ATLANTA, July 24, 2015
/PRNewswire/ -- Aaron's, Inc. (NYSE: AAN), a leader in the
sales and lease ownership and specialty retailing of furniture,
consumer electronics, home appliances and accessories, today
announced revenues and earnings for the three and six months ended
June 30, 2015.
For the second quarter of 2015, revenues increased 16.1% to
$769.0 million compared with
$662.5 million for the second quarter
of 2014. Net earnings increased to $40.5
million compared with $8.5
million in the prior year period. Diluted earnings per share
were $.56 compared with $.12 for the same quarter last year. EBITDA for
the Company was $89.8 million
compared with $43.0 million a year
ago.
On a non-GAAP basis, net earnings for the second quarter of 2015
increased to $44.7 million compared
with $27.2 million for the same
period in 2014, and earnings per share assuming dilution increased
to $.61 compared with $.37 a year ago. In 2015, non-GAAP net earnings
and diluted earnings per share exclude the effects of amortization
expense resulting from the acquisition of Progressive. In 2014, in
addition to Progressive amortization, non-GAAP results exclude the
effects of certain one-time Progressive transaction costs,
financial advisory and legal costs related to addressing strategic
matters and restructuring charges related to store closures. See
"Use of Non-GAAP Information" and the related non-GAAP
reconciliation accompanying this press release.
"The second quarter demonstrated our organization's ability to
grow revenues and increase EBITDA at double-digit rates," said
John Robinson, Chief Executive
Officer of Aaron's, Inc. "Our core business achieved an increase in
profit margin due to improved expense and inventory control. We're
disappointed that core revenues were not stronger in the quarter
but remain optimistic that recent initiatives will drive better
year-over-year comps in the future."
"Progressive delivered an outstanding quarter with strong
revenues and improved operating margins," continued Mr.
Robinson. "Our pipeline of new retailers is robust, and
we're beginning to reap real benefits from the integration of the
two businesses. Overall, the opportunity to grow Progressive
remains exciting, and we'll maintain discipline in our core
business until revenue initiatives gain more traction," Mr.
Robinson said.
Financial Summary
During the first six months of 2015, revenues increased 27.5% to
$1.591 billion compared with
$1.248 billion for the first six
months of 2014. Net earnings were $89.8
million versus $46.8 million
last year. Diluted earnings per share were $1.23 compared with $.64 per share a year ago.
EBITDA for the Company increased 62.2% to $193.5 million for the six months of 2015
compared with $119.3 million a year
ago. On a non-GAAP basis, net earnings for the first six months of
2015 were $98.1 million compared with
$66.7 million for the same period in
2014, and earnings per share assuming dilution were $1.35 compared with $.92 a year ago.
Aaron's Inc., which includes Progressive, had 1,525,000
customers at the end of June 2015
versus 1,398,000 last year, a 9.1% increase. The Company ended the
second quarter of 2015 with $91.1
million in cash compared with $3.5
million at the end of 2014. Debt was reduced to $494.9 million at June 30, 2015 from
$606.1 million at December 31,
2014.
Core Results
Revenues of Aaron's Sales & Lease Ownership division
decreased 3.9% in the second quarter of 2015 to $496.7 million compared with $516.9 million in revenues in the second quarter
of 2014. Sales and lease ownership revenues for the first six
months of 2015 decreased 3.0% to $1.049
billion compared with $1.082
billion for the same period a year ago.
HomeSmart division revenues were $15.5
million in the second quarter of 2015, a 3.1% decrease from
$16.0 million in the second quarter
of 2014. HomeSmart revenues for the first six months of 2015 were
$32.3 million versus $33.3 million for the same period a year ago,
also a 3.1% decrease.
EBITDA for the core business for the three and six months ended
June 30, 2015 was $53.8 million
and $129.2 million, respectively. As
a percentage of revenues, EBITDA was 10.5% for the three months and
11.9% for the first six months of 2015 compared to 5.5% and 9.4%
for the same periods a year ago. Margin improvement in the core
business was driven by the Company's price, inventory reduction,
and cost initiatives. Write offs for damaged, lost or unsaleable
merchandise were 3.6% of revenues in the quarter.
Same store revenues (revenues earned in Company-operated stores
open for the entirety of both quarters) decreased 4.4% during the
second quarter of 2015 compared with the second quarter of 2014,
and customer counts on a same store basis were down 3.7%.
