Good afternoon, ladies and gentlemen, and welcome to the EZCORP second quarter earnings release conference call. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session. Please note that this conference is being recorded. I will now turn the call over to Mr. Joe Rotunda, Mr. Rotunda, you may begin.

Thank you, John. Good afternoon everyone. I would like to thank you all for joining us today for our second quarter fiscal year 2009 earnings call. With me is Dan Tonissen, our Chief Financial Officer. I would like to begin with a high level overview of the quarter’s performance, provide an update on our two recent acquisitions and how they contributed to the quarters results. I will conclude with a brief commentary on each of our business segments with a key remarks on how the economic environments impacting our business. Dan will follow on and he is going to focus his time on the consolidated results. Overall, the March quarter was an excellent quarter for the Company. We grew our net income to $18.3 million from $13 million for the second quarter last year. That is an increase of $5.3 million or 41% over last year. On a diluted earnings per share basis, we grew to $0.37 from $0.30 last year and we additionally exceeded our guidance of $0.36 for the quarter. The percentage growth in earnings per share was 23%. Last time the percentage growth in net income dollars due to the additional shares issue in conjunction with our two recent acquisitions but still a very healthy growth rate particularly in today’s economic climate. I am also pleased to point out that this quarter represents now 27 consecutive quarters of year-on-year earnings improvements. During this quarter we also had the benefit of two recent acquisitions. The 11 Pawn Plus Stores located in the Las Vegas metro area which closed in November and DAEWOO point Acquisition with 67 stores primarily located in Florida which closed on mid year’s eve. In the Pawn Plus stores we made a substantial investment in CapEx and just completed a rebranding of the stores to…

Thanks, Joe. Now, I will give you a little more detail focusing on our consolidated results starting with the consolidated statement of operations for the quarter which you can find on Page 3 of our earnings announcement. On line, you see that our total revenues for the quarter increased 37.5% to $156.3 million. With this quarter, EZCORP’s trailing 12-month total revenues has $0.5 billion for the first time. Total revenues include revenues from the Value Pawn and Pawn Plus stores of $31.7 million and $5 million. Same store revenues for the quarter were approximately 3.5% overall with our US Pawn operation of 4% and our Empeno Facil and EZMONEY operations up 2%. On a constant currency basis, Empeno Facil has 34% same store revenue growth. Merchandise sales line 2 increase 36.7% to $61.1 million. Same store merchandise sales were down 2% for the quarter. With margins down one percentage point on the prior year period, merchandise gross profit line 2 minus line 10 increased 31% to $22.9 million. Scrap gross profit line 3 less line 11 increased 36% to approximately $9.7 million. The impact of significantly greater volume was partially offset by lower gold values and higher costs. During the quarter, we scrapped about $2.2 million grams gold jewelry compared to $1.3 million grams in the prior year quarter. Proceeds per gram decreased 2% to $12.79. The 2% decrease in proceeds per gram is in line with what happened in the gold market this quarter compared to the same quarter a year ago. Our cost per gram increased 13%, $8.29 primarily due to increases in gold loan values and what we paid to purchase gold. We did not liquidate any diamonds and either the current quarter or last year’s quarter. These are typically included in the scrap of proceeds. We…

Thanks Dan. We have had a number of questions concerning the status of the EZCORP shares which were issued in conjunction with the value acquisition. As most of you are aware, we agreed to pay contending consideration to form our Value Pawn shareholders depending on the price on which they sold their EZCORP stock that they received in conjunction with that acquisition. We issued approximately $4.1 million shares. Through this morning, we have received and processed claims for contingency payments of $3.3 million shares for a total of just under $9.7 million. Approximately $750,000 shares remained allegeable for these payments. However, those shares must be sold by May 5th that is in less than two weeks from today in order to qualify for any payment. I will conclude our prepared remarks with an update on earnings guidance for 2009. This year, we are in an economic environment that is created a lot of uncertainties and has changed the behavior of virtually all consumers with regard to how they set the priorities and how they spend their money. We also have a lot of noise in last year’s numbers with stimulus checks, a significant benefited we received with foreign tax credit adjustments and Hurricane Ike which hit us in Houston. All this makes our forecasting a little more difficult. With that said, we are still bullish on the business. Although the macroeconomic environment has had an impact we are well insulated I believe from it. We plan to continue our strong growth and our track record of compounded earnings improvements to maintain in the strong balance sheet. Here is our guidance and this incorporates the benefit across the Value Pawn and Pawn Plus acquisitions. For the full year, we expect to be in the range of $1.50 to $1.52 compared the last year’s actual $1.21. That represents an increase in the range of 24% to 26% for the full year. We expect to our June quarter to be approximately $0.34. That represents in the increase of 36% over last year. Quick math will provide then the September quarter guidance will to be in the range of $0.46 to $0.48. That is an increase of 24% to 30% over last year. So, with that, I will go back to Dan for the safe harbor and we will conclude with questions.

