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Another Hard Look At EZCORP

Sun, 08 Nov 2009 01:41:06 GMT

I first wrote about EZCORP (EZPW) (14.28, $704mm market cap) in early 2008 and have followed it closely every since. In fact, it is one of only two names I have held since inception over the past 18 months in my Top 20 Model Portfolio (Catalyst Health (CHSI) is the other). It has been quite the ride, as it ended 2008 up about 35% but was cut almost in half from its Q4 peak at the March lows. This year has seen some sharp moves up and down, but it is still down 6% y-t-d after surging post-earnings on Friday. I expect the stock could move to an all-time high price over the next year, potentially appreciating 60% to 23.[More...]

EZCORP Inc (EZPW), A Value Play At Your Local Pawn Shop

Fri, 23 Oct 2009 16:19:37 GMT

As my portfolio is 100% cash from the recent trade of the BARE Covered Call, I was on the hunt for the next investment. I was able to uncover this next hidden gem by running my value scorecard screen, to find out this stock passes the majority of my value stock metrics.[More...]

Is Cheap Growth Still Available After Rally?

Mon, 12 Oct 2009 15:19:14 GMT

This was the theme behind my latest stock screen. After the massive run-up, investors need to be careful that laggards were not left behind for good reason. So I screened for cheap stocks relative to their expected growth rates while requiring high return on assets (ROA) and return on equity (ROE).[More...]

Thriving to Diving: 36 Winners Last Year Struggling This Year

Mon, 27 Jul 2009 05:08:59 GMT

I was looking at a portfolio that I manage and was struck by some of the metrics. While the account is up over 20% YTD (it is balanced 60/40 Stocks and Bonds), the current median equity return YTD for the 14 stocks in the account is -11%. Long story short, I have had a lot of turnover this year and have picked up some stocks, especially in the Healthcare sector, that have lagged over the past few months or even quarters. As always, I disclose these holdings on my website. This morning, I decided to look purposefully for stocks that are down this year after having a strong relative year last year. There are lots of reasons to be out of sync with the market, but sometimes it's just mean reversion at play. I took the Russell 3000 and found that 22% of the[More...]

Paired Trade: Buy Hormel, Sell DineEquity

Fri, 10 Jul 2009 00:09:39 GMT

This is the 7th in a series of ideas where I contrast a cheap security with an expensive one that otherwise shares some characteristics. So far, I am 5 for 6: [More...]

Economy So Bad Even Pawn Shops Starting To Suffer

Fri, 12 Jun 2009 20:00:34 GMT

I am just shaking my head at this mirage of prosperity we are living in... all due to the "stock market telling us things are just dandy". You should know from October 2007 that the stock market is a lousy indicator of the coming 4-6 months but this dogma is now so ingrained. I'd say the same for commodities, especially in this era when hedge funds and banks are buying crude to store and playing the futures against it. (Jun 8: Dennis Gartman Short Term Bearish in Oil) Recently, commodities bulls have been aided by the Federal Reserve keeping rates low and banks' short-term funding flowing. This facilitates commodities trading and stokes fears of inflation. [More...]

Will Obama Hurt The Profitability Of Payday Lenders?

Wed, 04 Feb 2009 13:03:00 GMT

With unemployment hitting records highs and consumers across the country strapped for cash, payday lenders and pawnshops seem like a obvious area to profit from this unfortunate trend. Pawnshops, of course, engage in supplying small loans to individuals using their personal valuables as collateral. Payday loans, also known as payday advances, are similar. The consumers gets a short-term loan using his next paycheck as collateral. Usually, the customer must hand over a post-dated check before receiving the cash. If he fails to return to the store and pay back the loan, the lender can take the amount right out of the customer’s checking account.[More...]

