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EZCORP REPORTS EARNINGS

 EZCORP REPORTS EARNINGS
 AUSTIN, Texas, April 27 /PRNewswire/ -- EZCORP, Inc.


(NASDAQ-NMS: EZPW) announced today that net income for the second quarter ended March 31, 1992 was $501,127 increasing 118 percent from net income of $229,632, for the comparable 1991 period. Earnings per share for the quarter ended March 31, 1992 was $.06 per share compared to $.05 per share for the comparable 1991 period reflecting a 67 percent increase in the weighted average common shares outstanding in the quarter ended March 31, 1992. The increase in the common shares outstanding was primarily due to an equity private placement and an initial public offering by the company in fiscal 1991, and a second public offering in March 1992.
 For the first six months of the year net income was $1,031,761 increasing 91 percent from net income of $539,696 for the comparable 1991 period. Earnings per share was $.13 compared to $.11 for the comparable 1991 six month period reflecting a 70 percent increase in the weighted average shares outstanding.
 Total revenues were $10.8 million for the second quarter ended March 31, 1992, a 96 percent increase from $5.5 million for the 1991 period. For the six months ended March 31, 1992, total revenues were $20.0 million, an 85 percent increase from $10.8 million for the 1991 six month period. During the 12 months ended March 31, 1992, total pawn loans outstanding increased 108 percent to $9.2 million. For the 12 months ended March 31, 1992 loan growth for stores operated by the company for at least one year was approximately 18 percent.
 The company further announced that its rapid expansion continued with the addition of 15 stores during the quarter. The company operated 83 stores as of March 31, 1992 and currently operates 93 stores. EZCORP operated 35 stores at March 31, 1991 and 47 stores upon completion of its initial public offering on August 27, 1991. The company completed a second public offering of common stock on March 17, 1992.
 In January 1992, the company opened its first store outside of Texas with individuals store acquisitions in Jackson, Miss., and Oklahoma City. The company currently operates seven stores in Mississippi, four stores in Oklahoma, and one store in Arkansas in addition to its 81 stores in Texas.
 Courtland L. Logue Jr., president and chief executive officer, stated, "We continue to exceed our plan for opening and acquiring new stores. In the next two quarters we have scheduled 15 new stores for opening in a variety of markets which, combined with some store acquisitions, should comfortably meet our stated objective of a minimum of 110 stores by Fiscal 1992 year end. Training and new staffing in support of our rapid expansion program and the overall newness of our store portfolio continue to be our principal investments in the future. We look forward to the remainder of Fiscal 1992 and to Fiscal 1993 with confidence and optimism."
 EZCORP, Inc. is engaged in establishing, acquiring, and operating pawnshops and is the second largest operator of pawnshops in the United States.
 EZCORP, INC.
 Statement of Results
 2nd Quarter 2nd Quarter Six Months Six Months
 Ended Ended Ended Ended
 March 31, March 31, March 31, March 31,
 1991 1992 1991 1992
 Sales $ 3,151,751 $ 6,099,230 $ 6,117,285 $11,111,846
 Other income -- 131,958 -- 131,958
 Pawn service
 charges 2,338,229 4,617,014 4,633,144 8,786,082
 Total revenues 5,489,980 10,848,202 10,750,429 20,029,886
 Cost of goods
 sold 2,277,539 4,229,346 4,512,727 7,934,206
 Gross profit on
 revenues 3,212,441 6,618,856 6,237,702 12,095,680
 Store operating
 expenses 1,991,430 4,526,445 3,635,084 8,103,865
 Corporate admin-
 istrative expenses 629,643 1,081,666 1,330,424 2,078,374
 Depreciation and
 amortization 146,466 254,719 248,425 446,512
 Interest expense
 (net) 96,974 (14,939) 250,807 (120,396)
 Income tax expense 118,296 269,838 269,754 555,564
 Net income before
 extraordinary
 expense 229,632 501,127 503,208 1,031,761
 Extraordinary
 credit -- -- 36,488 --
 Net income $ 229,632 $ 501,127 $ 539,696 $ 1,031,761
 Primary and fully
 diluted earnings
 per common share
 before extra-
 ordinary credit $ 0.05 $ 0.06 $ 0.10 $ 0.13
 Extraordinary
 credit (A) -- -- 0.01 --
 Primary and fully
 diluted earnings
 per common
 share $ 0.05 $ 0.06 $ 0.11 $ 0.13
 Weighted average
 common shares
 outstanding 4,913,590 8,209,915 4,748,424 8,084,022
 (A) Reduction of income taxes arising from carryforward of prior
 period operating loss.
 Balance Sheet Data (Unaudited):
 As of March 31: 1991 1992
 Pawn Loans $ 4,411,921 $ 9,165,283
 Inventory 4,219,220 10,547,092
 Working Capital 9,765,042 54,440,478
 Total Assets 19,518,046 72,963,541
 Long-term debt 3,046,950 1,918,966
 Stockholders' Equity 14,433,767 67,530,012
 Other data for the quarter
 ended March 31, (Unaudited):
 Pawnshops owned at end of period 35 83
 Redemption Rate 77.2 pct. 76.5 pct.
 Average annual inventory turnover 2.2x 1.8x
 Average inventory per store 120,549 127,073
 Gross profit as a percent of sales 27.7 pct. 30.7 pct.
 Average loans per store:
 Established (>2 years) 167,192 159,609
 New (1 to 2 years) 119,586 128,386
 New (< 1 year) 64,576 67,070
 Average annual yield on loan portfolio 222.5 pct. 215.9 pct.
 Same store loan growth rate (stores
 greater than 1 year old) 39.7 pct. 18.1 pct.
 -0- 4/27/92
 /CONTACT: Gary Kofnovec of EZCORP, 512-476-6677/
 (EZPW) CO: EZCORP Inc. ST: Texas IN: FIN SU: ERN


TQ -- NY069 -- 3146 04/27/92 12:18 EDT
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