XML 91 R65.htm IDEA: XBRL DOCUMENT v3.3.0.814
Restatement of Consolidated Financial Statements - Condensed Consolidated Statement of Operations (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2011
Mar. 31, 2014
Mar. 31, 2013
Mar. 31, 2012
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2012
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2012
Revenues:                                          
Merchandise sales   $ 89,170 $ 103,454 $ 105,587   $ 86,576 $ 100,082 $ 94,604   $ 75,286 $ 94,495               $ 388,022 $ 368,085 $ 333,064
Jewelry scrapping sales   20,273 26,193 27,703   26,288 42,582 44,709   40,530 51,672               96,243 131,702 202,481
Pawn service charges   59,917 59,162 64,133   60,397 62,015 65,400   55,656 55,925               248,378 251,354 233,538
Consumer loan fees and interest   52,734 54,777 55,204   47,905 50,478 54,198   45,809 46,325               220,141 211,625 187,748
Other revenues   1,040 1,545 1,129   2,285 1,733 2,328   1,321 819               4,862 7,402 3,886
Total revenues $ 235,625 223,134 245,131 253,756 $ 228,588 223,451 256,890 261,239 $ 248,344 218,602 249,236               957,646 970,168 960,717
Merchandise cost of goods sold   56,014 64,223 64,141   51,050 58,716 54,945   43,842 55,594               248,637 218,617 190,637
Jewelry scrapping cost of goods sold   15,131 20,111 20,020   20,377 29,311 31,305   27,115 31,233               72,836 96,133 130,715
Consumer loan bad debt   16,401 10,876 18,188   10,296 9,321 13,887   9,340 7,121               65,944 52,494 43,441
Net revenues 133,313 135,588 149,921 151,407 140,552 141,728 159,542 161,102 150,808 138,305 155,288               570,229 602,924 595,924
Operating expenses:                                          
Operations   103,198 101,107 105,361   98,698 94,829 98,420   82,268 83,045               417,066 390,200 328,849
Administrative   14,205 19,996 15,724   12,631 8,594 13,580   9,857 11,998               62,096 52,339 47,873
Depreciation   7,460 7,414 7,340   7,251 6,950 6,465   5,755 5,220               29,801 27,858 21,851
Amortization   1,306 1,393 1,365   962 687 688   1,206 1,692               5,475 3,485 1,956
(Gain) loss on sale or disposal of assets   134 87 (6,290)   178 13 29   90 14               (5,629) 1,359 (249)
Restructuring 6,700                                   6,664 0 0
Total operating expenses 135,673 126,303 129,997 123,500 125,266 119,720 111,073 119,182 103,937 99,176 101,969               515,473 475,241 400,280
Operating income   9,285 19,924 27,907   22,008 48,469 41,920   39,129 53,319               54,756 127,683 195,644
Interest expense (income), net   7,062 5,959 4,854   3,637 3,754 3,637   898 2,246               27,090 15,168 (1,549)
Equity in net income of unconsolidated affiliates   (2,117) (492) (1,271)   (4,328) (4,125) (5,038)   (4,197) (4,577)   $ (1,763) $ (9,163) $ (8,738) $ (3,880) $ (13,491) $ (12,935) (5,948) (13,240) (16,038)
Impairment of investments     7,940   43,200               7,940     7,940     7,940 43,198 0
Other expense (income)   265 442 (168)   96 405 (501)   483 802               480 2,077 (888)
Income from continuing operations before income taxes (9,448) 4,075 6,075 24,492 (34,380) 22,603 48,435 43,822 56,272 41,945 54,848 $ 61,054             25,194 80,480 214,119