Company-operated Aaron's stores had 1,053,000 customers and
franchised stores had 579,000 customers at the end of the quarter,
a 3.1% decline in total customers from the end of the second
quarter a year ago (customers of franchisees are not customers of
Aaron's, Inc.).
Progressive Results
Progressive's revenues in the second quarter of 2015 were
$255.9 million and $507.6 million for the first six months. EBITDA
for the second quarter and first six months of 2015 was
$36.0 million and $64.3 million, respectively. As a percentage of
revenues, EBITDA was 14.0% for the second quarter and 12.7% for the
first six months of 2015. Write offs for damaged, lost or
unsaleable merchandise were 6.1% of revenues.
Progressive had 473,000 customers at June 30, 2015.
Progressive's results of operations beginning on its acquisition
date of April 14, 2014 were included
in the Company's financial statements for the second quarter of
2014.
The strength of Progressive's EBITDA margin in the second
quarter was driven by strong lease portfolio performance, improved
collection metrics, and increasing leverage on fixed operating
expenses. Invoice volume per active door grew 28%.
Components of Revenue
Consolidated lease revenues and fees for the second quarter and
six months of 2015 increased 19.5% and 33.9%, respectively, over
the comparable prior year periods. Franchise royalties and fees
decreased 4.5% in the second quarter and 5.3% for the first six
months of 2015 compared with the same periods in 2014. The decrease
in the Company's franchise royalties and fees are primarily the
result of a decrease in revenues of the Company's franchisees.
Franchisees had revenues of $237.1
million during the second quarter and $497.9 million for the six months of 2015,
decreases of 2.3% and 3.1%, respectively, from the comparable 2014
periods. Same store revenues and customer counts for franchised
stores were down 1.6% and 2.2%, respectively, for the second
quarter of 2015 compared with the same quarter last year (revenues
and customers of franchisees, however, are not revenues and
customers of Aaron's, Inc.). Non-retail sales, which are primarily
sales of merchandise to Aaron's Sales and Lease Ownership
franchisees, increased .7% for the second quarter and 2.8% for the
six months of 2015 compared with the same periods last year.
Store Count
During the second quarter of 2015, the Company opened four
Company-operated Aaron's Sales & Lease Ownership stores and
three franchised stores. The Company acquired seven Aaron's Sales
& Lease Ownership stores from franchisees and sold four
Company-operated Aaron's Sales & Lease Ownership stores to
franchisees, one of which was merged with an existing franchised
location. Twenty-five Company-operated Aaron's Sales & Lease
Ownership stores and three franchised Aaron's Sales & Lease
Ownership stores were closed during the quarter. The Company also
completed a six store swap with a third party during the quarter
and merged the acquired stores with existing locations.
At June 30, 2015, the Company had 1,211 Company-operated
Aaron's Sales & Lease Ownership stores, 784 franchised Aaron's
Sales & Lease Ownership stores, 83 Company-operated HomeSmart
stores, and two franchised HomeSmart stores. The total number of
stores open at June 30, 2015 was 2,080.
2015 Outlook
The Company is updating its EBITDA and diluted earnings per
share guidance for the full year 2015. No change is being made to
the revenue guidance previously published on April 24, 2015. Diluted earnings per share is
presented both on a GAAP basis and on a non-GAAP basis that
excludes Progressive-related intangible amortization. The Company
currently expects to achieve the following:
Core Business
- EBITDA in the range of $205 million to
$220 million compared with the previous guidance of
$200 million to $220 million.
Progressive
- EBITDA in the range of $120 million to
$130 million compared with the previous guidance of
$105 million to $115 million.
Consolidated Results
- EBITDA in the range of $325 million to
$350 million compared with the previous guidance of
$305 million to $335 million.
- GAAP diluted earnings per share in the range of $1.92 to $2.12 compared with the previous
guidance of $1.78 to $1.98.
- Non-GAAP adjusted diluted earnings per share in the range of
$2.15 to $2.35 compared with the
previous guidance of $2.01 to
$2.21.
Conference Call and Webcast
Aaron's will hold a conference call to discuss its quarterly
financial results on Friday, July 24, 2015, at 10:00 a.m. Eastern Time. The public is invited to
listen to the conference call by webcast accessible through the
Company's Investor Relations website, investor.aarons.com, in the
"Investor Relations" section. The webcast will be archived for
playback at that same site.
About Aaron's, Inc.
