Aaron’s Revenues up 16.1% for Second Quarter

On July 24th, Aaron’s announces that revenues for the second quarter of 2015 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.

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