Aaron Rents revenues, earnings rise sharply
By Furniture Today Staff -- Furniture Today, November 7, 2004
Atlanta — Rental and rent-to-own major Aaron Rents said its third-quarter revenues and earnings rose sharply, fueled partly by same-store sales gains of 10.9% at company-owned stores and 12.6% at franchise stores.
Total revenues were up 23% from the third quarter of 2003, to $231.6 million. Net income rose 23.1%, to $10.6 million.
Charles Loudermilk, chairman and CEO, said the company's sales and lease ownership (RTO) division "continues to outperform all its competitors. We expect our rapid expansion and the resulting increase in market penetration to continue in upcoming periods."
During the quarter, the division opened 14 new company-operated stores and 22 franchised stores. As of Sept. 30, the division included 585 company-owned stores and 343 franchised stores. Along with its 59 rent-to-rent stores, Aaron's had a total of 987 stores, up 17% from the 847 stores open at the end of last year.
Gil Danielson, chief financial officer, said Aaron's expects earnings per share in a range of 23 to 26 cents for the fourth quarter, down from 31 cents a year earlier.
| Aaron Rents | |||
|---|---|---|---|
| Earnings per share are fully diluted. | |||
| Quarter ended 9/30 | 2004 | 2003 | Change |
| (a) Includes non-rental revenues of $57.9 million in the 2004 quarter, $47 million in the 2003 quarter, $188.1 million in the 2004 nine months and $153.5 million in the 2003 nine months. (b) Revenues minus cost of sales, operating expenses and depreciation of rental merchandise. (c) Includes a $5.5 million pretax gain on the disposition of Rainbow Rentals stock. |
|||
| Revenues (a) | $231,648,000 | $188,406,000 | 23.0% |
| Operating income (b) | 18,901,000 | 15,194,000 | 24.4% |
| Net income | 10,647,000 | 8,651,000 | 23.1% |
| Earnings per share | 0.21 | 0.17 | 23.5% |
| 9 months ended 9/30 | 2004 | 2003 | Change |
| Revenues (a) | $704,427,000 | $557,407,000 | 26.4% |
| Operating income (b) | 67,009,000 | 46,068,000 | 45.5% |
| Net income | (c)38,849,000 | 26,160,000 | 48.5% |
| Earnings per share | 0.77 | 0.53 | 45.3% |
| Masco Corp. | |||
|---|---|---|---|
| Owns d-Scan, Mill's Price and Tvilum-Scanbirk | |||
| Earnings per share are fully diluted, and all figures in parentheses are losses or declines. | |||
| Quarter ended 9/30 | 2004 | 2003 | Change |
| (a) Includes pretax income from a litigation settlement of $2 million in the 2004 quarter and $58 million in the 2003 quarter and net income from discontinued operations of $70 million in the 2004 quarter and $61 million in the 2003 quarter. (b) Based on average shares outstanding of 449 million in the 2004 quarter, 489 million in the 2003 quarter, 455 million in the 2004 nine months and 496 million in the 2003 nine months. (c) Includes pretax income from a litigation settlement of $30 million in the 2004 nine months and $71 million in the 2003 nine months. The 2004 nine months also includes a $36 million net loss from discontinued operations and the 2003 nine months also includes $78 million in net income from discontinued operations. |
|||
| Sales | $3,173,000,000 | $2,823,000,000 | 12.4% |
| Operating income | 489,000,000 | 415,000,000 | 17.8% |
| Net income (a) | 359,000,000 | 319,000,000 | 12.5% |
| Earnings per share (b) | 0.80 | 0.65 | 23.1% |
| 9 months ended 9/30 | 2004 | 2003 | Change |
| Sales | $9,040,000,000 | $7,803,000,000 | 15.9% |
| Operating income | 1,325,000,000 | 1,077,000,000 | 23.0% |
| Net income (c) | 788,000,000 | 714,000,000 | 10.4% |
| Earnings per share (b) | 1.73 | 1.44 | 20.1% |
-
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Apr 29, 2007 -
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Aaron 3Q sales up, profits down
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Aaron 2Q revenues jump 11.6%
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