07-24-02
RTO Online

Q2 2002 Factoids

Rental and Fee Revenue $113.6 million

Retail Sales $14 million

Operating Expenses $71.6 million

Depreciation $40 million

Earnings B4 taxes $3.9 million

Earnings per share $0.32

Aaron Rents, the nations 3rd largest Rent to Own released it's Q2 2002 results today. As announced earlier in July, Aarons exceeded expectations. Revenue increased 28% vs. 2001. Same store growth for Q2 was a whopping 9.9%.

R. Charles Loudermilk, Sr.
Chairman and Chief Executive Officer
"We are very pleased with these results, which are driven by the continuing expansion in the Aaron's Sales & Lease Ownership division. We feel we are in an excellent position to continue to show improving performance in upcoming quarters."

The Aaron's Sales & Lease Ownership division led the way by increasing Q2 revenues to $120.1 million versus $93.7 million for the second quarter last year.

The good news keeps on coming...

R. Charles Loudermilk, Sr.
Chairman and Chief Executive Officer
"We are revising our guidance for 2002, and now expect revenues during the year in excess of $615 million with system wide revenues exceeding $840 million. For the third quarter of 2002 we expect diluted earnings per share to be in the range of $.30 to $.32 per share with earnings per share for the full 2002 year in a range of $1.27 to $1.32 per diluted share. Our initial outlook for 2003 is achieving diluted earnings per share in the range of $1.55 to $1.65. We are very positive on the future prospects for the Company."

Part of the rise in earnings was due to various accounting changes, including a January 1, 2002 change in the method of depreciating rental merchandise. But revenue and same store growth are the bottom line and with double digit increases in both...the future looks bright.

Don't forget to listen in to Aaron Rents earnings conference call Thursday, 7-25!
Follow this link to Listen In!

View the Consolidated Statement here

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