Income tax expense (825) 406 852 4,823 (11,196) 7,362 15,765 14,267 16,190 13,677 17,713               5,256 26,198 67,665
Income from continuing operations, net of tax (8,623) 3,669 5,223 19,669 (23,184) 15,241 32,670 29,555 40,081 28,268 37,135               19,938 54,282 146,454
Loss from discontinued operations, net of tax (86,579) (2,076) (634) (2,735) (4,996) (22,289) (3,425) (2,562)   (1,510) (871)               (92,024) (33,272) (5,343)
Net (loss) income (95,202) 1,593 4,589 16,934 (28,180) (7,048) 29,245 26,993   26,758 36,264   21,523 56,238 75,616 23,116 49,190 102,374 (72,086) 21,010 141,111
Net (loss) income from continuing operations attributable to redeemable noncontrolling interest (1,701) (2,337) (1,553) (1,796) (101) (152) (995) 26   910 (1,175)               (7,387) (1,222) 4,119
Net (loss) income from discontinued operations attributable to redeemable noncontrolling interest         (36) 54 12 (106)   19                 0 (76) 147
Net (loss) income attributable to EZCORP, Inc. $ (93,501) $ 3,930 $ 6,142 $ 18,730 $ (28,043) $ (6,950) $ 30,228 $ 27,073 $ 34,225 $ 25,829 $ 37,439   24,872 57,301 76,791 28,802 50,351 102,620 $ (64,699) $ 22,308 $ 136,845
Basic earnings (loss) per share attributable to EZCORP, Inc.:                                          
Continuing operations (in dollars per share) $ (0.13) $ 0.11 $ 0.12 $ 0.40 $ (0.42) $ 0.28 $ 0.63 $ 0.57   $ 0.53 $ 0.75               $ 0.50 $ 1.03 $ 2.80
Discontinued operations (in dollars per share) (1.62) (0.04) (0.01) (0.05) (0.10) (0.41) (0.06) (0.05)   (0.03) (0.02)               (1.70) (0.62) (0.11)
Basic earnings per share (in dollars per share) (1.75) 0.07 0.11 0.35 (0.52) (0.13) 0.57 0.52   0.50 0.73               (1.20) 0.41 2.69
Diluted earnings (loss) per share attributable to EZCORP, Inc.:                                          
Continuing operations (in dollars per share) (0.13) 0.11 0.12 0.39 (0.43) 0.28 0.63 0.57   0.53 0.75               0.50 1.03 2.78
Discontinued operations (in dollars per share) (1.62) (0.04) (0.01) (0.05) (0.10) (0.41) (0.06) (0.05)   (0.03) (0.02)               (1.69) (0.62) (0.11)
Diluted earnings per share (in dollars per share) $ (1.75) $ 0.07 $ 0.11 $ 0.34 $ (0.53) $ (0.13) $ 0.57 $ 0.52 $ 0.67 $ 0.50 $ 0.73               $ (1.19) $ 0.41 $ 2.67
Net income from continuing operations attributable to EZCORP, Inc.   $ 6,006 $ 6,776 $ 21,465   $ 15,393 $ 33,665 $ 29,529   $ 27,358 $ 38,310               $ 27,325 $ 55,504 $ 142,335
Loss from discontinued operations attributable to EZCORP, Inc.   (2,076) (634) (2,735)   (22,343) (3,437) (2,456)   (1,529) (871)               (92,024) (33,196) (5,490)
As Previously Reported [Member]                                          
Revenues:                                          
Merchandise sales   89,170 103,454 105,587   86,576 100,082 94,604   75,286 94,495               387,331 368,766 333,064
Jewelry scrapping sales   20,273 26,193 27,703   26,288 42,582 44,709   40,530 51,672               96,243 131,702 202,481
Pawn service charges   59,917 59,162 64,133   60,397 62,015 65,400   55,656 55,925               248,378 251,354 233,538
Consumer loan fees and interest   52,459 55,865 60,117   51,450 53,180 56,063   47,877 48,427               219,535 219,752 190,746
