Aaron Rents, Inc. Directors Raise Dividend by 6.7%; Increase Repurchase Authorization
ATLANTA, Nov. 15 // PRNewswire-FirstCall // -- Aaron Rents, Inc. (NYSE: RNT), the nation's leader in the sales and lease ownership, specialty retailing and rental of residential and office furniture, consumer electronics and home appliances and accessories, today announced that the quarterly dividend rate has been raised to $.016 per share and the Company's share repurchase authorization has been increased to 5,000,000 shares.
The Board of Directors of Aaron Rents declared a quarterly cash dividend of $.016 per share on Common Stock and $.016 per share on Class A Common Stock, payable January 2, 2008 to shareholders of record as of the close of business on December 3, 2007. This is an increase of 6.7% from the previous quarterly dividend of $.015 per share on both classes of stock.
The directors also approved and authorized the repurchase of an additional 2,329,498 of common shares over the existing authorized repurchase amount of 2,670,502 shares, bringing to 5,000,000 the total number of Aaron Rents common shares currently authorized for repurchase.
"We are very pleased that our Company's progress enables us to increase the dividend to our shareholders," said R. Charles Loudermilk, Sr., Chairman and Chief Executive Officer. "We are also pleased to increase the number of shares authorized for repurchase as a way of investing further in our Company and adding value for our shareholders. We look forward to continuing growth of Aaron Rents."
Aaron Rents, Inc., based in Atlanta, currently has more than 1,500 Company-operated and franchised stores in 48 states and Canada for the rental and sale of residential and office furniture, accessories, consumer electronics and household appliances. The Company also manufactures furniture, bedding and accessories at 13 facilities in five states.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this news release regarding Aaron Rents, Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties which could cause actual results to differ materially from those contained in the forward-looking statements. These risks and uncertainties include factors such as changes in general economic conditions, competition, pricing, customer demand and other issues, and the risks and uncertainties discussed under "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2006. Statements in this release that are "forward-looking" include without limitation references to Aaron Rents' potential future growth.
SOURCE Aaron Rents, Inc.