Bestway 2Q revenues up 10.7%; profit doubles
By Furniture Today Staff -- Furniture Today, July 10, 2005
Dallas — Rent-to-own retailer Bestway posted double-digit increases in revenues, net income and same-store revenues for its fiscal third quarter.
Revenues increased 10.7% to $10.5 million in the quarter ended April 30, while same-store revenues rose 10.2%.
Including a small pretax gain on the sale of property and equipment, Bestway recorded net profits in the latest quarter of $189,260, more than double its net income from the year-earlier period. The company attributed the profit increase primarily to continued revenue increases.
For the nine months ended April 30, revenues grew 6.5% from a year earlier to $29.9 million. Same-store revenues were up 6.3%.
Net income for the latest nine months, including a $65,813 pretax loss on the sale of property and equipment, fell to $48,174 from $311,723 a year ago. The year-earlier period also included a $26,738 pretax loss.
"We have achieved 11 straight quarters of same-store revenue growth, which has returned the company to profitability," said Bestway President and CEO David Kraemer. "We are very pleased with our consistent revenue growth, which we attribute to our team's commitment and execution, as well as our customers' acceptance of our programs."
Bestway owns and operates 78 rent-to-own stores in the southeastern United States.
| Bestway | |||
|---|---|---|---|
| Earnings per share are fully diluted, and all figures in parentheses are losses or declines. | |||
| Quarter ended 4/30 | 2005 | 2004 | Change |
| (a) Includes non-rental revenues of $731,897 in the 2005 quarter, $580,018 in the 2004 quarter, $1.6 million in the 2005 nine months and $1.4 million in the 2004 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 a $1,313 pretax gain on the sale of property and equipment. (d) Includes a $5,085 pretax loss on the sale of property and equipment. (e) Includes pretax losses on the sale of property and equipment of $65,813 in the 2005 nine months and $26,738 in the 2004 nine months. |
|||
| Revenues (a) | $10,463,431 | $9,447,879 | 10.7% |
| Operating income (b) | 699,636 | 581,560 | 20.3% |
| Net income | (c)189,260 | (d)88,010 | 115.0% |
| Earnings per share | 0.11 | 0.05 | 120.0% |
| 9 months ended 4/30 | 2005 | 2004 | Change |
| Revenues(a) | $29,888,424 | $28,071,100 | 6.5% |
| Operating income (b) | 1,328,956 | 1,877,919 | (29.2%) |
| Net income (e) | 48,174 | 311,723 | (84.5%) |
| Earnings per share | 0.03 | 0.17 | (82.4%) |
-
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