09-26-02
RTO Online PLANO, Texas, Sept. 26 (PR) Rent A Center expects to exceed
the high end of its previously announced third quarter 2002 guidance of $1.10
per diluted share by approximately $0.02.
Mark E. Speese
CEO
"Generally speaking, the third quarter of every year is our seasonally
weakest, however, I am delighted to announce that we will exceed our original
expectations as a result of stronger than expected revenues and cost control,"
added Mr. Speese.
During the third quarter of 2002, the Company has opened 17 new store
locations and acquired 23 stores as well as accounts from an additional 24
locations. During the same period, the Company prepaid approximately $21 million
in senior debt. The Company expects to have approximately $80 million of cash on
hand following an additional payment of $19 million of senior debt, which is
expected to occur in the next few days.
"We believe that our ability to achieve our stated growth objectives, both in
terms of our core business as well as our new store and acquisition initiatives,
while at the same time strengthening our balance sheet by reducing our leverage
remains one of our key strengths," commented Mr. Speese. "We continue to believe
in the long term growth opportunities in this industry," added Mr. Speese, "and
we continue to position ourselves to capitalize on this opportunity while
growing earnings by 10% to 15% annually."
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