Other revenues   10,783 6,008 5,499   1,985 2,104 4,706   1,321 819               37,045 8,547 4,673
Total revenues $ 242,209 232,602 250,682 263,039 $ 227,980 226,696 259,963 265,482 $ 247,959 220,670 251,338               988,532 980,121 964,502
Merchandise cost of goods sold   55,751 63,857 63,588   51,050 58,716 54,945   43,842 55,594               247,393 218,617 190,637
Jewelry scrapping cost of goods sold   15,131 20,111 20,020   20,377 29,311 31,305   27,115 31,233               72,836 96,133 130,715
Consumer loan bad debt   11,769 8,235 15,574   9,496 5,793 10,143   9,431 5,999               53,206 40,667 35,639
Net revenues 142,810 149,951 158,479 163,857 143,699 145,773 166,143 169,089 157,194 140,282 158,512               615,097 624,704 607,511
Operating expenses:                                          
Operations   103,788 101,471 104,955   98,320 94,779 98,419   82,252 83,011               420,350 389,386 328,793
Administrative   14,467 20,032 15,745   12,644 8,603 13,671   9,857 11,998               61,819 52,474 47,912
Depreciation   7,460 7,414 7,340   7,251 6,950 6,465   5,755 5,220               29,801 27,858 21,851
Amortization   1,306 1,393 1,365   962 687 688   1,206 1,692               5,475 3,485 1,956
(Gain) loss on sale or disposal of assets   134 87 (6,290)   178 13 29   90 14               (5,629) 1,359 (249)
Restructuring                                     6,664    
Total operating expenses 137,813 127,155 130,397 123,115 124,903 119,355 111,032 119,272 103,970 99,160 101,935               518,480 474,562 400,263
Operating income   22,796 28,082 40,742   26,418 55,111 49,817   41,122 56,577               96,617 150,142 207,248
Interest expense (income), net   6,076 5,275 4,334   3,637 3,754 3,637   898 2,246               22,832 15,168 (1,549)
Equity in net income of unconsolidated affiliates   (2,117) (492) (1,271)   (4,328) (4,125) (5,038)   (4,197) (4,577)   (1,763) (9,163) (8,738) (3,880) (13,491) (12,935) (5,948) (11,878) (17,400)
Impairment of investments     7,940                   7,940     7,940     7,940 44,598  
Other expense (income)   (370) 1,324 (168)   96 405 (501)   483 802               (907) (205) (888)
Income from continuing operations before income taxes 1,611 19,207 14,035 37,847 (31,350) 27,013 55,077 51,719 63,987 43,938 58,106 61,054             72,700 102,459 227,085
Income tax expense 2,342 4,303 4,203 9,958 (12,062) 8,956 16,072 16,616 18,501 12,717 19,862               20,806 29,582 71,165
Income from continuing operations, net of tax (731) 14,904 9,832 27,889 (19,288) 18,057 39,005 35,103 45,486 31,221 38,244               51,894 72,877 155,920
Loss from discontinued operations, net of tax   (2,561) (765) (3,494)   (22,897) (4,125) (2,948)   (1,510) (871)               (93,426) (34,452) (5,343)
Net (loss) income   12,343 9,067 24,395   (4,840) 34,880 32,155   29,711 37,373   33,462 67,035 76,725 45,805 62,195 106,436 (41,532) 38,425 150,577
Net (loss) income from continuing operations attributable to redeemable noncontrolling interest   837 1,075 1,826   996 897 1,547   1,169 112               4,208 4,424 6,722
Net (loss) income from discontinued operations attributable to redeemable noncontrolling interest           45 2 (109)   19                   (76) 147