Aaron's, Inc. (NYSE: AAN), a leader in the sales and lease
ownership and specialty retailing of furniture, consumer
electronics, home appliances and accessories, has more than 2,000
Company-operated and franchised stores in 48 states, the
District of Columbia,
and Canada. Aaron's was founded in 1955, is
headquartered in Atlanta and has been publicly traded
since 1982. Progressive Leasing, a wholly-owned subsidiary and
leading virtual lease-to-own company, provides lease-purchase
solutions through more than 16,000 retail locations in 46 states.
Aaron's, Inc. includes the Aarons.com, ShopHomeSmart.com and
ProgLeasing.com brands. For more information,
visit www.aarons.com.
"Safe Harbor" Statement under the Private Securities
Litigation Reform Act of 1995: Statements in this news release
regarding Aaron's, Inc.'s business that 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. Such
forward-looking statements generally can be identified by the use
of forward-looking terminology, such as "may," "expect,"
"forecast," "guidance," "intend," "believe," "could," "project,"
"estimate," "anticipate," "should" and similar terminology. These
risks and uncertainties include factors such as changes in general
economic conditions, competition, pricing, legal and regulatory
proceedings, customer privacy, information security, customer
demand, the integration of the Progressive acquisition, the
execution and results of our new strategy, risks related to
Progressive's "virtual" lease-to-own business with which the
Company may be unfamiliar, and the other risks and uncertainties
discussed under "Risk Factors" in the Company's Annual Report on
Form 10-K for the fiscal year ended December
31, 2014 as updated in its Quarterly Report on Form 10-Q for
the fiscal quarter ended March 31,
2015. Statements in this release that are "forward-looking"
include without limitation: statements regarding the impact of the
Company's strategies for its core business, new product
introduction and Aaron's projected results (including Progressive's
results) for the remainder of 2015, including statements under the
heading "2015 Outlook." You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date of this press release. Except as required by law, the
Company undertakes no obligation to update these forward-looking
statements to reflect subsequent events or circumstances after the
date of this press release.
Aaron's, Inc. and
Subsidiaries
Consolidated
Statements of Earnings
(In thousands,
except per share amounts)
|
|
|
|
|
|
|
(Unaudited)
Three Months Ended
|
(Unaudited)
Six Months Ended
|
|
|
June 30,
|
June 30,
|
|
|
2015
|
2014
|
2015
|
2014
|
Revenues:
|
|
|
|
|
|
Lease Revenues and
Fees
|
|
$
|
660,472
|
|
$
|
552,494
|
|
$
|
1,355,754
|
|
$
|
1,012,310
|
|
Retail
Sales
|
|
7,073
|
|
8,419
|
|
19,067
|
|
22,929
|
|
Non-Retail
Sales
|
|
84,449
|
|
83,893
|
|
180,486
|
|
175,518
|
|
Franchise Royalties
and Fees
|
|
15,491
|
|
16,225
|
|
32,495
|
|
34,309
|
|
Other
|
|
1,564
|
|
1,459
|
|
3,061
|
|
2,847
|
|
Total
|
|
769,049
|
|
662,490
|
|
1,590,863
|
|
1,247,913
|
|
|
|
|
|
|
|
Costs and
Expenses:
|
|
|
|
|
|
Depreciation of Lease
Merchandise
|
|
294,362
|
|
232,715
|
|
610,348
|
|
400,627
|
|
Retail Cost of
Sales
|
|
4,849
|
|
5,478
|
|
12,553
|
|
14,491
|
|
Non-Retail Cost of
Sales
|
|
76,463
|
|
76,227
|
|
163,315
|
|
159,134
|
|
Operating
Expenses
|
|
325,555
|
|
311,116
|
|
653,475
|
|
573,815
|
|
Financial Advisory
and Legal Costs
