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AARON RENTS, INC. SETS RECORD FOR SECOND QUARTER AND FIRST HALF; OPENS 10 MORE RENTAL PURCHASE STORES

 ATLANTA, Oct. 25 /PRNewswire/ -- Aaron Rents, Inc. (NASDAQ: ARONA ARONB), the nation's largest furniture rental and sales company, today reported revenues and earnings set new records for both the second quarter and the first half of its fiscal year.
 Net earnings increased 27 percent for the second quarter and 28 percent for the first half. The company opened 10 new rental purchase stores during the quarter.
 Revenues for the three months ended Sept. 30 advanced to $43.4 million, up 12 percent over $38.7 million for the second quarter last year. Excluding sales of the divested Ball Stalker unit, the latest quarterly revenues were up 28 percent. Net income for the quarter increased to $1.9 million vs. $1.5 million last year.
 Second quarter earnings per share reached $.22 compared to $.17 for the second quarter last year.
 For the six months, revenues increased to $86.1 million, up 11 percent over $77.7 million for the first half last year. Excluding Ball Stalker, revenues gained 24 percent for the latest six months. Net income advanced to $3.9 million vs. $3.0 million for corresponding period last year.
 Earnings per share for the six months were $.45 compared to $.35 a year ago.
 "We continue to experience record growth by our rental purchase division," said R. Charles Loudermilk Sr., chairman and chief executive officer. "Since our company adopted its new concept of rental purchase, we have created our own unique market niche for rental and ownership of household goods, and this business has expanded much faster than anticipated."
 Loudermilk announced that the Aaron's Rental Purchase division had 59 company-owned stores in operation at Sept. 30, an increase of eight during the second quarter. An additional 11 company-owned stores are scheduled to open during the third quarter.
 Franchised rental purchase stores increased to eight in the second quarter, a gain of two, for a total of 10 new company-owned and franchise stores opened during the quarter. Six more franchise units are scheduled to open in the third quarter at these locations: Syracuse, N.Y.; Aiken, S.C.; Gulfport, Miss.; Chattanooga, Tenn.; Valdosta, Ga., and Athens, Ala.
 The company plans to have a total of 84 Aaron's Rental Purchase stores in operation by Dec. 31, compared with 49 stores on March 31, for an increase of 71 percent in nine months.
 Aaron Rents, Inc., based in Atlanta, operates 182 stores in 20 states for the rental and sale of residential and office furniture and equipment. The company also produces furniture at five plants in Georgia and Florida.
 AARON RENTS, INC.
 Period Ended Sept. 30, 1993
 (In thousands, except per share amounts)
 3 mos. 6 mos.
 1993 1992 1993 1992
 Revenues $43,441 $38,686 $86,068 $77,744
 Net earnings 1,885 1,480 3,887 3,035
 Earnings per share(a) .22 .17 .45 .35
 Wtd. avg. shares outstanding 8,728 8,572 8,721 8,559
 (a) Earnings per share have been adjusted to reflect the October 1992 reclassification of the company's common stock into one share of Class A common stock and one share of Class B common stock.
 -0- 10/25/93
 /CONTACT: Gilbert L. Danielson, vice president, finance, and chief financial officer, Aaron Rents, 404-231-0011/
 (ARON)


CO: Aaron Rents, Inc. ST: Georgia IN: REA SU: ERN

RA-BN -- AT009 -- 6231 10/25/93 10:51 EDT
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Publication:PR Newswire
Date:Oct 25, 1993
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