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Ezcorp Inc (EZPW) SEC Filing 10-Q Quarterly report for the period ending Tuesday, December 31, 2019

SEC Filings

Ezcorp Inc

CIK: 876523 Ticker: EZPW


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EZCORP Reports First Quarter Fiscal Year 2020 Results
Austin, Texas (February 3, 2020) —
EZCORP, Inc. (NASDAQ: EZPW) today announced results for its first quarter ended December 31, 2019.
All amounts in this release are from EZCORP continuing operations and in conformity with U.S. generally accepted accounting principles ("GAAP") unless otherwise noted. Comparisons shown in this release are to the same period in the prior year unless otherwise noted.
HIGHLIGHTS FOR FIRST QUARTER OF FISCAL 2020
Total revenues for the quarter were up 3% to $222.4 million, reflecting record revenues in our pawn business. Merchandise sales increased 5% from the prior-year quarter, complemented by 1% growth in pawn service charge (PSC) revenue.
As anticipated, efforts to rebalance our inventory profile to drive long-term profitability depressed merchandise sales margin by approximately 260 basis points to 34%, slightly below our target range of 35-38%. Aged general merchandise in U.S. Pawn was reduced 23% from the prior-year quarter, resulting in a $1.3 million, or 3%, decrease in merchandise sales gross profit.
The Latin America segment contribution improved 20% to $8.1 million, with a 21% increase in merchandise sales and a 15% growth in total revenues. PSC increased 7% on a 74 basis point improvement in monthly yield reflecting the quality of the loan portfolio.
Continued focus on expense control drove a $0.2 million improvement in operations expenses despite a 2% growth in store count since the prior-year quarter. Corporate expense increased $4.3 million, including $2.0 million of costs not expected to recur in future periods.
Income from continuing operations before income taxes was $3.0 million, up $7.7 million compared to a $4.7 million loss in the prior-year quarter, and diluted earnings per share were $0.02 versus a loss of $0.06 in the prior-year quarter. Year-over-year comparisons were impacted by charges of $7.1 million in the current quarter and $2.9 million in the prior-year quarter for our portion of legal settlements reached by Cash Converters International Limited and a $13.3 million impairment of the Cash Converters investment in the prior-year quarter. Excluding those items and adjusting for constant currency1, adjusted1 income from continuing operations before income taxes was $13.4 million compared to $20.2 million in the prior-year quarter, and adjusted diluted earnings per share were $0.16 versus $0.28 in the prior-year quarter.
We opened four additional stores in Latin America in the current quarter; Latin America store count has increased by 21 net new stores, or 5%, over the last twelve months.
We completed the rollout of our new POS system to all U.S. and Mexico stores.
We successfully completed the initial launch of the Lana digital platform in December 2019.
We repurchased almost $1.0 million of Class A Common Stock by December 31, 2019 and an additional $1.7 million after quarter-end for approximately $2.7 million since program inception.



The following information was filed by Ezcorp Inc (EZPW) on Monday, February 3, 2020 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Ezcorp Inc's 10-Q Quarterly Report:

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Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
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Condensed Consolidated Statements Of Cash Flows
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Condensed Consolidated Statements Of Comprehensive Income (Parenthetical)
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Debt
Debt (Tables)
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Earnings Per Share (Tables)
Fair Value Measurements
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Fair Value Measurements - Additional Information (Details)
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Leases
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Leases - Lease Cost (Details)
Leases - Lessee Assets And Liabilities (Details)
Leases - Operating Lease Maturity (Details)
Leases (Tables)
Leases - Schedule Of Future Minimum Rental Payments (Details)
Leases - Supplemental Cash Flow Information (Details)
Organization And Summary Of Significant Accounting Policies
Organization And Summary Of Significant Accounting Policies (Policies)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Strategic Investments
Strategic Investments (Tables)
Strategic Investments - Additional Disclosures (Details)
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Supplemental Consolidated Financial Information
Supplemental Consolidated Financial Information (Details)
Supplemental Consolidated Financial Information (Tables)

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Ezcorp Inc provided additional information to their SEC Filing as exhibits

Ticker: EZPW
CIK: 876523
Form Type: 10-Q Quarterly Report
Accession Number: 0000876523-20-000011
Submitted to the SEC: Mon Feb 03 2020 4:09:12 PM EST
Accepted by the SEC: Mon Feb 03 2020
Period: Tuesday, December 31, 2019
Industry: Retail Miscellaneous Retail

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