UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): NOVEMBER 12, 2003 EZCORP, INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) DELAWARE (STATE OR OTHER JURISDICTION OF INCORPORATION) 0-19424 74-2540145 (COMMISSION FILE NUMBER) (IRS EMPLOYER IDENTIFICATION NO.) 1901 CAPITAL PARKWAY AUSTIN, TEXAS 78746 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICE, INCLUDING ZIP CODE) (512) 314-3400 (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
ITEM 7. EXHIBITS. 99 Press release dated November 10, 2003, issued by EZCORP, Inc. ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION This information set forth under "Item 12. Results Of Operations And Financial Condition," including the Exhibit attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities and Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing. On November 10, 2003, EZCORP, Inc. issued a press release announcing its results of operations and financial condition for the three and twelve-month periods ended September 30, 2003. A copy of the press release is attached hereto as Exhibit 99.
SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. EZCORP, INC. (Registrant) Date: November 12, 2003 By: /s/ Daniel N. Tonissen ------------------------------------ (Signature) Senior Vice President, Chief Financial Officer, and Director
EXHIBIT INDEX
EXHIBIT 99 EZCORP ANNOUNCES FISCAL YEAR RESULTS AUSTIN, TEXAS (NOVEMBER 10, 2003) -- EZCORP, Inc. (Nasdaq: EZPW) announced today results for its fiscal fourth quarter and 2003 fiscal year, which ended September 30, 2003. For the quarter ended September 30, 2003, EZCORP is reporting net income of $4,563,000 ($0.36 per share) compared to net income of $251,000 ($0.02 per share) for the prior year comparable period. During the quarter, the Company decreased its valuation allowance placed on its deferred tax asset by $3,700,000 based on the Company's improved operating results and outlook for continued earnings growth. This resulted in a $3,700,000 decrease to the tax provision for the quarter and had a favorable net income effect of $3,700,000 ($0.30 per share). Also during the quarter, the Company wrote off a $1,100,000 investment made in 2000 in an internet related startup. This write-off had an unfavorable effect on net income of $715,000 ($0.06 per share). Excluding these two items, net income for the quarter was $1,578,000 ($0.12 per share). For the twelve month period ended September 30, 2003, income before the cumulative effect of an accounting change increased to $8,399,000 ($0.67 per share) compared to net income of $2,204,000 ($0.18 per share) for fiscal 2002. Excluding the two items discussed in the above paragraph, income before the cumulative effect of an accounting change for fiscal 2003 increased 146% to $5,414,000 ($0.43 per share). Effective October 1, 2002, the Company adopted Statement of Financial Accounting Standards No. 142 which deals with the accounting treatment of goodwill and other intangible assets. After a charge of $8,037,000 for the cumulative effect of adopting this new accounting principle, the Company realized net income of $362,000 for fiscal 2003. Commenting on these results, President and Chief Executive Officer, Joe Rotunda, stated, "We are pleased with both our fourth quarter and fiscal year end results. For fiscal 2003, we exceeded our earnings per share guidance by three cents, generated cash flow from operating activities in excess of $13.0 million, and reduced debt by 27% from a year ago. Our payday loans, which are still a relatively new product for us, ended the year with a balance 56% above the same time last year." Rotunda continued, "We are also excited about our growth opportunities. During our fourth quarter, we opened four new mono-line payday loan stores under the EZMONEY brand, including two stores linked to an existing pawn location with a separate entrance and different decor and signage. In fiscal 2004, we plan to open seventy-five to eighty-five additional mono-line stores: either freestanding locations or linked to an existing pawn location." Rotunda concluded, "Even with the expansion plans for fiscal year 2004, we will continue to drive earnings growth through additional refinement of our core pawn business and growth in our payday loan product. Although the new locations will have an initial drag on earnings, we expect earnings for fiscal 2004 to be between fifty and fifty-five cents per share compared to a comparable forty-three cents per share for fiscal 2003. For our first fiscal 2004 quarter, we expect earnings between nineteen and twenty-one cents per share compared to eighteen cents per share for the first fiscal 2003 quarter." EZCORP meets the short-term cash needs of the cash and credit constrained consumer by offering convenient, non-recourse loans collateralized by tangible personal property, commonly known as pawn loans, and short-term non-collateralized loans, often referred to as payday loans. The Company also sells merchandise, primarily collateral forfeited from its pawn lending operations, to consumers looking for good value. Currently, the Company operates 290 locations in eleven states under the EZPAWN and EZMONEY brands: 280 pawnshops and 10 mono-line payday loan locations.
On September 15th, Albemarle and Bond, EZCORP's UK affiliate, announced preliminary results for their fiscal year ended June 30, 2003. They reported profit after taxes of 3,043,000 British Pounds, an increase of 19% over the prior year period. They currently operate 53 locations in the United Kingdom that offer check cashing, pawn loans and short-term loans. EZCORP currently owns approximately 29% of the outstanding shares of Albemarle and Bond and holds three of seven board seats. This announcement contains certain forward-looking statements regarding the Company's expected performance for future periods including, but not limited to, new unit growth and expected future earnings. Actual results for these periods may materially differ from these statements. Such forward-looking statements involve risks and uncertainties such as changing market conditions in the overall economy and the industry, consumer demand for the Company's services and merchandise, changes in regulatory environment, and other factors periodically discussed in the Company's annual, quarterly and other reports filed with the Securities and Exchange Commission. You are invited to listen to the earnings conference call on November 11th at 11:00am EST. It will be webcast at http://www.firstcallevents.com/service/ajwz392675057gf12.html. The conference call can be replayed at the same address. Also, EZCORP will be presenting at The Robins Group LLC Small Cap Round-Up on November 12th at 3:00pm EST. You can listen to the webcast of this presentation at http://www.veracast.com/webcasts/robins/small-cap-roundup03/16108127.cfm. For additional information, contact Dan Tonissen at (512) 314-2289.
EZCORP, INC. HIGHLIGHTS OF CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) (in thousands, except per share data and store count)
EZCORP, INC. HIGHLIGHTS OF CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) (in thousands, except per share data and store count)
EZCORP, INC. HIGHLIGHTS OF CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except per share data and store count)