Rentrak Announces Share Repurchase Program
PORTLAND, Ore., April 25 -- Rentrak Corporation
(Nasdaq: RENT), today announced that its board of directors has approved a
program to repurchase up to 750,000 shares of its common stock. The company
said that such purchases may be made from time to time at prevailing prices in
the open market, by block purchase or in private transactions and may be
discontinued at any time. The stock repurchases will be funded through
available cash.
The company has approximately 11.2 million shares outstanding after
accounting for the previously announced 1,004,000 share repurchase as part of
its restructuring of its relationship with its joint venture partner Rentrak
Japan.
Paul Rosenbaum, Rentrak`s Chairman and Chief Executive Officer, said, "The
Share Repurchase Program is being implemented to optimize Rentrak`s use of
capital and enhance shareowner value. We believe our common stock is
undervalued and represents a highly attractive investment. Rentrak`s new
board of directors has taken recent steps to leverage Rentrak`s systems and
entertainment expertise into the video-on-demand (VOD) arena and to produce
operational efficiencies at 3PF, Rentrak third-party fulfillment subsidiary,
that will improve the company`s future financial performance. The Share
Repurchase Program is an integral part of the company`s strategy to maximize
the investment potential of Rentrak and its subsidiaries."
About Rentrak Corporation
Rentrak Corporation is an information management company and the world`s
largest processor of rental and sales data for videocassettes obtained on a
revenue-sharing basis. The company services most motion picture studios and
over 10,000 retail video rental locations throughout the U.S. and Canada.
Through its third party fulfillment subsidiary, 3PF.COM, Inc., the company
provides inventory management, order processing, fulfillment and sophisticated
sales tracking information services to companies requiring 24/7 just-in-time
fulfillment. For further information please refer to Rentrak`s corporate Web
site at http://www.rentrak.com. 3PF can be accessed on the Web at
http://www.3PF.COM/ .
When used in this discussion, the words "anticipates," "expects,"
"intends" and similar expressions are intended to identify forward-looking
statements. Such statements relate to, among other things, the revenues and
results of operations for the company and are subject to certain risks and
uncertainties that could cause actual results to differ materially from those
projected. Factors that could affect Rentrak`s financial results include
customer demand for videocassettes subject to company guarantees and Rentrak`s
customers continuing to comply with the terms of their agreements. Additional
factors that could affect Rentrak`s financial results are described in
Rentrak`s March 31, 2000, annual report on Form 10-K, filed with the
Securities and Exchange Commission. Results of operations in any past period
should not be considered indicative of the results to be expected for future
periods.
CONTACT:
Rick Nida
503-284-7581, ext. 295
ran@rentrak.com
or
Investors
Laurel Moody
Vision Corporate Consulting
212-509-4565
laurel@visioncc.net
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