Rent Way filed it's 10k annual report with the SEC today.
Rent Way sold 'outright' 6 stores in fiscal 2002 for an
average price of $133,000. The stores had an average 'book
value' of $66,600
Rent Way actually had a net gain on legal fees in fiscal
2002. $1.3 million spent; insurance paid $1.9 million for a
net gain of $600,000.
"Current economic conditions continue to cause pricing
pressures from competitors. The Company believes these
conditions have also resulted in a higher than anticipated
number of customers being unable to continue their rental
contracts for personal financial reasons."
Processing and insurance fee revenues decreased 8.9%.
Salaries and wages decreased by $5.0 million
Advertising expense increased $7.1 million
Other operating expense decreased by $23.5 million
Interest expense increased $6.5 million (7.7% of total
Total debt was $277.2 million at September 30, 2002.
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