This conference call and earnings announcement contains certain forward-looking statements regarding EZCORP’s expected performance for future periods, including but not limited to new store expansion, anticipated benefits of the acquisitions, and expected future earnings. These statements are based on our current expectations. Actual results for these future periods may materially differ from our current expectations due to a number of risks and uncertainties such as changing market conditions in the overall economy in the industry. Consumer demand for the Company’s products and services, actions of third parties who offer services and products in Company’s locations, changes in the regulatory environment and other factors periodically discussed in the Company’s annual, quarterly, and other reports filed with the Securities & Exchange Commission. John, we will now open the conference call to questions.

(Operator Instructions) Your first question comes from the line of David Burtzlaff - Stephens, Inc.

Great quarter here. I have got a few questions. First, on the loss rate, are you seeing any change in your new customers that may bring that loss rate down?

I do not believe that there has been any impact from that. In fact, when you think about it David, our initial defaults were down significantly the last year and typically that is not something you see with new customers and I said in my remarks earlier most of that is from the focus that we have in the store of working with the customer courtesy calls on very working to get demand on a few days.

Okay. And then, with respect to the Pawn loan balances, did you see those declines later in the quarter than when they normally would and as a result under the bottom happens later in the quarter and has it recovered all the way at quarter end?

Typically, the loan balances due decline faster. As you, near the end of the quarter because of the tax reflects.

Yes, but if you look at the seasonal pattern during the quarter David, and I think that is your question. I would not say there was a significant change from what we have seen in the past years.

Okay. And then did you say you have title loans on the 138 stores now?

A hundred and thirty six.

So, that is all. I mean, you ramped that up a lot faster than what you had indicated before because I thought on the last call, you said you have about 100 stores by year-end.

That is correct. We were pleased with the roll up. We have it fairly well-systemized as well. There is very little for the associate to do and the system is able and with limited information being put in to be able to obtain a low value based on the value of the car as well as the income of the customer.

Okay. Then, last question: on the guidance of the $1.50 to $1.52 does that include the two said charge in the first quarter for the stock option grant?

It has a net of that.

Okay. So, the X side is still $1.52 or $1.54?

You would be correct. Yes.

Okay. Thank you very much.

You are welcome.

Your next question comes from the line of Jordan Hymowitz - Philadelphia. Jordan Hymowitz – Philadelphia: Just two quick questions. The title that is obviously you waved off during the quarter, did you say approximately how much is the title loan fees during the month of March or even better? Give some kind of guidance as to in your third quarter or fourth quarter this year; what type of title loan fee you are hoping to achieve? Basically, any sort of guidance you could give on a title business I am trying to get at.

We have a very little actually in the March quarter, Jordan, but just to give you an idea, we anticipated what we are seeing is about $600 average loan value and we are looking for a ramp-up because that loan is store over at period of 3 or 4 or 5 months. We launch further. Or, week per store… over that period. Jordan Hymowitz – Philadelphia: Will people know about our stores?

We are going to continue to roll it out through the balance of the year. We just moved on to Wisconsin and we are looking to add some additional states as well. We will give you some additional information on the next call after we build it out a little bit more. Even though we have had it in Utah and Missouri for a few months now, we have really seen quite a difference in the take-off in Texas. I think much of it relates to the type of competitive environment in those states and a different level of demand. Jordan Hymowitz – Philadelphia: The second question is – The payday business is obviously slowing and may have regulatory issues but everything else seems to be moving along quite well. If you are sitting here two or three years from now, what percent of business do you think would be from non-payday? In other words, Pawn Plus, Mexico, plus Canada, plus-- anything but US payday basically which is about 75% of total income now, what do you think the number would trend towards?

