EZCORP (EZPW) 8-K EZCORP CONTINUES ROBUST EARNINGS GROWTH - - All Segments Post Double-Digit Operating Income Gains

Exhibit 99.1

EZCORP CONTINUES ROBUST EARNINGS GROWTH
- - All Segments Post Double-Digit Operating Income Gains

AUSTIN, Texas (January 20, 2011)— EZCORP, Inc. (Nasdaq: EZPW), a leading provider of specialty consumer financial services, today announced results for its first fiscal quarter ended December 31, 2010. Highlights include:

• Non-GAAP earnings per share of $0.69, up 33% over prior year quarter; GAAP earnings per share of $0.55, up 6% over prior year quarter.

• Non-GAAP net income of $34.5 million, up 34%; GAAP net income of $27.4 million, up 7%.

• Total revenues of $218.8 million, up 18% over prior year quarter.

• Non-GAAP consolidated operating income of $50.3 million (38% of net revenue), up 29% over prior year quarter; GAAP consolidated operating income of $39.4 million (29% of net revenue), up 1% over prior year quarter.

• Store level operating income up $11.6 million in U.S. Pawn, $1.6 million in Empeño Fácil and $1.8 million in EZMONEY.

• Pre-tax contribution from strategic affiliates of $3.4 million, up from $1.3 million in prior year quarter.

Non-GAAP results exclude a previously announced one-time charge related to the retirement of the Company’s former Chief Executive Officer.

Commenting on these results, President and Chief Executive Officer, Paul Rothamel, stated, “We are excited to get the new fiscal year off to a great start, with 13% same store revenue growth and all segments posting double-digit operating income growth. Accentuating the ability to leverage our expense structure through increased scale, our team members turned an 18% total revenue increase into a 34% growth in net income excluding the one-time charge.”

Rothamel added, “Our geographic diversification continued this quarter with 29 new stores in Mexico, Canada and domestic areas outside Texas. As a benefit of this diversification and continued growth in our newer products, U.S. payday lending, while remaining strong, now represents 16% of our total revenues compared to 20% a year ago.”

The Company also announced that it expects fiscal 2011 earnings per share, excluding the one-time charge described above, to increase 22% year-over-year to $2.40 ($2.26 on a GAAP basis). This is an increase from its previous estimate of $2.35 per share ($2.21 on a GAAP basis).

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About EZCORP

EZCORP is a leading provider of specialty consumer financial services. It provides collateralized non-recourse loans, commonly known as pawn loans, and a variety of short-term consumer loans, including payday loans, installment loans and auto title loans, or fee-based credit services to customers seeking loans. At its pawn stores, the company also sells merchandise, primarily collateral forfeited from its pawn lending operations.

EZCORP operates more than 1,000 stores, including over 500 pawn stores in the U.S. and Mexico and over 500 short-term consumer loan stores in the U.S. and Canada. The company also has significant investments in Albemarle & Bond Holdings PLC (ABM.L), one of the U.K.’s largest pawnbroking businesses with over 130 stores, and Cash Converters International Limited (CCV.L and CCV.AUS), which franchises and operates a worldwide network of over 500 stores that provide financial services and sell pre-owned merchandise.

Special Note Regarding Forward-Looking Statements

This announcement contains certain forward-looking statements regarding the Company’s expected operating and financial performance for future periods, including 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.\

Use of Non-GAAP Financial Measures

In addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), the Company has provided non-GAAP net income, non-GAAP consolidated operating income and non-GAAP earnings per share for the current period, as well as non-GAAP expected earnings per share for fiscal 2011. The only difference between the presented non-GAAP measures and the most closely comparable GAAP measures is the exclusion of a one-time charge related to the retirement of the Company’s former Chief Executive Officer and the related tax benefit. The Company’s management uses these non-GAAP financial measures to understand the Company’s financial performance from period to period. Management does not believe that the excluded one-time charge is reflective of underlying operating performance. The non-GAAP financial measures are not meant to be considered in isolation or as a substitute for the corresponding GAAP measures, but rather are provided to facilitate an enhanced understanding of the Company’s actual and expected performance and to enable more meaningful period-to-period comparisons. A

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reconciliation of the non-GAAP financial measures to the most closely comparable GAAP financial measures is provided in the accompanying financial schedules.

For additional information, contact Investor Relations at (512) 314-2220.

