07-15-02
RTO Online
Aaron Rents, the nations 3rd largest Rent to Own, joined the 'good news' club
today by announcing it's expectation to exceed the high end of Q2 earnings
estimates by $0.01 to $0.02 per share. Rent A Center announced similar expectations
yesterday. The company also announced raised guidance for
fiscal 2002 from a range of $1.20 to $1.30 per diluted share to $1.27 to $1.32. This change in earnings per share guidance reflects the additional 1,725,000 shares sold by
Aaron in a secondary stock offering in June. The Company used the proceeds of $34.3 million from this offering to pay down its
debt to approximately $25 million. An extraordinarily low level of debt
for a Rent to Own of Aaron's size. Speculation...
This low level of debt positions Aaron Rents favorably for a major expansion
effort...stay tuned
Charles Loudermilk, Sr.
CEO
"This increased guidance is due to the strong revenue and earnings performance of our Aaron's Sales & Lease Ownership
division. We are on track with our plan to continue to improve quarterly performance throughout the remainder of 2002."
Aaron Rents will release second quarter earnings on July 24. end
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