First Cash Financial Services (FCFS) Strong on Pawn Shops

Wed, 28 Jan 2009 16:51:00 GMT

First Cash Financial Servuces (FCFS) is another pawn shop operator/cash advance store but quite similar to EZCORP (EZPW) (heavier emphasis on pawn shops) rather than Cash America (CSH) which is more balanced among the two. After the whole sector has been beaten down of late based on Obama threats to the cash advance busines, it had a very nice day yesterday on earnings - one way or the other I intend to make a buck in this sector; so far it's been elusive. Ironically both FCFS and EZPW are making strong pushes into Mexico ... Pawn shop operator First Cash Financial Services Inc. said Tuesday its

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Joe Beal Joins EZCORP Board of Directors

Thu, 27 Aug 2009 15:55:00 GMT

EZCORP, Inc. announced today that Joseph J. Beal has been appointed to the Board of Directors of EZCORP effective immediately.[More...]

EZCORP Announces Plan to Invest in Cash Converters

Tue, 18 Aug 2009 12:25:00 GMT

EZCORP, Inc. announced today that it has entered into an agreement to acquire approximately 108 million newly issued ordinary shares of Cash Converters International Limited, a public company headquartered in Perth, Australia. Upon completion of the transaction, EZCORP will own approximately 30% of the outstanding ordinary shares of Cash Converters and will hold two of five seats on Cash Converters' Board of Directors.[More...]

EZCORP Adds Chief Operating Officer

Thu, 06 Aug 2009 20:25:00 GMT

EZCORP, Inc. announced today the addition of a new senior executive and a newly created executive position.[More...]

EZCORP's Earnings Per Share Improve 16% in June Quarter

Thu, 23 Jul 2009 19:57:00 GMT

EZCORP, Inc. announced today results for its fiscal third quarter and nine-month period ended June 30, 2009.EZCORP's net income for the quarter ended June 30, 2009 increased 33% to $14.4 million compared to $10.8 million for the quarter ended June 30, 2008. Total revenues for the quarter increased 37% over the prior year period to $147.8 million with pawn service charges up 45% and total sales up 52%. Signature loan revenues decreased $0.4 million, or 1%. Auto title loans, a new and developing product, contributed $1.0 million of revenues.Consolidated operating income improved 32% to $21.5 million from $16.3 million in the prior year quarter. The Company's U.S. pawn operations contributed $6.4 million of improvement, partially offset by a $0.5 million lower contribution from the EZMONEY operations and an increase in administrative costs. Operating income from the 47-store Empeno Facil pawn segment increased 46% in Mexican pesos, or 13% after translation to a stronger U.S. dollar.The 78 pawn stores acquired in the December quarter contributed total revenues of $35.1 million, operating income of $5.3 million, and net income of $3.2 million. The acquired stores contributed approximately $0.04 earnings per share to the quarter after the effect of shares issued in the acquisitions.EZCORP's net income for the nine-month period ended June 30, 2009 increased 31% to $47.5 million compared to $36.4 million for the prior year nine-month period. Operating income for the nine months improved 29% to $71.2 million compared to $55.1 million for the prior year nine-month period.Commenting on these results, President and Chief Executive Officer, Joe Rotunda, stated, 'Our third quarter earnings were in line with our revised guidance, and represent our 28th consecutive quarter of year over year earnings growth. Our results reflect the successful integration of the 78 pawn stores acquired in November and December, which collectively contributed $0.04 earnings per share. These acquisitions provided $0.02 earnings per share accretion in the March quarter, and have gained momentum as they have been assimilated into our business. These results clearly demonstrate the value of our strategy to build earning assets through quality acquisitions.'Rotunda continued, 'In pawn, our same store loan yield remained strong across all categories, as did our general merchandise loan growth and sales. Jewelry loan growth and jewelry sales were not as strong as seasonally expected. We recently increased our gold lending guidelines to accelerate the loan growth, and anticipate a jewelry sales benefit from several promotions, beginning with our 'Christmas in July' layaway promotion. Our EZMONEY operations enjoyed a lift from new loan products, including auto title loans introduced this year and installment loans introduced last year. The benefit of these new products largely offset the lower contribution from payday loans. We expect an increased contribution from these new products as they mature and are introduced into more of our stores.'Rotunda concluded, 'We continue to expect fourth quarter earnings per share of $0.41 to $0.43, representing an increase of 11% to 16% over the prior year quarter. We expect full-year earnings per share of $1.40 to $1.42 compared to last year's $1.21, or an increase of 16% to 17%. We remain on track to open approximately 30 Mexico pawn locations by fiscal year-end, including the nine added year-to-date. We anticipate opening our first Canadian EZMONEY stores prior to the holiday season.' EZCORP is primarily a lender or provider of credit services to individuals who do not have cash resources or access to credit to meet their short-term cash needs. In its pawnshops, the Company offers non-recourse loans collateralized by tangible personal property, commonly known as pawn loans. At these locations, the Company also sells merchandise, primarily collateral forfeited from its pawn lending operations, to consumers looking for good value. In its signature loan stores and some pawnshops, the Company offers short-term non-collateralized loans, often referred to as payday loans, or fee based credit services to customers seeking loans.As of June 30, 2009, EZCORP operated a total of 897 locations in the U.S. and Mexico consisting of 370 U.S. pawnshops, 47 pawnshops in Mexico and 480 U.S. signature loan stores. EZCORP, as a near-30% stockholder, is also actively involved in the management of Albemarle & Bond Holdings PLC, the U.K.'s largest pawnbroking business with 115 stores.This announcement contains certain forward-looking statements regarding the Company's expected operating and financial performance for future periods, including new store expansion, anticipated benefits of acquisitions and expected future earnings. These statements are based on the Company's current expectations. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of uncertainties and other factors, including changing market conditions in the overall economy and the industry, consumer demand for the Company's services and merchandise, actions of third parties who offer services and products in the Company's locations and changes in the regulatory environment. For a discussion of these and other factors affecting the Company's business and prospects, see the Company's annual, quarterly and other reports filed with the Securities and Exchange Commission.You are invited to listen to a conference call discussing these results on July 23, 2009 at 3:30pm Central Time. The conference call can be accessed over the Internet or replayed at your convenience at the following address.http://www.videonewswire.com/event.asp?id=60390For additional information, contact Dan Tonissen at 314-2289. EZCORP, Inc.[More...]

