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Rentcash Reports 136% Revenue Increase From Rent to Own Operations
02-21-03
RTO Online
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Factoids

Rentcash was founded by former RTO Enterprises CEO Gordon Reykdal
As of December 31, 2002 Rentcash operated 38 Cash Stores and 8 Insta-rent outlets
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
Gordon J. Reykdal, President and CEO of Rentcash, is the founder and former CEO of RTO Enterprises; Canada's largest RTO

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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 31, 2001.

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).

Gordon Reykdal
CEO

"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 to purchase.
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 Chief
Executive Officer of Rentcash Inc. (780) 408-5118
 

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