Rent Cash was founded by former RTO Enterprises CEO Gordon
Rentcash employs 154 people at 30 locations
EDMONTON, Nov. 27 /CNW/ - Rentcash Inc. (TSXV: RCS) announced
today that the Company had achieved profits for three
consecutive quarters, with operating income (earnings before
interest and taxes) of $145,000 in the first quarter of its new
fiscal year compared with a loss of ($184,000) in the same
period last year. Net income also increased to $88,000 in this
quarter compared with a loss of ($112,000) in the first quarter
of last year. Revenues rose to $1,938,000 for the quarter ended
September 30, 2002 from $722,000 in the same period last year,
an increase of 168 per cent.
"We recorded significant increases in operating and net
income while opening new stores and incurring many start-up
costs at the beginning of our second fiscal year of operations,"
said Gordon J. Reykdal, Rentcash Inc. President and Chief
Executive Officer. "The Company is experiencing growth, consumer
acceptance and profitability all at once." Reykdal also noted
that 14 stores would be opened in the second quarter of the
Company's new fiscal year, with 10 already in operation.
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. Insta-rent rents brand name furniture, appliances,
electronics and computers, with or without an option to
purchase. The Company's overall store count as of September 30,
2002 stood at 30 stores, comprised of 25 Cash Stores and 5 Insta-rent
The Company employs 154 people as of November 15, 2002 with
its head office located in Edmonton, Alberta.