Pawn loans outstanding ("PLO") up 6% on a constant currency basis1 (5% on a GAAP basis)

Same store PLO up 3% on a constant currency basis1 (2% on a GAAP basis)

Quality loan growth based on consistent redemption rate and increasing portfolio yield

Strong merchandise margin expansion to 39%, a 500 basis point increase YOY

Annualized return on pawn earning assets increased to 151%, a 900 basis point increase YOY

Reviewing strategic options for Grupo Finmart, to be completed by end of Q3FY16

AUSTIN, Texas, Feb. 08, 2016 (GLOBE NEWSWIRE) -- EZCORP, Inc. (NASDAQ:EZPW), a leading provider of pawn loans in the United States and Mexico and consumer loans in Mexico, today announced results for its first quarter ended December 31, 2015.

CEO COMMENTARY AND OUTLOOK

Stuart Grimshaw, EZCORP’s Chief Executive Officer, said, “In July 2015, we announced significant strategic changes in our company’s direction which included a refocus on our pawn operations in both the United States and Mexico. With the goal of increasing both our market share and efficiency, our stated path to making that a reality was to serve and satisfy our customers beyond their expectations. This quarter’s results reflect encouraging progress in meeting those expectations with growth in our customer transactions as well as the expansion in our portfolio of pawn loans, while improving the return on investment on our earning assets.”

Mr. Grimshaw continued, “Today, we also announced that we are undertaking a strategic review of Grupo Finmart. Clearly we are disappointed in the financial performance, which is affected by changes in the industry dynamics as well as the business environment over the past several quarters. With a view to maximizing our long term shareholder value, initiatives are underway for the short term while the longer term strategic options are being evaluated.”

1Note: In addition to the financial information prepared in conformity with U.S. generally accepted accounting principles ("GAAP"), we provide certain other non-GAAP financial information such as constant currency results ("constant currency") where indicated. The average Mexican peso to U.S. dollar exchange rate as of December 31, 2015 was 17.3 to 1, compared to 14.7 to 1 in the prior year. The average Mexican peso to U.S. dollar exchange rate for the current three-month period ended December 31, 2015 was 16.8 to 1, compared to 13.9 to 1 in the comparable prior-year period. See additional information at the end of this release regarding non-GAAP financial measures.

CONSOLIDATED RESULTS 

  • For the quarter ended December 31, 2015, net loss from continuing operations attributable to EZCORP was $7.2 million (-$0.13 per share), compared to net income of $4.7 million ($0.09 per share) in the prior-year quarter. This year-over-year difference reflects continued improvement in our U.S. and Mexico pawn businesses (as discussed below) that was more than offset by continued challenges in Grupo Finmart.

  • Total revenues for the quarter were $198.5 million, 7% lower than the prior-year quarter, primarily due to lower scrapping revenues and lower consumer loan fees and interest income in Grupo Finmart. On a constant currency basis, total revenues were 3% lower year-over-year.

  • Net revenues for the quarter were $111.5 million, a 5% decrease from the prior-year quarter, reflecting an increase in bad debt reserves discussed below. On a constant currency basis, net revenues decreased 2%.

  • Operating expenses increased 19% on a constant currency basis (14% on a GAAP basis) reflecting costs associated with the prior-period restatements, restructuring, reversal of stock compensation costs in the prior-year quarter as a result of forfeitures, and store-level bonus programs during fiscal 2016 to better incentivize performance.

  • Annualized return on pawn earning assets (defined as average annual merchandise and scrap sales gross profit and pawn service charges ("PSC") yield on pawn loans and inventory balances outstanding) increased to 151% in the current quarter versus 142% in the prior-year quarter.

OPERATING METRICS

U.S. Pawn 

  • Core pawn revenue increased 3% YOY driven by growth in PSC and merchandise sales.

  • We posted our first same store PLO growth since Q4FY14: up 0.5% YOY in the December 2015 quarter, an improvement from -6% YOY in the September 2015 quarter, and -11% YOY in the June 2015 quarter.

  • Quality loan growth continued with PLO increasing 4%.

  • Strong merchandise gross margin expansion to 40% from 34%.

  • Aged inventory reduction to 11% of total inventory from 16%.

Mexico Pawn 

  • Core pawn revenue increased 8% YOY on a constant currency basis (11% decrease on a GAAP basis), primarily driven by 22% growth in PSC revenue on a constant currency basis (1% increase on a GAAP basis).

