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EZCORP's Management Discusses F3Q2012 Results - Earnings Call Transcript

So, let's discuss for a minute on the impact gold had on the U.S. business. In dollar terms, jewelry is a percentage of the total U.S. pawn loan balance has remained largely unchanged. In terms of grams, it has declined as prices have risen.

The jewelry redemption rate has however, increased over time reaching 86% in the third quarter, resulting, obviously, in less jewelry dropping out of the loan portfolio into inventory for sale. At the same time, volume of jewelry purchases in the quarter decreased 38% on a same-store basis.

With a less forfeited-gold collateral and fewer purchases, it's not surprising that jewelry and gold dispositions were also down. Jewelry sales in the U.S. decreased 19% same-store and scrap sales declined 26%, again, same-store. It was these same-store decreases that drove a $6 million net revenue shortfall referenced earlier.

Other elements of the U.S. pawn business, however, showed continued strength offsetting to a large extent the challenges in the gold and jewelry environment. Sales of jewelry merchandise, that is everything other than jewelry, increased 23% in total and 9% on a same-store basis.

Pawn service sizes increased 14% in total and 7% on a same-store basis underpinned by a 7% growth in total pawn loan balances or 2% on a same-store basis. Growth in the pawn loan balance is a compelling indicator of the overall health of our pawn loan business.

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