Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Dennis Telzrow – Stephens Inc.
Dennis Telzrow – Stephens Inc.
Two quick questions. In your guidance what’s your assumption of the use of this money that you’re getting from the sale of the Corporate Furnishings? $72 million. Is that to pay debt or buy stock? That’s what I’d think about that.
Gilbert L. Danielson
As money will come in in a week or two I guess our original plan was to pay down our revolving credit facility. As of today we’re drawing down on that about $48 million on our $140 million facility. You may recall that in May we renewed our $140 million facility for another five years with five banks so we’re in good shape in that regards.
We’ll take the cash and pay down revolver. Who knows what we’re going to do? As stock price moves around every day right in front of our eyes it’s hard to say tentatively what we’ll do with the excess cash but we’ll certainly put it good work. And buying shares is not out of the question but we just evaluate that on a day-by-day basis.
R. Charles Loudermilk, Sr.
This is Charlie. We have a board meeting next week and we’ll discuss this next week with the board members. What I’ve been hearing maybe from the board members is we should buy back some shares so we can give you that answer after the board meeting but we’re going to let the board decide that.
Dennis Telzrow – Stephens Inc.
One last question. You mentioned you were moving some inventory from Corporate Furnishings I guess back to the company. Is that a big number or do you have a feel for how much that is?
Gilbert L. Danielson
It’s a pretty good sized number. I don’t have it right in front of me but it’s multiple millions of dollars that we end up, we’re selling the assets of the division to CORT and they’re not taking all the inventory. It’s upholstery, primarily upholstery items and so a lot of the merchandise we’re going to keep and then move it through the Aaron Rents Sales and Lease Ownership.
Operator
Your next question comes from Arvind Bhatia – Sterne, Agee & Leach.
Arvind Bhatia – Sterne, Agee & Leach
First of all I wanted to understand if you could maybe elaborate on where you’re seeing this trend in terms of maybe the income demographics. Is it across the board? Is it more towards the upper end? That’ll be the first question. And then just a couple things. What sort of new store dilution would you be expecting in 2009 given your plans to open stores and the timing of these new stores, how should we think about that?
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