Rent-A-Center, Inc. (the "Company") (NASDAQ/NGS: RCII), the nation's largest rent-to-own operator, today announced revenues and earnings for the quarter ended March 31, 2014.
First Quarter 2014 Results
Total revenues for the quarter ended March 31, 2014, were $833.7 million, an increase of $14.4 million from total revenues of $819.3 million for the same period in the prior year. This 1.8% increase in total revenues was primarily due to increases of approximately $47.0 million in the Acceptance Now segment and approximately $6.4 million in the Mexico segment, partially offset by a decrease of approximately $37.6 million in the Core U.S. segment. For the quarter ended March 31, 2014, same store sales declined 0.8% as compared to the same period in the prior year, primarily attributable to a 6.1% decrease in the Core U.S. segment, partially offset by increases of 26.1% and 20.3% in the Acceptance Now and Mexico segments, respectively. Of the 6.1% decline in the Core U.S. segment same store sales for the quarter ended March 31, 2014, 3.8% was attributable to rentals and fees same store sales revenue, an improvement of approximately 30 basis points compared to the fourth quarter of 2013, and 2.3% was attributable to merchandise sales same store sales revenue, which are non-recurring in nature.
Net earnings and net earnings per diluted share for the quarter ended March 31, 2014, were $28.9 million and $0.54, respectively, as compared to $46.1 million and $0.79, respectively, for the same period in the prior year. Net earnings and net earnings per diluted share for the quarter ended March 31, 2014, were reduced by a $1.9 million pre-tax charge, and approximately $0.03 per diluted share, respectively, due to a write off of unamortized financing costs from the previous credit agreement as discussed below.Adjusted net earnings per diluted share for the quarter ended March 31, 2014, were $0.57, when excluding the pre-tax financing charge, as compared to net earnings per diluted share of $0.79, for the quarter ended March 31, 2013. These results include dilution related to the Mexico segment of approximately $0.07 per diluted share for the quarter ended March 31, 2014, and $0.05 per diluted share for the same period in the prior year.
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