Free Historical Stock Data on Rent-A-Center
Stock Symbol: RCII
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Business Description
Rent-A-Center, Inc. is engaged in the operation of rent-to-own stores, primarily in the United States. As of March 8, 2004, the Company operated 2,659 Company-owned stores nationwide and in Puerto Rico, including 22 stores in Wisconsin operated by its subsidiary, Get It Now, LLC. ColorTyme, Inc., an indirect wholly owned subsidiary, is a national franchisor of rent-to-own stores. As of December 31, 2003, ColorTyme had 329 franchised stores, 317 of which operated under the ColorTyme name, and 12 of which operated under the Rent-A-Center name. The Company's stores generally offer merchandise from four basic product categories: home electronics, appliances, computers and furniture and accessories. These products are offered on a rent-to-own basis under flexible rental purchase agreements. In Wisconsin, Get It Now offers merchandise on an installment sales basis. ColorTyme's primary source of revenues is the sale of rental merchandise to its franchisees.
Financial Information
For the nine months ended 9/30/04, revenues rose 4% to $1.73 billion. Net income decreased 16% to $109 million. Revenues reflect an increase in cash sales and early purchase options. Earnings were offset by the class action litigation settlement charge.
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