Ezcorp Inc (EZPW) 10-K Annual Report December 2015

AUSTIN, Texas (July 29, 2015) — EZCORP, Inc. (NASDAQ: EZPW), today announced a major change in strategy following an intensive six-month review of all company activities.

In a series of moves the company is describing as “transformational,” EZCORP will focus on growing its core pawn brokering operations in the U.S. and Mexico and its Grupo Finmart business in Mexico. The company will simplify its operating structure by moving from a divisional to a functional business model.

The new strategy will strengthen its key businesses, improve operating efficiencies and better position it for growth in the personal financial services industry.

Following an intensive six month review, the company will cease its involvement with payday, auto title and installment lending in the U.S., closing its U.S. Financial Services business.

Stuart Grimshaw, EZCORP’s Chief Executive Officer, said: “Our future success requires a transformational strategy and financial discipline.

“The company has grown into a complex organization with capital and management resources spread across a broad portfolio. We will focus on fewer businesses, simplify our structure, reduce costs and optimize the returns we make from our investments.

“We have high quality businesses and teams in North America with excellent growth and earnings potential,” he said.

Focus on Pawn and Grupo Finmart

EZCORP is the second largest company in the United States pawn industry and has a large network of stores in Mexico to support future expansion. Over the next three years, the company will increase investment in its pawn businesses to improve efficiency, customer service and profitability.

It has entered into a definitive agreement to acquire an additional 13 pawn stores in the U.S. for $12.5 million in cash. The transaction is expected to close in the current quarter.

Grupo Finmart is the 76%-owned subsidiary that provides payroll withholding loans in Mexico. It is well positioned as one of three leading companies in the sector. The strategy is to upgrade the core processes and systems of the business to facilitate continued growth.

Close U.S. Financial Services

The strategy review concluded that an increasingly challenging legislative and regulatory environment and a lack of scale limited the competitiveness and prospects of the company's unsecured and auto title lending operations in the U.S. As a result, the company will immediately close its U.S. Financial Services business, including all payday, auto title and installment lending. The company has already begun a program to assist customers and employees during the closure process.

Financial Impact

The strategy is expected to produce annual expense savings around $34 million after three years. The company expects to start seeing the benefit of these in the fourth quarter of 2015.

The following information was filed by Ezcorp Inc (EZPW) on Wednesday, July 29, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Ezcorp Inc provided additional information to their SEC Filing as exhibits

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 23.2: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: EZPW
CIK: 876523
Form Type: 10-K Annual Report
Accession Number: 0000876523-15-000120
Submitted to the SEC: Wed Dec 23 2015 6:13:12 PM EST
Accepted by the SEC: Thu Dec 24 2015
Period: Wednesday, September 30, 2015
Industry: Retail Miscellaneous Retail