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): APRIL 20, 2004 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 April 20, 2004, 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 April 20, 2004, EZCORP, Inc. issued a press release announcing its results of operations and financial condition for the three-month and six-month periods ended March 31, 2004. 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: April 21, 2004 By: /s/ Daniel N. Tonissen ---------------------------------------- (Signature) Senior Vice President, Chief Financial Officer, and Director
EXHIBIT INDEX 99 Press release dated April 20, 2004, issued by EZCORP, Inc.
EXHIBIT 99 EZCORP ANNOUNCES 101% EARNINGS GROWTH FOR SECOND QUARTER AUSTIN, TEXAS (APRIL 20, 2004) -- EZCORP, Inc. (Nasdaq/NM: EZPW) announced today results for its second fiscal quarter and six month period, which ended March 31, 2004. For the quarter ended March 31, 2004, EZCORP's net income improved 101% to $3,007,000 (twenty-three cents per share) compared to $1,498,000 (twelve cents per share) for the prior year period. These earnings are above the Company's previously announced estimate of thirteen to sixteen cents for this period. Total revenues for the second fiscal quarter increased 10% to $58,289,000 compared to $53,022,000 for the prior year second fiscal quarter. After higher levels of gross profit on merchandise and jewelry scrapping sales and higher levels of operating expense, operating income improved 90% to $4,468,000. For the six months ended March 31, 2004, EZCORP generated net income of $5,997,000 (forty-six cents per share) compared to a net loss for the same six month period a year ago. 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 reported a net loss for the six month period ended March 31, 2003 of $4,254,000 (thirty-four cents per share). Commenting on these results, President and Chief Executive Officer, Joe Rotunda, stated, "It was an excellent quarter with each business element growing in volume and profitability. For the quarter, we had 5% same store sales growth with better margins, we more than doubled our payday loan balance from last year, and we increased our pawn loan balance 2% from a year ago. Our strong profit performance coupled with seasonal trends enabled us to generate significant cash flow and reduce debt during the quarter over $17 million to $15 million." Rotunda continued, "In addition to our financial performance, we have made considerable progress with new store development. Through the first six months of the year, we have opened an additional 51 EZMoney Payday Loan stores, 46 of which adjoin an EZPAWN location. We now plan to open approximately 120 new EZMoney storefronts this fiscal year, up from our earlier guidance of 75 to 85."
Rotunda concluded, "Considering our performance through the first two quarters of fiscal 2004 and our plans for the balance of the year, we are raising our earnings guidance for the fiscal year to a range of $0.65 to $0.70 per share." 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. As of March 31, 2004, the Company operated 280 EZPAWN and 55 EZMONEY Payday Loan stores, 48 of which adjoin an EZPAWN location. This announcement contains certain forward-looking statements regarding the Company's expected performance for future periods including, but not limited to, new store expansion 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 a conference call discussing these results on April 20, 2004 at 3:30pm Central Time. The conference call can be accessed over the Internet (or replay it at your convenience) at the following address. http://www.firstcallevents.com/service/ajwz403904219gf12.html For additional information, contact Dan Tonissen at (512) 314-2289.
EZCORP, INC. HIGHLIGHTS OF CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share data and store counts)
EZCORP, INC. HIGHLIGHTS OF CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share data and store counts)
EZCORP, INC. HIGHLIGHTS OF CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except per share data and store counts)