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EZCORP, Inc.
Highlights of Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data and percents)

	Three Months Ended December 31,						Increase			Percent
	2010			2009			(Decrease)			Change
Revenues:
Merchandise sales	$	67,730		$	62,476		$	5,254			8.4
Jewelry scrapping sales		50,665			37,442			13,223			35.3
Pawn service charges		49,810			40,797			9,013			22.1
Signature loan fees		40,066			38,678			1,388			3.6
Auto title loan fees		6,244			3,102			3,142			101.3
Other		4,311			2,256			2,055			91.1
Total revenues		218,826			184,751			34,075			18.4
Cost of goods sold:
Cost of merchandise sales		41,311			39,264			2,047			5.2
Cost of jewelry scrapping sales		32,255			23,306			8,949			38.4
Total cost of goods sold		73,566			62,570			10,996			17.6
Bad debt:
Signature loan bad debt		10,046			8,790			1,256			14.3
Auto title loan bad debt		982			460			522			113.5
Total bad debt		11,028			9,250			1,778			19.2
Net revenue		134,232			112,931			21,301			18.9
Operations expense		64,504			58,181			6,323			10.9
Administrative expense		26,138			12,297			13,841			112.6
Depreciation and amortization		4,179			3,356			823			24.5
Loss on sale/disposal of assets		7			211			(204	)		(96.7	)
Operating income		39,404			38,886			518			1.3
Interest income		(3	)		(8	)		5			(62.5	)
Interest expense		300			365			(65	)		(17.8	)
Equity in net income of unconsolidated affiliates		(3,367	)		(1,283	)		(2,084	)		162.4
Other		(61	)		(15	)		(46	)		—
Income before income taxes		42,535			39,827			2,708			6.8
Income tax expense		15,106			14,120			986			7.0
Net income	$	27,429		$	25,707		$	1,722			6.7
Net income per share, diluted	$	0.55		$	0.52		$	0.03			5.7
Weighted average shares, diluted		50,119			49,400

					Amount or
					Percentage Point (ppt)
OTHER DATA:					Increase (Decrease)
Gross margin on merchandise sales	39.0	%	37.2	%		1.8		ppts
Gross margin on jewelry scrapping sales	36.3	%	37.8	%		(1.5	)	ppts
Gross margin on total sales	37.9	%	37.4	%		0.5		ppts
Signature loan bad debt as percent of fees	25.1	%	22.7	%		2.4		ppts
Auto title loan bad debt as percent of fees	15.7	%	14.8	%		0.9		ppts
Annualized inventory turnover	3.8		3.7			0.1
Operating income margin	29.4	%	34.4	%		(5.0	)	ppts

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EZCORP, Inc.
Highlights of Consolidated Balance Sheets (Unaudited)
(in thousands, except per share data and store counts)

	December 31,
	2010		2009
Assets:
Current assets:
Cash and cash equivalents	$	23,908	$	17,032
Pawn loans		124,388		103,446
Signature loans, net		11,953		8,934
Auto title loans, net		3,307		2,110
Pawn service charges receivable, net		24,068		19,662
Signature loan fees receivable, net		6,141		6,044
Auto title loan fees receivable, net		1,600		827
Inventory, net		77,677		63,515
Deferred tax asset		23,248		15,671
Prepaid expenses and other assets		20,724		20,654
Total current assets		317,014		257,895
Investments in unconsolidated affiliates		108,959		90,455
Property and equipment, net		66,641		52,378
Deferred tax asset, non-current		—		5,011
Goodwill		128,181		101,134
Other assets, net		24,252		19,931
Total assets	$	645,047	$	526,804
Liabilities and stockholders’ equity:
Current liabilities:
Current maturities of long-term debt	$	10,000	$	10,000
Accounts payable and other accrued expenses		48,986		39,692
Customer layaway deposits		5,950		2,697
Federal income taxes payable		5,267		6,480
Total current liabilities		70,203		58,869
Long-term debt, less current maturities		12,500		22,500
Deferred tax liability		1,619		—
Deferred gains and other long-term liabilities		2,419		2,840
Total stockholders’ equity		558,306		442,595
Total liabilities and stockholders’ equity	$	645,047	$	526,804
Pawn loan balance per ending pawn store	$	236	$	235
Inventory per ending pawn store	$	147	$	144
Book value per share	$	11.18	$	9.08
Tangible book value per share	$	8.29	$	6.68
Pawn store count — end of period		528		440
Signature loan store count — end of period		504		480
Shares outstanding — end of period		49,923		48,732

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EZCORP, Inc.
Operating Segment Results (Unaudited)
(in thousands, except store counts and percents)