Net (loss) income attributable to EZCORP, Inc. $ (87,807) $ 11,506 $ 7,992 $ 22,569 $ (24,740) $ (5,881) $ 33,981 $ 30,717 $ 38,572 $ 28,523 $ 37,261   30,561 64,698 76,613 42,067 58,817 105,136 $ (45,740) $ 34,077 $ 143,708
Basic earnings (loss) per share attributable to EZCORP, Inc.:                                          
Continuing operations (in dollars per share)   $ 0.26 $ 0.16 $ 0.48   $ 0.31 $ 0.71 $ 0.64   $ 0.59 $ 0.75               $ 0.88 $ 1.28 $ 2.93
Discontinued operations (in dollars per share)   (0.05) (0.01) (0.06)   (0.42) (0.08) (0.05)   (0.03) (0.02)               (1.72) (0.64) (0.11)
Basic earnings per share (in dollars per share)   0.21 0.15 0.42   (0.11) 0.63 0.59   0.56 0.73               (0.84) 0.64 2.82
Diluted earnings (loss) per share attributable to EZCORP, Inc.:                                          
Continuing operations (in dollars per share)   0.26 0.16 0.48   0.31 0.71 0.64   0.59 0.75               0.88 1.27 2.92
Discontinued operations (in dollars per share)   (0.05) (0.01) (0.06)   (0.42) (0.08) (0.05)   (0.03) (0.02)               (1.72) (0.64) (0.11)
Diluted earnings per share (in dollars per share) $ (1.64) $ 0.21 $ 0.15 $ 0.42 $ (0.46) $ (0.11) $ 0.63 $ 0.59 $ 0.75 $ 0.56 $ 0.73               $ (0.84) $ 0.63 $ 2.81
Net income from continuing operations attributable to EZCORP, Inc.   $ 14,067 $ 8,757 $ 26,063   $ 17,061 $ 38,108 $ 33,556   $ 30,052 $ 38,132               $ 47,686 $ 68,453 $ 149,198
Loss from discontinued operations attributable to EZCORP, Inc.   (2,561) (765) (3,494)   (22,942) (4,127) (2,839)   (1,529) (871)               (93,426) (34,376) (5,490)
Effect of Restatement [Member]                                          
Revenues:                                          
Merchandise sales   0 0 0   0 0 0   0 0               691 (681) 0
Jewelry scrapping sales   0 0 0   0 0 0   0 0               0 0 0
Pawn service charges   0 0 0   0 0 0   0 0               0 0 0
Consumer loan fees and interest   275 (1,088) (4,913)   (3,545) (2,702) (1,865)   (2,068) (2,102)               606 (8,127) (2,998)
Other revenues   (9,743) (4,463) (4,370)   300 (371) (2,378)   0 0               (32,183) (1,145) (787)
Total revenues $ (6,584) (9,468) (5,551) (9,283) $ (2,923) (3,245) (3,073) (4,243) $ 385 (2,068) (2,102)               (30,886) (9,953) (3,785)
Merchandise cost of goods sold   263 366 553   0 0 0   0 0               1,244 0 0
Jewelry scrapping cost of goods sold   0 0 0   0 0 0   0 0               0 0 0
Consumer loan bad debt   4,632 2,641 2,614   800 3,528 3,744   (91) 1,122               12,738 11,827 7,802
Net revenues (9,497) (14,363) (8,558) (12,450) (3,147) (4,045) (6,601) (7,987) (6,386) (1,977) (3,224)               (44,868) (21,780) (11,587)
Operating expenses:                                          
Operations   (590) (364) 406   378 50 1   16 34               (3,284) 814 56
Administrative   (262) (36) (21)   (13) (9) (91)   0 0               277 (135) (39)
Depreciation   0 0 0   0 0 0   0 0               0 0 0
Amortization   0 0 0   0 0 0   0 0               0 0 0
(Gain) loss on sale or disposal of assets   0 0 0   0 0 0   0 0               0 0 0
Restructuring                                     0    
Total operating expenses (2,140) (852) (400) 385 363 365 41 (90) (33) 16 34               (3,007) 679 17