  • Same store PLO increased 34% on a constant currency basis (14% increase on a GAAP basis), the sixth consecutive quarter with double-digit same store loan growth on a constant currency basis (same store YOY loan growth has both increased and decreased on a GAAP basis over the same periods).

  • Strong merchandise margin expansion to 35% from 31%.

  • Aged inventory reduction to 3% of total inventory from 16%.

Grupo Finmart 

  • Segment loss of $19.5 million on a constant currency basis ($16.9 million on a GAAP basis) compared to a segment loss of $8.2 million on a GAAP basis in the prior-year quarter. The increase in the segment loss was primarily attributable to an 87% increase on a constant currency basis (55% increase on a GAAP basis) in bad debt expense, driven predominately by industry-wide delays in payment timing.

  • We reserve for a loan at 100% of principal and accrued interest if no payment is received within a consecutive 180-day period. The bad debt expense included $2.1 million received in collections in the current quarter on loans that were fully reserved.

  • In response to the payment and collections challenges, we are refocusing our operations on higher quality, shorter term loans with the lowest risk convenios.

  • Operations expense increased 40% YOY on a constant currency basis (16% on a GAAP basis), driven by an increase in commissions and investments in the senior management team. We have initiated a cost reduction program to better align the expense structure with the revenue performance.

  • In light of the changing industry dynamics and business environment, we have initiated a review of all strategic options for Grupo Finmart, to be completed by the end of Q3FY16, with a view toward maximizing long-term shareholder value.

CONFERENCE CALL

EZCORP will host a conference call on Tuesday, February 9, 2016 at 7:30 a.m. Central Time to discuss our first quarter results. Analysts and institutional investors may participate on the conference call by dialing (888) 734-0328, Conference ID: 43999396, International dialing (678) 894-3054. The conference call will be webcast simultaneously to the public through this link: http://investors.ezcorp.com/. A replay of the conference call will be available online at http://investors.ezcorp.com/ shortly after the call.

ABOUT EZCORP

EZCORP is a leading provider of pawn loans in the United States and Mexico and consumer loans in Mexico. At our pawn stores, we also sell merchandise, primarily collateral forfeited from pawn lending operations and used merchandise purchased from customers.

FORWARD LOOKING STATEMENTS

This announcement contains certain forward-looking statements regarding the company’s strategy, initiatives and expected performance. These statements are based on the company’s current expectations as to the outcome and timing of future events. All statements, other than statements of historical facts, including all statements regarding the company's strategy, initiatives and future performance, that address activities or results that the company plans, expects, believes, projects, estimates or anticipates will, should or may occur in the future, including future financial or operating results, are forward-looking statements. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of uncertainties and other factors, including operating risks, liquidity risks, legislative or regulatory developments, market factors or current or future litigation. For a discussion of these and other factors affecting the company’s business and prospects, see the company’s annual, quarterly and other reports filed with the Securities and Exchange Commission. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.


EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 Three Months Ended December 31,
 2015 2014
    
 (Unaudited)
 (in thousands, except per share amounts)
Revenues:   
Merchandise sales$108,584  $109,639 
Jewelry scrapping sales9,621  18,534 
Pawn service charges66,594  64,927 
Consumer loan fees and interest13,188  18,971 
Other revenues467  655 
Total revenues198,454  212,726 
Merchandise cost of goods sold66,259  72,478 
Jewelry scrapping cost of goods sold8,076  14,675 
Consumer loan bad debt12,603  8,515 
Net revenues111,516  117,058 
Operating expenses:   
Operations85,606  80,087 
Administrative19,983  12,552 
Depreciation and amortization8,059  8,008 
Loss on sale or disposal of assets33  256 
Restructuring1,692  22 
Total operating expenses115,373  100,925 
Operating (loss) income(3,857) 16,133 
Interest expense9,192  12,034 
Interest income(140) (531)
Equity in net income of unconsolidated affiliate(2,055) (2,194)
Other expense870  759 
(Loss) income from continuing operations before income taxes(11,724) 6,065 
Income tax (benefit) expense(3,696) 3,264 
(Loss) income from continuing operations, net of tax(8,028) 2,801 
(Loss) income from discontinued operations, net of tax(238) 6,877 
Net (loss) income(8,266) 9,678 
Net loss from continuing operations attributable to redeemable noncontrolling interest(792) (1,934)
Net (loss) income attributable to EZCORP, Inc.$(7,474) $11,612 
    
