03-13-02
RTO Online
Bill Morgenstern spoke to shareholders at the
annual shareholders meeting Tuesday..."We want this to be our 'turnaround
year'. According to Morgenstern, CEO of RentWay, the company is poised to put
the past in the past and move forward.
RentWay has set aggressive goals for this year, including...
- 9-11% Margins in Q2
- 10-12% Margins for the remainder of 2002
- Begin opening new stores by the end of 2002
- Consistent, ongoing same store growth of 3-5%
Long term goals include returning to 14% margins. The biggest obstacles for
RentWay in the near term are
- Above average interest rates of 13-15%
- SEC Investigation
While the investigation into the companies accounting practices is complete,
the SEC investigation is ongoing. RentWay also faces a class action from
shareholders.
Bill Morgenstern and the rest of the RentWay team have aggressive goals, a
solid plan to reach them, and a laser-like focus on regaining both the trust of
shareholders, and the profits of years past.
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