EZCorp narrows net loss
Austin Business Journal
Austin-based EZCorp Inc. [Nasdaq: EZPW] reported lower revenue and a dramatically lower net loss during fiscal 2001.
EZCorp reported $186.2 million in revenue for 2001 from 292 stores, compared with $197.4 million in fiscal 2000 recording for 332 stores. Fiscal 2001 ended Sept. 30.
The company posted a net loss of $538,000 for 2001, compared with $32.6 million in 2000.
EZCorp is a chain of pawn shops. The company also offers in-store collateral loans.
Company executives say same-store sales growth, management of costs and the closure of poorly performing stores contributed to the financial turnaround.
"A year ago, I talked about the actions we were taking to execute a turnaround plan," Joseph Rotunda, president and CEO of EZCorp, says in a company news release.
"We have accomplished a tremendous amount in a short period of time. We have made our turnaround plans a reality and the result is a healthy company, well-positioned for continued growth and improvement."
Revenue during the company's fourth quarter was $47 million, compared with $47.5 million in 2000. The net loss was $1.2 million, compared with $16.1 million for the same time period in 2000.
Stock of EZCorp closed Nov. 13 at $1.41 a share, compared with the previous close of $1.50. The 52-week range is 67 cents to $2.75.
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