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EX-99.2 - EX-99.2 - EZCORP INC | d85586exv99w2.htm |
8-K - FORM 8-K - EZCORP INC | d85586e8vk.htm |
Exhibit 99.1
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, EZCORPs President and Chief Executive Officer, Paul Rothamel, said,
Im 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. |
Page 1 of 9
| 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 Fácils 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%. |
Page 2 of 9
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 EZCORPs 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
Page 3 of 9
| 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 EZCORPs 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, Im 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
Page 4 of 9
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 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 and consumer demand for the
Companys services and merchandise. 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
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, 2010. 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 5 of 9
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 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 | % |
Page 6 of 9
EZCORP, Inc.
Highlights of Consolidated Balance Sheets
(in thousands)
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 |
Page 7 of 9
EZCORP, Inc.
Operating Segment Results (Unaudited)
(in thousands, except percents)
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 | % |
Page 8 of 9
EZCORP, Inc.
Store Count Activity
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)
(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 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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