Basic (loss) earnings per share attributable to EZCORP, Inc.:   
Continuing operations$(0.13) $0.09 
Discontinued operations  0.13 
Basic earnings (loss) per share$(0.13) $0.22 
    
Diluted (loss) earnings per share attributable to EZCORP, Inc.:   
Continuing operations$(0.13) $0.09 
Discontinued operations  0.13 
Diluted (loss) earnings per share$(0.13) $0.22 
    
Weighted-average shares outstanding:   
Basic54,895  53,650 
Diluted54,895  53,698 
    
Net (loss) income from continuing operations attributable to EZCORP, Inc.$(7,236) $4,735 
Income from discontinued operations attributable to EZCORP, Inc.(238) 6,877 
Net (loss) income attributable to EZCORP, Inc.$(7,474) $11,612 
        


EZCORP, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
 December 31,
 2015
 December 31,
 2014
 September 30,
 2015
      
 (Unaudited)  
Assets:     
Current assets:     
Cash and cash equivalents$22,781  $77,599  $59,124 
Restricted cash16,157  60,218  15,137 
Pawn loans157,905  150,930  159,964 
Consumer loans, net32,175  61,347  36,533 
Pawn service charges receivable, net31,342  30,241  30,852 
Consumer loan fees and interest receivable, net12,827  13,199  19,802 
Inventory, net132,980  132,659  124,084 
Prepaid income taxes5,929  36,580  7,945 
Income taxes receivable35,131  16,243  37,230 
Prepaid expenses and other current assets25,296  34,075  21,076 
Total current assets472,523  613,091  511,747 
Investment in unconsolidated affiliate53,404  99,219  56,182 
Property and equipment, net69,963  104,353  75,594 
Restricted cash, non-current2,667  4,310  2,883 
Goodwill326,201  337,498  327,460 
Intangible assets, net40,443  49,523  41,263 
Non-current consumer loans, net71,502  78,362  75,824 
Deferred tax asset, net73,655  28,189  69,121 
Other assets, net35,482  77,352  42,985 
Total assets$1,145,840  $1,391,897  $1,203,059 
      
Liabilities, temporary equity and stockholders’ equity:     
Current liabilities:     
Current maturities of long-term debt$75,586  $74,832  $74,345 
Current capital lease obligations  258   
Accounts payable and other accrued expenses87,219  81,417  107,871 
Other current liabilities6,470  6,000  15,384 
Customer layaway deposits10,138  5,133  10,470 
Total current liabilities179,413  167,640  208,070 
Long-term debt, less current maturities281,545  374,600  297,166 
Deferred gains and other long-term liabilities5,917  8,446  6,157 
Total liabilities466,875  550,686  511,393 
Commitments and contingencies     
Temporary equity:     
Class A Non-voting Common Stock, subject to possible redemption at $10.06 per share; 1,168,456 shares issued and outstanding at redemption value as of December 31, 2015 and September 30, 2015; and none as of December 31, 201411,696    11,696 
Redeemable noncontrolling interest2,379  18,550  3,235 
Total temporary equity14,075  18,550  14,931 
Stockholders’ equity:     
Class A Non-voting Common Stock, par value $.01 per share; shares authorized: 100 million as of December 31, 2015 and 2014 and September 30, 2015; issued and outstanding: 50,756,171 as of December 31, 2015; 50,680,358 as of December 31, 2014; and 50,726,289 as of September 30, 2015508  506  507 
Class B Voting Common Stock, convertible, par value $.01 per share; 3 million shares authorized; issued and outstanding: 2,970,17130  30  30 
Additional paid-in capital309,562  329,443  307,080 
Retained earnings415,663  521,198  423,137 
Accumulated other comprehensive loss(60,873) (28,516) (54,019)
EZCORP, Inc. stockholders’ equity664,890  822,661  676,735 
Total liabilities, temporary equity and stockholders’ equity$1,145,840  $1,391,897  $1,203,059 


EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 Three Months Ended December 31,
 2015 2014
    
