09-24-02
RTO Online

Factoids

Salomon Smith Barney website

As of June 30 Rent-Way carried debt equal to $283,000 per store. This is down from $374,000 per store in mid 2001

Recent Rent Way stories

9-5-02 RWY at new low

8-22-02 RWY Downgraded

8-7-02 Rent Way Q3 Conference call summary

Rent-Way will hold a mid-quarter' conference call this month to review plans for the future

Related articles most recent first Date Set For Rent Way Shareholders To Vote On Rent A Center Merger Rent Way Board Unanimously Recommended Merger With Rent-A-Center Rent-A-Center Acquires Rent Way For $567 Million Rent-Way Same Store Sales Up 4.1%; Webcast Today Rent Way Webcast Scheduled Reuters Reporting Rent Way For Sale; Rent Way Responds Rent-Way Names John Lombardi Senior VP and CFO; Roger Zwingler Executive VP of Strategic Planning and Chief Marketing Officer Rent-Way Reports Quarterly Revenues Up 5.2%; Same Store Sales Up 1.2% Rent-Way Expands TomorrowNow Support Agreement Rent-Way Webcast Scheduled Rent-Way Reports Net Loss For Quarter; Same Store Sales Down 2.4% Rent-Way Webcast Scheduled Rent-Way Q4 Slightly Higher Same Store Sales; Projects Flat Same Store Sales For 06'; 44 New Stores in Fiscal Year Outgoing Rent Way CFO William McDonnell to Join AMF as Chief Financial Officer Rent-Way Senior VP and CFO McDonnell Resigns; John Lombardi Named Interim CFO Rent Way Deploys 3am Labs' Remote Support System Acquisition Twist; Rent Way Acquires 12 Stores From Rent-A-Center For $3.6 Million Rent-Way Reports Slight Same Store Sales Increase; Warns On Q4 - Sees Tough 06' Gregory L. Matheny Appointed Executive Vice President and Chief Operating Officer of Rent-Way Rent-Way Offers Employee Assistance In Wake Of Katrina Rent-Way Records Q3 Loss; Same Store Sales Up But Warns For Fourth Quarter Rent-Way Webcast Scheduled Chicago Man Wins RentWay National Sweepstakes Rent-Way Makes Zack's ROE List Rent-Way Schedules Second Quarter Earnings Release Morgenstern Steps Down; Short To Head Rent Way Service Manager Derrick Peterson Awarded RentWay's Highest Honor RentWay Plans Career Day Rent-Way Beats The Street; Same Store Sales Up 3.4% Rent-Way Schedules Q1 Earnings Release Rent Way Files 10K Rent-Way Selects BellSouth for Long Distance Rent Way Reports Same Store Sales Up 5.2%; Will Open 50 Stores In '05 Rent Way Signs Exclusive Deal With Levitz; Testing Lease Purchase Option In Levitz Locations Rent-Way Schedules Fourth Quarter Conference Call Rent Way Accelerates New Store Openings Rent-Way Reports Record Quarterly Agreement Growth; Same Store Sales Increase 5.2 For Fiscal Year Rent-Way Reports Same Store Sales Up 3.4% Rent Way To Participate In Diversity Career Fair Rent Way Stock Falls 24% In 10 Days Rent-Way Schedules Conference Call Rent-Way Reports Same Store Sales Up 6.9%; Operating Income Doubles Rent Way Schedules Conference Call Rent Way BOD Member John Higbee Joins World Health Alternatives Board Rent-Way Reports Same Store Sales Up 6.6%; Operating Income Doubles Rent Way Schedules Annual Stockholders Meeting Rent Way Files Lawsuit; Seeks Identity Of Internet Message Board Poster Rent-Way Schedules Q1 Conference Call Final Sentence Handed Down In Rent Way Case Former Rent Way Exec Sentenced Rent Way Looks To Future Rent Way Reports Net Loss; Same Store Revenue Up 2.5%, Operating Income Doubles Rent-Way Schedules Fourth Quarter Earnings Release Rent Way Stock Quietly Outperforming Peers Rent-Way Reports 2.5% Same Store Growth For Quarter; Projects net Loss Rent Way Holds Onto Big Gains Rent Way Reports Net Income For Quarter; Same Store Sales Declined 1.9% Morgenstern Speaks On Rent Way's Future Former Rent Way Execs Face Up To 10 Years in Prison SEC Details Conway Involvement Rent-Way Announces Completion of Government Investigation Conway, Marini, Underwood Plead Guilty S&P Raises Rent Way's Credit Rating Rent-Way Completes Refinancing; Rent-Way Announces Refinance! S&P Views Rent-Way Offering as Positive Rent Way Publishes EBITDA For 1998 to Present Rent-Way Announces New $215 Million Offering to Payoff Banks Refinance at RentWay? Rent-Way Schedules Second Quarter Earnings Release Rent Way Coordinates "Support the Troops Rally" in West Virginia Local Rent Way Supporting Citizen Soldiers Rent Way Unveils New Website A 'quantum leap' in RTO Websites All the Marbles Future of Rent Way hinges on refinance Rent Way Settles Class Action for $25 million Q1 Conference call summary Q1 2003 Earnings Results Rent Way Schedules Conference Call Rent Way Employees Ponder the Future Rent Way Registers Calm Waters Shares Rent Way Responds to S&P Downgrade S&P Cuts RWY Credit Rating Rent Way Director, Ryan, buys 10,000 Shares Rent Way files 10k Rent Way Non Compete Agreements Rent Way Conference Call Summary Rent Way Earnings Release Will It Be Enough? Mark Speese Interview Rent Way Sells 295 Stores to Rent a Center Rent Way Rumblings Rent Way Schedules Q4/ Year End Earnings Release and Conference Call Calendar Year Stock Performance Review Rent Way Stock Struggles To Avoid All Time Low Rent Way Bucks Trend...Stock Up 23% Rent Way Quarter "..In Line With Expectations" Rent Way Stock Continues to Spiral Rent-Way Hires Salomon Smith Barney Rent Way Names Bill Short Senior VP Operations Rent Way Downgraded to Neutral Rent Way Q3 Net Loss $6 million...revises forecast

Rent-Way announced it is retaining investment giant Salomon Smith Barney, a Citigroup company, as a 'Financial Advisor' to guide Rent-Way through its efforts to refinance current debt.

Based on a rating of CCC+, Rent Way pays upwards of 15% on its outstanding debt of $303 million (as of June 30). The refinancing of this debt is seen by observers as critical to the company's survival, and has been a primary focus of company executives since early 2002.

CEO William Morgenstern stated during the Q3 conference call that Rent-Way "...could re-finance now, but will wait for better terms". Hopefully, that time has arrived. With better terms, more cash available for growth would benefit Rent Way employees and customers alike.

RWY is currently trading at $3.49, up 8.05% on the day.

end

Home