It depends on the rate of growth outside of the United States including Pawn in the United States. I think it would be fair to say that you are going to see that proportion to the total, decline, continue to decline and the faster we move in Canada and the faster we move in Mexico, and that is why we are able to do more pawn acquisitions in the United States. All that is going to contribute to a rapid decline in the penetration to the total but payday lending but I am confident that as we are able to continue to do business in the states that we are in, that we will be able to grow significantly, organically, and with new products, the payday loan business in the United States. Even in this past quarter, as we look at our business in payday lending, we had same-store, albeit small about 2%. Same store growth rate in payday lending even with the challenges that exist today. Jordan Hymowitz – Philadelphia: Final question, would you care to discuss the pawn inventory as it start year and over the same thing, the cash mark as disclosed this morning.

We have not done that in the past. It is something that we have talked about and we will consider it. We have been considering it. We will, for the future.

Your next questions comes from Chuck Ruff, please go ahead. Chuck Ruff – Insight Investments: Well, could you talk more about the outlook for the two house bills? Would it our understanding that it is very difficult to know exactly where it is going. Can you give us your kind of best guess on how you think those are going to progress?

The bills have to go through the process and I think they are still early on in that process. The only bill that is held hearing has been the Gutierrez bill and I thought that the hearings were very constant with the testimony and the comments from the legislators during those sessions. Typically, what I believe in these two bills, there are some similarities, and a number of differences between the two of them and I would think that as this goes forward that will be at neither the process where they go along parallel paths and at some point, the two bills are going to have to come together before they, I would think, before they are put onto the floor for any type of debate and vote before the house. Once it goes through that process, then it has to go to the Senate. Any other similar bills that are there will have to be considered, I would think, in conjunction with them. I believe this will move forward, as this moves forward, there will be some modifications and some compromises that would be done before they have reach the house floor but it is impossible to predict. Chuck Ruff – Insight Investments: All right. I think, we are talking with your industry lobbyist, et cetera, do you have any feel for how much support there is out there for either both bills.

The house bills? Chuck Ruff – Insight Investments: Yes.

Just the house? Chuck Ruff – Insight Investments: Yes.

The industry does not support… Chuck Ruff – Insight Investments: I know that. I am asking support within Congress. I was not sure there.

To my knowledge, there has been no poll that has taken place to determine that. Chuck Ruff – Insight Investments: Your lobbyist, et cetera are not giving you any feel for that?

No. Chuck Ruff – Insight Investments: Okay. On a different subject, can you talk a little bit about the potential for share buy backs? I have to see if you got a wonderful balance sheet but yet a very high cost of capital right now. To me it would make sense to buy back a little stock but you are not doing it so can you talk about that?

We talked about this a number of times over the past years and the thing that we are really focused on is being able to build on our earning assets and invest in our earning assets that will provide a revenue stream and the stream of revenue that allows us to some chance to grow our earnings are we move forward. If you looked at where we worked 2 years ago, less than two years ago, we have increased our earning assets probably by 25% and introduced earning assets available to generate some type of substantial yield for us. Our intention, as long as we have the opportunity to be able to look at expanding and growing earning assets, we would rather invest in that than share buybacks, although we do not talk about it as the subject of discussion with the board, I am not saying it is not going to happen. Chuck Ruff – Insight Investments: Yes. It seems that you guys have made a lot of acquisitions over the years. Obviously, any acquisition you make is, by definition, you are not going to know those companies as well as you know EZ. On a risk-adjusted basis, can you mention making an acquisition that is cheaper than the company you are on?

I think what you have to look at is what you can do with the assets that you purchase. If you are able to enhance them and add any kind of value to them, you can turn it around overtime; they are going to provide us much greater return. Chuck Ruff – Insight Investments: Yes. Okay. Just like you have gotten credit for the growth we have seen which shareholders are going to be happy with the earnings record a bit but I feel like we do not get any credit for it. I do not know if you feel the same way.

I think there has been some over hang from several different issues. I am not sure it is share buyback that has cost any [deposit]. We have demonstrated our ability to continue to grow our earnings. Now, year after year, we have maintained a sound balance sheet and I believe that as long as we are able to continue to do that, that our share price would naturally catch up to it. Every time, and we have had a good momentum in building our share price and frequently, there has been some type of interruption to it whether it is an analyst report that maybe somewhat off base that has happened a couple of times or concerns for the regulatory environment. How that might impact us and how it is pointed towards us or something of that nature. It will always bounce back and I believe over time we will continue to run a significant to grow significantly our share price. Chuck Ruff – Insight Investments: Okay. I will give someone else a chance. Thanks.

