-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MJeixH/ypFHMVoUhELAz2Txadc44206/dUwvhpnS9pFxkMo20zznyo5c+yBywjG6 IPeZBz/2jUcwVBLleZp0Vg== 0000950128-03-000811.txt : 20030709 0000950128-03-000811.hdr.sgml : 20030709 20030709143002 ACCESSION NUMBER: 0000950128-03-000811 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030528 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030709 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RENT WAY INC CENTRAL INDEX KEY: 0000893046 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359] IRS NUMBER: 251407782 STATE OF INCORPORATION: PA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-22026 FILM NUMBER: 03779902 BUSINESS ADDRESS: STREET 1: ONE RENTWAY PLACE CITY: ERIE STATE: PA ZIP: 16505 BUSINESS PHONE: 8144555378 MAIL ADDRESS: STREET 1: ONE RENTWAY PLACE CITY: ERIE STATE: PA ZIP: 16505 8-K/A 1 j0184901e8vkza.txt RENT-WAY, INC. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 -------------------------------------------- FORM 8-K/A2 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 28, 2003 RENT-WAY, INC. (Exact name of registrant as specified in its charter)
Pennsylvania 0-22026 25-1407782 (State or other jurisdiction of (Commission File Number) (IRS Employer Identification No.) incorporation)
One RentWay Place, Erie, Pennsylvania 16505 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (814) 455-5378 Not Applicable (Former name or former address, if changed since last report) RENT-WAY, INC. EXPLANATORY NOTE The Company is furnishing this amendment to its Current Report on Form 8-K dated May 28, 2003 to revise Exhibit 99 to that Report. ITEM 9. REGULATION FD DISCLOSURE This amendment provides information (set forth on Exhibit 99 hereto) regarding the company's results of operations for the completed fiscal periods presented which is contained in a confidential offering memorandum of the company dated May 23, 2003 prepared in connection with the company's sale, on June 2, 2003 of $205.0 million of senior secured notes in a private placement. The information contained in this amendment and attached as Exhibit 99 hereto is being furnished pursuant to Item 9 and pursuant to Item 12 of Form 8-K in accordance with SEC Release Nos. 33-8216 and 34-47583. This information (including the exhibit) is not "filed" pursuant to the Securities Exchange Act of 1934, as amended, and is not incorporated and may not be incorporated by reference in any filing thereunder or under the Securities Act of 1933, as amended, except as expressly set forth in such a filing. 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 thereunto duly authorized. Date: July 7, 2003 By: /S/ WILLIAM A. MCDONNELL ------------------------ William A. McDonnell Vice President and Chief Financial Officer -2- EX-99 3 j0184901exv99.txt EX-99 EXHIBIT 99 EXHIBIT 99 The following table sets forth selected consolidated financial information for each of the company's fiscal years ended September 30, 2000, 2001 and 2002, for the six-month periods ended March 31, 2002 and 2003 and for the twelve-month period ended March 31, 2003, which is derived from the Company's audited consolidated financial statements filed with the SEC and which we have recast to reflect the sale of 295 stores on February 8, 2003. Information for the six-month periods and twelve-month period is unaudited but, in the opinion of management, includes all adjustments, consisting only of normal recurring accruals, necessary for a fair presentation. The results of operations for the six-month period ended March 31, 2003 and twelve-month period ended March 31, 2003 are not necessarily indicative of the results to be expected for a full fiscal year. Management believes the presentation of EBITDA below provides useful information regarding the company's ability to service its debt and its ability to generate cash for other purposes, including for capital expenditures and working capital.
