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AARON RENTS, INC. REPORTS RECORD FIRST QUARTER REVENUES AND EARNINGS

 ATLANTA, July 26 /PRNewswire/ -- Aaron Rents, Inc. (NASDAQ: ARONA ARONB), the nation's largest furniture rental and sales company, today reported record revenues and earnings for the first quarter of its fiscal year.
 Net earnings advanced 29 percent and revenues increased 9 percent.
 Revenues for the three months ended June 30 reached $42.6 million compared with $39.1 million for the first quarter last year. Net earnings increased to $2.0 million or $.23 per share compared with $1.6 million or $.18 per share for the year earlier.
 "We are extremely pleased with these results, reflecting the growth of both our core rental business and our rapidly expanding rental purchase division," said R. Charles Loudermilk Sr., chairman and chief executive officer. "The Aaron's Rental Purchase(R) division continued to achieve outstanding growth with 51 company-owned stores and six franchised stores in operation at the end of the quarter.
 "Our total revenues would have increased by 21 percent if the results of operations of Ball Stalker were excluded, the high-end contract office furniture subsidiary which was sold during the quarter to allow the company to concentrate on our more profitable rental business. The strong growth of our rental purchase division will more than offset the future loss of revenues from the divested operation. No financial gain or loss was realized on the sale of Ball Stalker."
 Aaron Rents, Inc., based in Atlanta, operates 165 stores in 21 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.
 Three Months Ended June 30
 (In thousands, except for per share amounts)
 1993 1992
 Revenues $42,627 $39,057
 Net earnings 2,002 1,555
 Earnings per share (a) .23 .18
 Weighted shares outstanding (a) 8,723 8,460
 (a) Earnings per share and weighted shares outstanding 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- 7/26/93
 /CONTACT: Gilbert L. Danielson, vice president, Finance and chief financial officer of Aaron Rents, 404-231-0011/
 (ARON)


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

RA-BN -- AT004 -- 5564 07/26/93 09:31 EDT
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Publication:PR Newswire
Date:Jul 26, 1993
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