Key Developments: Aaron's Inc (AAN)
7 Mar 2014
Latest Key Developments (Source: Significant Developments)
Aaron's, Inc. announced that it has declared a quarterly cash dividend. The dividend declared is $.015 per share on Common Stock, payable July 5, 2012 to shareholders of record as of the close of business on June 6, 2012. Full Article
Aaron's, Inc. Raises FY 2012 Guidance; Issues Q2 2012 Guidance; Revenue Guidance Above Analysts' Estimates
Aaron's, Inc. updated fiscal 2012 guidance and expects revenues (excluding revenues of franchisees) of approximately $2.2 billion, an increase over the previous guidance of approximately $2.15 billion, GAAP diluted earnings per share (EPS) in the range of $2.24 to $2.36, non-GAAP diluted EPS in the range of $1.96 to $2.08 which excludes the first quarter reversal of the accrued lawsuit expense, an increase over the previous guidance of $1.88 to $2.04. For the second quarter of 2012, it expects revenues (excluding revenues of franchisees) of approximately $525 million and diluted earnings per share in the range of $.44 to $.48 per share. According to I/B/E/S Estimates analysts on an average were expecting the Company to report EPS of $0.46 on revenues of $513 million for the second quarter of 2012; EPS of $1.96 on revenues of $2.154 million for fiscal 2012. Full Article
Aaron's, Inc. announced that the Company has entered into a settlement of a lawsuit with a former Aaron's associate who claimed she was sexually harassed by a former co-worker in 2006. The lawsuit, filed in the U.S. District Court for the Southern District of Illinois, resulted in a verdict which originally consisted of approximately $95 million in damages awarded to the plaintiff. Of the total damages awarded, $50 million exceeded the maximum award permitted by law. Consequently, the Court reduced the judgment against Aaron's to $39.8 million in 2011. In a separate legal proceeding, a criminal jury acquitted the former co-worker of all charges on September 28, 2011. On January 13, 2012, the Court held a hearing on the Company's post-trial motions. During the hearing, the Court stated that the jury's verdict of $95 million was 'monstrously excessive' and found that 'the jury, as to damages in this case either failed to understand the Court's instructions, intentionally disregarded them or returned a verdict that was the product of passion or prejudice'. Following the hearing, the Court 'ruled not to sustain the verdict in its current form'. The parties agreed to settle the lawsuit prior to receiving the Court's further ruling on Aaron's request for additional relief as set forth in its post-trial motions. As a result of the settlement, the parties filed with the Court a stipulation to dismiss the lawsuit with prejudice. Full Article
- Aaron's Inc shareholder Vintage Capital Management said it offered to acquire the electronics and furniture rental chain in a deal valued at about $2.3 billion, its fourth attempt to buy the company in three years.