The company said net income rose to $1.1 million or 9 cents per share on $47.5 million in revenue. That compares to a $33,000 net income on $48.8 million in revenue for the same period in 2001. Revenue per store increased to $169,000 from $168,000.
The company's debt was reduced by 44% to $37.4 million at the end of the quarter. Of the total debt reduction of $29.4 million, more than half came from the sales of assets, primarily 31 sale/leaseback transactions. At the same time, the sale/leasebacks increased rent expense by $500,000 in the quarter. The company said a short-term loan program, which has expanded to 217 EZCorp shops, contributed about $1.5 million to the company's operating income.
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