 (Unaudited)
 (in thousands)
Operating activities:   
Net (loss) income$(8,266) $9,678 
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:   
Depreciation and amortization8,090  9,030 
Amortization of debt discount and consumer loan premium, net2,362  1,982 
Consumer loan loss provision9,691  7,590 
Deferred income taxes(4,534) 1,498 
Restructuring1,692   
Amortization of deferred financing costs833  1,633 
Amortization of prepaid commissions4,023  3,013 
Other adjustments(1,966) (176)
Loss on sale or disposal of assets33  324 
Stock compensation expense (benefit)833  (2,458)
Income from investment in unconsolidated affiliate(2,055) (2,194)
Changes in operating assets and liabilities:   
Service charges and fees receivable6,381  (3,361)
Inventory(2,107) 509 
Prepaid expenses, other current assets and other assets(5,739) (7,824)
Accounts payable and other accrued expenses and deferred gains and other long-term liabilities(12,707) (13,955)
Customer layaway deposits(310) (2,895)
Restricted cash147  (933)
Prepaid income taxes and income taxes receivable4,074  3,903 
Payments of restructuring charges(4,943) (2,285)
Dividends from unconsolidated affiliate  2,407 
Net cash (used in) provided by operating activities(4,468) 5,486 
Investing activities:   
Loans made(173,162) (223,748)
Loans repaid106,372  166,771 
Recovery of pawn loan principal through sale of forfeited collateral58,566  69,886 
Additions to property and equipment(1,166) (8,954)
Investment in unconsolidated affiliate  (12,140)
Proceeds from sale of assets27   
Net cash used in investing activities(9,363) (8,185)
Financing activities:   
Payout of deferred and contingent consideration(8,915) (6,000)
Proceeds from settlement of forward currency contracts3,557  2,313 
Change in restricted cash(1,261) (795)
Proceeds from bank borrowings, net of debt issuance costs14,302  66,560 
Payments on bank borrowings and capital lease obligations(29,358) (34,650)
Net cash (used in) provided by financing activities(21,675) 27,428 
Effect of exchange rate changes on cash and cash equivalents(837) (2,455)
Net (decrease) increase in cash and cash equivalents(36,343) 22,274 
Cash and cash equivalents at beginning of period59,124  55,325 
Cash and cash equivalents at end of period$22,781  $77,599 
    
Non-cash investing activities:   
Pawn loans forfeited and transferred to inventory$65,629  $66,699 


EZCORP, Inc.
SELECTED OPERATING SEGMENT RESULTS (UNAUDITED)


U.S. Pawn

The following table presents selected summary financial data from continuing operations for the U.S. Pawn segment:

 Three Months Ended December 31, Percentage
 2015 2014 Change
      
 (in thousands)  
Net revenues:     
Pawn service charges$58,621  $57,035  3 %
      
Merchandise sales91,994  89,442  3 %
Merchandise sales gross profit36,533  30,825  19 %
Gross margin on merchandise sales40% 34% 18 %
      
Jewelry scrapping sales9,600  17,007  (44)%
Jewelry scrapping sales gross profit1,540  3,674  (58)%
Gross margin on jewelry scrapping sales16% 22% (27)%
      
Other revenues193  184  5 %
Net revenues96,887  91,718  6 %
      
Segment operating expenses:     
Operations63,545  59,507  7 %
Depreciation and amortization3,560  3,452  3 %
Segment operating contribution29,782  28,759  4 %
      
Other segment expenses (income)983  (8) *  
Segment contribution$28,799  $28,767   %
      
Other data:     
Net earning assets — continuing operations$258,798  $251,317  3 %
Inventory turnover — general merchandise2.5   2.6  (4)%
Inventory turnover — jewelry1.2   1.1  9 %
Average monthly ending pawn loan balance per store (a)$276  $274  1 %
Average annual yield on pawn loans outstanding163% 161% 200 bps
Pawn loan redemption rate83% 83% 0 bps


*Represents an increase or decrease in excess of 100% or not meaningful.
(a)Balance is calculated based upon the average of the monthly ending balance averages during the applicable period.


Mexico Pawn

The following table presents selected summary financial data from continuing operations for the Mexico Pawn segment, including constant currency results, after translation to U.S. dollars from its functional currency of the Mexican peso. See “Non-GAAP Financial Information” below.

