Aarons 2013 Annual Report Download

Download and view the complete annual report

Please find the complete 2013 Aarons annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 86

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86

BUILT FOR SUSTAINABLE GROWTH
Annual Report 2013

Table of contents

  • Page 1
    BUILT FOR SUSTAINABLE GROWTH Annual Report 2013

  • Page 2
    ...sale and lease ownership of furniture, consumer electronics, computers, home appliances, and accessories in over 2,100 Company-operated and franchised stores in the United States and Canada. Aaron's is the industry leader in serving the moderate-income consumer and offering affordable payment plans...

  • Page 3
    ...Book Value Per Share Debt to Capitalization Pretax Profit Margin Net Profit Margin Return on Average Equity STORES OPEN AT YEAR-END HomeSmart RIMCO* Franchised** Total Stores Aaron's Sales & Lease Ownership * In January of 2014, the Company sold its 27 Company-operated RIMCO stores and the rights...

  • Page 4
    ..., we installed new store operating systems in over 75% of Company-operated and franchised stores that enhance our customer service efficiency and enable better targeted sales and marketing initiatives. In addition, we consolidated, closed or sold eight stores that were not meeting performance goals...

  • Page 5
    ... our operating team. This will enable our operations leadership to make better-informed, consistent decisions in our business practices. In summary, 2013 was a challenging but productive year. While not satisfied with the financial results of 2013, I am proud of the steps we took to place Aaron's in...

  • Page 6
    ...of convenient monthly or bi-monthly payments as well as 60-, 90- or 120-week terms. Aaron's stores offer brand-name merchandise at affordable prices, featuring a broad range of products for the home. Our new store concept is designed to help customers visualize their homes with products displayed in...

  • Page 7
    ... times. If the customer chooses, the merchandise can be returned with no further obligation any time after the minimum lease period, with no additional fees. And, our customers will not lose what they have invested because Aaron's provides "Lifetime Reinstatement." Any time later, our customers...

  • Page 8
    4% Computers 9% Other 36% Furniture Appliances 22% CompanyOperated Store Revenues Electronics 29% Dave Buck, COO "Aaron's has a long and admirable history of adapting to changes in industry, in the economy and in consumer dynamics. Our team is hard at work making sure that we have the right...

  • Page 9
    ... the same level of customer service and product selection as Aaron's stores, but offer consumers primarily weekly payment options. As with all Aaron's stores, the HomeSmart stores carry furniture, appliances, electronics and computers - quality, name-brand products with no credit needed to qualify...

  • Page 10
    ...' sustainability practices help save the world, one sofa at a time. Robbie Kamerschen, General Counsel Andrea Freeman, VP - Marketing "Marketing is a fast-changing field. Technology has made it possible to reach consumers in new and personal ways. Branding, positioning and customer experience are...

  • Page 11
    ...One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2013 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from Commission file Number. 1-13941 to AARON...

  • Page 12
    ..., there were 71,977,000 shares of the Company's common stock outstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant's definitive Proxy Statement for the 2014 annual meeting of shareholders, to be filed subsequently with the Securities and Exchange Commission, or SEC, pursuant to...

  • Page 13
    ... AND CORPORATE GOVERNANCE ITEM 11. EXECUTIVE COMPENSATION ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES PART...

  • Page 14
    ... statements. All statements which address operating performance, events or developments that we expect or anticipate will occur in the future, including growth in store openings, franchises awarded, market share and statements expressing general optimism about future operating results, are forward...

  • Page 15
    ... used in our business including Aaron's, Aaron's Sales & Lease Ownership, RIMCO and Woodhaven Furniture Industries. We intend to file for trade name and trademark protection when appropriate. Over the past several years, our long-term strategies have included: • Opening additional Company-operated...

  • Page 16
    ...-lease or sell merchandise that customers return to us prior to the expiration of their agreements. We may also offer up-front purchase options at prices we believe are competitive with traditional retailers. At December 31, 2013, we had 1,262 Company-operated Aaron's Sales & Lease Ownership stores...

