EZCORP, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended June 30, 2018; Provides Tax Rate Guidance for the Full Year of 2018 and 2019
August 01, 2018 at 09:02 pm
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EZCORP, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended June 30, 2018. For the quarter, the company reported total revenues of $199,942,000 against $183,633,000 a year ago. Net revenues were $115,072,000 against $105,555,000 a year ago. Operating income was $12,334,000 against $11,354,000 a year ago. Income from continuing operations before income taxes was $15,736,000 against $8,899,000 a year ago. Net income was $14,274,000 against $5,202,000 a year ago. Net income attributable to company was $14,633,000 against $5,260,000 a year ago. Diluted earnings per share attributable to company from continuing operations were $0.25 against $0.10 a year ago. Adjusted net income from continuing operations attributable to company was $8.0 million against $6.3 million a year ago. Adjusted diluted earnings per share were $0.15 against $0.12 a year ago.
For the nine months, the company reported total revenues of $607,184,000 against $565,885,000 a year ago. Net revenues were $358,092,000 against $327,417,000 a year ago. Operating income was $50,612,000 against $41,503,000 a year ago. Income from continuing operations before income taxes was $53,388,000 against $35,627,000 a year ago. Net income was $37,846,000 against $20,096,000 a year ago. Net income attributable to company was $39,194,000 against $20,448,000 a year ago. Diluted earnings per share attributable to company from continuing operations were $0.70 against $0.41 a year ago. Net cash provided by operating activities was $69,050,000 against $35,521,000 a year ago. Additions to property and equipment and capitalized labor, net were $33,917,000 against $14,887,000 a year ago.
The company provided tax rate guidance for the full year of 2018 and 2019. Excluding discrete items, the company expects the effective tax rate to be about 33% for the full fiscal year.
For the year 2019, the company expects the tax rate to be about 30% to 30.5%.
EZCORP, Inc. is a provider of pawn transactions in the United States and Latin America. The Company also sells merchandise, primarily collateral forfeited from pawn lending operations and pre-owned and recycled merchandise purchased from customers. It operates through three segments: U.S. Pawn, Latin America Pawn, and Other Investments. The U.S. Pawn segment includes its EZPAWN, Value Pawn & Jewelry and other branded pawn operations in the United States. The Latin America Pawn segment includes its Empeno Facil, Cash Apoyo Efectivo (CAE) and other branded pawn operations in Mexico, as well as its GuatePrenda and MaxiEfectivo pawn operations in Guatemala, El Salvador, and Honduras (GPMX). At its pawn stores, it advances cash against the value of collateralized tangible personal property and sells merchandise to customers looking for good value. The merchandise it sells primarily consists of second-hand collateral forfeited from its pawn activities or merchandise purchased from customers.
EZCORP, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended June 30, 2018; Provides Tax Rate Guidance for the Full Year of 2018 and 2019