FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Quarterly Report under Section 13 or 15 (d)
of the Securities Exchange Act of l934
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September 30, 2002 |
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0-12385 |
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For Quarter Ended |
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Commission File No. |
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AARON RENTS, INC. |
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(Exact name of
registrant as |
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Georgia |
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58-0687630 |
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(State or other
jurisdiction of |
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(I. R. S. Employer |
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309 E. Paces Ferry Road, N.E.Atlanta, Georgia |
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30305-2377 |
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(Address of principal executive offices) |
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(Zip Code) |
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(404) 231-0011 |
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(Registrant’s telephone number, including area code) |
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Not Applicable |
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(Former name, former
address and former |
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Indicate by check mark whether registrant (l) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of l934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý
No o
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
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Title of Each Class |
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Shares Outstanding as of |
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Common Stock, $.50 Par Value |
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17,983,517 |
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Class A Common Stock, $.50 Par Value |
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3,731,706 |
AARON RENTS, INC.
INDEX
PART I - FINANCIAL INFORMATION
AARON RENTS, INC. AND SUBSIDIARIES
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(Unaudited) |
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September 30, |
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December 31, |
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(In Thousands, Except Share Data) |
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ASSETS |
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Cash |
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$ |
20,422 |
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$ |
93 |
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Accounts Receivable |
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23,937 |
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25,411 |
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Rental Merchandise |
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433,033 |
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392,532 |
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Less: Accumulated Depreciation |
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(151,878 |
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(133,600 |
) |
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281,155 |
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258,932 |
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Property, Plant and Equipment, Net |
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81,672 |
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77,282 |
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Goodwill, Net |
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24,337 |
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22,096 |
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Prepaid Expenses and Other Assets |
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15,016 |
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13,382 |
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Total Assets |
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$ |
446,539 |
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$ |
397,196 |
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LIABILITIES & SHAREHOLDERS' EQUITY |
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Accounts Payable and Accrued Expenses |
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$ |
60,507 |
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$ |
65,344 |
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Dividends Payable |
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399 |
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Deferred Income Taxes Payable |
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34,646 |
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20,963 |
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Customer Deposits and Advance Payments |
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13,580 |
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12,810 |
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Bank Debt |
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4,300 |
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72,397 |
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Other Debt |
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61,143 |
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5,316 |
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Total Liabilities |
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174,176 |
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177,229 |
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Commitments & Contingencies |
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Shareholders' Equity |
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Common Stock, Par Value $.50 Per Share; Authorized: 25,000,000 Shares; Shares Issued: 19,995,987 Shares at September 30, 2002 and 18,270,987 Shares at December 31, 2001 |
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9,998 |
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9,135 |
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Class A Common Stock, Par Value $.50 Per Share; Authorized: 25,000,000 Shares; Shares Issued: 5,361,761 |
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2,681 |
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2,681 |
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Additional Paid-in Capital |
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87,502 |
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53,846 |
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Retained Earnings |
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216,260 |
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197,321 |
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Accumulated Other Comprehensive Loss |
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(2,382 |
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(1,954 |
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314,059 |
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261,029 |
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Less: Treasury Shares at Cost, |
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Common Stock, 2,012,470 Shares at September 30, 2002 and 2,130,421 Shares at December 31, 2001 |
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(25,792 |
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(26,826 |
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Class A Common Stock, 1,630,055 Shares at September 30, 2002 and 1,532,255 Shares at December 31, 2001 |
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(15,904 |
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(14,236 |
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Total Shareholders' Equity |
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272,363 |
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219,967 |
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Total Liabilities & Shareholders' Equity |
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$ |
446,539 |
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$ |
397,196 |
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See Notes to Consolidated Financial Statements
1
AARON RENTS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
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Three Months Ended |
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Nine Months Ended |
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2002 |
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2001 |
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2002 |
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2001 |
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(In Thousands, Except Per Share) |
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REVENUES: |
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Rentals and Fees |
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$ |
115,369 |
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$ |
99,361 |
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$ |
341,514 |
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$ |
301,966 |
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Retail Sales |
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17,623 |
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14,931 |
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48,788 |
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46,961 |
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Non-Retail Sales |
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19,805 |
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14,640 |
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61,069 |
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46,080 |
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Other |
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5,041 |
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3,584 |
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14,292 |
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11,689 |
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157,838 |
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132,516 |
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465,663 |
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406,696 |
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COSTS AND EXPENSES: |
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Retail Cost of Sales |
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13,079 |
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10,860 |
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35,845 |
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34,067 |
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Non-Retail Cost of Sales |
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18,376 |
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13,767 |
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56,552 |
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43,269 |
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Operating Expenses |
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73,184 |
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