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): JULY 20, 2005 EZCORP, INC. (Exact name of registrant as specified in its charter) DELAWARE 0-19424 74-2540145 (State or other jurisdiction of (Commission File (I.R.S. Employer incorporation) Number) Identification No.) 1901 CAPITAL PARKWAY AUSTIN, TEXAS 78746 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (512) 314-3400 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION This information set forth under "Item 2.02. 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 July 20, 2005, EZCORP, Inc. issued a press release announcing its results of operations and financial condition for the quarter ended June 30, 2005. A copy of the press release is attached hereto as Exhibit 99.1. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS 99.1 Press release dated July 20, 2005, issued by EZCORP, Inc.
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: July 20, 2005 By: /s/ Daniel N. Tonissen -------------------------------------- (Signature) Senior Vice President, Chief Financial Officer, and Director
EXHIBIT INDEX 99.1 Press release dated July 20, 2005, issued by EZCORP, Inc.
EXHIBIT 99.1 EZCORP ANNOUNCES STRONG EARNINGS GROWTH FOR THIRD QUARTER AUSTIN, Texas (July 20, 2005) -- EZCORP, Inc. (Nasdaq/NM: EZPW) announced today results for its third fiscal quarter and nine month period, which ended June 30, 2005. For the quarter ended June 30, 2005, EZCORP's net income improved to $2,129,000 (sixteen cents per share) compared to $253,000 (two cents per share) for the prior year period. Total revenues for the third fiscal quarter increased 10% to $56,250,000 compared to $51,141,000 for the prior year third fiscal quarter. After lower cost of goods sold and higher operating expense, operating income improved $2,492,000 to $3,159,000. Operating income margins for the quarter, measured as a percent of net revenues, improved approximately six percentage points to 8%. For the nine months ended June 30, 2005, net income increased 77% to $11,047,000 (eighty-two cents per share) compared to $6,250,000 (forty-eight cents per share) for the same nine month period a year ago. Total revenues increased 11% to $180,976,000 while operating income increased 70% to $16,655,000. Operating income margins for the nine months, measured as a percent of net revenue, improved approximately four percentage points to 14%. Commenting on these results, President and Chief Executive Officer, Joe Rotunda, stated, "The third quarter is our twelfth consecutive quarter of year-over-year earnings growth. All revenue elements contributed to our strong performance for the quarter; payday loan service charges increased 65% while bad debt increased only 21%; gross profit on sales increased 10% primarily due to better sales margins; and pawn service charges improved 6% on significantly stronger yields." Rotunda continued, "As we announced on July 14th, we have stopped marketing County Bank payday loans in 177 Texas EZMoney locations. These locations are now registered as Credit Services Organizations that provide fee based advice or assistance to consumers in obtaining a loan from an unaffiliated lender. We anticipate some transitional cost, either in lower fee revenues or higher bad debt, while moving to this operating model; however, this change will enable us to continue growing our unsecured loans and loan services in Texas." Rotunda concluded, "Considering the impact of the new product and anticipated transitional costs, we expect our earnings for the year to be between $1.05 and $1.10. Through June, we have opened 78 EZMoney stores. In our fourth fiscal quarter, we expect to open an additional 25 to 30 EZMoney stores." PAGE 1 OF 5
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. In addition, the Company provides fee based credit services for customers seeking loans. The Company also sells merchandise, primarily collateral forfeited from its pawn lending operations, to consumers looking for good value. As of June 30, 2005, the Company operated 280 EZPAWN and 203 EZMONEY stores. This announcement contains certain forward-looking statements regarding the Company's expected performance for future periods including, but not limited to, 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, actions of third parties who offer services and products in the Company's locations, 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 July 20, 2005 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://phx.corporate-ir.net/playerlink.zhtml?c=69434&s=wm&e=1097543 For additional information, contact Dan Tonissen at (512) 314-2289. PAGE 2 OF 5
EZCORP, INC. HIGHLIGHTS OF CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share data) - --------------------------------------------------------------------------------
EZCORP, INC. HIGHLIGHTS OF CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share data) - --------------------------------------------------------------------------------
EZCORP, INC. HIGHLIGHTS OF CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except per share data and store counts) - --------------------------------------------------------------------------------