RENT-WAY, INC.
SELECTED BALANCE SHEET DATA
(all dollars in thousands)
September 30, 2002 September 30, 2001
Cash and cash equivalents $7,295 $10,515
Prepaid expenses 10,361 13,534
Rental merchandise, net 196,064 218,973
Total Assets 510,794 628,177
Accounts payable 17,643 24,212
Debt 277,207 307,009
Total Liabilities 374,197 422,135
Shareholders' Equity 136,597 206,042
RENT-WAY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(all dollars in thousands except per share data)
For the three months ended
September 30,
2002 2001
(unaudited) (unaudited)
Revenues:
Rental revenue $121,400 81.6% $126,075 80.9%
Prepaid phone service revenue 8,504 5.7% 8,423 5.4%
Other revenue 18,904 12.7% 21,436 13.7%
Total Revenue 148,808 100.0% 155,934 100.0%
Costs and operating expenses:
Depreciation and amortization:
Rental merchandise 38,846 26.1% 50,005 32.1%
Property and equipment 6,339 4.3% 7,589 4.9%
Amortization of goodwill and
other intangibles 438 0.3% 4,105 2.6%
Cost of prepaid phone service 5,511 3.7% 5,316 3.4%
Salaries and wages 38,729 26.0% 38,921 25.0%
Advertising, net 6,317 4.2% 4,069 2.6%
Occupancy 10,581 7.1% 15,153 9.7%
Other operating expenses 35,673 24.0% 44,350 28.4%
Total costs and operating
expenses 142,434 95.7% 169,508 108.7%
Operating income 6,374 4.3% (13,574) -8.7%
Other income (expense):
Interest expense (11,494) -7.7% (9,842) -6.3%
Amortization - deferred financing
costs (374) -0.3% (111) -0.1%
Interest income 25 0.0% 79 0.1%
Other income (expense), net (492) -0.33% (1,704) -1.1%
Income (loss) before income
taxes (5,961) -4.0% (25,152) -16.1%
Income tax expense 1,897 1.3% - 0.0%
Loss before extraordinary items (7,858) -5.3% (25,152) -16.1%
Change in accounting principle - 0.0% - 0.0%
Extraordinary item - 0.0% - 0.0%
Net loss $(7,858) -5.3% $(25,152) -16.1%
Loss per common share:
Basic loss per common share
Loss before change in
accounting principle and
extraordinary charge $(0.31) $(1.03)
Net loss $(0.31) $(1.03)
Diluted loss per common share
Loss before change in
accounting principle and
extraordinary charge $(0.31) $(1.03)
Net loss $(0.31) $(1.03)
Weighted average common shares
outstanding:
Basic 25,671 24,510
Diluted 25,671 24,510
For the year ended
September 30,
2002 2001
(unaudited) (unaudited)
Revenues:
Rental revenue $509,024 81.3% $528,995 80.8%
Prepaid phone service revenue 37,740 6.0% 34,739 5.3%
Other revenue 79,665 12.7% 90,884 13.9%
Total Revenue 626,429 100.0% 654,618 100.0%
Costs and operating expenses:
Depreciation and amortization:
Rental merchandise 175,315 28.0% 201,233 30.7%
Property and equipment 26,363 4.2% 31,066 4.7%
Amortization of goodwill and
other intangibles 2,277 0.3% 17,188 2.6%
Cost of prepaid phone service 23,697 3.8% 19,976 3.1%
Salaries and wages 153,942 24.6% 158,898 24.3%
Advertising, net 27,857 4.4% 20,846 3.2%
Occupancy 44,282 7.1% 51,348 7.8%
Other operating expenses 140,846 22.5% 164,300 25.1%
Total costs and operating
expenses 594,579 94.9% 664,855 101.6%
Operating income 31,850 5.1% (10,237) -1.6%
Other income (expense):
Interest expense (48,264) -7.7% (41,738) -6.4%
Amortization - deferred financing
costs (1,395) -0.2% (1,115) -0.1%
Interest income 357 0.1% 259 0.0%
Other income (expense), net 2,358 0.3% (10,794) -1.6%
Income (loss) before income
taxes (15,094) -2.4% (63,625) -9.7%
Income tax expense 16,483 2.6% - 0.0%
Loss before extraordinary items (31,577) -5.0% (63,625) -9.7%
Change in accounting principle (41,527) -6.6% - 0.0%
Extraordinary item (3,368) -0.5% - 0.0%
Net loss $(76,472) -12.1% $(63,625) -9.7%
Loss per common share:
Basic loss per common share
Loss before change in
accounting principle and
extraordinary charge $(1.26) $(2.60)
Net loss $(3.06) $(2.60)
Diluted loss per common share
Loss before change in
accounting principle and
extraordinary charge $(1.26) $(2.60)
Net loss $(3.06) $(2.60)
Weighted average common shares
outstanding:
Basic 25,021 24,501
Diluted 25,021 24,501
CONTACT: Rent-Way Contact: Bill Morgenstern,
+1-814-455-5378; or
Investor/Media Contact: Tim Curtiss, Prim Investor
Relations, +1-216-831-6532,
(office) or +1-216-533-8238 (mobile), for Rent-Way
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