SIX MONTHS ENDED TWELVE MONTHS YEAR ENDED SEPTEMBER 30, MARCH 31, ENDED MARCH 31, ------------------------------- ------------------------- --------------- 2000 2001 2002 2002 2003 2003 --------- --------- --------- ----------- ----------- --------------- (AUDITED) (AUDITED) (AUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (DOLLARS IN THOUSANDS, EXCEPT STORE DATA AND RATIOS) STATEMENT OF INCOME DATA: Total revenues.......... $467,275 $515,294 $493,370 $249,598 $250,077 $493,849 Depreciation of rental merchandise........... 123,537 155,193 133,416 70,486 62,013 124,943 Other operating expenses.............. 365,720 381,986 336,585 168,415 176,047 344,217 -------- -------- -------- -------- -------- -------- Operating income........ (21,982) (21,885) 23,369 10,697 12,017 24,689 Interest expense........ (22,747) (35,787) (43,045) (25,027) (18,345) (36,363) Other income (expense)............. 608 (11,635) 1,326 4,697 (10,664) (14,035) -------- -------- -------- -------- -------- -------- Income (loss) before income taxes.......... (44,121) (69,307) (18,350) (9,633) (16,992) (25,709) Provision (benefit) for income taxes.......... (200) -- 16,483 12,636 2,102 5,949 Cumulative effect of change in accounting principle............. -- -- (41,527) (41,527) -- -- Extraordinary item...... -- -- -- -- -- -- Income (loss) from discontinued operations (1)........ 15,880 5,682 (112) 1,171 (14,184) (15,467) -------- -------- -------- -------- -------- -------- Net income (loss)....... $(28,041) $(63,625) $(76,472) $(62,625) $(33,278) $(47,125) ======== ======== ======== ======== ======== ======== OTHER DATA: EBITDA (2).............. $ 14,478 $ 22,481 $ 50,282 $ 24,744 $ 23,778 $ 49,316
(1) On February 8, 2003, we sold 295 stores. As a result of such sale, we recast our consolidated financial statements to reflect the sale and to treat the operating results of such stores as discontinued operations as required by SFAS No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets." (2) EBITDA for any period is defined as the sum of our operating income plus depreciation of property and equipment and amortization of goodwill and other intangibles for that period. EBITDA as used herein reflects depreciation for rental merchandise. EBITDA is not a measure of liquidity under generally accepted accounting principles and should not be considered a substitute for other financial measures of liquidity. Such definition may differ from the definition of EBITDA used by other companies and may not be comparable to similarly titled measures of other companies. Set forth below is the calculation of EBITDA and the reconciliation of EBITDA to net cash provided by (used in) operations:
SIX MONTHS ENDED TWELVE MONTHS YEAR ENDED SEPTEMBER 30, MARCH 31, ENDED -------------------------------- ------------------- MARCH 31, 2000 2001 2002 2002 2003 2003 --------- -------- --------- -------- -------- ------------- (DOLLARS IN THOUSANDS) EBITDA......................... $ 14,478 $ 22,481 $ 50,282 $ 24,744 $ 23,778 $ 49,316 Depreciation -- Rental merchandise.................. 123,537 155,193 133,416 70,486 62,013 124,943 Deferred income taxes.......... 98 -- -- (4,772) 2,977 7,749 Deferred financing costs write off.......................... -- -- 3,810 3,810 -- -- Goodwill impairment............ -- -- 58,935 58,935 -- -- Issuance of common stock to 401(k) plan.................. 1,025 299 -- -- -- -- Write off of property and equipment.................... 12,896 4,454 1,571 1,230 1,493 1,834 Gain on sale of assets......... -- (2,172) (552) (476) (584) (660) Other.......................... (64) -- -- -- -- -- Settlement of class action lawsuit...................... -- -- -- -- (14,000) (14,000) Interest expense............... (22,747) (35,787) (43,045) (25,027) (18,345) (36,363) Amortization of deferred financing.................... (654) (1,115) (1,395) -- -- (1,395) Equity loss of subsidiary...... (573) -- -- -- -- -- Interest income................ 126 259 357 308 54 103 Other income (expense)......... 1,709 (10,779) 2,364 4,389 3,282 1,257 Income taxes................... 200 -- (16,483) (12,636) (2,102) (5,949) Cumulative effect of change in accounting principle......... -- -- (41,527) (41,527) -- -- Change in assets and liabilities: Prepaid expenses............. (6,868) 463 3,173 (768) (1,768) 2,173 Rental merchandise........... (179,212) (98,562) (123,367) (84,822) (91,976) (130,521) Rental merchandise deposits................... (33,289) 30,803 1,491 1,045 180 626 Income tax receivable........ (15,639) 12,368 4,048 3,267 (189) 592 Other assets................. (3,243) 6,685 1,669 1,941 (13,551) (13,823) Accounts payable............. 27,996 (22,105) (1,421) 5,525 6,873 (73) Other liabilities............ 21,553 20,402 1,128 (3,390) 26,634 31,152 Cash provided by (used in) discontinued operations...... (7,517) 11,732 14,248 507 (7,253) 6,488 --------- -------- --------- -------- -------- --------- Net cash provided by (used in) operations................... $ (66,188) $ 94,619 $ 48,702 $ 2,769 $(22,484) $ 23,449 ========= ======== ========= ======== ======== =========
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