<PAGE> 1
===============================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
---------------------
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
-------------------
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED):
MAY 31, 1998
ALRENCO, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
INDIANA 0-27490 35-1480655
(STATE OR OTHER JURISDICTION (COMMISSION FILE (IRS EMPLOYER
OF INCORPORATION) NUMBER) IDENTIFICATION NO.)
714 E. KIMBROUGH STREET
MESQUITE, TEXAS
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
75149
(ZIP CODE)
(972) 288-9327
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
===============================================================================
<PAGE> 2
ITEM 5. OTHER EVENTS
EFFECTIVE MAY 31, 1998, K. DAVID BELT RESIGNED AS CHIEF FINANCIAL OFFICER OF
ALRENCO, INC. (THE "COMPANY") TO SPEND MORE TIME WITH HIS FAMILY AND TO OVERSEE
FINANCIAL ACTIVITIES FOR WHITE PROPERTIES, INC.
EFFECTIVE JUNE 1, 1998, JOHN T. EGELAND, AGE 44, SUCCEEDS MR. BELT AS CHIEF
FINANCIAL OFFICER OF THE COMPANY. MR. EGELAND BRINGS OVER 17 YEARS OF BANKING
AND CORPORATE FINANCIAL MANAGEMENT EXPERIENCE TO THE COMPANY. MOST RECENTLY, HE
SERVED AS SENIOR VICE PRESIDENT, CORPORATE FINANCE FOR ASSOCIATES FIRST CAPITAL
CORPORATION, THE NATION'S LARGEST PUBLIC FINANCE COMPANY. IN HIS ROLE, MR.
EGELAND SUPERVISED MANAGEMENT OF ALL LONG-TERM DEBT ISSUANCE AND PLACEMENTS
EXCEEDING $6 BILLION ANNUALLY. IN ADDITION TO HIS CORPORATE FINANCE EXPERIENCE,
MR. EGELAND HAS SERVED AS PRESIDENT OF GEMINI EXPLORATION COMPANY AND EXECUTIVE
VICE PRESIDENT AND CHIEF INVESTMENT OFFICER FOR NORTHPARK NATIONAL BANK IN
DALLAS.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(C) EXHIBITS.
99.1 PRESS RELEASE DATED MAY 29, 1998
SIGNATURES
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934,
THE REGISTRANT HAS DULY CAUSED THIS REPORT TO BE SIGNED ON ITS BEHALF BY THE
UNDERSIGNED HEREUNTO DULY AUTHORIZED.
DATED: JUNE 2, 1998
ALRENCO, INC.
BY: /S/ TRACY A. SCHRADER
------------------------------------
TRACY A. SCHRADER
GENERAL COUNSEL, VICE PRESIDENT AND
SECRETARY
-2-
<PAGE> 3
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Exhibit
No. Description
- ------- -----------
<S> <C>
99.1 Press Release dated May 29, 1998
</TABLE>
<PAGE> 1
EXHIBIT 99.1
ALRENCO, INC.
714 E. KIMBROUGH
MESQUITE, TEXAS 75149 NEWS RELEASE
- -------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE CONTACT: ANDRE' JOB
VICE PRESIDENT, MARKETING
972-288-9327
PATRICIA DISBROW
INVESTOR RELATIONS
972-882-3148
ALRENCO NAMES JOHN EGELAND AS CHIEF FINANCIAL OFFICER
MESQUITE, TX (MAY 29, 1998) - ALRENCO, INC. (NASDAQ/NM: RNCO), THE THIRD LARGEST
LEASE-PURCHASE OPERATOR IN THE U.S., TODAY ANNOUNCED THAT JOHN T. EGELAND HAS
JOINED THE COMPANY AS CHIEF FINANCIAL OFFICER, EFFECTIVE JUNE 1.
MR. EGELAND SUCCEEDS FORMER ALRENCO CHIEF FINANCIAL OFFICER K. DAVID
BELT, WHO IS LEAVING THE COMPANY TO SPEND MORE TIME WITH HIS FAMILY AND TO
OVERSEE FINANCIAL ACTIVITIES FOR WHITE PROPERTIES, INC.
MR. EGELAND BRINGS OVER 17 YEARS OF BANKING AND CORPORATE FINANCIAL
MANAGEMENT EXPERIENCE TO ALRENCO. MOST RECENTLY, HE SERVED AS SENIOR VICE
PRESIDENT, CORPORATE FINANCE FOR ASSOCIATES FIRST CAPITAL CORPORATION, THE
NATION'S LARGEST PUBLIC FINANCE COMPANY. IN HIS ROLE, MR. EGELAND SUPERVISED
MANAGEMENT OF ALL LONG-TERM DEBT ISSUANCE AND PLACEMENTS EXCEEDING $6 BILLION
ANNUALLY. IN ADDITION TO HIS CORPORATE FINANCE EXPERIENCE, MR. EGELAND HAS
SERVED AS PRESIDENT OF GEMINI EXPLORATION COMPANY AND EXECUTIVE VICE PRESIDENT
AND CHIEF INVESTMENT OFFICER FOR NORTHPARK NATIONAL BANK IN DALLAS.
"JOHN BRINGS TO OUR TEAM PROVEN EXPERIENCE WITH CAPITAL MARKETS AND
SUBSTANTIAL INVESTMENT BANKING AND INVESTOR RELATIONSHIPS," SAID JAMES STECKART,
PRESIDENT AND CHIEF OPERATING OFFICER. "HIS SUCCESSFUL LEADERSHIP IN DEVELOPING
MEASURES TO DEFINE VALUE, ENHANCE CONTROL AND SUPPORT STRATEGIC FOCUS ADDS NEW
DIMENSION TO ASSURE OUR CONTINUED RAPID GROWTH."
ALRENCO, INC. OPERATES 450 LEASE-PURCHASE STORES IN 23 STATES UNDER THE
RECENTLY REPOSITIONED NAME OF HOMECHOICE LEASE OR OWN. THE COMPANY OFFERS
RENEWABLE LEASE-PURCHASE AGREEMENTS FOR BRAND NAME CONSUMER ELECTRONICS,
APPLIANCES AND FURNITURE.
-- END --