Your next question comes from the line of Henry Coffey Ferris – Baker Watts. Henry Coffey Ferris – Baker Watts: Could you go over those cash balance numbers for me; they caught my attention. You said you have how much in on instead of when you call it non-operating cash, I am assuming you mean by accessible cash.

It is just over $49 million of non-operating cash. Henry Coffey Ferris – Baker Watts: That means that it is cash sitting here that you could deploy outside?

That is correct. Henry Coffey Ferris – Baker Watts: What other restrictions to just paying off your debt or instead of waiting for the whole value deal to sort of self out?

The $40 million of debt we have on our balance sheet is part of our term facility. We could repay that if we chose to. It is our choice to this in time to actually keep the cash as additional capital to grow the business. Henry Coffey Ferris – Baker Watts: What is the borrowing cost on the term debt right now?

It is going to be about 250 over LIBOR so you are probably talking at about 3.5% or 4%. Henry Coffey Ferris – Baker Watts: Yeah. That is a relatively cheap considering. And, that is not a line of credit. It is a term debt facility. So, if you pay it, it is gone.

That is correct. Henry Coffey Ferris – Baker Watts: If you kind of look forward for the rest of the year, what is your outlook on United States’ retail sales? You said, what, down 2% on the same store sale’s basis.

We work every quarter. Our general merchandise sales were up but our sales decline was in jewelry and as we move forward, if that continues, if we loan appropriately on the jewelry, we should be able to convert the forfeit on the collateral into more revenues from scrapping. Henry Coffey Ferris – Baker Watts: Are you adjusting for that or…?

We are not optimistic about sales. Yes, we are adjusting. We are not optimistic about the sales growth in the balance this year considering the fact we had stimulus checks out there in the third quarter last year, they gave our sales performance a year ago in pretty strong and a pretty nice lift that will be somewhat difficult to replicate this year. So, we are taking that back into consideration. Henry Coffey Ferris – Baker Watts: Well, I agree with the previous caller—the market does not get it but congratulations on a great quarter.

Thanks, Henry.

Your next question comes from Liz Pierce please go ahead.

Thanks. It is a nice quarter. I am going to ask the inventory question just a bit differently. How comfortable do you feel with the aged inventory and the quality inventory?

It looks like, I am glad you asked that because I think to Jordan’s question about the aging. I think, if you look at our inventory turnover at 3.8 times in the quarter, I think that is one of the better inventory turnovers in the industry. The margin that we are getting is at least comparable or better than some of our peers. If you look at the evaluation allowance that we have on the inventory, I believe, there is a percentage of the growth inventory; it is well above our peers. So, I guess, we have not disclosed the inventory aging in the past but I think that from the inventory valuation standpoint evidenced by that valuation allowance is just a percentage of the growth inventory; we tend to be very conservative.

Also, if you would look at our inventory on a first store basis, same store basis at a year ago, change in our inventory is not somewhere going to change in our portfolio on loans as well. Then, we are going to indicate a pretty healthy relationship.

So that was the other thing. I was going to ask—you said your retail, they all grow up at 2% count?

Now, we were down by 2% in retail sales.

Obviously, one of the metrics we look at retail is comp inventory per store. So, you are saying comp inventory per store was down 2%?

No. No. I am not comparing the inventory to sales, comparing the inventory to the growth in the portfolio—our pawn portfolio.

That is where we went from $112,000 in inventory per store last year to $122,000 this year. That is pretty much in line with the growth that we are seeing in our pawn portfolio.

Also as I said earlier, our strength in sales was in general merchandise.

So, we can say enjoy.

That is correct, and typically when you have any type of inventory problem with aging, it does not exist in jewelry it exists in general merchandise. We were flushing that.

Right, so I presume you are scrapping it.

No, general merchandise, I said. We are flushing after the sales.

Right. Do you scrapping, could there may be scrapping the jewelry?

That is correct. Our scrap weight was up this year over the last year.

Right, right. Okay. And then I presume Joe when you said you have, what is that you received in process. That means you have paid that money out?

I am not sure what you mean.

You are talking about the value…I am sorry.

Yes, I said it but yes under the value financial contingency payment.

[Inaudible]

Okay. And then just the nine, I remember correctly that for anybody that does it now, is not that much, right, $0.30 is it?

