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
September 26, 2000 (September 21, 2000)
Date of Report (Date of earliest event reported)
Rent-Way, Inc.
(Exact name of registrant as specified in its charter)
Pennsylvania 000-22026 25-1407782
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(State or other jurisdiction (Commission File Number) (IRS Employer
of corporation) Identification No.)
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 September 21, 2000:
RENT-WAY HOSTS FIRST ANNUAL ANALYST AND INVESTOR MEETING
September 21, 2000 - Erie, Pennsylvania. Rent-Way, Inc. (NYSE-RWY) today held
its first annual analyst and investor meeting, at which it discussed financial
goals and business objectives for the next 2-3 years. The company highlighted
its strategy to reach annualized revenues of $1 billion within the next 24
months and annualized earnings above $3.00 per share by the end of calendar
2001. Rent-Way's strategy includes national brand development, introduction of
innovative products and services, and an aggressive pace of new store openings.
"Our locations are points of presence, conveniently situated near our customers.
We can leverage our distribution channel by adding offerings that simplify their
lives," stated William Morgenstern, Chairman and CEO of Rent-Way. "New products
and services, marketed nationally under the Rent-Way brand, will attract
customers to our stores. Rent-Way's size and scope allows us to distribute the
most popular products, such as Gateway computers."
An underserved market of cash-oriented consumers is demanding access to products
and services long available to the majority of Americans. For example, while
nearly 80% of U.S. households with income of $75,000 or more have a computer,
only 25% of households with income of less than $35,000 have one in their home.
The 1990 census found that at least 30 million households had total income of
less than $35,000. Such households typically lack access to credit cards and
other sources of cash to finance purchases of large-ticket items. Rent-Way's
stores are a prime distribution channel to this segment of the population.
"PC companies and their partners have already picked the low-hanging fruit,"
noted Jeffrey Conway, President and COO of Rent-Way. "Our company offers
computer manufacturers access to customers they cannot reach otherwise. In
addition to computers, we have a number of other opportunities, such as local
telephone service, to add to our traditional offerings of appliances, furniture,
and consumer electronics."
New store openings will play an important role in Rent-Way's growth. Early in
2000, the company announced an accelerated expansion plan. "We have identified
enough locations, in existing and new markets, to execute our plan to open 350
stores over the next 3-4 years. We have already opened nearly 50 stores to date,
in calendar 2000, with 15 more stores slated to open next week. We see no sign
that this industry is nearing saturation," Mr.
Conway added.
Mr. Morgenstern concluded, "For the last several years, Rent-Way has built a
foundation that would support a much larger company. We have emphasized
investment in the people and systems necessary to support a billion dollar
business. We have refined our capabilities by introducing superior operating
practices, integrating acquisitions and upgrading our staff through hiring and
training. Our hard work has positioned us for an exciting expansion over the
next several years. Shareholders can look forward to consistently strong growth,
as we increase revenue and the profitability of our stores. After nearly 20
years in the rental-purchase industry, Rent-Way continues to identify and pursue
exciting new opportunities to build our company."
Rent-Way, Inc. is the second-largest operator of rental-purchase stores in
the USA. Rent-Way rents quality, name-brand merchandise such as home
entertainment equipment, computers, furniture and appliances from 1,126 stores
in 42 states.
This press release contains forward-looking statements. While Rent-Way believes
these statements to be accurate, known and unknown risks, uncertainties and
other factors may cause actual results to be materially different from any
results, performance or achievements expressed or implied by these statements.
Several of these factors are set forth in Rent-Way's Quarterly Report on Form
10-Q for the quarter ended June 30, 2000.
For more information, contact William E. Morgenstern, CEO, 800-736-8929, or
visit www.rentway.com .
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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)
September 26, 2000 /s/ William A. McDonnell
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Date (Signature)
William A. McDonnell
Vice President and Chief Financial Officer
September 26, 2000 /s/ Matthew J. Marini
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Date (Signature)
Matthew J. Marini
Controller and Chief Accounting Officer
