EZCORP, Inc. is engaged primarily in operating pawnshops and payday loan stores in the United States. As of September 30, 2003, the Company operated 280 pawn locations in 11 states under the name EZPAWN. EZCORP meets the short-term cash needs of the cash and credit constrained consumer by offering non-recourse loans collateralized by tangible personal property, commonly known as pawn loans; by offering short-term non-collateralized loans, often referred to as payday loans, and by purchasing customers' merchandise at its pawnshop locations. Also in its pawnshops, the Company acquires inventory for its retail sales primarily through pawn loan forfeitures and, to a lesser extent, through purchases of customers' merchandise.
