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Rent Way Reports Net Income For Quarter; Same Store Sales Declined 1.9%
08-14-03
RTO Online
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Net Income Reflects Beneficial Impact of $4.6 Million Insurance Adjustment

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Rent-Way today released financial results for its fiscal third quarter, ended June 30, 2003. See 10Q

The Company reported consolidated revenues of $122.4 million for its third fiscal quarter, versus $126.0 million in the same quarter of the last fiscal year. Revenues in the Company's core rental business were $113.4 million versus $116.1 million in the same quarter last year. Same store revenues decreased 1.9% year-over year. Rent Way (RWY) closed up 4.67% at $5.16 on heavy trading.

William E. Morgenstern
Chairman and CEO

"We are excited about where Rent-Way is today and where we are headed. With the distractions of the past 32 months fully behind us, the Company can now focus 100% of its attention on the basics of our business and our plans for growth. The initial objective of our plan was to streamline operations to improve our margins and profits. While our net income this quarter was supported by several significant items, the over 200 basis point improvement in rental gross margin versus last year is a clear indication that our efforts are working. With these greater operational efficiencies in place, we can now turn our attention to building our top-line. We can now shift away from a defensive business mode, and are positioned to invest back into our business to regain the revenue and market share lost over the past few years. In particular, we are pursuing a major, year-round marketing and advertising program in our key markets to increase brand awareness and drive customer traffic. We will also continue to invest in our infrastructure. Our stores are well staffed with highly knowledgeable sales associates and our showrooms are filled with a broad selection of top brand, high quality products. With this plan in place, we look forward with confidence that we can meet our growth objectives in the next 18-24 months."

Rent-Way reduced its debt in the quarter to $235 million as of June 30, 2003 versus $303 million for the comparable quarter last year.

The year-over-year increase in operating and net income is primarily attributable to several significant items, which impacted financial results in the quarter. Specifically, the Company recorded $4.6 million of income related to an annual retrospective insurance adjustment, a $1.6 million reduction in personal property tax accruals, and $0.3 million of income from the recovery of insurance reimbursement of legal fees, offset by $0.8 million of restructuring expenses. In the third quarter of last year, the Company's results reflected significant items consisting of a retrospective insurance adjustment charge of $4.7 million and $1.9 million of income from the recovery of insurance reimbursement of legal fees. Financial results in this release that exclude these significant items represent non-GAAP financial measures (as defined by SEC Regulation G). The Company believes these measures provide useful information about operations in the third quarter and offer investors greater comparability of quarterly financial performance on a year-over-year basis. A reconciliation of these measures with the most directly comparable GAAP financial measures is presented in the supplemental information chart attached to this release. Excluding the impact of these significant items, the Company would have reported fiscal third quarter 2003 operating income of $9.5 million and a net loss of $1.2 million and operating income of $9.6 million and a net loss of $3.2 million for its fiscal third quarter of 2002.

Mr. Morgenstern concluded, "We know from experience that a customer that feels Welcome, Wanted and Important will return to our stores and refer other customers. Our plan, coupled with a financial structure that can support growth, truly positions Rent-Way to capitalize on its new beginning and re- establish itself as a growth business."

 

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