REMINDER: easyhome's Q1, 2004 earnings webcast 10:00 am EST on Tuesday May 11, 2004. A link to the live webcast is available from My RTO Portfolio.

"This quarter represented our 30th consecutive month of comparable revenue growth powered by 6.0% more customers than one year ago"
David Ingram, President & CEO (who's who)

easyhome Ltd. (EH.TO), Canada's largest rent to own company, today announced record quarterly revenue, operating income and income before income taxes for the first quarter ended March 31, 2004.

Revenue for the first quarter was $20.9 million, up 9% from $19.2 million a year ago. Same store revenue growth was 8.7% for the quarter, up from 4.4% for the comparable period last year.

Operating income (EBIT) for the quarter was $2.5 million compared with $1.7 million during the same quarter last year, an increase of 49%. Income before taxes increased 96% to $2.4 million from $1.2 million. Net income for the quarter was $1.5 million or $0.23 per diluted share, compared with $794,000, or $0.15 per diluted share in the first quarter of last year, an increase of 53%.

Commenting on these results, David Ingram, President & CEO said, "This quarter represented our 30th consecutive month of comparable revenue growth powered by 6.0% more customers than one year ago, combined with a higher average payment collected. Against all metrics, our performance has shown continued improvement which has translated into margin expansion and higher absolute profits."  

Mr. Ingram added, "Since our re-branding, we have experienced 4 consecutive quarters of customer growth and a higher retention of employees, enabling us to commence a national TV campaign which started in April. This, combined with a store expansion strategy which will provide for 12 new stores in fiscal 2004, will ensure the growth momentum continues."

Donald K. Johnson, Chairman of the Board, commented, "The success of our re-branding program, continued strong growth in profitability and our strengthened balance sheet provided our Board with the basis for initiating a dividend policy. We are pleased to report that easyhome will be commencing quarterly dividend payments of $0.04 per common share. The first quarterly payments will be made to shareholders of record as of May 31, 2004 to be paid on July 2, 2004. We are pleased that shareholders will now be receiving a portion of the Company's profit through quarterly dividend payments."

easyhome Ltd. is Canada's largest rent to own company and the fourth largest in North America.