ALRENCO REPORTS RECORD RESULTS FOR FIRST QUARTER 1996.NEW ALBANY New Albany, city (1990 pop. 36,322), seat of Floyd co., S Ind., near the falls of the Ohio River opposite Louisville, Ky.; inc. 1819. The city was a shipbuilding center in the 19th cent., and the riverboats Robert E. Lee and Eclipse were built there. , Ind IND Investigational new drug Therapeutics A status assigned by the FDA to a drug before allowing its use in humans, exempting it from premarketing approval requirements so that experimental clinical trials may be conducted. See Phase 1.2, 3 studies, Sponsorship. .--(BUSINESS WIRE)--April 11, 1996--Alrenco, Inc. (Nasdaq/NM: RNCO The bacterial regulatory element (rncO) is found in the rnc leader sequence. The rnc operon is negatively auto-regulated by transcript stability. rnc, the first gene in the operon codes for RNase III which cleaves the long rncO stem II leading to transcript degradation and a ), an operator of rental-purchase stores in the Southeast and Midwest Midwest or Middle West, region of the United States centered on the western Great Lakes and the upper-middle Mississippi valley. It is a somewhat imprecise term that has been applied to the northern section of the land between the Appalachians , today reported record results for the first quarter ended March 31, 1996. Revenues for the first quarter increased 49% to $12.6 million from $8.4 million for the first quarter of 1995. Operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. rose 203% to $1.2 million from $440,000 for the year-earlier period. Net earnings increased 404% for the quarter to $701,000, or $0.18 per share on 4.0 million shares outstanding, from $139,000, or $0.04 per share on 3.1 million shares outstanding, for the first quarter of 1995. The 28% increase in weighted average shares outstanding is a result of Alrenco's public offering of 1.8 million shares of common stock in January January: see month. 1996. Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. D. Walts, chairman and president, said, "Our record performance for the quarter exceeded expectations and is an excellent start for 1996. The strong growth in revenues reflects the contribution of the stores we acquired in 1994 and 1995 and their increases in units on rent and improved collection procedures. Our results for the quarter also included one month of operations of the Easy Rental stores we acquired on March 1, 1996. Despite the bad weather during the quarter, which shut down some of our stores for as much as a week, we produced same store sales Same Store Sales A statistic used in retail industry analysis. It compares sales of stores that have been open for a year or more. Notes: This statistic allows investors to determine what portion of new sales has come from sales growth and what portion from the opening of growth of 11.4%." Alrenco, headquartered in New Albany, Indiana New Albany (IPA: [nu ˈɑl.bə.ni]) is a city in Floyd County, Indiana, situated along the Ohio River opposite Louisville, Ky. , operates 82 rental-purchase stores in 13 states, primarily in the Midwest and southern U.S., offering high quality, brand-name consumer merchandise under flexible rental-purchase agreements, also known as rent-to-own agreements. -0-
ALRENCO, INC.
Financial Highlights
(In thousands, except per share data)
First Quarter Ended
March 31,
1996 1995 % Change
Total revenues $ 12,108 $ 8,419 49%
Operating profit 1,333 440 203%
Net earnings $ 701 $ 139 404%
Earnings per common share $ 0.18 $ 0.04 350%
Weighted average number of
common shares outstanding 3,979 3,105
ALRENCO, INC.
STATEMENT OF EARNINGS
For the Three Months Ended March 31
1996 1995
REVENUE Rentals and fees $ 12,107,892 $ 8,171,187 Sales 275,782 147,185 Other 175,743 100,899 Total revenues 12,559,417 8,419,271
OPERATING EXPENSES
Direct store expenses
Depreciation of
rental merchandise 2,702,024 2,201,465
Cost of sales 146,160 101,986
Salaries and other expenses 6,683,303 4,663,930
9,531,487 6,967,381
General and administrative expenses 1,539,826 963,562 Amortization of intangibles 155,462 48,360 Total operating expenses 11,226,775 7,979,303 Operating profit 1,332,642 439,968 Interest expense 141,767 185,949 Earnings before income taxes 1,190,875 254,019 Income tax expense 490,000 115,141 NET EARNINGS $ 700,875 $ 138,878 Weighted average shares outstanding 3,978,995 3,105,000 Earnings per common share $ 0.18 $ 0.04 CONTACT: Alrenco, Inc., New Albany Theodore Theodore. For Russian rulers thus named, use Feodor. H. Wilson Wilson, city (1990 pop. 36,930), seat of Wilson co., E N.C., in a rich agricultural region; inc. 1849. It is a commercial and industrial center with a large tobacco market. Manufactures include textile goods (especially clothing), metal products, and processed foods. , 812/949-3370 |
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