RCII strange:
1. Cash flow is strong and earning is great, but stockholder's equity goes down.
2. Diluted share goes down, weighted average share goes up. Company buying shares from.
3. Company buying back shares at much higher prices from insiders by borrowing money.
12/ 2003 12/2002
Total Assets 1,831,302 1,626,652
Senior debt 398,000 249,500
Subordinated notes payable 300,000 271,830
Total Liabilities 1,036,472 784,252
Stockholders' Equity 794,830 842,400
12/ 2003 12/2002
IC WEIGHTED AVERAGE SHARES 84,139 73,458
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BASIC EARNINGS PER COMMON SHARE $2.16 $2.20
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DILUTED WEIGHTED AVERAGE SHARES 87,208 90,865
News Releases & Events
All Press Releases l Earnings Press Releases & Guidance Updates l Event Calendar
Rent-A-Center (ticker: RCII, exchange: NASDAQ) News Release - 8/1/03
Rent-A-Center, Inc. Announces Repurchase of 440,000 Shares of Common Stock
PLANO, Texas--(BUSINESS WIRE)--Aug. 1, 2003--Rent-A-Center, Inc. (the "Company") (Nasdaq/NNM:RCII), the leading rent-to-own operator in the U.S., announced today that it has agreed to repurchase an aggregate of 440,000 shares of its common stock at $73 per share, 200,000 of which will be repurchased from Mark E. Speese, the Company's Chairman of the Board and Chief Executive Officer, 200,000 of which will be repurchased from Apollo Investment Fund IV, L.P. and Apollo Overseas Partners IV, L.P., and 40,000 of which will be repurchased from Mitchell E. Fadel, the Company's President and Chief Operating Officer.
In connection with the recent refinancing of the Company's debt and equity structure, the Company effected the repurchase of 1,769,960 shares of its common stock pursuant to a tender offer for up to 2,200,000 shares of common stock. The Company also recently repurchased 774,547 shares of its common stock pursuant to the previously announced agreement with the Apollo entities. The tender offer and the agreement with the Apollo entities resulted in the repurchase of a total of 2,544,507 shares of the Company's common stock at $73 per share.
"The repurchases announced today are consistent with our stated intention to repurchase a total of 3,200,000 shares of our common stock," commented Robert D. Davis, the Company's Chief Financial Officer. "These purchases will bring the total shares repurchased to 2,984,507 shares, still short of our 3,200,000 goal. As such, we intend to continue repurchasing shares of our common stock in the open market or in privately negotiated transactions," Davis continued, "to the extent we have available cash on hand which is not needed for store openings, acquisitions or other corporate purposes." |
