Rentcash Inc. Announces Profit in Q4 2002 Results

EDMONTON, Rentcash Inc. announced that the Company had achieved a profit for the fourth quarter, with revenue of $1.59 million for the quarter ended June 30, 2002 and operating income (earnings before interest and taxes) of $47,000 for the period. Net income for the quarter ended June 30, 2002 was $29,000, with basic and diluted earnings per share of $0.002.

For the year ended June 30, 2002, revenue was $4.875 million. Operating income for the Company's first one-year period (earnings before interest and taxes) was a loss of $242,897 or ($0.01) per diluted share.

Rentcash Inc. opened 6 new stores during the quarter. The Company
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 the year since inception ended
June 30, 2002 stood at 24 stores, comprising of 19 Cash Stores and
5 Insta-rent stores in 11 cities in five provinces.

    CONSOLIDATED STATEMENTS OF OPERATIONS
    FOR THE YEAR ENDED JUNE 30, 2002
    and For The Period From Inception
    (February 23, 2001) to June 30, 2001
                                                2002                2001
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    REVENUE
      Rentals                          $   1,910,313         $   194,245
      Broker fees                          2,965,023             153,626
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                                           4,875,336             347,871
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    EXPENSES
      Salaries and benefits                2,138,412             161,520
      Selling, general and administrative  1,046,038             135,705
      Rent                                   662,415              51,383
      Advertising and promotion              536,298              28,656
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                                           4,383,163             377,264
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    AMORTIZATION
      Amortization of rental assets          606,150              51,660
      Amortization of capital and
       intangible assets                     128,920               9,079
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                                             735,070              60,739
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    TOTAL EXPENSES AND AMORTIZATION        5,118,233             438,003
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    LOSS BEFORE INCOME TAXES                (242,897)            (90,132)
    FUTURE INCOME TAXES                      (95,000)            (32,000)
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    NET LOSS                            $   (147,897)        $   (58,132)
    ---------------------------------------------------------------------
    ---------------------------------------------------------------------
    EARNINGS (LOSS) PER SHARE
      Basic earnings (loss) per share   $      (0.01)        $     (0.01)
      Diluted earnings (loss) per share $      (0.01)        $     (0.01)