EZCORP (EZPW) 8-K Ezcorp Announces Fiscal 2008 First Quarter Results

EXHIBIT 99.1

EZCORP ANNOUNCES FISCAL 2008 FIRST QUARTER RESULTS

AUSTIN, Texas (January 24, 2008)— EZCORP, Inc. (Nasdaq: EZPW) announced today results for its fiscal first quarter, which ended December 31, 2007.

For the quarter ended December 31, 2007, EZCORP’s net income increased 29% to $12,555,000 ($0.29 per share) compared to $9,761,000 ($0.23 per share) for the quarter ended December 31, 2006. Total revenues for the quarter increased 22% over the prior year period to $112,306,000 with signature loan revenues (payday loan and credit service fees) up 37%, pawn service charges up 28% and total sales (merchandise and jewelry scrapping) up 13%.

Store level operating income improved 27% to $20,714,000 in our U.S. EZPAWN operations and 31% to $10,690,000 in our EZMONEY operations. The 25 store Mexico EZPAWN operations contributed $620,000 compared to a slight loss in the prior year period. After administrative expense and depreciation and amortization, consolidated operating income for the quarter improved 32% to $19,292,000 (24% of net revenue) compared to $14,623,000 (24% of net revenue) for the prior year quarter.

Commenting on these results, President and Chief Executive Officer, Joe Rotunda, stated, “Our December quarter was a strong start to our 2008 fiscal year. While our stock price has been challenged by what has happened in the finance sector and the larger economy, we continued to do what we said we would do and delivered our 22^nd consecutive quarter of year over year net income growth.”

Rotunda continued, “Once again, we saw each of our business segments contribute to our strong result. Our U.S. pawn operation increased store level operating income year over year by $4.3 million, with pawn net revenues improving 16%. Our EZMONEY operation increased store level operating income year over year $2.6 million, with the signature loan contribution, or fees less bad debt, up 32%. Our newest segment, our Mexico pawn operations, also contributed to our results with store level operating income of $620,000.”

Rotunda concluded, “Looking ahead at our March quarter, I believe we are well positioned for another solid result. For the March quarter, we expect earnings per share of approximately $0.29, compared to $0.23 for the same period a year ago. For our 2008 fiscal year, which will end on September 30^th, we are raising our earnings guidance to $1.13 per share, compared to $0.88 per share for our fiscal 2007. We believe we are still on target to open approximately 100 new EZMONEY locations, including the 15 net additions in the December quarter. In Mexico, we will open seven to ten pawn locations, including the one opened in the December quarter.”

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 294 U.S. and four Mexico EZPAWN locations and 21 Mister Money Mexico locations open on December 31, 2007, 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 448 EZMONEY locations and 74 EZPAWN locations open on December 31, 2007, the Company offers short-term non-collateralized loans, often referred to as payday loans, or fee based credit services to customers seeking loans.

This announcement contains certain forward-looking statements regarding the Company’s expected performance for future periods including, but not limited to, new store expansion, anticipated benefits of acquisitions and investments and expected future earnings. Actual results for these periods may materially differ from these statements. Such forward-looking statements involve risks and uncertainties such as changing market conditions in the overall economy and the industry, consumer demand for the Company’s services and merchandise, changes in the regulatory environment, and other factors periodically discussed in 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 January 24, 2008 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=44899

For additional information, contact Dan Tonissen at (512) 314-2289.

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

	Three Months Ended December 31,
	2007			2006
Revenues:
Merchandise sales	$	40,499		$	37,879
Jewelry scrapping sales		15,008			11,101
Pawn service charges		22,908			17,962
Signature loan fees		33,528			24,395
Other		363			350
Total revenues		112,306			91,687
Cost of goods sold:
Cost of merchandise sales		24,251			22,582
Cost of jewelry scrapping sales		9,290			7,241
Total cost of goods sold		33,541			29,823
Net revenues		78,765			61,864
Operations expense		37,071			31,388
Signature loan bad debt		9,670			6,028
Administrative expense		9,905			7,527
Depreciation and amortization		2,827			2,298
Operating income		19,292			14,623
Interest income		(57	)		(314	)
Interest expense		81			64
Equity in net income of unconsolidated affiliate		(1,047	)		(645	)
Loss on sale/disposal of assets		162			24
Income before income taxes		20,153			15,494
Income tax expense		7,598			5,733
Net income	$	12,555		$	9,761
Net income per share, diluted	$	0.29		$	0.23
Weighted average shares, diluted		43,273			43,306

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

	As of December 31,
	2007		2006
Assets:
Current assets:
Cash and cash equivalents	$	13,651	$	39,964
Pawn loans		63,270		47,793
Payday loans, net		6,169		3,273
Pawn service charges receivable, net		10,710		8,434
Signature loan fees receivable, net		7,217		5,141
Inventory, net		41,788		35,235
Deferred tax asset		9,005		7,150
Prepaid expenses and other assets		8,121		5,786
Total current assets		159,931		152,776
Investment in unconsolidated affiliate		37,294		20,317
Property and equipment, net		37,308		29,881
Deferred tax asset, non-current		5,023		3,950
Goodwill		24,591		768
Other assets, net		5,089		2,979
Total assets	$	269,236	$	210,671
Liabilities and stockholders’ equity:
Current liabilities:
Accounts payable and other accrued expenses	$	25,164	$	19,689
Customer layaway deposits		2,144		2,103
Federal income taxes payable		9,063		4,305
Total current liabilities		36,371		26,097
Deferred gains and other long-term liabilities		3,096		3,158
Total stockholders’ equity		229,769		181,416
Total liabilities and stockholders’ equity	$	269,236	$	210,671
Pawn loan balance per ending pawn store	$	198	$	170
Inventory per ending pawn store	$	131	$	125
Book value per share	$	5.56	$	4.47
Tangible book value per share	$	4.87	$	4.40
EZPAWN store count — end of period		319		281
EZMoney signature loan store count — end of period		448		340
Shares outstanding — end of period		41,343		40,580

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

	EZPAWN		EZPAWN
	United States		Mexico			EZMONEY
	Operations		Operations			Operations		Consolidated
Three months ended December 31, 2007:
Revenues:
Sales	$	54,200	$	1,307		$	—	$	55,507
Pawn service charges		21,990		918			—		22,908
Signature loan fees		809		—			32,719		33,528
Other		361		2			—		363
Total revenues		77,360		2,227			32,719		112,306
Cost of goods sold		32,768		773			—		33,541
Net revenues		44,592		1,454			32,719		78,765
Operating expenses:
Operations expense		23,506		834			12,731		37,071
Signature loan bad debt		372		—			9,298		9,670
Total direct expenses		23,878		834			22,029		46,741
Store operating income	$	20,714	$	620		$	10,690	$	32,024
EZPAWN store count — end of period		294		25			—		319
EZMoney signature loan store count — end of period		6		—			442		448
Three months ended December 31, 2006:
Revenues:
Sales	$	48,979	$	1		$	—	$	48,980
Pawn service charges		17,960		2			—		17,962
Signature loan fees		912		—			23,483		24,395
Other		350		—			—		350
Total revenues		68,201		3			23,483		91,687
Cost of goods sold		29,823		—			—		29,823
Net revenues		38,378		3			23,483		61,864
Operating expenses:
Operations expense		21,670		57			9,661		31,388
Signature loan bad debt		336		—			5,692		6,028
Total direct expenses		22,006		57			15,353		37,416
Store operating income	$	16,372	$	(54	)	$	8,130	$	24,448
EZPAWN store count — end of period		280		1			—		281
EZMoney signature loan store count — end of period		6		—			334		340