 Three Months Ended December 31, Percentage Change GAAP Percentage Change Constant Currency
 2015 2015 Constant Currency (a) 2014  
          
 (in USD thousands)    
Net revenues:         
Pawn service charges$7,973  $9,636  $7,892  1% 22%
          
Merchandise sales16,586  20,046  19,580  (15)% 2%
Merchandise sales gross profit5,788  6,996  6,096  (5)% 15%
Gross margin on merchandise sales35% 35% 31% 13% 13%
          
Jewelry scrapping sales    1,407  (100)% (100)%
Jewelry scrapping sales gross profit    146  (100)% (100)%
Gross margin on jewelry scrapping sales *   *  10% *  * 
          
Other revenues191  231  240  (20)% (4)%
Net revenues13,952  16,863  14,374  (3)% 17%
          
Segment operating expenses:         
Operations11,193  13,528  10,520  6% 29%
Depreciation and amortization801  968  1,244  (36)% (22)%
Segment operating contribution1,958  2,367  2,610  (25)% (9)%
          
Other segment expenses (b)522  475  695  (25)% (32)%
Segment contribution$1,436  $1,892  $1,915  (25)% (1)%
          
Other data:         
Net earning assets — continuing operations$32,074  $37,747  $31,764  1% 19%
Inventory turnover2.4  2.4  2.7  (11)% (11)%
Average monthly ending pawn loan balance per store (c)$69  $81  $63  10% 29%
Average annual yield on pawn loans outstanding195% 194% 199% -400bps -500bps
Pawn loan redemption rate78% 78% 77% 100bps 100bps


*Represents an increase or decrease in excess of 100% or not meaningful.
(a)For income statement items, the average closing daily exchange rate for the applicable period was used. For balance sheet items, the end of the period rate for the applicable period end was used.
(b)The three-month period ended December 31, 2015 constant currency balance excludes $0.1 million of net foreign currency transaction losses resulting from movement in exchange rates. The net foreign currency transaction losses for the three-month period ended December 31, 2014 were $0.4 million and are not excluded from the above results.
(c)Balance is calculated based upon the average of the monthly ending balance averages during the applicable period.


Grupo Finmart

The table below presents selected summary financial data from continuing operations for the Grupo Finmart segment, including constant currency results, after translation to U.S. dollars from its functional currency of the Mexican peso. See “Non-GAAP Financial Information” below.

 Three Months Ended December 31, Percentage Change GAAP Percentage Change Constant Currency
 2015 2015 Constant Currency (a) 2014  
          
 (in thousands)    
Revenues:         
Consumer loan fees and interest$10,814  $13,070  $16,315  (34)% (20)%
Other revenues83  100  56  48% 79%
Total revenues10,897  13,170  16,371  (33)% (20)%
Consumer loan bad debt11,991  14,493  7,740  55% 87%
Net revenues(1,094) (1,323) 8,631  *  * 
          
Segment expenses (income):         
Operations9,588  11,588  8,288  16% 40%
Depreciation and amortization517  625  566  (9)% 10%
Interest expense5,065  6,122  8,281  (39)% (26)%
Interest income(131) (158) (481) (73)% (67)%
Other expense (b)768    174  *  (100)%
Segment loss$(16,901) $(19,500) $(8,197) *  * 
          
Other data:         
Net earning assets — continuing operations$101,519  $119,475  $115,186  (12)% 4%
Consumer loan originations (c)$15,970  $19,302  $21,897  (27)% (12)%
Consumer loan bad debt as a percentage of gross average consumer loan balance (d)12% 12% 6% 100% 100%


*Represents an increase or decrease in excess of 100% or not meaningful.
(a)For income statement items, the average closing daily exchange rate for the applicable period was used. For balance sheet items, the end of the period rate for the applicable period end was used.
(b)The three-month period ended December 31, 2015 constant currency balance excludes a $0.8 million of net foreign currency transaction losses resulting from movement in exchange rates. The net foreign currency transaction losses for the three-month period ended December 31, 2014 were $0.2 million and are not excluded from the above results.
(c)Constant currency result is calculated as the average monthly consumer loan origination balance translated at the average closing daily exchange rate for the applicable period.
(d)Represents consumer loan bad debt expense during the applicable period as a percentage of the average monthly consumer loan balance during the applicable period. Constant currency consumer loan balance is calculated using the end of period rate for each month.


