EZCORP (EZPW) 8-K Ezcorp Income Increases 41% In March Quarter

EXHIBIT 99.1

EZCORP INCOME INCREASES 41% IN MARCH QUARTER

AUSTIN, Texas (April 23, 2009)— EZCORP, Inc. (Nasdaq: EZPW) announced today results for its fiscal second quarter and six-month period ended March 31, 2009.

EZCORP’s net income for the quarter ended March 31, 2009 increased 41% to $18,320,000 ($0.37 per share) compared to $13,016,000 ($0.30 per share) for the quarter ended March 31, 2008. Total revenues for the quarter increased 38% over the prior year period to $156,266,000 with pawn service charges up 54%, total sales (merchandise and jewelry scrapping) up 45%, and signature loan revenues (payday loan and credit service fees) up 5%.

Consolidated operating income improved 40% to $27,690,000 (29% of net revenues) from $19,712,000 (28% of net revenues) in the prior year quarter. The Company’s U.S. pawn operations contributed $6,574,000 of the improvement and EZMONEY operations contributed $2,157,000, partially offset by an increase in administrative costs. Operating income from the 45-store Empeño Fácil pawn segment increased 34% in Mexican pesos, but was relatively flat after translation to a stronger U.S. dollar.

The 78 pawn stores acquired in the December quarter contributed total revenues of $36,725,000, operating income of $4,881,000, and net income of $2,896,000. The acquired stores contributed approximately $0.02 earnings per share after the effect of shares issued in the acquisitions.

EZCORP’s net income for the six-month period ended March 31, 2009 increased 30% to $33,148,000 ($0.71 per share) compared to $25,571,000 ($0.59 per share) for the prior year six-month period. Operating income for the six months improved 28% to $49,702,000 (29% of net revenues) compared to $38,842,000 (28% 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, with the 23% increase in earnings per share exceeding our guidance. This is our 27^th consecutive quarter of year over year earnings growth. We ended the quarter with a strong balance sheet reflecting cash in excess of outstanding debt, and an additional $80 million available on our revolving line of credit.”

Rotunda continued, “We are pleased with the contribution from the 78 stores we acquired in November and December. We migrated all acquired stores to our point-of-sale system by March 31 and all administrative functions will be fully integrated by April 30, leading to additional efficiencies and earnings accretion.”

Page 1 of 7

Rotunda concluded, “We expect full-year earnings per share of $1.50 to $1.52 compared to last year’s $1.21, representing an increase of 24% to 26%. We expect our June quarter to be approximately $0.34 for a 36% increase, and the September quarter to be $0.46 to $0.48, or an increase of 24% to 30% over the prior year quarter. We remain on track to open 30 to 35 Mexico pawn locations by fiscal year-end, including the six opened and one acquired year-to-date. We opened fourteen EZMONEY stores year-to-date and closed nine as part of the ongoing analysis of store performance. We expect to open two more EZMONEY stores in the remainder of the fiscal year.”

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 March 31, 2009, EZCORP operated a total of 898 locations in the U.S. and Mexico consisting of 371 U.S. pawnshops, 45 pawnshops in Mexico and 482 U.S. signature loan 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 April 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=57864

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

Page 2 of 7

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

		Three Months Ended March 31,
		2009			2008
1	Revenues:
2	Merchandise sales	$	61,056		$	44,675
3	Jewelry scrapping sales		27,957			16,655
4	Pawn service charges		33,516			21,785
5	Signature loan fees		31,594			30,166
6	Auto title loan fees		415			—
7	Other		1,728			344
8	Total revenues		156,266			113,625
9	Cost of goods sold:
10	Cost of merchandise sales		38,125			27,165
11	Cost of jewelry scrapping sales		18,301			9,566
12	Total cost of goods sold		56,426			36,731
13	Bad debt:
14	Signature loan bad debt		5,072			6,632
15	Auto title loan bad debt		42			—
16	Total bad debt		5,114			6,632
17	Net revenue		94,726			70,262
18
19	Operations expense		54,628			38,899
20	Administrative expense		9,794			8,451
21	Depreciation and amortization		3,151			3,119
22	(Gain) / Loss on sale/disposal of assets		(537	)		81
23	Operating income		27,690			19,712
24
25	Interest income		(72	)		(137	)
26	Interest expense		471			75
27	Equity in net income of unconsolidated affiliate		(1,371	)		(1,118	)
28	Other		2			—
29	Income before income taxes		28,660			20,892
30	Income tax expense		10,340			7,876
31	Net income	$	18,320		$	13,016
32
33	Net income per share, diluted	$	0.37		$	0.30
34
35	Weighted average shares, diluted		49,272			43,228

