forward for the balance of the fiscal and calendar year, we
expect to see same store revenues in the 3% - 5% range.
William Short, President
|Rent Way Q2 2006 Factoids
|opened 2 new stores
|sold 2 stores
|Acquired agreements from 2 stores which were merged
into existing. .
|Rent Wayhas opend 53 new stores in 18 months
Rent-Way Inc. (RWY) reported financial results for
the three and six months ended March 31, 2006.
For the second quarter, the Company reported revenues of $142.4
million versus $136.2 million in the same quarter last year.
Revenues from the Company's core rental business (which excludes
the Company's dPi Teleconnect unit) were $138.4 million versus
$131.6 million in the same quarter last year, an increase of
5.2%. Same store rental business revenue increased 1.2% versus
last year's quarter. Operating income in the quarter was $11.2
million, compared to $14.3 million in the same period last year.
Net income was $2.1 million, compared to $6.3 million in the
second quarter last year. Net income allocable to common
shareholders was $1.6 million or $0.06 per diluted share versus
net income of $5.8 million last year or $0.19 per diluted share.
Net income for the quarter gives effect to a non-cash $0.1
million FAS 133 gain related to the conversion feature of the
Company's preferred stock. The FAS 133 gain was $0.6 million in
last year's quarter.
William Short, Rent-Way's President, commented, "We experienced
strong growth in potential weekly rental revenue during the
quarter, and as predicted our same-store revenue comparisons
were positive in the quarter. Looking forward for the balance of
the fiscal and calendar year, we expect to see same store
revenues in the 3% - 5% range." Mr. Short continued, "During the
quarter we opened 2 new stores, sold 2 stores, and acquired the
rental agreements of another 2 which were merged into existing
RentWay locations. This brings our total new store count to 8
this fiscal year, and 53 over the past 18 months. These stores
continue to meet our expectations and our plan for the balance
of the fiscal year is to continue to open new stores and seek
out strategic acquisitions. We believe very strongly that
continuing to invest in the growth of our business is the best
way to maximize earnings and shareholder value."
Rent-Way Inc. will host a conference call today at
4:30 PM (EDT) on Wednesday, May 3, 2006.
A link to the live webcast will is available from
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