Friday, Jan. 23, 2009 | 9:24 a.m.
Business is good for a big operator of Las Vegas pawn shops as struggling consumers seek out short-term loans.
EZCORP Inc. today said its profit for the fiscal first quarter ended Dec. 31 jumped 18 percent to $14.8 million or 33 cents per share as revenue increased from $112.3 million to $128.6 million.
Based in Austin, Texas, EZCORP provides pawn, payday and auto title loans.
The company expanded in Las Vegas and Henderson last year with its purchase of 11 Pawn Plus and ASAP Pawn locations for $34.5 million in cash and stock.
"Our first quarter was a good quarter for the company and represents our 26th consecutive quarter of year over year earnings improvement,'' said Chief Executive Joe Rotunda.
"We anticipate another solid result in our March quarter, with earnings growth in same stores as well as contributions from ... two acquisitions we completed in the December quarter,'' he said.
In the Pawn Plus and ASAP Pawn deal completed Nov. 13, EZCORP said it would acquire about $6.6 million of pawn loans, $2.2 million of inventory, $1.2 million of auto title loans and other operating assets.
"We believe this is an excellent acquisition in a very good pawn market and will complement our existing four Las Vegas locations,'' Rotunda said when the deal was announced.
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