Last $29.52 USD
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As of 12:22 PM 10/24/14 All times are local (Market data is delayed by at least 15 minutes).

rent-a-center inc (RCII) Key Developments

Rent-A-Center, Inc. Announces Impairment Charges for the Third Quarter Ended Sept. 30, 2014

Rent-A-Center, Inc. announced impairment charges for the third quarter ended Sept. 30, 2014. For the three months ended September 30, the company reported impairment charges of $4,558,000. Amortization and write-down of intangibles were $1,382,000. Excludes the effects of a $7.1 million pre-tax vendor settlement credit, a $4.6 million pre-tax impairment charge and a $3.2 million pre-tax restructuring charge.

Rent-A-Center, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Re-Affirms Earnings Guidance for the Full Year 2014

Rent-A-Center, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, total revenues were $769.5 million, an increase of $14.7 million from total revenues of $754.8 million for the same period in the prior year. This 2.0% increase in total Revenue was primarily due to increases of approximately $36.6 million in the Acceptance Now segment and approximately $6.9 million in the Mexico segment, partially offset by a decrease of approximately $29.5 million in the Core U.S. segment. Same store sales increased 1.9% as compared to the same period in the prior year, primarily attributable to increases of 25.7% and 25.9% in the Acceptance Now and Mexico segments, respectively, partially offset by a 3.6% decrease in the Core U.S. segment. Net earnings and net earnings per diluted share were $25.3 million and $0.48, respectively, as compared to $27.2 million and $0.50, respectively, for the same period in the prior year. Adjusted EBITDA was $65.412 million against $75.833 million a year ago. Earnings before income taxes were $33.042 million against $45.040 million a year ago. Capital expenditures were $20.283 million against $28.94 million a year ago. For nine months, total revenues were $2,376.5 million, an increase of $41.9 million from total revenues of $2,334.6 million in the same period in the prior year. This 1.8% increase in total Revenue was primarily due to increases of approximately $121.9 million in the Acceptance Now segment and approximately $19.7 million in the Mexico segment, partially offset by a decrease of approximately $97.6 million in the Core U.S. segment. Same store sales increased 0.5% as compared to the same period in the prior year, primarily attributable to increases of 25.6% and 21.2% in the Acceptance Now and Mexico segments, respectively, partially offset by a 4.9% decrease in the Core U.S. segment. Net earnings and net earnings per diluted share were $71.7 million and $1.35, respectively, as compared to $115.2 million and $2.06, respectively, for the same period in the prior year. Cash flow from operations of approximately $63.3 million, while ending the quarter with approximately $62.0 million of cash on hand. Adjusted EBITDA was $210.225 million against $271.135 million a year ago. Earnings before income taxes were $108.302 million against $183.673 million a year ago. Capital expenditures were $61.733 million against $73.761 million a year ago. For 2014, the company expects earnings will be consistent with the guidance provided in the second quarter 2014.

Rent-A-Center, Inc. Names Anurag Gupta as Vice President, Enterprise Project Management Office

Rent-A-Center, Inc. announced the appointment of Anurag Gupta to vice president, enterprise project management office (EPMO). Reporting to Doug Guziec, senior vice president and chief strategy officer, Gupta is charged with broad oversight of Rent-A-Center's portfolio of business initiatives. His responsibilities include the establishment of processes and controls designed to manage all phases of these initiatives. recently, Gupta served as a senior director at Devon Energy Corporation where he spent the last five years developing, socializing and executing on roadmaps within business functions and IT.

Rent-A-Center, Inc. to Report Q3, 2014 Results on Oct 20, 2014

Rent-A-Center, Inc. announced that they will report Q3, 2014 results After-Market on Oct 20, 2014

Rent-A-Center, Inc. Appoints Jana Kelly to Vice President of Inventory Management

Rent-A-Center, Inc. announced the appointment of Jana Kelly to vice president of inventory management. Reporting to John Butler, senior vice president, supply chain, Kelly is charged with leading the forecasting, inventory planning, allocation and replenishment of all domestic store products. Kelly brings over 14 years of experience in inventory-management leadership, most recently at MetroPCS Communications where she led the mobile device supply-chain strategy.

 

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