Rentcash was founded by former RTO Enterprises CEO Gordon Reykdal
As of December 31, 2002 Rentcash operated 38 Cash Stores and 8 Insta-rent
The Company employs 156 people with its head office located in Edmonton, Alberta
Rentcash Inc. operates under two store banners: The Cash Store and Insta-rent
Rentcash Inc. (RCS.V)
announced revenues in the second quarter of Fiscal 2003
increased 108% to $2.3 million from $1.1 million for the same
period last year.
Net income for the quarter increased to $156,000 or $ 0.01
per diluted share. This compares to a net loss of $106,000 or $
0.01 per diluted share for the three month period ended December
Revenues from the Corporation's Insta-rent rental-purchase
operations increased 136% to $ 668,000 from $ 489,000 for the
same time last year. For
the six month period ending December 31, 2002 revenues increased
to $1.27 million from $ 744,000 for the same period last year,
an increase of 170%.
The Insta-rent rental-purchase operations generated an
operating loss (loss before income taxes) of $ 46,000 this
quarter compared to an operating loss of $ 132,000 in the second
quarter of Fiscal 2002, bringing operating incomes for the six
months ended December 31, 2002 to $ 9,000, an increase from an
operating loss of $ 270,000 for prior year's six month period.
These operating earnings include losses absorbed for new store
openings of $ 69,000 for the quarter ($ 82,000 for the six month
period) compared to $ 37,000 for the prior year quarter ($
60,000 for the six month period ended December 31, 2001).
"Rentcash is encouraged by the continuing demand for our
products and services. Our Cash Stores have become neighbourhood
assets fulfilling a need in the marketplace that has been
abandoned by conventional financial institutions. During the
second quarter, 15 Cash Stores were opened. Our results include
the write-off of all of the start-up costs and losses associated
with the launch of these 15 stores."
Reykdal also noted that 7 stores would be opened in the third
quarter of the Company's new fiscal year.
Rentcash Inc. operates under two store banners: The Cash
Store and Insta-rent. The Cash Store acts as broker to
facilitate payday cash advance services to income earning
consumers. Instarent rents brand name furniture,
appliances, electronics and computers, with or without an option
The Company's overall store count as of December 31, 2002 stood
at 44 stores, comprised of 38 Cash Stores and 8 Insta-rent
outlets. The Company employs 156 people with its head office
located in Edmonton, Alberta.
For further information: Gordon J. Reykdal, President and
Executive Officer of Rentcash Inc. (780) 408-5118
RTO Online is the official channel for Rent-to-Own Industry News and the
only independent source of news for the rent-to-own, rental-purchase,
lease-purchase trade. RTO Online (Rent to Own Online) represents the choice
of the entire RTO Industry for trusted information, as it happens.
Tell us what you think
Rate the article at the top of this page