ALRENCO REPORTS RECORD RESULTS FOR FOURTH QUARTER 1995.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)--Feb. 9, 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 fourth quarter and year ended December December: see month. 31, 1995. Alrenco completed its initial public offering of 1.8 million shares of common stock on January January: see month. 23, 1996. Alrenco reported a 33% increase in revenues for the fourth quarter to $11.3 million from $8.5 million for the fourth quarter of 1994. Net earnings for the quarter increased 112% to $495,000 from $233,000 for the year-earlier period. Earnings per share for the quarter doubled to $0.16 from $0.08 in the fourth quarter last year. For the 12 months ended December 31, 1995, revenues increased 35% to $37.6 million from $27.8 million for 1994. Net earnings for the year were $1.3 million, a 32% increase from 1994 net earnings of $962,000. Without giving effect to the recent issuance of 1.1 million additional shares, earnings per share were $0.41 for the year compared with $0.31 per share for 1994. Commenting on the results, 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, "We are pleased with our performance for both the fourth quarter and the year. The growth represents improved performance from our existing stores, as well as the impact of the 15-store acquisition we completed in September September: see month. 1995." 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 69 rental-purchase stores in 12 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)
Fourth Quarter Ended
December 31,
1995 1994 % Change
Total revenues $ 11,280 $ 8,486 33% Operating profit 994 605 64% Net earnings $ 495 $ 233 112% Earnings per common share $ 0.16 $ 0.08 100% Weighted average number of common shares outstanding 3,105 3,105
Year Ended
December 31,
1995 1994 % Change
Total revenues $ 37,576 $ 27,800 35% Operating profit 2,929 2,162 35% Net earnings $ 1,267 $ 962 32% Earnings per common share $ 0.41 $ 0.31 32% Weighted average number of common shares outstanding 3,105 3,105 CONTACT: Alrenco, Inc., New Albany Theodore H. Wilson, 812/949-3370 |
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