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Ezcorp Inc (EZPW) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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EZPW Quarterly Reports

Ezcorp Inc

CIK: 876523 Ticker: EZPW


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EZCORP Reports Second Quarter Fiscal Year 2020 Results
Austin, Texas (May 11, 2020) —
EZCORP, Inc. (NASDAQ: EZPW) today announced results for its second quarter ended March 31, 2020.
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.

“These are difficult times for our people, our customers, the communities we are in and for all of us as we try to understand and manage the impacts of the COVID-19 pandemic. We remain focused on the health and safety of our people and customers and ensuring we are there to help them manage their way through this crisis. Given the challenges in this environment, we are pleased to report that EZCORP entered this crisis in a position of strength, with fiscal second quarter revenue ahead of last year, and a strong and growing cash balance that positions us exceptionally to serve our customers’ needs,” said EZCORP Chief Executive Officer Stuart Grimshaw.
HIGHLIGHTS FOR SECOND QUARTER OF FISCAL 2020
Total revenues for the quarter were up 4% to $223.3 million, and up 5% on an adjusted basis¹. Revenue growth was driven by strong retail demand during the tax refund season and continuing into March with early impacts of the COVID-19 crisis as customers purchased items for working and schooling from home. This drove an increase in cash from retain sales and a decrease in loan demand. Pawn loans outstanding at the end of the quarter were down 7.5% from the prior-year quarter (4.6% reduction on a constant currency basis). Since the end of March, the decline in loan balances has accelerated and is continuing.
Operations expenses declined by 2% to $88.4 million (down 1% to $88.7 million on an adjusted basis) as a result of expense control measures and even though total store count grew by 3%.
Income before taxes was $(34.1) million, a decrease of $39.1 million from the prior-year quarter, including a non-cash asset impairment charge of $47.1 million (pre-tax) discussed below. On an adjusted basis income before income taxes was $16.7 million, an increase of 12% from the prior year. Diluted earnings per share was $(0.74), a decrease of $(0.80) from the prior-year quarter. On an adjusted basis, diluted earnings per share was $0.17, a decrease of 15% from the prior year.
Second quarter fiscal 2020 results include a non-cash asset impairment charge of $47.1 million (pre-tax), or $0.85 per diluted share, primarily related to impairment of goodwill in our U.S. Pawn and Latin America Pawn reporting units. While the bulk of our stores (93% at March 31, 2020) have remained open, many of our stores in our GPMX countries (Guatemala, El Salvador, Honduras and Peru) have been closed. Prior to the store closures in March, the GPMX business was performing well, with profits before tax ahead of plan.
Our cash position remains strong at $193.7 million as of March 31, 2020, up 35% from $143 million at the end of the first quarter. We maintain a flexible debt profile with no restrictive covenants or near-term maturities. Since March 31, 2020 our cash balance has grown to greater than $250 million as loan demand continues to show weakness and retail sales continue to show strength.
Ongoing inventory management efforts negatively impacted the merchandise sales margin by approximately 200 basis points to 34%. In the U.S. Pawn segment, adjusted merchandise sales margin was relatively steady at 36.3%, and aged general merchandise dropped 10% to 6.5% of inventory, as inventory turns increased from 1.9x to 2.0x. While stores in Mexico have remained open, the Latin America Pawn segment has been impacted by closures at GPMX, with large portions of Guatemala and Honduras closed, and all stores in El Salvador and Peru closed since March. As of April 30, 2020, 18% of our Guatemala stores and 38% of our Honduras stores remain closed, and all stores in El Salvador and Peru remain closed. Despite our continued focus on opportunities in aged general merchandise, Latin America aged inventory increased to 11% of total inventory on a constant currency basis. In the Latin America Pawn segment, we opened nine stores in the second quarter and expect to open approximately ten additional stores during the remainder of fiscal 2020. The Latin America Pawn store count has increased by 27 net new stores, or 6%, over the last twelve months.



The following information was filed by Ezcorp Inc (EZPW) on Monday, May 11, 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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Ticker: EZPW
CIK: 876523
Form Type: 10-Q Quarterly Report
Accession Number: 0000876523-20-000026
Submitted to the SEC: Mon May 11 2020 5:24:33 PM EST
Accepted by the SEC: Mon May 11 2020
Period: Tuesday, March 31, 2020
Industry: Retail Miscellaneous Retail

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