ATLANTA, Aug. 23 /PRNewswire-FirstCall/ -- Aaron Rents, Inc. (NYSE: RNT),
the nation's leader in the sales and lease ownership, specialty retailing and
rental of residential and office furniture, consumer electronics, home
appliances and accessories, today announced that it is increasing the
frequency of its historical semi-annual cash dividends to quarterly cash
dividends. This new quarterly dividend policy will result in an approximate
doubling of the current annual dividend payout to shareholders.
In August the Company also effected a 3 for 2 stock split through a
distribution to shareholders of a 50% stock dividend on both Common Stock and
Class A Common Stock.
Aaron Rents has paid thirty-six consecutive semi-annual cash dividends,
the last being, on a post-split basis, $.013 per share on Common Stock and
$.013 per share on Class A Common Stock paid on July 2, 2004. The next
dividend payable will be $.013 per share on Common Stock and $.013 per share
on Class A Common Stock, payable October 1, 2004, to shareholders of record as
of the close of business on September 1, 2004. It is the intent of the
Company to now begin paying quarterly dividends of $.013 per share on both
Common Stock and Class A Common Stock.
"Based upon the current outstanding performance of the Company and our
future outlook, the Board of Directors decided to substantially increase the
dividend to shareholders and begin a quarterly dividend policy," said R.
Charles Loudermilk, Sr., Chairman and Chief Executive Officer of Aaron Rents.
"These actions are an indication of the confidence we have in the future
prospects of the Company."
Aaron Rents, Inc., based in Atlanta, currently has over 950 Company-
operated and franchised stores in the United States, Puerto Rico, and Canada
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
2003, which discussion is incorporated herein by this reference. Without
limitation, statements regarding Aaron Rents' intention to pay cash dividends
in the future, including statements as to the frequency and amount of such
dividends, are forward-looking statements subject to risks and uncertainties
that could cause changes in future dividend policy.
CONTACT:
Gilbert L. Danielson, Executive Vice President, Chief Financial
Officer of Aaron Rents, Inc.
Tel: 404-231-0011, ext. 3314
Web site: http://www.aaronrents.com