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
January 17, 2001
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Date of Report
Rent-Way, Inc.
(Exact name of registrant as specified in its charter)
Pennsylvania 000-22026 25-1407782 (State or other jurisdiction of
corporation) (Commission File Number) (IRS Employer
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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<PAGE>
Item 5. Other Events
Rent-Way Delays Form 10-K Filing;
Extends Agreement with Bank Lenders
Erie, PA, January 12, 2001 -- Rent-Way, Inc. (NYSE: RWY) today announced that it
is delaying the filing of its Annual Report on Form 10-K for the fiscal year
ended September 30, 2000 to permit its accounting staff to complete work on
certain remaining issues. The company now anticipates filing the Form 10-K with
the SEC by mid-February. The company will issue a news release containing
audited fiscal 2000 financial information as soon as practicable after the
information becomes available. The company also expects to provide information
on its expected fiscal 2001 performance shortly. "We are delaying our 10-K
filing only to give our corporate staff the time necessary to insure its
accuracy," stated William Morgenstern, Rent-Way's Chairman and Chief Executive
Officer. "The previously announced preliminary results of our accounting
investigation remain accurate. We continue to expect a negative, non-cash impact
on fiscal 2000 earnings in the range of $65.0 to $75.0 million and no impact on
reported revenues."
Rent-Way also announced that its bank lenders have agreed, subject to certain
conditions, not to exercise their remedies under Rent-Way's credit agreement and
to permit Rent-Way to continue to borrow funds sufficient to meet its projected
needs through the end of February. "It is important to remember that all of our
payment obligations to our bank lenders have been met. Looking forward, our bank
lenders have asked us to engage an independent financial consulting firm to
review our earnings and cash flow forecasts. Once our bank lenders have the
consultants' report and have digested the final report on the results of our
accounting investigation - which we now expect to have available by the end of
January - we expect to move quickly to finalize a permanent amendment to our
credit agreement," stated Mr. Morgenstern.
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.
Certain statements in this news release, including, but not limited to,
statements containing the words "anticipates", "believes", "expects", "intends",
"will", "may" and similar words constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements are based on the company's current expectations and
involve known and unknown risks, uncertainties and other factors that may cause
actual results or performance to differ materially from any future results or
performance expressed or implied by such forward-looking statements. These
risks, uncertainties and other factors include the uncertainty of the actual
completion date of the fiscal 2000 audit and of the final results of such audit
and the ongoing accounting investigation, the impact of possible revisions to
the company's 1999 audited financial statements, and the inherent uncertainty in
predicting actions of third parties, including the company's bank lenders, among
others.
Contact: William Morgenstern, Chief Executive Officer or William McDonnell,
Chief Financial Officer 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)
January 17, 2001 /s/William E. Morgenstern
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Date (Signature)
William E. Morgenstern
Chairman and Chief Executive Officer
January 17, 2001 /s/William A. McDonnell
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Date (Signature)
William A. McDonnell
Vice President and Chief Financial Officer
