ATLANTA, Feb. 15, 2018
/PRNewswire/ -- Aaron's, Inc. (NYSE: AAN), a leading omnichannel
provider of lease-purchase solutions, today announced that the
Company's Board of Directors has approved a new share repurchase
program authorizing management to repurchase up to $500 million of the Company's outstanding common
stock. In light of the new repurchase program, the Company has
discontinued its previous share repurchase program.
"In 2017, we generated record sales and earnings and
strengthened our balance sheet by reducing our debt $135 million. We also increased our dividend for
the 15th consecutive year and repurchased nearly two million shares
of stock. The decision to authorize the new repurchase program is
part of our capital allocation strategy, which reflects our
expectation for strong cash flow generation over the next few
years," said John Robinson, Chief
Executive Officer.
Under the Company's new repurchase program, the Company may
repurchase shares from time to time on the open market or through
privately negotiated transactions. Repurchases of shares may be
made under a Rule 10b5-1 plan, which would permit repurchases when
the Company might otherwise be precluded from doing so under
insider trading laws. The extent to which the Company repurchases
its shares and the timing of such purchases will depend upon market
conditions and other corporate considerations, as determined by the
Company's management. The Company is not obligated to acquire any
particular number of shares and the program may be suspended or
discontinued at any time.
About Aaron's, Inc.
Headquartered in Atlanta,
Aaron's, Inc. (NYSE: AAN), is a leading omnichannel provider of
lease-purchase solutions. The Aaron's Business engages in the sales
and lease ownership and specialty retailing of furniture, consumer
electronics, home appliances and accessories through its 1,726
Company-operated and franchised stores in 47 states and
Canada, as well as its e-commerce
platform, Aarons.com. In addition, Progressive Leasing, a virtual
lease-to-own company, provides lease-purchase solutions through
approximately 27,000 retail locations in 46 states. Dent-A-Med,
Inc., d/b/a the HELPcard®, provides a variety of second-look credit
products that are originated through federally insured banks. For
more information, visit investor.aarons.com, Aarons.com,
ProgLeasing.com, and HELPcard.com.
Forward Looking Statements
Statements in this press release regarding our 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
"believe," "expect," "will" and similar terminology. Statements in
this release that are "forward-looking" include, without
limitation, statements regarding our plans to repurchase shares
under our newly authorized repurchase program and the manner in
which, and frequency with which, we may do so, the
consistency of our business model and ability to generate strong
cash flows, and our ability to create meaningful shareholder value
in both the short and long term 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
execution and results of our business transformation strategy,
risks related to Progressive Leasing's "virtual" lease-to-own
business, the outcome of Progressive Leasing's pilot or test
programs with various retailers and the results of Progressive
Leasing's efforts to expand its relationships with existing
retailer partners and establish new partnerships with additional
retailers 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, 2016
as updated in its subsequently filed Quarterly Reports on Form
10-Q, which are available from the SEC. 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.
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SOURCE Aaron's, Inc.