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 22, 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 April 22, 2003, issued by EZCORP, Inc. ITEM 9. REGULATION FD DISCLOSURE This information set forth under "Item 9. Regulation FD Disclosure" is intended to be furnished solely under "Item 12. Results Of Operations And Financial Condition" in accordance with SEC Release No. 33-8216. Such information, 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 22, 2003, EZCORP, Inc. issued a press release announcing its results of operations and financial condition for the three and six-month periods ended March 31, 2003. A copy of the press release is attached hereto as Exhibit 99. ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION The information required under this Item 12 is being provided under Item 9 of this report as provided in SEC Release No. 33-8216.
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 22, 2003 By: /s/ Daniel N. Tonissen --------------------------------------- (Signature) Senior Vice President, Chief Financial Officer, and Director
EXHIBIT INDEX
EXHIBIT 99 EZCORP ANNOUNCES 37% INCREASE IN SECOND QUARTER EARNINGS AUSTIN, Texas (April 22, 2003) -- EZCORP, Inc. (Nasdaq/NM: EZPW) announced today results for its second fiscal 2003 quarter and the six month period, which ended March 31, 2003. For the three months ended March 31, 2003, net income increased 37% to $1,498,000 ($0.12 per share) compared to $1,094,000 ($0.09 per share) for the comparable prior year period. These earnings are above the Company's publicly announced estimate of $0.09 to $0.11 per share for this period. Total revenues for the three month period increased 12% to $53,022,000. For the six months ended March 31, 2003, income before the cumulative effect of an accounting change increased 53% to $3,783,000 ($0.30 per share) compared to $2,466,000 ($0.20 per share) for the comparable prior year period. Total revenues for the six month period increased 4% to $106,221,000. 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 a net loss of $4,254,000 for the six month period. Commenting on these results, Joseph L. Rotunda, President and Chief Executive Officer, said, "We are pleased with our earnings and results for the quarter. Our business is comprised of three primary segments: pawn lending, payroll advance loans and selling merchandise which is comprised primarily of forfeited collateral. Each made a substantial contribution to our earnings performance. Our pawn service charge revenues increased 3% year over year while our average pawn loan balance was unchanged. Our payroll advance product continues to develop with year over year service charge increases of $1.1 million and an incremental contribution of approximately $0.8 million. As we expected, our sales were especially strong with same store sales up 8% for the quarter, largely due to the changes made to our layaway program. Gross profit on merchandise sales increased approximately $0.5 million." Mr. Rotunda continued, "While our operating results confirm that we are on track with our plans to significantly improve earnings, our results also have contributed to a stronger balance sheet. During the last twelve months we have reduced our total debt, primarily from operating cash flows, by approximately $9.4 million to $28.0 million." The Company estimates fiscal 2003 earnings (before the cumulative effect of the change in accounting principle) to be between thirty-five and forty cents per share compared to eighteen cents per share for fiscal 2002. For the fiscal 2003 third quarter, the Company estimates earnings to be between a loss of $0.02 and $0.00 per share compared to a loss of $0.04 per share for the fiscal 2002 third quarter. Seasonally, the Company's third quarter earnings are expected to be the weakest of the quarters due to lower sales levels and lower average loan balances. EZCORP offers consumers convenient, non-recourse loans collateralized by tangible personal property, and short-term non-collateralized loans, often referred to as payday loans. A secondary, but related, business activity is the selling of previously owned merchandise consisting primarily of forfeited collateral. At March 31, 2003, the Company operated 280 stores in eleven states. 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, 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 22, 2003 at 10:00am 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/ajwz377376791gf12.html 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)