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

EXHIBIT 99.1

EZCORP ANNOUNCES FISCAL 2008 SECOND QUARTER RESULTS

AUSTIN, Texas (April 24, 2008)— EZCORP, Inc. (Nasdaq: EZPW) announced today results for its fiscal second quarter and six-month period, which ended March 31, 2008.

EZCORP’s net income for the quarter ended March 31, 2008 increased 28% to $13,016,000 ($0.30 per share) compared to $10,196,000 ($0.23 per share) for the quarter ended March 31, 2007. Total revenues for the quarter increased 27% over the prior year period to $113,625,000 with signature loan revenues (payday loan and credit service fees) up 33%, pawn service charges up 32% and total sales (merchandise and jewelry scrapping) up 23%.

In our U.S. EZPAWN operations, store level operating income improved 40% to $22,008,000; and, in our EZMONEY operations store level operating income improved 3% to $9,918,000. Our 26 store EZPAWN Mexico operations contributed $815,000 compared to a slight loss in the prior year period. After administrative expense and depreciation and amortization, consolidated operating income for the quarter improved 33% to $19,793,000 (26% of net revenue) compared to $14,880,000 (25% of net revenue) for the prior year quarter.

EZCORP’s net income for the six-month period ended March 31 2008 increased 28% to $25,571,000 ($0.59 per share) compared to $19,957,000 ($0.46 per share) for the prior year six-month period. Operating income for the six-months improved 33% to $39,085,000 (25% of net revenues) compared to $29,503,000 (24% of net revenues) for the prior year six-month period.

Commenting on these results, President and Chief Executive Officer, Joe Rotunda, stated, “Our second quarter was another strong quarter for us, exceeding our earnings guidance and increasing our earnings per share by 30% over the prior year. This is our twenty-third consecutive quarter of year over year earnings growth. Our pawn operation was particularly robust while our payday loan operation was challenged with bad debt. To varying degrees and in different directions, I believe both segments are impacted by the stress our customers are feeling in this economic environment.”

Rotunda continued, “We believe each of our business segments can contribute to our growth. In our pawn operation, same store, store level operating income growth of 33% was complemented with $1.1 million from our Jumping Jack Cash acquisition. Our EZMONEY operation continues with de novo growth in the U.S. and we have the prospect of expanding into Canada. We believe our Mexico pawn operation, which is in its infancy, represents a substantial growth opportunity.”

Rotunda concluded, “We are increasing our earnings per share guidance for our 2008 fiscal year to $1.14. We expect earnings per share for our June quarter to be approximately $0.21 and our September quarter to be approximately $0.34. We are lowering our expected EZMONEY store openings from 100 this fiscal year to between 70 and 80, as we have become more cautious in this economic environment. We are increasing the number of Mexico pawn locations we expect to open this fiscal year to a range of ten to twelve from our earlier estimate of seven to ten.”

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. EZPAWN and 26 Mexico Empeno Facil locations open on March 31, 2008, 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 462 EZMONEY locations and 73 EZPAWN locations open on March 31, 2008, 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 April 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=47316

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 March 31,
		2008			2007
1	Revenues:
2	Merchandise sales	$	44,675		$	39,507
3	Jewelry scrapping sales		16,655			10,525
4	Pawn service charges		21,785			16,556
5	Signature loan fees		30,166			22,713
6	Other		344			342
7	Total revenues		113,625			89,643
8	Cost of goods sold:
9	Cost of merchandise sales		27,165			23,576
10	Cost of jewelry scrapping sales		9,566			6,798
11	Total cost of goods sold		36,731			30,374
12	Net revenues		76,894			59,269
13
14	Operations expense		37,521			31,104
15	Signature loan bad debt		6,632			2,916
16	Administrative expense		9,829			7,968
17	Depreciation and amortization		3,119			2,40
18	Operating income		19,793			14,880
19
20	Interest income		(137	)		(567	)
21	Interest expense		75			83
22	Equity in net income of unconsolidated affiliate		(1,118	)		(820	)
23	Loss on sale/disposal of assets		81			—
24	Income before income taxes		20,892			16,184
25	Income tax expense		7,876			5,988
26	Net income	$	13,016		$	10,196
27
28	Net income per share, diluted	$	0.30		$	0.23
29
30	Weighted average shares, diluted		43,228			43,445

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

		Six Months Ended March 31,
		2008			2007
1	Revenues:
2	Merchandise sales	$	85,174		$	77,386
3	Jewelry scrapping sales		31,663			21,626
4	Pawn service charges		44,693			34,518
5	Signature loan fees		63,694			47,108
6	Other		707			692
7	Total revenues		225,931			181,330
8	Cost of goods sold:
9	Cost of merchandise sales		51,416			46,158
10	Cost of jewelry scrapping sales		18,856			14,039
11	Total cost of goods sold		70,272			60,197
12	Net revenues		155,659			121,133
13
14	Operations expense		74,592			62,492
15	Signature loan bad debt		16,302			8,944
16	Administrative expense		19,734			15,495
17	Depreciation and amortization		5,946			4,699
18	Operating income		39,085			29,503
19
20	Interest income		(194	)		(881	)
21	Interest expense		156			147
22	Equity in net income of unconsolidated affiliate		(2,165	)		(1,465	)
23	Gain on sale/disposal of assets		243			24
24	Income before income taxes		41,045			31,678
25	Income tax expense		15,474			11,721
26	Net income	$	25,571		$	19,957
27
28	Net income per share, diluted	$	0.59		$	0.46
29
30	Weighted average shares, diluted		43,241			43,347

