SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): February 24, 2004
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AARON RENTS, INC.
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(Exact name of Registrant as Specified in its Charter)
Georgia 0-12385 58-0687630
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(State or other Jurisdiction of (Commission File (IRS Employer
Incorporation or Organization) Number) Identification No.)
309 E. Paces Ferry Road, N.E.
Atlanta, Georgia 30305-2377
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (404) 231-0011
Not Applicable
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(Former name or former address, if changed since last report)
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA INFORMATION AND EXHIBITS
(a) Financial Statements of Businesses Acquired:
None.
(b) Pro Forma Financial Information:
None.
(c) Exhibits:
Exhibit No. Description
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99.1 Aaron Rents, Inc. press release dated February 24, 2003, announcing
the Company's financial results for 2003 (furnished pursuant to Item
12 of Form 8-K).
ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On February 24, 2003, Aaron Rents, Inc. (the "Company") issued a press
release to announce its financial results for 2003. A copy of the press release
is attached as Exhibit 99.1.
The press release presents the Company's systemwide revenues, along with
the most directly comparable financial measure calculated and presented in
accordance with GAAP, which the Company determined to be Company revenues, and a
reconciliation of Company revenues to systemwide revenues. Comparable
information is given for the Company's Aaron's Sales & Lease Ownership division.
Non-GAAP systemwide revenues is calculated by adding Company or division
revenues determined in accordance with GAAP to the revenues of the Company's
franchisees and subtracting the Company's royalty revenues. Franchisee revenues,
however, are not revenues of Aaron Rents, Inc.
Management believes that presentation of non-GAAP financial measures such
as systemwide revenues is useful because it allows investors and management to
evaluate and compare the overall growth and penetration of the Aaron's brand in
a more meaningful manner than relying exclusively on GAAP financial measures.
Non-GAAP financial measures, however, should not be considered in isolation or
as an alternative to financial measures calculated and presented in accordance
with GAAP. Because systemwide revenues is not a measurement determined in
accordance with GAAP and is thus susceptible to varying calculations, systemwide
revenues as used in the press release may not be comparable to other similarly
titled measures used by other companies.
As used herein, "GAAP" refers to accounting principles generally accepted
in the United States.
The information in this Report, including the Exhibit attached hereto, is
furnished solely pursuant to Item 12 of this Form 8-K. Consequently, it is not
deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of
1934, or otherwise subject to the liabilities of that section. It may only be
incorporated by reference in another filing under the Exchange Act or Securities
Act of 1933 if such subsequent filing specifically references this Form 8-K.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
AARON RENTS, INC.
By: /s/ Gilbert L. Danielson
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Gilbert L. Danielson
Executive Vice President,
Date: February 24, 2003 Chief Financial Officer