UNITED STATES
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
October 31, 2000 (October 30, 2000)
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Date of Report (Date of earliest event reported)
Rent-Way, Inc.
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(Exact name of registrant as specified in its charter)
Pennsylvania 000-22026 25-1407782
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(State or other (Commission File Number)(IRS Employer Identification No.)
jurisdiction of
corporation)
One RentWay Place, Erie, Pennsylvania 16505
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(Address of principal executive offices) Zip Code
Registrant's telephone number, including area code: (814) 455-5378
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Item 5. Other Events
The registrant issued the following press release on October 31, 2000:
RENT-WAY ANNOUNCES ADDITIONAL INFORMATION REGARDING
INVESTIGATION OFACCOUNTING MATTERS
October 31, 2000 - Erie, Pennsylvania. Rent-Way, Inc. (NYSE-RWY) today announced
that based on its preliminary investigation to date, the accounting
irregularities identified in its news release of yesterday appear to be limited
to fictitious general ledger accounting entries made by a small number of
personnel at its corporate headquarters. These entries appear to have been made
for purposes of reducing certain costs and operating expenses, and include
adjustments to rental merchandise, certain fixed asset write-offs, other
operating expenses, and thereby artificially increasing earnings.
As announced yesterday and based on its preliminary investigation to date,
Rent-Way expects these matters to have a negative, non-cash impact of between
$25.0 million to $35.0 million pre-tax on fiscal year 2000 earnings. As
announced yesterday and based on its preliminary investigation to date, Rent-Way
expects that no fiscal periods prior to fiscal year 2000 will be affected.
Rent-Way does not expect that any of these irregularities adversely affect its
reported revenues in fiscal year 2000.
As announced yesterday, The Audit Committee of the Board of Directors is
conducting an investigation of the matter with the assistance of the company's
regular outside counsel, Hodgson, Russ, Andrews, Woods & Goodyear LLP, and
special counsel to the Committee, Ross & Hardies, LLP. Hodgson Russ and Ross &
Hardies have retained PricewaterhouseCoopers LLP to assist in the investigation.
You are invited to listen to this conference call that will be broadcast live
over the Internet on November 1, 2000 at 9:00 am (Eastern Time) with William
Morgenstern, Chairman and Chief Executive Officer. Please access the call at
http://www.videonewswire.com/RENTWAY/110100. If you If you are unable to
participate during the live webcast, the call will be archived on Rent-Way's
website, www.rentway.com http://www.rentway.com. Minimum requirements to
listen to the broadcast are RealPlayer software, downloadable free from
www.real.com/products/player/index.html, www.real.com/products/player/index.html
and at least a 14.4 Kbps connection to the Internet. If you experience
problems listening to the broadcast, send an email to [email protected]
mailto:[email protected]>).
Rent-Way is the second largest operator of rental-purchase stores in the United
States. Rent-Way rents quality name brand merchandise such as home entertainment
equipment, computers, furniture and appliances from 1,126 stores in 42 states.
Contact: William Morgenstern, Chief Executive Officer, and William
McDonnell, Chief Financial Officer, of Rent-Way at 814-455-5378
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Rent-Way, Inc.
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(Registrant)
November 1, 2000 /s/ William E. Morgenstern
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Date (Signature)
William E. Morgenstern
Chairman and Chief Executive Officer
November 1, 2000 /s/ William A. McDonnell
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Date (Signature)
William A. McDonnell
Vice President and Chief Financial Officer
