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SECOND QUARTER PROFITS MORE THAN DOUBLE AT AARON RENTS

 SECOND QUARTER PROFITS MORE THAN DOUBLE AT AARON RENTS
 ATLANTA, Oct. 20 /PRNewswire/ -- Aaron Rents, Inc. (NASDAQ: ARON), the nation's largest furniture rental and sales company, today announced sharply higher earnings for the second quarter and first six months of its fiscal year.
 The company's rent-to-own division continued its strong growth with plans to open its 40th store.
 R. Charles Loudermilk, chairman and chief executive officer, reported net earnings for the three months ended Sept. 30 rose to $1.5 million, or $.35 per share of common stock, more than doubling the $658,000, or $.16 per share, for the second quarter last year. Revenues for the quarter gained 7 percent to $38.7 million compared to $36.3 million for the second quarter last year.
 Net earnings for the six-month period increased to $3.0 million or $.71 per share, compared to $1.1 million or $.26 per share last year. Revenues for the six months reached $77.7 million, increasing by 9 percent over $71.5 million for the first half a year ago.
 "These results reflect the progress of our basic rental business and the dramatic growth of our rent-to-own division even in the sluggish economy," Loudermilk said. "Our company is now realizing the benefits of the major restructuring and strategic actions of the past two years. We anticipate continuing strong gains the balance of the year in all aspects of our business."
 The strong performance for the quarter included a 43 percent gain in revenues by the Aaron's Rent-To-Own(R) division and a 21 percent increase by Ball Stalker Co., a wholly owned contract office furniture subsidiary, over the previous year's quarter.
 Aaron's Rent-To-Own(R), which previously announced opening seven more company-owned rent-to-own stores, will add two more, increasing the total number of stores to 40. At least five more company-owned stores will be opened by the end of the current fiscal year ending March 31, 1993.
 In addition, Aaron's Rent-To-Own(R) has awarded three franchises since initiating its franchise program earlier this year. Plans are to increase the total to 20 franchise stores within the next 18 months. The franchise program is expected to gain momentum as a result of an agreement with ITT Commercial Finance Corporation announced Oct. 13, for financing the rent-to-own franchises.
 Aaron Rents, Inc., based in Atlanta, operates more than 150 stores in 21 states for the sale and rental of residential and office furniture and equipment. The company produces furniture at five plants in Georgia and Florida and recently opened its first business equipment rental store in Atlanta.
 AARON RENTS, INC.
 3 mos. ended 6 mos. ended
 9/30/92 9/30/91 9/30/92 9/30/91
 (In thousands, except per share amounts)
 Revenues $38,686 $36,277 $ 77,743 $ 71,492
 Net earnings 1,480 658 3,035 1,109
 Earnings per share .35 .16 .71 .26
 Weighted average
 shares outstanding 4,286 4,228 4,280 4,228
 -0- 10/20/92
 /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


BR -- AT005 -- 2060 10/20/92 09:34 EDT
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Publication:PR Newswire
Date:Oct 20, 1992
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