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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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RENTRAK CORPORATION
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Media Contact: Investor Contact:
Dick Gersh Rick Nida
Richard Gersh Associates Rentrak Corporation
212-757-1101 503-284-7581 Ext. 295
FOR IMMEDIATE RELEASE:
Rentrak Reports First Quarter Fiscal 2001 Earnings
Third-Party E-fulfillment Subsidiary Posts 23 Percent Revenue Increase
PORTLAND, Ore. (July 26, 2000)--Rentrak Corporation (Nasdaq:RENT) today
announced that for the quarter ended June 30, 2000, consolidated net earnings
were $1.0 million or $0.10 per diluted share on 10.9 million shares outstanding,
compared with $1.2 million or $0.12 per diluted share from continuing operations
on 10.5 million shares outstanding in the comparable quarter the prior year. In
the first quarter of fiscal 2000, Rentrak reported a $0.23 per share gain on the
disposal of discontinued operations. Total consolidated revenues in the quarter
were $30.3 million down 2 percent from $31.0 million in the same period last
year.
Excluding 3PF.COM, Inc. (3PF), Rentrak's wholly owned e-fulfillment
subsidiary, Rentrak reported net earnings of $1.6 million or $0.15 per diluted
share on revenues of $26.8 million, compared with net earnings of $1.0 million
or $0.10 per diluted share from continuing operations on revenues of $28.5
million in the same period last year. The lower revenues resulted primarily
from weaker titles being available for shipment during the quarter through the
company's core revenue-sharing videocassette distribution business.
Ron Berger, Rentrak's Chairman and CEO said, "We are encouraged that our
Pay-Per-Transaction (PPT(R)) business produced impressive earnings results
compared with last year when we had a much stronger slate of titles to offer our
customers."
Mr. Berger continued, " While the upcoming proxy contest for control of
Rentrak's board of directors has been a distraction, we have remained focused on
executing our strategic plan and producing exceptional value for our
shareowners."
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3PF revenues for the quarter ended June 30, 2000, were $4.3 million, up 23
percent from the comparable period a year earlier. 3PF added new clients during
the quarter, expanded its business with certain of its ongoing clients and
continued to invest in systems and infrastructure to support continuing growth.
3PF experienced a net quarterly loss equivalent to $0.05 per diluted Rentrak
share, compared with $0.02 diluted earnings per share for the same period last
year.
3PF's Chairman, President and CEO William J. Polich said, "We are very
pleased with both the year-over-year revenue growth for the quarter and the
sequential growth of 21 percent over the previous quarter. We look forward to
the second half of the year when the third-party fulfillment volumes
traditionally escalate, and we have an opportunity to further leverage the
investments we have made in warehouse capacity and systems development."
3PF, with a primary emphasis on B-to-B services, provides fulfillment,
order processing and inventory management services for e-commerce companies and
other companies requiring just-in-time fulfillment. It operates two Midwestern
hub-based distribution centers offering late night order cut-off and 24/7
capabilities, with a total of 320,000 square feet of warehouse space. An
additional 120,000 square foot facility is scheduled to open later this year.
3PF can be accessed on the Web at http://www.3PF.COM.
Rentrak Corporation, through its PPT system, is the world's largest
distributor of pre-recorded videocassettes on a revenue-sharing basis. The
company directly services retailers throughout the U.S. and Canada and, through
affiliated companies, supplies a growing number of international outlets in
Japan and the United Kingdom. Rentrak's corporate Web site is
http://www.rentrak.com.
* * *
Shareholders may obtain information regarding the participants involved in the
Company's proxy solicitation, including a description of their direct and
indirect interests, by security holdings or otherwise in the Company's Proxy
Statement filed with the Securities and Exchange Commission. Shareholders
should read the Company's Proxy Statement because it contains important
information. The Company's Proxy Statement and related documents and
information is available for free at the Commission's World Wide Web site at
http://www.sec.gov. The Company's definitive Proxy Statement will be available
for free from the Company and the participants.
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When used in this discussion, the words "anticipates," "expects," "intends" and
similar expressions are intended to identify forward-looking statements. Such
statements relate to, among other things, the revenues and results of operations
for both 3PF and PPT and are subject to certain risks and uncertainties that
could cause actual results to differ materially from those projected. Factors
that could affect Rentrak's financial results include customer demand for
videocassettes subject to company guarantees and Rentrak and 3PF customers
continuing to comply with the terms of their agreements. Additional factors
that could affect Rentrak's financial results are described in Rentrak's March
31, 2000, annual report on Form 10-K, filed with the Securities and Exchange
Commission. Results of operations in any past period should not be considered
indicative of the results to be expected for future periods.
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