Page 3 of 7

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

		Six Months Ended March 31,
		2009			2008
1	Revenues:
2	Merchandise sales	$	105,851		$	85,174
3	Jewelry scrapping sales		47,742			31,663
4	Pawn service charges		59,897			44,693
5	Signature loan fees		67,594			63,694
6	Auto title loan fees		636			—
7	Other		3,161			707
8	Total revenues		284,881			225,931
9	Cost of goods sold:
10	Cost of merchandise sales		65,291			51,416
11	Cost of jewelry scrapping sales		31,560			18,856
12	Total cost of goods sold		96,851			70,272
13	Bad debt:
14	Signature loan bad debt		14,556			16,302
15	Auto title loan bad debt		49			—
16	Total bad debt		14,605			16,302
17	Net revenue		173,425			139,357
18
19	Operations expense		98,122			77,435
20	Administrative expense		20,205			16,891
21	Depreciation and amortization		6,217			5,946
22	(Gain) / Loss on sale/disposal of assets		(821	)		243
23	Operating income		49,702			38,842
24
25	Interest income		(198	)		(194	)
26	Interest expense		636			156
27	Equity in net income of unconsolidated affiliate		(2,312	)		(2,165	)
28	Other		27			—
29	Income before income taxes		51,549			41,045
30	Income tax expense		18,401			15,474
31	Net income	$	33,148		$	25,571
32
33	Net income per share, diluted	$	0.71		$	0.59
34
35	Weighted average shares, diluted		46,939			43,241

Page 4 of 7

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

		As of March 31,
		2009		2008
1	Assets:
2	Current assets:
3	Cash and cash equivalents	$	55,244	$	35,551
4	Pawn loans		79,359		56,701
5	Payday loans, net		6,420		5,290
6	Pawn service charges receivable, net		14,551		8,983
7	Auto title loans, net		874		—
8	Auto title loan finance charges receivable, net		72		—
9	Signature loan fees receivable, net		4,417		4,781
10	Inventory, net		56,025		35,999
11	Deferred tax asset		15,826		9,006
12	Federal income taxes receivable		495		—
13	Prepaid expenses and other assets		13,574		7,281
14	Total current assets		246,857		163,592
15
16	Investment in unconsolidated affiliate		34,725		36,904
17	Property and equipment, net		48,206		38,413
18	Deferred tax asset, non-current		8,452		5,346
19	Goodwill		99,008		24,422
20	Other assets, net		17,533		5,350
21	Total assets	$	454,781	$	274,027
22	Liabilities and stockholders’ equity:
23	Current liabilities:
24	Current maturities of long-term debt	$	10,000	$	—
25	Accounts payable and other accrued expenses		30,457		22,202
26	Customer layaway deposits		4,345		2,456
27	Federal income taxes payable		—		2,363
28	Total current liabilities		44,802		27,021
29
30	Long-term debt, less current maturities		30,000		—
31	Deferred gains and other long-term liabilities		3,462		3,003
32	Total stockholders’ equity		376,517		244,003
33	Total liabilities and stockholders’ equity	$	454,781	$	274,027
34
35	Pawn loan balance per ending pawn store	$	191	$	177
36	Inventory per ending pawn store	$	135	$	112
37	Book value per share	$	7.75	$	5.89
38	Tangible book value per share	$	5.38	$	5.20
39	Pawn store count — end of period		416		320
40	Signature loan store count — end of period		482		462
41	Shares outstanding — end of period		48,597		41,398

