{"id":523581,"date":"2021-08-04T16:37:07","date_gmt":"2021-08-04T20:37:07","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/ezcorp-reports-third-quarter-fiscal-2021-results\/"},"modified":"2021-08-04T16:37:07","modified_gmt":"2021-08-04T20:37:07","slug":"ezcorp-reports-third-quarter-fiscal-2021-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ezcorp-reports-third-quarter-fiscal-2021-results\/","title":{"rendered":"EZCORP Reports Third Quarter Fiscal 2021 Results"},"content":{"rendered":"

<\/p>\n

EZCORP Reports Third Quarter Fiscal 2021 Results<\/b><\/p>\n

Pawn Loans Outstanding of $157.2 million, Net Revenue of $108 million, Net Loss of $2.6 million – All Year-Over-Year Improvements <\/b><\/p>\n

AUSTIN, Texas–(BUSINESS WIRE<\/a>)–
\nEZCORP, Inc. (NASDAQ: EZPW), a leading provider of pawn transactions in the United States and Latin America, today announced results for its third quarter ended June 30, 2021.\n<\/p>\n

All amounts in this release are 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.<\/i><\/p>\n

CEO COMMENTARY AND OUTLOOK<\/b><\/p>\n

\nChief Executive Officer Jason Kulas stated, \u201cDuring the quarter, we completed the acquisition of 128 Cash Apoyo Efectivo stores in Mexico, our largest acquisition to date in terms of store-count, solidifying our position as the second largest for-profit pawn operator in Mexico. We also acquired 11 stores in the Houston, Texas area and opened four de novo stores in Latin America, bringing our total store count to 1,143 at the end of the quarter, 627 (55%) of which are in Latin America.\n<\/p>\n

\n“The third quarter was a solid quarter in which we continued to make significant strides in strengthening and growing our core pawn business. Despite lingering transitory COVID-related impacts, including government stimulus programs in the U.S., we continued to drive meaningful improvements across core operating metrics. We achieved our highest quarter-ending balance of PLO since the beginning of the pandemic, up 25% on a sequential basis and 39% compared to a year ago. While merchandise sales volumes were down 21% from their peak pandemic levels a year ago, we delivered a 6% increase in sales gross profit through effective inventory management and higher margins. These positive results reflect the relentless focus of our store teams on meeting our customers\u2019 needs and executing the fundamentals.\n<\/p>\n

\n\u201cNet Income improved from a loss of $5.5 million to a loss of $2.6 million, while adjusted EBITDA more than doubled, reflecting not only the improvement in core operating metrics, but also our ongoing commitment to expense management and efficiency. We remain on track to realize annualized cost savings of more than $14.0 million for fiscal 2021 even assuming store-level expenses trend higher as transaction volumes accelerate.\n<\/p>\n

\n\u201cLooking ahead, we remain well positioned to continue our trend of improving financial performance, and are excited about the increasing earnings power of the platform. Pawn transaction activity continues to rebuild, driving PLO balances closer to pre-pandemic levels, which will drive accelerating pawn service charge revenue in the coming quarters given the natural lag between pawn originations and related fees. In addition, we remain on track to realize meaningful cost savings this year and beyond, even assuming store-level expenses trend higher to meet accelerating transaction volumes. And, we maintain a strong and liquid balance sheet to fund accelerating pawn demand and capitalize on acquisition opportunities that further enhance our scale-enabled and geographically diverse footprint and generate strong returns on investment.\u201d\n<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n<\/tr>\n
\n

CONSOLIDATED RESULTS
\n
Three Months Ended June 30
\n
<\/b>in millions, except per share amounts<\/i><\/p>\n<\/td>\n<\/tr>\n

<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

As Reported<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Adjusted1<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal Revenues\n<\/p>\n<\/td>\n

\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n174.0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n210.2\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n169.6\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n210.2\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet Revenues\n<\/p>\n<\/td>\n

\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n108.0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n102.2\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n105.5\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n104.4\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n(Loss) Income, Before Tax\n<\/p>\n<\/td>\n

\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(0.8)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n(10.2)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n3.2\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n(3.9)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet Loss\n<\/p>\n<\/td>\n

\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(2.6)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n(5.5)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n(1.7)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n(1.1)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDiluted Loss Per Share\n<\/p>\n<\/td>\n

\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(0.05)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n(0.10)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n(0.03)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n(0.02)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nEBITDA\n<\/p>\n<\/td>\n

\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n11.7\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n2.2\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n12.0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n5.3\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n