Bestway Rentals (NASDAQ:BSTW), announced double-digit sales growth for the quarter ended April 30, 2003.

Bestway has seen 3 continuous quarters of double digit growth in same store sales since David Kraemer left Rent a Center to become CEO in July, 2002. However, these gains, a result of increased rental rates, have been somewhat offset by increased advertising and labor costs.

David A. Kraemer
President and CEO
"Although these investments affected our performance in the short term, we are pleased that they have enabled us to produce three consecutive quarters of double digit increases in same store revenues, in light of intentionally eliminating a number of low margin product lines. Our primary focus continues to be growing revenues in same stores by improving the quality of our personnel under the operating philosophy that coworker retention leads to customer retention. We remain focused on aggressive programs implemented 9 months ago and believe that the growth potential for Team Bestway, as well as the entire rent-to-own industry, is significant."

The Company had total revenues for the quarter ended April 30, 2003 of $9,213,864 compared to $8,423,551 for the comparable period in 2002. Growth in same store revenues drove this 9.4% increase, which was offset by decreased revenues from the consolidation or sale of fourteen store locations in 2002.

Same store revenues (revenues in stores operated for the entirety of both periods) during the third quarter of 2003 increased 11.3% above the comparable quarter of 2002. Net income and diluted earnings per share for the third quarter were $147,106 or $.08 per share, respectively, compared to net income of $301,507 or $.19 per share a year ago. Proforma net income for the third quarter of 2002 was increased to $364,594 or $.22 per share to reflect the required adoption of Statement of Financial Accounting Standards No. 142, under which the Company discontinued amortization of goodwill.

Revenue for the nine-month period ended April 30, 2003 increased to $26,381,085 compared to $25,367,906 for the comparable period in 2002. Growth in same store revenues drove this 4.0% increase, which was offset by decreased revenues from the consolidation or sale of fourteen store locations in 2002. Same store revenues during the nine-month period of 2003 increased 12.1% above the comparable period in 2002. Net loss and diluted earnings per share for the nine-month period were $46,967 or $.03 per share, respectively, compared to net income of $35,902 or $.02 per share a year ago. Proforma net income for the nine-month period of 2002 was increased to $225,164 or $.13 per share to reflect the required adoption of Statement of Financial Accounting Standards No. 142, under which the Company discontinued amortization of goodwill.

The Company's decline in net income for both the three and nine-month periods occurred primarily as a result of higher costs associated with our continued investments in human resources and advertising. The combined higher costs negatively impacted the three and nine-month period diluted earnings by approximately $.36 and $.50, respectively.