EZCORP, Inc.
STORE COUNT ACTIVITY

 Three Months Ended December 31, 2015
 Company-owned Stores  
 U.S. Pawn Mexico Pawn Grupo Finmart Other International Consolidated Franchises
            
As of September 30, 2015522  237 *53  27  839  1 
New locations opened  1      1   
Locations sold, combined or closed(6) (1) (7)   (14)  
As of December 31, 2015516  237  46  27  826  1 


*Includes five buy/sell stores.


 Three Months Ended December 31, 2014
 Company-owned Stores  
 U.S. Pawn Mexico Pawn Grupo Finmart Other International Consolidated Franchises
            
As of September 30, 2014504  261  53  39  857  5 
New locations opened5  1      6   
Locations sold, combined or closed          (1)
As of December 31, 2014509  262  53  39  863  4 


NON-GAAP FINANCIAL INFORMATION

In addition to the financial information prepared in conformity with generally accepted accounting principles in the United States of America ("GAAP"), we provide certain other non-GAAP financial information on a constant currency basis ("constant currency"). We use constant currency results to evaluate results of the Mexico Pawn and Grupo Finmart segment operations, which are denominated in Mexican pesos and believe that presentation of constant currency results is meaningful and useful in understanding the activities and business metrics of our Mexico Pawn and Grupo Finmart operations and reflect an additional way of viewing aspects of our business that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting our business. We provide non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated financial statements. Readers should consider the information in addition to, but not instead of or superior to, our financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.

Constant currency results reported herein are calculated by translating consolidated balance sheet and consolidated statement of operations items denominated in Mexican pesos to U.S. dollars using the exchange rate from the prior-year comparable period, as opposed to the current comparable period, in order to exclude the effects of foreign currency rate fluctuations. For condensed consolidated balance sheet items, the average Mexican peso to U.S. dollar exchange rate as of December 31, 2015 of 17.3 to 1 was used, compared to the end of period rate as of December 31, 2014 of 14.7 to 1. For condensed consolidated statement of operations items, the average closing daily exchange rate for the appropriate period was used. The average Mexican peso to U.S. dollar exchange rate for the current three-month period ended December 31, 2015 was 16.8 to 1 as compared to the prior year three-month period ended December 31, 2014 rate of 13.9 to 1. Constant currency results, where presented, also exclude foreign currency gain or loss and the related foreign currency derivative gain or loss impact.

The following information provides reconciliations of certain non-GAAP financial measures presented in this press release to the most directly comparable financial measures calculated and presented in accordance with GAAP.

Miscellaneous Non-GAAP Financial Measures

 Dollar Amount Percentage Change YOY
    
 (in thousands)
Consolidated pawn loans outstanding$157,905  5%
Currency exchange rate fluctuations2,561   
Constant currency consolidated pawn loans outstanding$160,466  6%
    
Same store consolidated pawn loans outstanding$151,393  2%
Currency exchange rate fluctuations2,532   
Constant currency same store consolidated pawn loans outstanding$153,925  3%
    
Consolidated revenue$198,454  (7)%
Currency exchange rate fluctuations7,436   
Constant currency consolidated revenue$205,890  (3)%
    
Consolidated net revenue$111,516  (5)%
Currency exchange rate fluctuations2,682   
Constant currency consolidated net revenue$114,198  (2)%
    
Consolidated operating expenses$115,373  14%
Currency exchange rate fluctuations4,825   
Constant currency consolidated operating expenses$120,198  19%
    
Mexico Pawn core pawn revenue$24,559  (11)%
Currency exchange rate fluctuations5,123   
Constant currency Mexico Pawn core pawn revenue$29,682  8%
    
Mexico Pawn service charge revenue$7,973  1%
Currency exchange rate fluctuations1,663   
Constant currency Mexico Pawn core pawn revenue$9,636  22%
    
Same store Mexico Pawn loans outstanding$14,324  14%
Currency exchange rate fluctuations2,532   
Constant currency same store Mexico Pawn loans outstanding$16,856  34%
    
Grupo Finmart segment loss$(16,901) (106)%
Currency exchange rate fluctuations(2,599)  
Constant currency Grupo Finmart segment loss$(19,500) (138)%
    
Grupo Finmart operations expenses$9,588  16%
Currency exchange rate fluctuations2,000   
Constant currency Grupo Finmart operations expenses$11,588  40%

 

Contact:
Jeff Christensen
Vice President, Investor Relations
Email: jeff_christensen@ezcorp.com
Phone: (512) 437-3545

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