EZCORP Acquires 23 Pawn Stores in Mexico
June 11 2018 - 5:19PM
Business Wire
EZCORP, Inc. (NASDAQ:EZPW), a leading provider of pawn loans in
the United States and Latin America, announced that it has acquired
an additional 23 pawn stores in Mexico. These stores, operating
under the name “Presta Dinero,” give EZCORP a presence in a number
of cities within seven central-Mexico states in which the Company
already has “Empeño Fácil” stores. EZCORP now owns and operates a
total of 921 pawn stores, 45% (411) of which are located in Latin
America.
Stuart Grimshaw, EZCORP Chief Executive Officer, stated: “The
acquisition of the Presta Dinero stores continues our disciplined
growth strategy in Latin America, where we have increased our store
count by 67% so far this fiscal year through acquisitions and new
store openings, adding to our strong same store growth. We expect
this acquisition to be immediately accretive to our earnings, and
we also see opportunities to enhance the profitability of the
stores through the expansion of general merchandise pawn loan and
retail activities.
“The Presta Dinero stores complement our existing Empeño Fácil
stores nicely, allowing us to achieve synergies in management and
administration while giving us presence in new cities and
neighborhoods.
“This acquisition further enhances the market leading growth we
are delivering in Latin America, and we expect it to provide
opportunities for further growth and earnings accretion in some
very attractive markets.”
The acquisition was completed earlier today, and the purchase
price was paid in cash.
ABOUT EZCORP
Formed in 1989, EZCORP is a leading provider of pawn loans in
the United States and Latin America. It also sells merchandise,
primarily collateral forfeited from pawn lending operations and
used merchandise purchased from customers. We are dedicated to
satisfying the short-term cash needs of consumers who are both cash
and credit constrained, focusing on an industry-leading customer
experience. EZCORP is traded on the NASDAQ stock market under the
symbol EZPW and is a member of the Russell 2000 Index, S&P
SmallCap 600 Index, S&P 1000 Index and NASDAQ Composite
Index.
FORWARD-LOOKING STATEMENTS
This announcement contains certain forward-looking statements
regarding the company’s strategy, initiatives and expected
performance. These statements are based on the company’s current
expectations as to the outcome and timing of future events. All
statements, other than statements of historical facts, including
all statements regarding the company's strategy, initiatives and
future performance, that address activities or results that the
company plans, expects, believes, projects, estimates or
anticipates, will, should or may occur in the future, including
future financial or operating results, are forward-looking
statements. 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
operating risks, liquidity risks, legislative or regulatory
developments, market factors, foreign currency rate fluctuations or
current or future litigation. 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. The company undertakes no
obligation to update or revise forward-looking statements to
reflect changed assumptions, the occurrence of unanticipated events
or changes to future operating results over time.
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version on businesswire.com: https://www.businesswire.com/news/home/20180611006239/en/
EZCORP, Inc.Jeff Christensen, 512-437-3545Vice President,
Investor Relationsjeff_christensen@ezcorp.com
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