Operating income   (13,511) (8,158) (12,835)   (4,410) (6,642) (7,897)   (1,993) (3,258)               (41,861) (22,459) (11,604)
Interest expense (income), net   986 684 520   0 0 0   0 0               4,258 0 0
Equity in net income of unconsolidated affiliates   0 0 0   0 0 0   0 0   0 0 0 0 0 0 0 (1,362) 1,362
Impairment of investments     0                   0     0     0 (1,400)  
Other expense (income)   635 (882) 0   0 0 0   0 0               1,387 2,282 0
Income from continuing operations before income taxes (11,059) (15,132) (7,960) (13,355) (3,030) (4,410) (6,642) (7,897) (7,715) (1,993) (3,258) $ 0             (47,506) (21,979) (12,966)
Income tax expense (3,167) (3,897) (3,351) (5,135) 866 (1,594) (307) (2,349) (2,311) 960 (2,149)               (15,550) (3,384) (3,500)
Income from continuing operations, net of tax (7,892) (11,235) (4,609) (8,220) (3,896) (2,816) (6,335) (5,548) (5,405) (2,953) (1,109)               (31,956) (18,595) (9,466)
Loss from discontinued operations, net of tax   485 131 759   608 700 386   0 0               1,402 1,180 0
Net (loss) income   (10,750) (4,478) (7,461)   (2,208) (5,635) (5,162)   (2,953) (1,109)   (11,939) (10,797) (1,109) (22,689) (13,005) (4,062) (30,554) (17,415) (9,466)
Net (loss) income from continuing operations attributable to redeemable noncontrolling interest   (3,174) (2,628) (3,622)   (1,148) (1,892) (1,521)   (259) (1,287)               (11,595) (5,646) (2,603)
Net (loss) income from discontinued operations attributable to redeemable noncontrolling interest           9 10 3   0                   0 0
Net (loss) income attributable to EZCORP, Inc. $ (5,694) $ (7,576) $ (1,850) $ (3,839) $ (3,303) $ (1,069) $ (3,753) $ (3,644) $ (4,347) $ (2,694) $ 178   $ (5,689) $ (7,397) $ 178 $ (13,265) $ (8,466) $ (2,516) $ (18,959) $ (11,769) $ (6,863)
Basic earnings (loss) per share attributable to EZCORP, Inc.:                                          
Continuing operations (in dollars per share)   $ (0.15) $ (0.04) $ (0.08)   $ (0.03) $ (0.08) $ (0.07)   $ (0.06) $ 0.00               $ (0.38) $ (0.25) $ (0.13)
Discontinued operations (in dollars per share)   0.01 0.00 0.01   0.01 0.02 0.00   0.00 0.00               0.02 0.02 0.00
Basic earnings per share (in dollars per share)   (0.14) (0.04) (0.07)   (0.02) (0.06) (0.07)   (0.06) 0.00               (0.36) (0.23) (0.13)
Diluted earnings (loss) per share attributable to EZCORP, Inc.:                                          
Continuing operations (in dollars per share)   (0.15) (0.04) (0.09)   (0.03) (0.08) (0.07)   (0.06) 0.00               (0.38) (0.24) (0.14)
Discontinued operations (in dollars per share)   0.01 0.00 0.01   0.01 0.02 0.00   0.00 0.00               0.03 0.02 0.00
Diluted earnings per share (in dollars per share) $ 0 $ (0.14) $ (0.04) $ (0.08) $ (0.07) $ (0.02) $ (0.06) $ (0.07) $ (0.08) $ (0.06) $ 0.00               $ (0.35) $ (0.22) $ (0.14)
Net income from continuing operations attributable to EZCORP, Inc.   $ (8,061) $ (1,981) $ (4,598)   $ (1,668) $ (4,443) $ (4,027)   $ (2,694) $ 178               $ (20,361) $ (12,949) $ (6,863)
Loss from discontinued operations attributable to EZCORP, Inc.   $ 485 $ 131 $ 759   $ 599 $ 690 $ 383   $ 0 $ 0               $ 1,402 $ 1,180 $ 0