Webcast Alert: EZCORP Announces Fiscal 2009 Third Quarter Earnings

Mon, 20 Jul 2009 11:40:00 GMT

EZCORP announces the following Webcast:[More...]

Webcast Alert: EZCORP Announces Fiscal 2009 Third Quarter Earnings

Mon, 13 Jul 2009 19:25:00 GMT

EZCORP announces the following Webcast:[More...]

EZCORP Announces Appointments to Albemarle & Bond Board

Thu, 09 Jul 2009 13:56:00 GMT

EZCORP, Inc. announced today that its Chief Executive Officer, Joseph L. Rotunda, and its lead independent director, Thomas C. Roberts, have been appointed as non-executive directors of Albemarle & Bond Holdings PLC, the United Kingdom's largest pawnbroking business, to replace two retiring directors. Mr. Rotunda and Mr. Roberts will join Sterling B. Brinkley, Chairman of the Board of EZCORP, on the Albemarle & Bond board. The shares of Albemarle & Bond are traded on AIM, the market operated by the London Stock Exchange, under the symbol "ABM.L".[More...]

EZCORP Announces Executive Promotions

Mon, 06 Jul 2009 20:25:00 GMT

EZCORP, Inc. announced today the promotion of two senior executives.[More...]

EZCORP Lowers Earnings Guidance

Thu, 11 Jun 2009 20:51:00 GMT

AUSTIN, Texas, June 11 /PRNewswire-FirstCall/ -- EZCORP, Inc. announced today that it is revising its earnings expectations for its fiscal 2009 third quarter and fiscal year.
This results in full-year expectations in the range of $1.40 to $1.44, compared to previously provided guidance of $1.50 to $1.52 for fiscal 2009.
EZCORP will report its fiscal third quarter earnings and discuss the quarter's results and outlook more fully on a conference call scheduled for July 23, 2009 at 3:30 pm Central time.

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EZCORP to Present at the Stephens Inc. Spring Investment Conference

Thu, 28 May 2009 14:54:00 GMT

EZCORP, Inc. announced today that Joe Rotunda, EZCORP's President and Chief Executive Officer, and Dan Tonissen, EZCORP's Chief Financial Officer, will present at the Stephens Inc. Spring Investment Conference on June 2nd at 9:30 AM Eastern Time.[More...]