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News Breaks
February 7, 2014
13:35 EDTAANAaron's downgraded to Hold from Buy at KeyBanc
News For AAN From The Last 14 Days
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April 15, 2014
12:18 EDTAANAaron's slides after cutting Q1 guidance, rejecting Vintage bid
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12:04 EDTAANAaron's sees FY15 cash EPS $2.55-$2.80 following Progressive acquisition
Aaron's sees FY15 revenue for Aaron's + Progressive of $3.25B-$3.35B. Guidance may not compare to consensus of $1.97 for EPS and $2.36B for revenue in FY15.
12:02 EDTAANAaron's sees FY14 cash EPS $2.05-$2.20 following Progressive acquisition
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09:16 EDTAANOn The Fly: Pre-market Movers
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09:00 EDTAANAaron's falls 4.8%
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07:17 EDTAANAaron's to host conference call
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07:08 EDTAANAaron's calls Vintage Capital's offer 'inadequate'
In an open letter to shareholders, Aaron's said that "During the Board's process we received a proposal from Vintage Capital Management to acquire all of the outstanding shares of Aaron's for $30.50 per share. Following the review of the proposal by the Transaction Committee of the Board, as well as our financial and legal advisors, our Board has unanimously rejected Vintage's offer as inadequate, illusory and not in the best interests of Aaron's shareholders." The company also announced a strategic plan focused on its core business, and specifically will: "Renew our focus on same store revenue growth for our core portfolio, through improved execution, optimization of merchandising and pricing and an enhanced go-to-market strategy; Refine and grow our online platform; Drive cost efficiency to recapture margin, including through SG&A cost savings and rationalizing underperforming stores; Moderate new company-operated store growth to 2-3% per year; and Strengthen and grow the franchise store base. Additionally, we will target an overall debt-to-capitalization ratio of 20%, and use excess cash to continue to return capital to our shareholders... Overall, we will continue to support franchisees opening locations at a rate of approximately 3-4% per year as they continue to grow and build the Aaron's brand." The company also announced that CFO Gil Danielson has stepped down from the Board, effective immediately; he will continue to serve as CFO.
07:08 EDTAANAaron's acquires Progressive Finance Holdings for $700M
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07:05 EDTAANAaron's says effect of winter weather to negatively impact Q1 EPS by 5c-6c
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07:04 EDTAANAaron's cuts Q1 EPS view to 51c-54c from 57c-62c, consensus 59c
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07:03 EDTAANAaron's cuts Q1 EPS, revenue guidance

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