ATLANTA, Aug. 13 /PRNewswire-FirstCall/ -- Aaron Rents, Inc. (NYSE: RNT),
the nation's leader in the rental, sales and lease ownership, and specialty
retailing of residential and office furniture, consumer electronics and home
appliances and accessories, today announced the acquisition of 15 Aaron's
Sales & Lease Ownership franchise stores.
"We are very pleased to acquire these franchise stores," said R. Charles
Loudermilk, Sr., Chairman and Chief Executive Officer of Aaron Rents, Inc.
"As we have previously stated, we have been in recent discussions with our
franchise operators to purchase a number of their best performing stores, and
these stores located in Texas meet that criteria."
The stores were purchased from DPR Investments, Limited and DPR
Partnership, Limited, Aaron's Sales & Lease Ownership franchisees since 1996.
The current annual revenue of the acquired stores is approximately $19 million
and the acquisition was for $17.5 million cash. After this sale, DPR will
still operate four franchise stores in Texas and has entered into area
development agreements to open an additional six stores over the next several
years.
"We are continuing to be in discussions with several other franchisees to
purchase a number of their stores," Mr. Loudermilk continued. "All franchise
store acquisitions are expected to be accretive to earnings."
The Company also announced on July 21 a 3-for-2 stock split effected in
the form of a 50% stock dividend on both Common Stock (RNT) and Class A Common
Stock (RNT.A). New shares will be distributed on August 15, 2003 to
shareholders of record as of the close of business on August 1, 2003.
Aaron Rents, Inc. based in Atlanta, currently has more than 780 Company-
operated and franchised stores across the United States and Puerto Rico for
the rental and sale of residential and office furniture, accessories, consumer
electronics and household appliances. The Company also manufactures furniture,
bedding and accessories at 10 facilities in four states.
"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 which could cause actual results to differ
materially from those contained in the forward-looking statements. These
risks and uncertainties include factors such as changes in general economic
conditions, competition, pricing, customer demand and other issues, and the
risks and uncertainties discussed under "Certain Factors Affecting Forward
Looking Statements" in the Company's Annual Report on Form 10-K for fiscal
2002, which discussion is incorporated herein by this reference.
SOURCE Aaron Rents, Inc.
-0- 08/13/2003
/CONTACT: Gilbert L. Danielson, Executive Vice President and Chief
Financial Officer of Aaron Rents, +1-404-231-0011/