|
|
—
|
|
12,404
|
|
—
|
|
13,276
|
|
Progressive-Related
Transaction Costs
|
|
—
|
|
5,464
|
|
—
|
|
6,267
|
|
Restructuring
Expenses
|
|
—
|
|
2,264
|
|
—
|
|
2,264
|
|
Other Operating
Expense/(Income), Net
|
|
277
|
|
5
|
|
(1,183)
|
|
(672)
|
|
Total
|
|
701,506
|
|
645,673
|
|
1,438,508
|
|
1,169,202
|
|
|
|
|
|
|
|
Operating
Profit
|
|
67,543
|
|
16,817
|
|
152,355
|
|
78,711
|
|
Interest
Income
|
|
792
|
|
1,074
|
|
1,231
|
|
1,827
|
|
Interest
Expense
|
|
(5,622)
|
|
(5,479)
|
|
(11,591)
|
|
(7,012)
|
|
Other Non-Operating
Income, Net
|
|
1,641
|
|
1,150
|
|
189
|
|
746
|
|
Earnings Before
Income Taxes
|
|
64,354
|
|
13,562
|
|
142,184
|
|
74,272
|
|
|
|
|
|
|
|
Income
Taxes
|
|
23,808
|
|
5,057
|
|
52,395
|
|
27,428
|
|
|
|
|
|
|
|
Net
Earnings
|
|
$
|
40,546
|
|
$
|
8,505
|
|
$
|
89,789
|
|
$
|
46,844
|
|
|
|
|
|
|
|
Earnings Per
Share
|
|
$
|
.56
|
|
$
|
.12
|
|
$
|
1.24
|
|
$
|
.65
|
|
Earnings Per Share
Assuming Dilution
|
|
$
|
.56
|
|
$
|
.12
|
|
$
|
1.23
|
|
$
|
.64
|
|
|
|
|
|
|
|
Weighted Average
Shares Outstanding
|
|
72,572
|
|
72,246
|
|
72,544
|
|
72,356
|
|
Weighted Average
Shares Outstanding Assuming Dilution
|
|
72,965
|
|
72,598
|
|
72,910
|
|
72,733
|
|
Selected Balance
Sheet Data
(In
thousands)
(Unaudited)
|
|
|
|
|
June 30,
2015
|
|
December 31,
2014
|
Cash and Cash
Equivalents
|
|
$
|
91,144
|
|
|
$
|
3,549
|
|
Investments
|
|
22,758
|
|
|
21,311
|
|
Accounts Receivable,
Net
|
|
95,971
|
|
|
107,383
|
|
Lease Merchandise,
Net
|
|
1,038,133
|
|
|
1,087,032
|
|
Property, Plant and
Equipment, Net
|
|
211,886
|
|
|
219,417
|
|
Other Assets,
Net
|
|
895,507
|
|
|
1,018,152
|
|
|
|
|
|
|
Total
Assets
|
|
2,355,399
|
|
|
2,456,844
|
|
|
|
|
|
|
Debt
|
|
494,858
|
|
|
606,082
|
|
Total
Liabilities
|
|
1,038,310
|
|
|
1,233,323
|
|
Shareholders'
Equity
|
|
$
|
1,317,089
|
|
|
$
|
1,223,521
|
|
|
|
|
|
|
Use of Non-GAAP Financial Information:
This press release presents the Company's net earnings and
diluted earnings per share in accordance with generally accepted
accounting principles in the United
States ("GAAP") and in a format that is not in accordance
with GAAP due to the exclusion of $6.6
million in Progressive-related intangible amortization
expense in the second quarter of 2015 and $13.2 million for the six months of 2015, as well
as the exclusion of certain 2014 charges as presented and described
in previous releases and as shown in this press release for
comparative purposes.
Management regards the amortization expense relating to the
Company's acquisition of Progressive as a special charge not
arising out of the ordinary course of business. Management believes
that presentation of net earnings and diluted earnings per share
excluding this adjustment is useful because it gives investors
supplemental information to evaluate and compare the Company's
underlying operating performance from period to period.
Non-GAAP financial measures, however, should not be used as a
substitute for, or considered superior to, measures of financial
performance prepared in accordance with GAAP, such as the Company's
GAAP basis net earnings and diluted earnings per share and the GAAP
operating income of the Company's segments, which are also
presented in the press release. Please refer to our Current Report
on Form 8-K furnishing this earnings release to the U.S. Securities
and Exchange Commission on the date hereof for further information
on our use of non-GAAP financial measures.
