For the three months ended March 31, revenues increased to $104.3 million
compared to $92.8 million for the same quarter a year ago. Excluding the
revenues from the Company's convention furnishings division, which was sold in
1998, first quarter revenues were up 14%. Net earnings were $6.7 million,
compared to $5.3 million, and earnings per share were $.33 versus $.28
($.33 versus $.27 assuming dilution) for the first quarter of 1999 compared to
1998.
Revenues of the Aaron's Rental Purchase division increased 26% for the
quarter to $59.5 million compared to $47.4 million last year. Systemwide
rental purchase revenues, which include revenues of franchised stores,
increased to $85.1 million versus $66.3 million, a 28% increase.
``We are quite pleased with the first quarter results, especially the
performance of our rental purchase division,'' said R. Charles Loudermilk, Sr.,
Chairman and Chief Executive Officer. ``We remain very optimistic about the
future outlook for the Company.''
Based in Atlanta, Aaron Rents, Inc. currently has a total of 442
Company-operated and franchised profit centers 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 eleven facilities in four states.
Aaron Rents, Inc.
Three Months Ended March 31
(In thousands, except per share amounts)
1999 1998
Revenues $104,303 $92,809
Net Earnings 6,679 5,286
Earnings Per Share .33 .28
Earnings Per Share Assuming Dilution $ .33 $ .27
Weighted Average Shares Outstanding 20,215 18,965
Weighted Average Shares Outstanding
Assuming Dilution 20,444 19,468
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 1998, which discussion is incorporated herein
by this reference.