Bestway revenues rise 2.5% in 1Q
By Furniture Today Staff -- Furniture Today, June 13, 2004
Dallas — Rent-to-own specialist Bestway recorded revenues of $9.4 million in its third quarter ended April 30, up 2.5% over the comparable period a year ago. Net income was $88,010, a 40.2% drop from $147,106 in the year-earlier period.
Bestway's same-store sales for the quarter were up 2.1%
The company attributed the earnings drop primarily to costs associated with an overall increase in salaries and wages and other operating expenses.
For the nine months, revenues were $28.1 million, up 6.4% over the same period last year. Earnings were $311,723 compared with a loss of $46,967 in the 2003 period.
President and CEO David Kraemer said, "Our strategic efforts of implementing targeted marketing campaigns and focusing on developing our people has resulted in a 13.9% same-store growth in revenue compared to two years ago."
Bestway operates 69 RTO stores in the Southeast.
| Bestway | |||
|---|---|---|---|
| Earnings per share are fully diluted, and all figures in parentheses are loses or declines. | |||
| Quarter ended 4/30 | 2004 | 2003 | Change |
| (a) Includes merchandise sales of $227,459 in the 2004 quarter, $349,282 in the 2003 quarter, $584,865 in the 2004 nine months and $1 million in the 2003 nine months. (b) Revenues minus depreciation and amortization of rental merchandise, cost of merchandise sold, salaries and wages, advertising, occupancy and other operating expenses. (c) Includes pretax losses on the sale of property and equipment of $15,085 in the 2004 quarter and $1,475 in the 2003 quarter. (d) Includes a $26,738 pretax loss on the sale of property and equipment in the 2004 nine months. The 2003 nine months includes a $7,086 pretax gain on the sale of property and equipment and a $28,300 income tax benefit. |
|||
| Revenues (a) | $9,447,879 | $9,213,864 | 2.5% |
| Operating income (b) | 581,560 | 780,911 | (25.5%) |
| Net income | (c)88,010 | (d)147,106 | (40.2%) |
| Earnings per share | 0.05 | 0.08 | (37.5%) |
| 9 months ended 4/30 | 2004 | 2003 | Change |
| Revenues (a) | $28,071,100 | $26,381,085 | 6.4% |
| Operating income (b) | 1,877,919 | 1,563,551 | 20.1% |
| Net income | (c)311,723 | (d)(46,967) | — |
| Earnings per share | 0.17 | (0.03) | — |
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