Reconciliation of
Net Earnings and Earnings Per Share Assuming Dilution to
Non-GAAP
|
Net Earnings and
Earnings Per Share Assuming Dilution
|
(In thousands,
except earnings per share)
|
|
|
|
|
|
(Unaudited)
Three Months Ended
June 30,
|
(Unaudited)
Six Months Ended
June 30,
|
|
2015
|
2014
|
2015
|
2014
|
Net
Earnings
|
$
|
40,546
|
|
$
|
8,505
|
|
$
|
89,789
|
|
$
|
46,844
|
|
Add
Progressive-Related Intangible Amortization Expense
(1)(2)
|
4,150
|
|
6,083
|
|
8,320
|
|
6,118
|
|
Add Financial
Advisory and Legal Costs (3)
|
—
|
|
7,779
|
|
—
|
|
8,373
|
|
Add Estimated
Progressive-Related Transaction Cost (4)
|
—
|
|
3,426
|
|
—
|
|
3,953
|
|
Add Restructuring
Expenses (5)
|
—
|
|
1,420
|
|
—
|
|
1,428
|
|
Non-GAAP Net
Earnings
|
$
|
44,696
|
|
$
|
27,213
|
|
$
|
98,109
|
|
$
|
66,716
|
|
|
|
|
|
|
Earnings Per Share
Assuming Dilution
|
$
|
.56
|
|
$
|
.12
|
|
$
|
1.23
|
|
$
|
.64
|
|
Add
Progressive-Related Intangible Amortization Expense
|
.05
|
|
.08
|
|
.12
|
|
.08
|
|
Add Financial
Advisory and Legal Costs
|
—
|
|
.11
|
|
—
|
|
.12
|
|
Add
Progressive-Related Transaction Costs
|
—
|
|
.05
|
|
—
|
|
.05
|
|
Add Restructuring
Expenses
|
—
|
|
.02
|
|
—
|
|
.02
|
|
|
|
|
|
|
Non-GAAP Earnings Per
Share Assuming Dilution (6)
|
$
|
.61
|
|
$
|
.37
|
|
$
|
1.35
|
|
$
|
.92
|
|
|
|
|
|
|
Weighted Average
Shares Outstanding Assuming Dilution
|
72,965
|
|
72,598
|
|
72,910
|
|
72,733
|
|
(1)
|
Net of taxes of
$2,437 for the three months and $4,855 for the six months ended
June 30, 2015 calculated using the effective tax rate for the
three and six months ended June 30, 2015.
|
|
|
(2)
|
Net of taxes of
$3,617 for the three months and $3,582 for the six months ended
June 30, 2014 calculated using the effective tax rates for the
three and six months ended June 30, 2014.
|
|
|
(3)
|
Net of taxes of
$4,625 for the three months and $4,903 for the six months ended
June 30, 2014 calculated using the effective tax rates for the
three and six months ended June 30, 2014.
|
|
|
(4)
|
Net of taxes of
$2,038 for the three months and $2,314 for the six months ended
June 30, 2014 calculated using the effective tax rates for the
three and six months ended June 30, 2014.
|
|
|
(5)
|
Net of taxes of $844
for the three months and $836 for the six months ended
June 30, 2014 calculated using the effective tax rates for the
three and six months ended June 30, 2014.
|
|
|
(6)
|
In some cases the sum
of individual EPS amounts may not equal total EPS
calculations.
|
Aaron's, Inc. and
Subsidiaries
Non-GAAP Financial
Information
Quarterly Segment
EBITDA
(In
thousands)
(Unaudited)
|
|
|
|
|
Three Months Ended
June 30, 2015
|
|
Sales & Lease
Ownership
|
Progressive
|
HomeSmart
|
Franchise
|
Manufacturing
|
Other1
|
Consolidated
Total
|
Net
Earnings
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
40,546
|
|
Income
Taxes
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
23,808
|
|
Earnings Before
Income
Taxes
|
40,690
|
|
23,314
|
|
48
|
|
11,993
|
|
376
|
|
(12,067)
|
|
64,354
|
|
Interest
Expense
|
1,949
|
|
5,595
|
|
214
|
|
—
|
|
7
|
|
(2,143)
|
|
5,622
|
|
Depreciation
|
7,328
|
|
464
|
|
619
|
|
375
|
|
351
|
|
3,722
|
|
12,859
|
|
Amortization
|
363
|
|
6,587
|
|
3
|
|
—
|
|
—
|
|
—
|
|
6,953
|
|
EBITDA
|
$
|
50,330
|
|
$
|
35,960
|
|
$
|
884
|
|
$
|
12,368
|
|
$
|
734
|
|
$
|
(10,488)
|
|
$
|
89,788
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2014
|
|
Sales & Lease
Ownership
|
Progressive
|
HomeSmart
|
Franchise
|
Manufacturing
|
Other1
|
Consolidated
Total
|
Net
Earnings
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
8,505
|
|
Income
Taxes
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
5,057
|
|
Earnings Before
Income
Taxes
|
31,825
|
|
(323)
|
|
(460)
|
|
11,073
|
|
(89)
|
|
(28,464)
|
|
13,562
|
|
Interest
Expense
|
1,981
|
|
4,254
|
|
222
|
|
—
|
|
13
|
|
(991)
|
|
5,479
|
|
Depreciation
|
8,676
|
|
260
|
|
647
|
|
403
|
|
384
|
|
3,274
|
|
13,644
|
|
Amortization
|
515
|
|
9,699
|
|
102
|
|
—
|
|
—
|
|
—
|
|
10,316
|
|
EBITDA
|
$
|
42,997
|
|
$
|
13,890
|
|
$
|
511
|
|
$
|
11,476
|
|
$
|
308
|
|
$
|
(26,181)
|
|
$
|
43,001
|
|
|
|
|
|
|
|
|
|
1Other
segment is primarily revenues attributable to (i) the RIMCO segment
through the date of sale in January 2014, (ii) leasing space to
unrelated third parties in the corporate headquarters building and
(iii) several minor unrelated activities. The pre-tax losses or
earnings in the Other segment are the net result of the activity
mentioned above, net of the portion of corporate overhead not
allocated to the reportable segments for management
purposes.
