EZCORP payday loan revenue up 78 percent, raises 2006 guidance
July 26, 2006 - Austin, Texas
"The maturation of our 288 EZMONEY stores opened in the last three years fueled this significant growth." -- Joe Rotunda, President and CEO, EZCORP
EZCORP's net income for the quarter ending June 30, 2006, increased 163% to $5,608,000 ($0.40 per share) compared to $2,129,000 ($0.16 per share) for the quarter ended June 30, 2005. Total revenues for the third fiscal quarter increased 31% to $73,786,000 while operating income improved 155% to $8,040,000. Operating income margins for the quarter, measured as a percent of net revenues, improved approximately eight percentage points to 16%.
President and Chief Executive Officer, Joe Rotunda, stated, "We continue to be pleased with our strong momentum and the continuation of our five-plus year trend of growing our earnings and profitably expanding our business. This quarter we increased earnings 163% over the prior year quarter. We are especially pleased with the strong performance of our pawn operation as well as the continued strong performance of our signature loan business."
Rotunda continued, "Our signature loan contribution, or fees less bad debt and direct transaction expenses, increased 78% over the prior year quarter. The maturation of our 288 EZMONEY stores opened in the last three years fueled this significant growth."
Rotunda concluded, "For our 2006 fiscal year, we are raising guidance to $1.87 to $1.90 per share compared to fiscal 2005's $1.09 per share. Included in our guidance is an expected earnings drag of approximately $0.07 to $0.10 per share for stores open less than nine months."
EZCORP operates 288 EZMONEY locations.
RTO Online, Staff Writer
EZCORP Inc. (NASDAQ: EZPW)
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