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AARON RENTS REPORTS RECORD YEAR; DOUBLING EARNINGS

 ATLANTA, April 28 /PRNewswire/ -- Aaron Rents, Inc. (NASDAQ: ARONA ARONB), the nation's largest furniture rental and sales company, today reported record revenues and earnings for its year ended March 31.
 The results are preliminary.
 Pre-tax earnings for the year increased 122 percent and net earnings increased 99 percent, both record levels. Pre-tax earnings were up 82 percent and net earnings were up 32 percent in the fourth quarter.
 Revenues for the fourth quarter rose 5 percent to $41.9 million compared to $40.0 million for the corresponding period in fiscal 1992. Net earnings for the fourth quarter increased to $1.4 million, or $.16 per share compared to $1.1 million, or $.13 per share in the fourth quarter of 1992.
 For the year, revenues reached a record $157.6 million, a 9 percent increase over the $144.5 million for the previous year. Net earnings also set a record, doubling to $6.1 million or $.70 per share compared to $3.1 million or $.36 per share in fiscal 1992.
 Rental revenues for the fourth quarter were up 14 percent and for the fiscal year up 12 percent, primarily due to strong growth within the Aaron's Rent-To-Own(R) Division of the company. All operating divisions of the company showed improvement over the previous year.
 In the fourth quarter the company wrote-off the remaining goodwill associated with the 1987 purchase of its Ball Stalker subsidiary. This write-off resulted in a fiscal year after-tax charge of $1.4 million, or $.16 per share, and an after-tax charge in the fourth quarter of $1.2 million, or $.14 per share. The company took this action to reduce the carrying value of its investment in Ball Stalker to more accurately reflect current valuation.
 "The record results achieved in fiscal 1993 confirm the success of our strategy over the past several years," said R. Charles Loudermilk Sr., chairman and chief executive officer. "We anticipate a strong performance this year with the continuing expansion of our core rental business and the rapid growth of our rent-to-own program as well as our new franchise division."
 During the past fiscal year, Aaron's Rent-To-Own(R) opened 13 company-owned stores, bringing the total at year-end to 44, an increase of 42 percent. Fourteen other stores are currently under construction and will be opened within the next six months. In addition, the company has awarded 10 Aaron's Rent-To-Own(R) franchises to date and anticipates strong growth in the franchise program during the upcoming months.
 The Aaron's Rent-To-Own(R) strategy is to locate company-owned stores in major metropolitan areas and award franchises in smaller markets with strong growth potential.
 Aaron Rents, Inc., based in Atlanta, operates over 155 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 March 31
 (in thousands, except per share amounts)
 1993 Amounts Preliminary - Unaudited
 Three Months Fiscal Year
 1993 1992 1993 1992
 Revenues $41,932 $39,998 $157,632 $144,549
 Net earnings 1,402 1,061 6,065 3,052
 Earnings per share (a) $.16 $.13 $.70 $.36
 Weighted average
 shares outstanding 8,771 8,459 8,645 8,456
 (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- 1/30/92
 /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

CF-BR -- AT017 -- 2205 04/28/93 15:38 EDT
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Publication:PR Newswire
Date:Apr 28, 1993
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