The Austin-based operator of pawn shops has completed sale-leaseback transactions for 40 properties. That increased the company's rent expense by $700,000 from the previous fiscal year. That was offset by reductions in interest and depreciation expenses. In the third quarter, seven stores slated for closure were kept open, earning a $700,000 credit against restructuring charges. The locations were not available by press time.
EZCorp, which operates 280 stores in 11 states, posted a $500,000 loss, four cents per share, on revenue of $43.1 million in its 2002 third quarter. That compares to a loss of $400,000 or four 4 cents per share on revenue of $43.1 million.
Joseph Rotunda, EZCorp's president and CEO, said the company's turn-around efforts seem to be on track. He said he expects the company to post net income of $2 million for fiscal 2002 compared to a loss of $600,000 in 2001.
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