No. That would be a favor in the premium payments of the…

Oh, yes, there the deficiency guarantee still exists; right, less than 1467?

That is right. The difference is [1467] in the marketplace to sell.

Right, okay. So, you could still have a better payment to be made?

On about $750,000 shares to remain, that is correct.

Right. And Dan, when you think about your growth strategy and maybe since you talked about Canada, maybe, can you rank how you feel you are going to deploy the capital between because you mentioned domestic acquisition some time. You have mentioned Canada that you are going to go in may be I think you said the fourth quarter of second half of calendar 2009 and then obviously already in Mexico. So, just looking at the cash you have on the balance sheet with $49 million of that being non-operating, what do you think you get in your most banks are looking for?

We believe we get in all three of the segments and our intention in the way we run the business is that each of the three are growth segments in amongst themselves and we do not restrict the capital we deploy to any of them other than the return on the way we will get on it. We are quite pleased with Mexico. We will move as fast as we can in Mexico. The challenge there is being able to find the appropriate real estate and we are also interested in many acquisitions that we are able to find to make good economic sense for us in Mexico. We will accelerate as quickly as we can being able to overcome those hurdles in the growth in Mexico and each year or as we move forward end up broader our base gets faster, we will be able to accelerate that growth.

Okay, so…

And using money at stateside with the new products, we believe provide us additional leverage on the investments we have already made in the facilities that we have and the flow through on these new products is phenomenal because relatively little additional investment with the CapEx is already set cost. The labor is there and the occupancy and so forth. So, we are able to flow through considerably those types of products and that is why we have accelerated our expansion because we have seen the consumer response to it. Carrying this phenomena, the way that the various provincial legislators have or regulators have looked at the product and the thoughtfulness of it, the research that they have done, the rates, they replied we want to move there as quickly as we can and what we like to see there is we will take less when we need to get a foothold to establish once we do is to be able over the next several years is to get the kind of growth there that we get in the United States.

And in Canada, are you looking, because some of the operators are operating at levels how much higher than the rates then do you think you will have an opportunity to maybe pick up some locations that there is going to be some vacancy if you will on the space?

Well, we surveyed the real estate market and it appears that first of all, there is good sighting available, number one. Number two, I am not sure that anyone who had a site that did not do very well when that would be the type of site that we would have wanted to pick up as they vacate it.

Okay and then just going back to Mexico because you said you found locations and just is it become too crowded all of a sudden with Cash's just moving to the space in terms of finding good location, good acquisition for the right price?

No, the thing you have to understand and Liz, we did travel down there together…

Right.

The spec of the stores that you saw, there are typically 4,000 or 5,000 square feet because our model is general merchandise in Mexico and there is a quite a high demand for that. There are a lot of general merchandise pawn brokers in Mexico so we are looking for a 4,000 to 5,000 square foot facility. We are not competing with other pawn brokers generally. It is typically retailers and others that would use something at that size. Most of the competitors, you mentioned Cash, down there are probably 400 or 500 square feet.

Right, I do not realize that and that does not make sense so it is just a matter of, I guess winning things that demand for 4,000 to 5,000 square feet by general merchandisers.

Right. It is very difficult just finding that size of facility because most of the shops in the commercial or retail areas…

Are smaller, yes.

The difficulty is sometimes we will build the suites or finding a couple whether adjacent to one another or even, a good store in fact has apartments near it and the fact that you may have seen some of the stores there where we have a 1,500 square foot showroom and the backroom storage area used to be apartments.

And then my last question, I mean I like to come also and thanks for the kind of reminder. You said you rebranded the Value Financial stores.

We rebranded the Pawn Plus in Las Vegas stores. It is working with the plan because the Value brand is very well known, very well regarded in Florida. We are going to take advantage of the name that we bought.

That is what I thought. I guess I just misunderstood and had a sudden kind of, what? You did what? That clarifies it.

Your next question comes from the line of John Rowan - Sidoti & Company. John Rowan - Sidoti & Company: I missed the beginning of the call so I just have a couple of questions. I am sorry if you are repeating anything but did you guys put any gold scrap hedge for the quarter?

Yes, let me just grab that John. We had locked in 60% of our June quarter quantities and 50% of our September quarter quantities and that is at $890 an ounce and $923 for the June quarter and the September quarter. John Rowan - Sidoti & Company: The June was 8…what?