|
Aaron's, Inc. and
Subsidiaries
Non-GAAP Financial
Information
Six Months Segment
EBITDA
(In
thousands)
(Unaudited)
|
|
|
Six Months Ended June
30, 2015
|
|
Sales & Lease
Ownership
|
Progressive
|
HomeSmart
|
Franchise
|
Manufacturing
|
Other1
|
Consolidated
Total
|
Net
Earnings
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
89,789
|
|
Income
Taxes
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
52,395
|
|
Earnings Before
Income Taxes
|
99,731
|
|
39,144
|
|
574
|
|
25,891
|
|
1,658
|
|
(24,814)
|
|
142,184
|
|
Interest
Expense
|
3,881
|
|
11,064
|
|
454
|
|
—
|
|
17
|
|
(3,825)
|
|
11,591
|
|
Depreciation
|
15,037
|
|
918
|
|
1,247
|
|
741
|
|
733
|
|
7,165
|
|
25,841
|
|
Amortization
|
731
|
|
13,175
|
|
9
|
|
—
|
|
—
|
|
—
|
|
13,915
|
|
EBITDA
|
$
|
119,380
|
|
$
|
64,301
|
|
$
|
2,284
|
|
$
|
26,632
|
|
$
|
2,408
|
|
$
|
(21,474)
|
|
$
|
193,531
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June
30, 2014
|
|
Sales & Lease
Ownership
|
Progressive
|
HomeSmart
|
Franchise
|
Manufacturing
|
Other1
|
Consolidated
Total
|
Net
Earnings
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
46,844
|
|
Income
Taxes
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
27,428
|
|
Earnings Before
Income Taxes
|
87,992
|
|
(323)
|
|
(586)
|
|
25,631
|
|
458
|
|
(38,900)
|
|
74,272
|
|
Interest
Expense
|
3,925
|
|
4,254
|
|
471
|
|
—
|
|
28
|
|
(1,666)
|
|
7,012
|
|
Depreciation
|
17,506
|
|
260
|
|
1,298
|
|
829
|
|
767
|
|
6,350
|
|
27,010
|
|
Amortization
|
1,105
|
|
9,699
|
|
205
|
|
—
|
|
—
|
|
—
|
|
11,009
|
|
EBITDA
|
$
|
110,528
|
|
$
|
13,890
|
|
$
|
1,388
|
|
$
|
26,460
|
|
$
|
1,253
|
|
$
|
(34,216)
|
|
$
|
119,303
|
|
|
|
|
|
|
|
|
|
1Other
segment is primarily revenues attributable to (i) the RIMCO segment
through the date of sale in January 2014, (ii) leasing space to
unrelated third parties in the corporate headquarters building and
(iii) several minor unrelated activities. The pre-tax losses or
earnings in the Other segment are the net result of the activity
mentioned above, net of the portion of corporate overhead not
allocated to the reportable segments for management
purposes.
|
Reconciliation of
2015 Projected Guidance for Earnings Per Share
Assuming Dilution
to Non-GAAP Earnings Per Share Assuming Dilution
|
|
|
|
Fiscal Year
2015
|
|
Low Range
|
High Range
|
Projected Earnings
Per Share Assuming Dilution
|
$
|
1.92
|
|
$
|
2.12
|
|
Add Projected
Progressive-Related Intangible Amortization Expense
|
.23
|
|
.23
|
|
Projected Non-GAAP
Earnings Per Share Assuming Dilution
|
$
|
2.15
|
|
$
|
2.35
|
|
Logo -
http://photos.prnewswire.com/prnh/20130826/CL69318LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/aarons-inc-reports-second-quarter-2015-results-300118252.html
SOURCE Aaron's, Inc.