability
    8,331        
Deferred gains and other long-term liabilities
    2,102       2,525  
Total stockholders’ equity
    664,248       519,428  
 
               
 
           
Total liabilities and stockholders’ equity
  $ 756,450     $ 606,412  
 
           
 
               
Other Data:
               
Pawn loan balance per ending pawn store
  $ 238     $ 240  
Inventory per ending pawn store
  $ 148     $ 142  
Book value per share
  $ 13.23     $ 10.55  
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EZCORP, Inc.
Operating Segment Results (Unaudited)

(in thousands, except percents)
                                                 
    Three Months Ended September 30,  
    US Pawn     Empeño Fácil     EZMONEY  
    2011     2010     2011     2010     2011     2010  
Revenues:
                                               
Merchandise sales
  $ 59,750     $ 52,364     $ 7,908     $ 3,888     $ 198     $  
Scrap sales
    58,055       51,007       4,634       2,839       359       122  
Pawn service charges
    50,879       42,294       5,312       2,874              
Signature loan fees
    894       488                   39,992       36,211  
Auto title loan fees
    447       398                   4,966       5,593  
Other
    214       77       88             389       13  
 
                                   
Total revenues
    170,239       146,628       17,942       9,601       45,904       41,939  
 
                                               
Merchandise cost of goods sold
    34,647       30,112       4,636       2,117       136        
Scrap cost of goods sold
    33,788       32,896       3,004       2,226       151       54  
Signature loan bad debt
    340       195                   10,013       9,410  
Auto title loan bad debt
    55       70                   556       1,049  
 
                                   
Net revenue
    101,409       83,355       10,302       5,258       35,048       31,426  
 
                                               
Operations expense
    45,898       41,886       6,103       3,922       17,749       16,518  
 
                                   
Store operating income
  $ 55,511     $ 41,469     $ 4,199     $ 1,336     $ 17,299     $ 14,908  
 
                                   
 
                                               
OTHER DATA
                                               
Gross margin on merchandise sales
    42.0 %     42.5 %     41.4 %     45.6 %     31.3 %     N/A  
Gross margin on scrap sales
    41.8 %     35.5 %     35.2 %     21.6 %     57.9 %     55.7 %
Gross margin on total sales
    41.9 %     39.0 %     39.1 %     35.4 %     48.5 %     55.7 %
Signature loan bad debt as a percent of fees
    38.0 %     40.0 %     N/A       N/A       25.0 %     26.0 %
Auto title loan bad debt as percent of fees
    12.3 %     17.6 %     N/A       N/A       11.2 %     18.8 %
Operating income margin
    54.7 %     49.7 %     40.8 %     25.4 %     49.4 %     47.4 %
                                                 
    Year Ended September 30,  
    US Pawn     Empeño Fácil     EZMONEY  
    2011     2010     2011     2010     2011     2010  
Revenues:
                                               
Merchandise sales
  $ 256,643     $ 226,424     $ 25,237     $ 14,030     $ 203     $  
Scrap sales
    195,276       163,667       15,997       7,389       1,206       355  
Pawn service charges
    184,234       154,505       16,901       9,190              
Signature loan fees
    2,501       1,930                   147,749       137,385  
Auto title loan fees
    1,539       1,659                   20,162       16,048  
Other
    634       442       122             913       21  
 
                                   
Total revenues
    640,827       548,627       58,257       30,609       170,233       153,809  
 
                                               
Merchandise cost of goods sold
    147,239       131,825       14,672       8,459       149        
Scrap cost of goods sold
    120,767       104,531       12,205       6,137       588       170  
Signature loan bad debt
    923       641                   35,405       31,068  
Auto title loan bad debt
    165       236                   2,266       2,499  
 
                                   
Net revenue
    371,733       311,394       31,380       16,013       131,825       120,072  
 
                                               
Operations expense
    177,191       161,145       20,636       11,658       69,225       63,861  
 
                                   
Store operating income
  $ 194,542     $ 150,249     $ 10,744     $ 4,355     $ 62,600     $ 56,211  
 
                                   
 
                                               
OTHER DATA
                                               
Gross margin on merchandise sales
    42.6 %     41.8 %     41.9 %     39.7 %     26.6 %     N/A  
Gross margin on scrap sales
    38.2 %     36.1 %     23.7 %     16.9 %     51.2 %     52.1 %
Gross margin on total sales
    40.7 %     39.4 %     34.8 %     31.9 %     47.7 %     52.1 %
Signature loan bad debt as percent of fees
    36.9 %     33.2 %     N/A       N/A       24.0 %     22.6 %
Auto title loan bad debt as percent of fees
    10.7 %     14.2 %     N/A       N/A       11.2 %     15.6 %
Operating income margin
    52.3 %     48.3 %     34.2 %     27.2 %     47.5 %     46.8 %
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EZCORP, Inc.

Store Count Activity
                                         
    Three Months Ended September 30, 2011  
    Company-owned Stores     Franchises  
    US Pawn     Empeño Fácil     EZMONEY     Consolidated          
Beginning of period
    432       155       496       1,083       12  
New openings
    5       17       4       26       1  
Acquired
    2       6             8        
Sold, combined or closed
                (6 )     (6 )      
 
                             
End of period
    439       178       494       1,111       13  
 
                             
                                         
    Year Ended September 30, 2011  
    Company-owned Stores     Franchises  
    US Pawn     Empeño Fácil     EZMONEY     Consolidated          
Beginning of period
    396       115       495       1,006        
New openings
    10       57       15       82       1  
Acquired
    34       6             40       13  
Sold, combined or closed
    (1 )           (16 )     (17 )     (1)  
 
                             
End of period
    439       178       494       1,111       13  
 
                             
Reconciliation of GAAP to Non-GAAP Results (Unaudited)
(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 Company’s 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 September 30, 2011     Year Ended September 30, 2011  
            Non-GAAP                     Non-GAAP        
    GAAP     Adjustments     Non-GAAP     GAAP     Adjustments     Non-GAAP  
Net revenue
  $ 146,759           $ 146,759     $ 534,938           $ 534,938  
 
Operations expense
    69,750             69,750       267,052             267,052  
Administrative expense
    19,020             19,020       75,270       (10,945 )     64,325  
Depreciation and amortization
    5,020             5,020       18,344             18,344  
(Gain) / loss on sale/disposal of assets
    311             311       309             309  
 
                                   
Operating income
    52,658             52,658       173,963       10,945       184,908  
 
                                               
Interest income
    (2 )           (2 )     (37 )           (37 )
Interest expense
    504             504       1,690             1,690  
Equity in net income of unconsolidated affiliates
    (4,080 )           (4,080 )     (16,237 )           (16,237 )
Other
    (4 )           (4 )     (164 )           (164 )
 
                                   
Income before income taxes
    56,240             56,240       188,711       10,945       199,656  
Income tax expense
    19,875             19,875       66,552       3,831       70,383  
 
                                   
Net income
  $ 36,365     $     $ 36,365     $ 122,159     $ 7,114     $ 129,273  
 
                                   
Net income per share, diluted
  $ 0.72     $     $ 0.72     $ 2.43     $ 0.14     $ 2.57  
 
                                   
Weighted average shares, diluted
    50,589             50,589       50,369             50,369  
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