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

		As of March 31,
		2008		2007
1	Assets:
2	Current assets:
3	Cash and cash equivalents	$	35,551	$	61,605
4	Pawn loans		56,701		43,109
5	Payday loans, net		5,290		3,314
6	Pawn service charges receivable, net		8,983		6,986
7	Signature loan fees receivable, net		4,781		4,334
8	Inventory, net		35,999		28,649
9	Deferred tax asset		9,006		7,150
10	Prepaid expenses and other assets		7,281		5,373
11	Total current assets		163,592		160,520
12
13	Investment in unconsolidated affiliate		36,904		20,955
14	Property and equipment, net		38,413		30,967
15	Deferred tax asset, non-current		5,346		4,249
16	Goodwill		24,422		768
17	Other assets, net		5,350		2,952
18	Total assets	$	274,027	$	220,411
19	Liabilities and stockholders’ equity:
20	Current liabilities:
21	Accounts payable and other accrued expenses	$	22,202	$	18,594
22	Customer layaway deposits		2,456		2,168
23	Federal income taxes payable		2,363		1,104
24	Total current liabilities		27,021		21,866
25
26	Deferred gains and other long-term liabilities		3,003		3,067
27	Total stockholders’ equity		244,003		195,478
28	Total liabilities and stockholders’ equity	$	274,027	$	220,411
29
30	Pawn loan balance per ending pawn store	$	177	$	153
31	Inventory per ending pawn store	$	112	$	102
32	Book value per share	$	5.89	$	4.74
33	Tangible book value per share	$	5.20	$	4.67
34	EZPAWN store count — end of period		320		282
35	EZMoney signature loan store count — end of period		462		369
36	Shares outstanding — end of period		41,398		41,248

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

		EZPAWN		EZPAWN
		United States		Mexico			EZMONEY
		Operations		Operations			Operations		Consolidated
	Three months ended March 31, 2008:
1	Revenues:
2	Sales	$	59,747	$	1,583		$	—	$	61,330
3	Pawn service charges		20,720		1,065			—		21,785
4	Signature loan fees		672		—			29,494		30,166
5	Other		341		3			—		344
6	Total revenues		81,480		2,651			29,494		113,625
7
8	Cost of goods sold		35,784		947			—		36,731
9	Net revenues		45,696		1,704			29,494		76,894
10
11	Operating expenses:
12	Operations expense		23,521		889			13,111		37,521
13	Signature loan bad debt		167		—			6,465		6,632
14	Total direct expenses		23,688		889			19,576		44,153
15	Store operating income	$	22,008	$	815		$	9,918	$	32,741
16
17	EZPAWN store count — end of period		294		26			—		320
18	EZMoney signature loan store count — end of period		6		—			456		462
19
20	Three months ended March 31, 2007:
21	Revenues:
22	Sales	$	50,019	$	13		$	—	$	50,032
23	Pawn service charges		16,548		8			—		16,556
24	Signature loan fees		792		—			21,921		22,713
25	Other		342		—			—		342
26	Total revenues		67,701		21			21,921		89,643
27
28	Cost of goods sold		30,367		7			—		30,374
29	Net revenues		37,334		14			21,921		59,269
30
31	Operating expenses:
32	Operations expense		21,501		58			9,545		31,104
33	Signature loan bad debt		148		—			2,768		2,916
34	Total direct expenses		21,649		58			12,313		34,020
35	Store operating income	$	15,685	$	(44	)	$	9,608	$	25,249
36
37	EZPAWN store count — end of period		280		2			—		282
38	EZMoney signature loan store count — end of period		6		—			363		369

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

		EZPAWN		EZPAWN
		United States		Mexico			EZMONEY
		Operations		Operations			Operations		Consolidated
	Six months ended March 31, 2008:
1	Revenues:
2	Sales	$	113,948	$	2,889		$	—	$	116,837
3	Pawn service charges		42,710		1,983			—		44,693
4	Signature loan fees		1,481		—			62,213		63,694
5	Other		703		4			—		707
6	Total revenues		158,842		4,876			62,213		225,931
7
8	Cost of goods sold		68,552		1,720			—		70,272
9	Net revenues		90,290		3,156			62,213		155,659
10
11	Operating expenses:
12	Operations expense		47,029		1,721			25,842		74,592
13	Signature loan bad debt		539		—			15,763		16,302
14	Total direct expenses		47,568		1,721			41,605		90,894
15	Store operating income	$	42,722	$	1,435		$	20,608	$	64,765
16
17	EZPAWN store count — end of period		294		26			—		320
18	EZMoney signature loan store count — end of period		6		—			456		462
19
20	Six months ended March 31, 2007:
21	Revenues:
22	Sales	$	98,998	$	14		$	—	$	99,012
23	Pawn service charges		34,508		10			—		34,518
24	Signature loan fees		1,704		—			45,404		47,108
25	Other		692		—			—		692
26	Total revenues		135,902		24			45,404		181,330
27
28	Cost of goods sold		60,188		9			—		60,197
29	Net revenues		75,714		15			45,404		121,133
30
31	Operating expenses:
32	Operations expense		43,166		120			19,206		62,492
33	Signature loan bad debt		484		—			8,460		8,944
34	Total direct expenses		43,650		120			27,666		71,436
35	Store operating income	$	32,064	$	(105	)	$	17,738	$	49,697
36
37	EZPAWN store count — end of period		280		2			—		282
38	EZMoney signature loan store count — end of period		6		—			363		369