Business Services Industry
Rent-to-Own Company Rent-Way Continues Recovery after Accounting Scandal.
Knight Ridder/Tribune Business News, April, 2004
By Peter Panepento, Erie Times-News, Pa. Knight Ridder/Tribune Business News
Apr. 30--Rent-Way Inc. on Thursday reported its strongest quarterly results in nearly four years -- the most encouraging sign yet that the rent-to-own company is returning to health after being weakened by an accounting fraud case.
The Erie-based company posted operating income of $15.2 million during its fiscal second quarter -- more than double the $7.5 million it generated during the same quarter one year ago.
That performance was fueled, in part, by improved revenues, a 6.9 percent increase in same-store sales at its 753 rent-to-own stores and the refinancing of the company's debt.
Rent-Way's profit for the quarter, which ended March 31, totaled...
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