``We will ask the Board of Directors at its November 3 meeting to authorize
the repurchase of an additional 1,000,000 shares, which is roughly five
percent of total shares currently outstanding,'' said R. Charles Loudermilk,
Sr., Chairman and Chief Executive Officer of Aaron Rents. ``Given our
confidence in future growth and the current stock price, we believe this is an
excellent investment for the Company.''
Aaron Rents has approximately 21,000,000 shares of common shares
outstanding. In 1992 and again in 1996, the Company split 2-for-1 in the form
of 100 percent stock dividends paid to shareholders.
Aaron Rents, Inc., based in Atlanta, has a total of 416 stores in 32
states for the rental and sale of residential and office furniture and
accessories, consumer electronics, household appliances and convention
furnishings. The Company manufactures furniture at five plants in Georgia and
Florida.
Note: Forward looking statements in this news release are based on current
expectations, which are subject to risks and uncertainties, and actual results
may vary materially from these expectations due to such factors as changes in
general economic conditions, competition and pricing, customer demand and
other issues.