Page 5 of 7

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

		U.S. Pawn		Empeño		EZMONEY
	Three months ended March 31, 2009:	Operations		Fácil		Operations		Consolidated
1	Revenues:
2	Sales	$	86,808	$	2,205	$	—	$	89,013
3	Pawn service charges		32,265		1,251		—		33,516
4	Signature loan fees		557		—		31,037		31,594
5	Auto title loan fees		351		—		64		415
6	Other		1,727		1		—		1,728
7	Total revenues		121,708		3,457		31,101		156,266
8
9	Cost of goods sold		55,072		1,354		—		56,426
10	Signature loan bad debt		108		—		4,964		5,072
11	Auto title loan bad debt		36		—		6		42
12	Net revenues		66,492		2,103		26,131		94,726
13
14	Operations expense		38,367		1,299		14,962		54,628
15	Store operating income	$	28,125	$	804	$	11,169	$	40,098
16
17	Pawn store count — end of period		371		45		—		416
18	Signature loan store count — end of period		6		—		476		482
19
20	Three months ended March 31, 2008:
21	Revenues:
22	Sales	$	59,747	$	1,583	$	—	$	61,330
23	Pawn service charges		20,720		1,065		—		21,785
24	Signature loan fees		672		—		29,494		30,166
25	Auto title loan fees		—		—		—		—
26	Other		341		3		—		344
27	Total revenues		81,480		2,651		29,494		113,625
28
29	Cost of goods sold		35,784		947		—		36,731
30	Signature loan bad debt		167		—		6,465		6,632
31	Auto title loan bad debt		—		—		—		—
32	Net revenues		45,529		1,704		23,029		70,262
33
34	Operations expense		23,978		904		14,017		38,899
35	Store operating income	$	21,551	$	800	$	9,012	$	31,363
36
37	Pawn store count — end of period		294		26		—		320
38	Signature loan store count — end of period		6		—		456		462

Page 6 of 7

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

		U.S. Pawn		Empeño		EZMONEY
	Six months ended March 31, 2009:	Operations		Fácil		Operations		Consolidated
1	Revenues:
2	Sales	$	148,975	$	4,618	$	—	$	153,593
3	Pawn service charges		57,149		2,748		—		59,897
4	Signature loan fees		1,243		—		66,351		67,594
5	Auto title loan fees		561		—		75		636
6	Other		3,160		1		—		3,161
7	Total revenues		211,088		7,367		66,426		284,881
8
9	Cost of goods sold		94,010		2,841		—		96,851
10	Signature loan bad debt		344		—		14,212		14,556
11	Auto title loan bad debt		42		—		7		49
12	Net revenues		116,692		4,526		52,207		173,425
13
14	Operations expense		65,045		2,583		30,494		98,122
15	Store operating income	$	51,647	$	1,943	$	21,713	$	75,303
16
17	Pawn store count — end of period		371		45		—		416
18	Signature loan store count — end of period		6		—		476		482
19
20	Six months ended March 31, 2008:
21	Revenues:
22	Sales	$	113,948	$	2,889	$	—	$	116,837
23	Pawn service charges		42,710		1,983		—		44,693
24	Signature loan fees		1,481		—		62,213		63,694
25	Auto title loan fees		—		—		—		—
26	Other		703		4		—		707
27	Total revenues		158,842		4,876		62,213		225,931
28
29	Cost of goods sold		68,552		1,720		—		70,272
30	Signature loan bad debt		539		—		15,763		16,302
31	Auto title loan bad debt		—		—		—		—
32	Net revenues		89,751		3,156		46,450		139,357
33
34	Operations expense		48,000		1,745		27,690		77,435
35	Store operating income	$	41,751	$	1,411	$	18,760	$	61,922
36
37	Pawn store count — end of period		294		26		—		320
38	Signature loan store count — end of period		6		—		456		462

Page 7 of 7