"This is the biggest segment of our growth in volume," said Brian Stahl,
President of the Rent-to-Rent division of Aaron Rents. "Our new warehouse type
facility in San Diego will service our national and corporate customers in
California. The opportunity is tremendous in California where numerous
companies need furnishings for interim housing for relocating employees. We
hope to take advantage of this opportunity and expand our furniture rental
business throughout the state."
This is the third warehouse type facility Aaron Rents has opened in the
past year to meet the growing demands of its national accounts. The other two
facilities, which offer both residential and office furniture, are located in
Philadelphia and Chicago.
The Aaron's service center concept allows corporate customers to order
merchandise by telephone or facsimile. The customers are third party
companies, national accounts and corporations that acquire furniture,
housewares and other items to furnish apartments for large businesses needing
interim housing for employees.
Aaron Rents reported record revenues of $379.7 million for 1998, up 22%,
and record earnings of $21.5 million or $1.04 per share (assuming dilution),
up 17% for the year.
Based in Atlanta, Aaron Rents, Inc. currently has a total of 438 owned and
franchised stores in 36 states for the rental and sale of residential and
office furniture and accessories, consumer electronics and household
appliances. The Company manufactures furniture, bedding and accessories at 11
facilities in four states.
Note: Forward-looking statements in this news release are based on current
expectations and are subject to risks and uncertainties, and actual results
may vary materially from the expectations due to such factors as changes in
general economic conditions, competition, pricing, customer demand and other
issues.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995: Statements in this news release regarding Aaron Rents, Inc.'s
business which are not historical facts are forward-looking statements that
involve risks and uncertainties and which could cause actual results to differ
from those contained in the forward-looking statements. For a discussion of
such risks and uncertainties, see "Risk Factors" in the Company's Annual
Report on Form 10-K for fiscal 1997, which discussion is
incorporated herein by this reference.