June was 60% at $890 and the September quarter 50% at $923. John Rowan - Sidoti & Company: Okay and just one more question, did you have a supplemental acquisition payment in the quarter for the deficiency agreement?

We did and that is $9.3 million I believe.

Your next question comes from the line of Ted Hillenmeyer - Northstar Partners.

Can you discuss, I agree with some of the other callers in terms that you do not seem to be getting credit for the growth and just go straight to the worst case scenario of if payday goes away, what would that require you guys to do in terms of getting out the leases? I listened to the Gutierrez hearing and that does not sound like it is likely in anyway but you do not seem to be getting credit for it. I am just trying to figure what the floor might be on the stock.

Okay, most of our leases can have a change of low class. If there is a change in the regulatory requirements in the states that we are operating the store, it allows us an option to opt out. One particular state at one time in the past of 45 leases that we looked at, 44 of them had the change of law of that lost. We are pointing out also that the majority of our leases in EZMONEY are three-year leases. There are few five but most of them are three to five years which is a pretty short cycle as well.

And that three to five would be the full term and on average, it might be a year and a half to two and a half years.

So, under the opt-out provision, how quickly if the law change?

At lease by lease, generally 30 to 90 days.

Which is how long have you been in any way to continue to collect, correct?

Yes.

It changed a lot of curves. Typically, there is some period with advance notice.

Yes, or if it comes back.

And then if I look at kind of the other items G&A, depreciation and amortization, how much would have to be absorbed by the Pawn side that is currently been allocated to Payday?

I am not sure if we can quantify that but that was a point down. What you are describing, Ted, although you said having listened to the hearing you do not believe that it is a probability. What you are describing is a doom state type scenario in the industry. If that would occur, we would look at redeploying the resources that we have committed in Payday Lending. We would look at other product lines. We would look at other uses of resources.

We will effectively utilize them obviously to generate profits.

That is correct obviously.

I just second the thought of the previous caller in terms of considering a buyback and then is that, I calculated it, it looks like you are kind of getting credit for six times EBITDA for Pawn and zero for payday or pay for just less than five times EBITDA and they are not getting any credit for growth and you guys keep putting up 20% plus type of growth so as you kind of weigh here careful allocation decisions, I would not think you would be able to find too many companies that get you 20% growth which is that was well as your own. Not that I would suggest taking away what you have achieved on the other side but just a portion since you guys are currently have more cash than debt. It just seems like a logical use as you go through your capital allocation checklist.

We hear you.

We appreciate it.

(Operator's instruction) Your next question comes from the line of Dan Mazur - JMP Asset Managers.

Just a quick follow up on, you say the deficiency attainment was 9.3 in the quarter?

It was 9.7.

It was 9.7 and was in the quarter or year to date.

That is year to date.

So are you still thinking…?

…this is basically down in the quarter because we closed on New Year’s Eve.

Okay, yes. Are you still seeing claims come in or are they still trickling in?

Yes, the remaining shares if we can talk about the things about 700,000, they have until May 5th or they can actually claim after that but the shares would have to be sold before May 5th.

Okay and even though you are probably happy to have value on board but it seems like this is created an overhang, I mean this is the structure you just look to in future acquisitions?

I would say this was very unique and I could not rule it out in the future but are being unique. I would not say it is very often.

Okay and I may have missed this in the call but just given the strength in your balance sheet and the lack of the buyback accounts like there are some pretty interesting opportunities probably for you on the acquisition side, just if you have addressed it already. If you have, I apologize but just what you are looking at in the acquisition standpoint?

Our interest is in any Pawn acquisitions in United States will make good economic sense to us as well as the seller and we are also interested in Mexico as it relates to Pawn and we are also interested in other types of short term financial instruments in Mexico as we explore that market and maybe it would come across as we are looking for Pawn. Those are our primary interests at this point.

Okay and then so Canada would be at an overall growth with that Pawn or Payday?

It is Payday Lending and the model works out so well for a very healthy return on invested capital with rates that are allowed in Canada and we are able to, we found that we can open a 100 stores at here in the United States and from what we have learned in Canada, we can overtime replicate that rate as well. It makes more sense to lease out the stores than to hear an acquisition.

We have no further questions at this time.

Okay, I would like to thank everybody, all of you, for your time and your interest today and we are going to continue to be bullish on the business and we are going to continue to do the things that we do. So, thank you all very much.

Thank you, ladies and gentlemen. This concludes today's conference. Thank you for participating. You may all disconnect.