ATLANTA, Nov. 15 /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 and home
appliances and accessories, today announced that the quarterly dividend rate
has been raised to $.016 per share and the Company's share repurchase
authorization has been increased to 5,000,000 shares.
The Board of Directors of Aaron Rents declared a quarterly cash dividend
of $.016 per share on Common Stock and $.016 per share on Class A Common
Stock, payable January 2, 2008 to shareholders of record as of the close of
business on December 3, 2007. This is an increase of 6.7% from the previous
quarterly dividend of $.015 per share on both classes of stock.
The directors also approved and authorized the repurchase of an additional
2,329,498 of common shares over the existing authorized repurchase amount of
2,670,502 shares, bringing to 5,000,000 the total number of Aaron Rents common
shares currently authorized for repurchase.
"We are very pleased that our Company's progress enables us to increase
the dividend to our shareholders," said R. Charles Loudermilk, Sr., Chairman
and Chief Executive Officer. "We are also pleased to increase the number of
shares authorized for repurchase as a way of investing further in our Company
and adding value for our shareholders. We look forward to continuing growth of
Aaron Rents."
Aaron Rents, Inc., based in Atlanta, currently has more than 1,500
Company-operated and franchised stores in 48 states 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 13 facilities in five 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 "Risk Factors" in the Company's Annual
Report on Form 10-K for the fiscal year ended December 31, 2006. Statements
in this release that are "forward-looking" include without limitation
references to Aaron Rents' potential future growth.
SOURCE Aaron Rents, Inc.
CONTACT:
Gilbert L. Danielson,
Executive Vice President, Chief Financial
Officer of Aaron Rents, Inc.,
+1-678-402-3314
Web site: http://www.aaronrents.com