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 NUMBER DESCRIPTION - ------- ----------- 99 Press release dated November 10, 2003, issued by EZCORP, Inc.

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)

THREE MONTHS ENDED SEPTEMBER 30, -------------------------------- 2003 2002 -------- -------- Total revenues $ 53,225 $ 51,695 Cost of goods sold 22,394 24,344 -------- -------- Net revenues 30,831 27,351 Operating expenses 26,000 23,612 -------- -------- Operating income before depreciation and amortization 4,831 3,739 Depreciation and amortization 2,137 2,457 -------- -------- Operating income 2,694 1,282 Interest expense, net 472 1,059 Equity in net income of unconsolidated affiliate (350) (182) Loss on sale of assets 144 7 Impairment of investment 1,100 -- -------- -------- Income before income taxes 1,328 398 Income tax expense (benefit) (3,235) 147 -------- -------- Income before cumulative effect of a change in accounting principle $ 4,563 $ 251 Cumulative effect of adopting a new accounting principle, net of tax -- -- -------- -------- Net income $ 4,563 $ 251 ======== ======== Income per share, assuming dilution: Income before cumulative effect of a change in accounting principle $ 0.36 $ 0.02 Cumulative effect of adopting a new accounting principle, net of tax $ -- $ -- -------- -------- Net income $ 0.36 $ 0.02 ======== ======== Weighted average shares - assuming dilution: 12,694 12,334 Store count - average for period 281 280 Pro forma results, as if the new accounting principle were in effect for all periods: Net income as reported $ 4,563 $ 251 Add back: goodwill and pawn license amortization, net of tax -- 99 Add back: amortization of goodwill related to equity investee, net of tax -- 75 Add back: cumulative effect of adopting a new accounting principle, net of tax -- -- -------- -------- Adjusted net income $ 4,563 $ 425 ======== ======== Per share amounts - assuming dilution: Net income as reported $ 0.36 $ 0.02 Add back: goodwill and pawn license amortization, net of tax -- 0.01 Add back: amortization of goodwill related to equity investee, net of tax -- -- Add back: cumulative effect of adopting a new accounting principle, net of tax -- -- -------- -------- Adjusted net income $ 0.36 $ 0.03 ======== ======== Below is a reconciliation of reported net income to net income excluding unusual items for the quarter ended September 30, 2003: $000's EPS -------- -------- Net income, as reported $ 4,563 $ 0.36 Add back unusual items: Cumulative effect of adopting a new accounting principal for goodwill, net of tax -- -- Removal of valuation allowance on deferred tax asset (3,700) (0.30) Impairment of $1.1 million investment, net of related tax benefit 715 0.06 -------- -------- Net income, adjusted for unusual items $ 1,578 $ 0.12 ======== ========

EZCORP, INC. HIGHLIGHTS OF CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) (in thousands, except per share data and store count)

TWELVE MONTHS ENDED SEPTEMBER 30, --------------------------------- 2003 2002 --------- --------- Total revenues $ 206,349 $ 196,898 Cost of goods sold 86,100 84,936 --------- --------- Net revenues 120,249 111,962 Operating expenses 102,381 93,884 --------- --------- Operating income before depreciation and amortization 17,868 18,078 Depreciation and amortization 8,775 10,087 --------- --------- Operating income 9,093 7,991 Interest expense, net 2,006 4,770 Equity in net income of unconsolidated affiliate (1,412) (604) Loss on sale of assets 170 327 Impairment of investment 1,100 -- --------- --------- Income before income taxes 7,229 3,498 Income tax expense (benefit) (1,170) 1,294 --------- --------- Income before cumulative effect of a change in accounting principle $ 8,399 $ 2,204 Cumulative effect of adopting a new accounting principle, net of tax (8,037) -- --------- --------- Net income $ 362 $ 2,204 ========= ========= Income per share, assuming dilution: Income before cumulative effect of a change in accounting principle $ 0.67 $ 0.18 Cumulative effect of adopting a new accounting principle, net of tax $ (0.64) $ -- --------- --------- Net income $ 0.03 $ 0.18 ========= ========= Weighted average shares - assuming dilution 12,552 12,292 Store count - average for period 280 281 Pro forma results, as if the new accounting principle were in effect for all periods: Net income as reported $ 362 $ 2,204 Add back: goodwill and pawn license amortization, net of tax -- 398 Add back: amortization of goodwill related to equity investee, net of tax -- 299 Add back: cumulative effect of adopting a new accounting principle, net of tax 8,037 -- --------- --------- Adjusted net income $ 8,399 $ 2,901 ========= ========= Per share amounts - assuming dilution: Net income as reported $ 0.03 $ 0.18 Add back: goodwill and pawn license amortization, net of tax -- 0.03 Add back: amortization of goodwill related to equity investee, net of tax -- 0.03 Add back: cumulative effect of adopting a new accounting principle, net of tax 0.64 -- --------- --------- Adjusted net income $ 0.67 $ 0.24 ========= ========= Below is a reconciliation of reported net income to net income excluding unusual items for the year ended September 30, 2003: $000's EPS --------- --------- Net income, as reported $ 362 $ 0.03 Add back unusual items: Cumulative effect of adopting a new accounting principal for goodwill, net of tax 8,037 0.64 Removal of valuation allowance on deferred tax asset (3,700) (0.30) Impairment of $1.1 million investment, net of related tax benefit 715 0.06 --------- --------- Net income, adjusted for unusual items $ 5,414 $ 0.43 ========= =========

EZCORP, INC. HIGHLIGHTS OF CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except per share data and store count)

AS OF SEPTEMBER 30, 2003 2002 -------- -------- Assets: Current assets: Cash and cash equivalents $ 2,496 $ 1,492 Pawn loans 47,955 49,248 Payday loans 3,630 2,326 Pawn service charges receivable, net 8,990 8,819 Payday loan service charges receivable, net 735 485 Inventory, net 29,755 32,097 Deferred tax asset 8,163 6,418 Federal income tax receivable 328 359 Prepaid expenses and other assets 1,726 1,898 -------- -------- Total current assets 103,778 103,142 Investment in unconsolidated affiliates 14,700 14,406 Property and equipment, net 25,369 32,190 Deferred tax asset, non-current 4,391 -- Goodwill, net -- 11,148 Other assets 5,452 5,084 -------- -------- Total assets $153,690 $165,970 ======== ======== Liabilities and stockholders' equity: Current liabilities: Current maturities of long-term debt $ -- $ 2,936 Accounts payable and other accrued expenses 11,101 11,615 Customer layaway deposits 1,792 2,166 -------- -------- Total current liabilities 12,893 16,717 Long-term debt, less current maturities 31,000 39,309 Deferred tax liability -- 1,191 Deferred gains and other long-term liabilities 4,319 4,209 -------- -------- Total long-term liabilities 35,319 44,709 Total stockholders' equity 105,478 104,544 -------- -------- Total liabilities and stockholders' equity $153,690 $165,970 ======== ======== Pawn loan balance per ending pawn store $ 171 $ 176 Inventory per ending pawn store $ 106 $ 115 Book value per share $ 8.65 $ 8.59 Tangible book value per share $ 8.44 $ 7.48 Pawn store count - end of period 280 280 Monoline payday loan store count - end of period 4 -- Shares outstanding - end of period 12,188 12,167