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): JULY 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 July 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 July 22, 2003, EZCORP, Inc. issued a press release announcing its results of operations and financial condition for the three and nine-month periods ended June 30, 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: July 22, 2003 By: /s/ Daniel N. Tonissen -------------------------------------- (Signature) Senior Vice President, Chief Financial Officer, and Director
EXHIBIT INDEX
EXHIBIT 99 EZCORP ANNOUNCES THIRD QUARTER RESULTS AUSTIN, TEXAS (JULY 22, 2003) -- EZCORP, Inc. (Nasdaq/NM: EZPW) announced today results for its third fiscal 2003 quarter and the nine month period, which ended June 30, 2003. For the three months ended June 30, 2003, net income increased to $53,000 ($0.00 per share) compared to a net loss of $513,000 ($0.04 per share) for the comparable prior year period. These earnings are at the upper end of the Company's publicly announced estimate of $0.00 to a loss of $0.02 per share for this period. Total revenues for the three month period increased 9% to $46,903,000. For the nine months ended June 30, 2003, income before the cumulative effect of an accounting change increased to $3,836,000 ($0.31 per share) compared to $1,953,000 ($0.16 per share) for the comparable prior year period. Total revenues for the nine month period increased 5% to $153,124,000. 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 $4,201,000 for the nine month period. Commenting on these results, Joseph L. Rotunda, President and Chief Executive Officer, said, "Results for our third fiscal quarter continue to be in line with our expectations. For the quarter, our pawn lending was especially strong with pawn service charge revenue up six percent from the same period last year, primarily due to a six percentage point improvement in our annualized yield on pawn loans. We also realized three percent same store sales growth; however, this came at a cost of lower margins as we aggressively pushed to reduce aging inventory levels. Inventory turnover was very strong at 2.7 times compared to 2.2 times for the same period a year ago." "Our payroll advance product continues to mature with payroll advance finance charges up fifty-six percent to just over three-million dollars for the quarter and our end of period loan balance up seventy-five percent from June 2002 to $3,116,000. As we generated this growth, we also lowered our net defaults on payroll advance loans one percentage point, compared to the third fiscal 2002 quarter, to 4.8%." Mr. Rotunda continued, "We are also excited about opening our first two payroll advance stores: one is a stand-alone store that offers payroll advances and the other is a "store within a store" with the payroll advance operation separated from the adjoining EZPawn. We believe both models offer significant growth opportunity in the future." 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 fourth quarter, the Company estimates earnings to be between four and nine cents per share compared to two cents per share for the fiscal 2002 fourth quarter. Seasonally, the Company's fourth quarter earnings are expected to be the second weakest of the quarters (after the third quarter) due mainly to lower sales levels. The Company's preliminary earnings guidance for its fiscal 2004 is fifty to fifty-five cents per share. 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 June 30, 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 July 22, 2003 at 10:00 am Central Time. The conference call can be accessed over the Internet (or replay at your convenience) at the following address. http://www.firstcallevents.com/service/ajwz383995606gf12.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)