	U.S. Pawn			Empeño			EZMONEY
Three months ended December 31, 2010:	Operations			Fácil			Operations			Consolidated
Revenues:
Merchandise Sales	$	62,341		$	5,389		$	—		$	67,730
Scrap Sales		47,006			3,462			197			50,665
Pawn service charges		46,436			3,374			—			49,810
Signature loan fees		509			—			39,557			40,066
Auto title loan fees		393			—			5,851			6,244
Other		4,081			189			41			4,311
Total revenues		160,766			12,414			45,646			218,826
Merchandise cost of goods sold		38,197			3,114			—			41,311
Scrap cost of goods sold		29,538			2,638			79			32,255
Signature loan bad debt		165			—			9,881			10,046
Auto title loan bad debt		61			—			921			982
Net revenues		92,805			6,662			34,765			134,232
Operations expense		43,196			4,278			17,030			64,504
Store operating income	$	49,609		$	2,384		$	17,735		$	69,728
Gross margin on merchandise sales		38.7	%		42.2	%		N/A			39.0	%
Gross margin on scrap sales		37.2	%		23.8	%		59.9	%		36.3	%
Gross margin on total sales		38.1	%		35.0	%		59.9	%		37.9	%
Annualized inventory turnover		3.7			4.1			N/A			3.8
Signature loan bad debt as percent of fees		32.4	%		N/A			25.0	%		25.1	%
Auto title loan bad debt as percent of fees		15.5	%		N/A			15.7	%		15.7	%
Store operating income margin		53.5	%		35.8	%		51.0	%		51.9	%
Pawn store count — end of period		396			132			—			528
Signature loan store count — end of period		6			—			498			504
Three months ended December 31, 2009:
Revenues:
Merchandise Sales	$	59,211		$	3,265		$	—		$	62,476
Scrap Sales		36,823			607			12			37,442
Pawn service charges		38,941			1,856			—			40,797
Signature loan fees		553			—			38,125			38,678
Auto title loan fees		475			—			2,627			3,102
Other		2,167			89			—			2,256
Total revenues		138,170			5,817			40,764			184,751
Merchandise cost of goods sold		36,906			2,358			—			39,264
Scrap cost of goods sold		22,824			475			7			23,306
Signature loan bad debt		186			—			8,604			8,790
Auto title loan bad debt		70			—			390			460
Net revenues		78,184			2,984			31,763			112,931
Operations expense		40,199			2,164			15,818			58,181
Store operating income	$	37,985		$	820		$	15,945		$	54,750
Gross margin on merchandise sales		37.7	%		27.8	%		N/A			37.2	%
Gross margin on scrap sales		38.0	%		21.7	%		41.7	%		37.8	%
Gross margin on total sales		37.8	%		26.8	%		41.7	%		37.4	%
Annualized inventory turnover		3.7			3.9			N/A			3.7
Signature loan bad debt as percent of fees		33.6	%		N/A			22.6	%		22.7	%
Auto title loan bad debt as percent of fees		14.7	%		N/A			14.8	%		14.8	%
Store operating income margin		48.6	%		27.5	%		50.2	%		48.5	%
Pawn store count — end of period		370			70			—			440
Signature loan store count — end of period		6			—			474			480

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Supplemental Non-GAAP Financial Measures

The following tables provide a reconciliation of the differences between the reported or projected non-GAAP financial measures for the periods indicated and the most comparable GAAP financial measures. The non-GAAP financial measures presented may not be directly comparable to similarly titled measures reported by other companies and their usefulness for such purposes are therefore limited. EZCORP management believes presentation of the Non-GAAP financial measures enhances investors’ ability to analyze the Company’s operating results. However, non-GAAP financial measures are not an alternative to GAAP financial measures and should be read only in conjunction with financial measures presented on a GAAP basis.

EZCORP, Inc.
Reconciliation of Non-GAAP Consolidated Financial Measures (Unaudited)
(in thousands, except per share data and percents)

	Three Months Ended December 31, 2010
				Non-GAAP
	GAAP			Adjustments			Non-GAAP
Net revenue		134,232			—			134,232
Operations expense		64,504			—			64,504
Administrative expense		26,138			(10,945	)		15,193
Depreciation and amortization		4,179			—			4,179
Loss on sale/disposal of assets		7			—			7
Operating income		39,404			10,945			50,349
Interest income		(3	)		—			(3	)
Interest expense		300			—			300
Equity in net income of unconsolidated affiliates		(3,367	)		—			(3,367	)
Other		(61	)		—			(61	)
Income before income taxes		42,535			10,945			53,480
Income tax expense		15,106			3,831			18,937
Net income	$	27,429		$	7,114		$	34,543
Net income per share, diluted	$	0.55		$	0.14		$	0.69
Weighted average shares, diluted		50,119			—			50,119

	Projected Year Ending September 30, 2011
	Projected		Non-GAAP		Projected
	GAAP		Adjustments		Non-GAAP
Net income per share, diluted	$	2.26	$	0.14	$	2.40

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