ATLANTA, July 26 /PRNewswire/ -- Aaron Rents, Inc. (NYSE: RNT), the
nation's leader in the rental, rental purchase and specialty retailing of
residential and office furniture, consumer electronics and home appliances,
today announced record revenues and earnings for the second quarter and first
half of its fiscal year. The second quarter was the Company's 34th
consecutive quarter of record revenues and earnings.
For the three months ended June 30, revenues rose to $121.9 million
compared to $107.4 million for the second quarter last year, a 14% increase.
Net earnings for the latest quarter reached $6.9 million versus $6.6 million
for the second quarter of 1999, a 5% increase. Earnings per share for the
second quarter this year increased to $.35 compared to $.33 per share ($.35
versus $.32 assuming dilution) for the second quarter last year.
For the six months, revenues increased 17% to $247.3 million compared to
$211.7 million for first half of 1999. Net earnings for the period advanced
7% to $14.2 million compared to $13.3 million with earnings per share
increasing to $.72 compared to $.66 per share ($.71 versus $.65 per share
assuming dilution) for the first half of 1999.
Aaron's Rental Purchase division increased revenues 21% to $77.5 million
for the quarter compared to $63.9 million last year. Systemwide rental
purchase revenues, including revenues of franchised stores, grew by 27% to
$114.4 million for the second quarter compared to $90.0 million last year.
For the first half this year, rental purchase revenues rose 27% to
$156.8 million compared to $123.4 million for the period last year, and
systemwide revenues advanced to $230.1 million versus $175.1 million, up 31%.
During the first six months of 2000 the Company opened 18 new Company-
operated and 25 new franchised rental purchase stores, a total of 43 new
stores. At the end of June the Company had a total of 411 rental purchase
stores open.
"The exciting growth continues for Aaron Rents," said R. Charles
Loudermilk, Sr., Chairman and Chief Executive Officer. "We are now into our
ninth consecutive year of record revenues and earnings as the result of very
strong acceptance of the Aaron concept in our markets. We are very pleased
and optimistic about the future."
Aaron Rents, Inc., based in Atlanta, currently has over 510 Company-
operated and franchised stores in 39 states for the rental and sale of
residential and office furniture, accessories, consumer electronics and
household appliances. The Company manufactures furniture, bedding and
accessories at ten facilities in four states.
Aaron Rents, Inc.
Period Ended June 30
(In thousands, except per share amounts)
Three Months Six Months
2000 1999 2000 1999
Revenues $121,910 $107,364 $247,282 $211,667
Net Earnings 6,929 6,575 14,207 13,254
Earnings Per Share .35 .33 .72 .66
Earnings Per Share
Assuming Dilution $ .35 $ .32 $ .71 $ .65
Weighted Average
Shares Outstanding 19,790 20,040 19,845 20,127
Weighted Average Shares
Outstanding
Assuming Dilution 19,905 20,445 19,998 20,439
Note: |
Forward-looking statements in this news release are based on |
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current expectations and are subject to risks and uncertainties, and actual |
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results may vary materially from the expectations due to such factors as |
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changes in general economic conditions, competition, pricing, customer demand |
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and other issues. |
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"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1993: 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 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 1999, which discussion is incorporated herein
by this reference.
SOURCE Aaron Rents, Inc.
CONTACT: Gilbert L. Danielson, Executive Vice President and Chief
Financial Officer of Aaron Rents, Inc., 404-231-0011/