Attached files
file | filename |
---|---|
8-K - FORM 8-K - RENT A CENTER INC DE | d82307e8vk.htm |
Exhibit 99.1
For Immediate Release:
RENT-A-CENTER, INC.
INCREASES QUARTERLY CASH DIVIDEND FROM $0.06 TO $0.16
INCREASES QUARTERLY CASH DIVIDEND FROM $0.06 TO $0.16
Declares Cash Dividend
For The Third Quarter Of 2011
For The Third Quarter Of 2011
Plano, Texas, May 12, 2011 Rent-A-Center, Inc. (the Company) (NASDAQ/NGS: RCII), the nations
largest rent-to-own operator, today announced that its Board of Directors has approved a 167%
increase in its quarterly cash dividend from $0.06 per share to $0.16 per share, beginning with the
dividend for the third quarter of 2011.
Our strong financial position enables us to enhance our returns to stockholders through a dividend
increase, said Mark E. Speese, Chairman and Chief Executive Officer of the Company. In addition
to reflecting the Companys confidence in its strong cash flows, this dividend increase represents
our belief that continued investments in our strategic initiatives will generate growth and provide
long-term value for our stockholders.
The Company declared a $0.16 per share cash dividend for the third quarter of 2011 to be paid to
the Companys common stockholders. The dividend will be paid on July 20, 2011 to common
stockholders of record as of the close of business on July 1, 2011.
- - -
Rent-A-Center, Inc., headquartered in Plano, Texas, currently operates approximately 3,000
company-owned stores nationwide and in Canada, Mexico and Puerto Rico. The stores generally offer
high-quality, durable goods such as major consumer electronics, appliances, computers and furniture
and accessories under flexible rental purchase agreements that generally allow the customer to
obtain ownership of the merchandise at the conclusion of an agreed upon rental period. ColorTyme,
Inc., a wholly owned subsidiary of the Company, is a national franchiser of approximately 200
rent-to-own stores operating under the trade name of ColorTyme.
This press release and the guidance above contain forward-looking statements that involve risks and
uncertainties. Such forward-looking statements generally can be identified by the use of
forward-looking terminology such as may, will, expect, intend, could, estimate,
should, anticipate, or believe, or the negative thereof or variations thereon or similar
terminology. Although the Company believes that the expectations reflected in such forward-looking
statements will prove to be correct, the Company can give no assurance that such expectations will
prove to have been correct. The actual future performance of the Company could differ materially
from such statements. Factors that could cause or contribute to such differences include, but are
not limited to: uncertainties regarding the ability to open new rent-to-own stores; the Companys
ability to acquire additional rent-to-own stores or customer accounts on favorable terms; the
Companys ability to control costs and increase profitability; the Companys ability to identify
and successfully enter new lines of business offering products and services that appeal to its
customer demographic; the Companys ability to enhance the performance of acquired stores; the
Companys ability to retain the revenue associated with acquired customer accounts; the Companys
ability to identify and successfully market products and services that appeal to its customer
demographic; the Companys ability to enter into new and collect on its rental purchase agreements;
the passage of legislation adversely affecting the rent-to-own industry; the Companys failure to
comply with statutes or regulations governing the rent-to-own or financial services industries;
interest rates; increases in the unemployment rate; economic pressures, such as high fuel costs,
affecting the disposable income available to the Companys targeted consumers; conditions affecting
consumer spending and the impact, depth, and duration of current economic conditions; changes in
the Companys stock price and the number of shares of common stock that it may or may not
repurchase; future dividends; changes in estimates relating to self-insurance liabilities and
income tax and litigation reserves; changes in the Companys effective tax rate; the
Companys ability to maintain an effective system of internal controls; changes in the number of
share-based compensation grants, methods used to value future share-based payments and changes in
estimated forfeiture rates with respect to share-based compensation; the resolution of material
litigation; and the other risks detailed from time to time in the Companys SEC reports, including
but not limited to, its annual report on Form 10-K for the year ended December 31, 2010, and its
quarterly report on Form 10-A for the quarter ended March 31, 2011. You are cautioned not to place
undue reliance on these forward-looking statements, which speak only as of the date of this press
release. Except as required by law, the Company is not obligated to publicly release any revisions
to these forward-looking statements to reflect the events or circumstances after the date of this
press release or to reflect the occurrence of unanticipated events.
Contact for Rent-A-Center, Inc.:
David E. Carpenter
Vice President of Investor Relations
(972) 801-1214
david.carpenter@rentacenter.com
Vice President of Investor Relations
(972) 801-1214
david.carpenter@rentacenter.com