ATLANTA, Dec. 16 /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 it has acquired in a cash
transaction all the stores of Rosey Rentals, L. P., a franchisee since 2003.
Rosey Rentals operated 35 Aaron's Sales & Lease Ownership franchised stores in
six southeastern states with total annual revenues of approximately $45
million. The stores will now be Company-operated.
"As in the past, we continue to make acquisitions of franchisees when it
is of mutual benefit," said Robert C. Loudermilk, Jr., President and Chief
Executive Officer of Aaron Rents. "Rosey Rentals has been a good franchisee
and we hope to continue our relationship in some form in the future. This
transaction should add approximately 3% to our top line growth in 2009 and is
expected to be accretive to earnings."
Aaron Rents, Inc., based in Atlanta, currently has more than 1,535
Company-operated and franchised stores in 48 states and Canada. The Company's
MacTavish Furniture Industries division manufactured approximately $73 million
at cost of furniture and bedding at 12 facilities in five states in 2007. The
entire production of MacTavish is for shipment to Aaron Rents stores.
"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, 2007. Statements
in this release that are "forward-looking" include without limitation Aaron
Rents' projected revenues and earnings for future periods.
SOURCE: Aaron Rents, Inc.
12/16/2008
CONTACT:
Gilbert L. Danielson
Executive Vice President, Chief Financial
Officer
Aaron Rents, Inc. , +1-404-231-0011
Web site: http://www.aaronrents.com
(RNT)