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This is
easyhome's 24 consecutive quarter of comparable revenue growth.
easyhome (EH.TO),
Canada's largest rent to own company, reported revenue increased
17.8% to $35.5 million in the quarter ending September 30, 2007
versus the same quarter last year. Same store revenue growth was
8.9%, building on 8.1% for the third quarter 2006, and 8.6% in
the second quarter 2007. This is easyhome's 24th consecutive
quarter of comparable revenue growth.
easyhome will webcast it's
management conference call to discuss results for the third quarter at 11am EST on Friday, November 2nd, 2007. Audio of the call will be
broadcast live. A link to the live webcast will be available from
My RTO
Portfolio.
Earnings, at $0.26, were flat compared to Q3 2006. easyhome said
earnings were negatively impacted by increased business
development costs associated with US expansion and increased new
store drag in the core Canadian operations.
David Ingram, President and CEO said, "With much of the initial
fees and expenses related to our US development behind us,
combined with an increased lease portfolio and a comparable
calendar, we remain confident earnings will continue to grow at
a healthy pace in ensuing periods. We are also comfortable that
we will meet or exceed our previously stated 2007 goals of
15-18% total revenue growth, 5-7% same store revenue growth, and
21-24 new store additions."
easyhome established the following targets for fiscal 2008:
total revenue growth of approximately 15-17%, same store revenue
growth of approximately 5.5-7.5%, and corporate new store
openings of approximately 28-32.
Donald K. Johnson, Chairman of the Board, commented that, "A
solid platform is in place for future growth in Canada, and we
have had a healthy start with our first stores in the United
States and there is significant interest from potential U.S.
franchisees."
Year-to-Date, easyhome's revenue has increased 19.6% from $87.7
million in 2006 to $104.9 million in 2007. The company has
opened 17 stores and 4 financial services kiosks so far in 2007.
Potential monthly lease revenue increased to $10.2 million from
$8.7 million at the end of the third quarter of 2006, an
improvement of 17.2%.
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