  • Page 17
    ...favorable delivery terms. Our internal audit department conducts annual financial audits of each franchisee, as well as annual operational audits of each franchised store. In addition, our proprietary management information system links each Company and franchised store to our corporate headquarters...

  • Page 18
    ...,000 square feet of manufacturing capacity. Aaron's Office Furniture Prior to 2010, we operated Aaron's Office Furniture stores which rented and sold new and rental return merchandise to individuals and businesses. Its focus was leasing office furniture to business customers. In June 2010, we made...

  • Page 19
    ... of our sales and lease ownership operation is timely cash collections, which are monitored by store managers. Customers are contacted within a few days of their lease payment due dates to encourage them to keep their agreement current rather than returning the merchandise. Careful attention to...

  • Page 20
    ... benefits including a 120 days same-as-cash option, repair service at no additional charge, lifetime reinstatement and other discounts and benefits. In order to increase leasing at existing stores, we foster relationships with existing customers to attract recurring business, and many new agreements...

  • Page 21
    ... of Aaron's no-credit-needed lease ownership plans. We implement grand opening marketing initiatives, designed to ensure each new store quickly establishes a strong customer base. We also distribute millions of email and direct mail promotions on an annual basis. Aaron's sponsors motorsports teams...

  • Page 22
    ... term for the customer to obtain ownership. Flexible payment methods - we offer our customers the opportunity to pay by cash, check, debit card or credit card. In conventional rent-to-own stores, cash is generally the primary payment medium. Our Aaron's Sales & Lease Ownership stores currently...

  • Page 23
    ..., including states in which we currently operate Aaron's Sales & Lease Ownership and HomeSmart stores. Most state lease purchase laws require rent-to-own companies to disclose to their customers the total number of payments, total amount and timing of all payments to acquire ownership of any item...

  • Page 24
    ...finance new openings and initial operation; difficulties associated with hiring, training and retaining additional skilled personnel, including store managers; our ability to identify suitable new store sites and to negotiate acceptable leases for these sites; competition in existing and new markets...

  • Page 25
    ... new franchised sales and lease ownership stores, maximizing penetration of their designated markets and operating their stores successfully. We generally seek franchisees who meet our stringent business background and financial criteria and who are willing to enter into area development agreements...

  • Page 26
    ... or financial condition. Currently, 47 states and the District of Columbia specifically regulate rent-to-own transactions, including states in which we currently operate Aaron's Sales & Lease Ownership and HomeSmart stores. At the present time, no federal law specifically regulates the rent-to-own...

  • Page 27
    ... by the Federal Trade Commission, state laws and certain Canadian provincial laws regulating the offer and sale of franchises. Because we plan to expand our business in part by awarding more franchises, our failure to obtain or maintain approvals to sell franchises could significantly impair...

  • Page 28
    .... We rely on our information technology systems to process transactions with our customers, including tracking lease payments on merchandise, and to manage other important functions of our business. Failures of our systems, whether due to intentional malfeasance by outside parties or to accidental...

  • Page 29
    ... years at rental rates generally adjusted on the basis of the consumer price index or other factors. The following table sets forth certain information regarding our furniture manufacturing plants, bedding facilities, fulfillment centers, service centers and warehouses: LOCATION SEGMENT, PRIMARY USE...

  • Page 30
    ... are a party will have a material adverse impact on our business, financial position or results of operations. However, an adverse resolution of a number of these items may have a material adverse impact on our business, financial position or results of operations. For further information, see Note...

  • Page 31
    ... In December 2013, the Company paid $125 million under an accelerated share repurchase program with a third party financial institution and received an initial delivery of approximately 3.5 million shares. The average price per share was calculated using the fair market value of the shares on the...

  • Page 32
    ... of December 31, 2013, 11,497,373 shares of common stock remained available for repurchase under the purchase authority approved by the Company's Board of Directors and publicly announced from time-totime. Securities Authorized for Issuance Under Equity Compensation Plans Information concerning the...

  • Page 33
    ...1.43 - - .054 - 1.44 - - .049 .049 1.38 - (.01) .046 .046 Lease Merchandise, Net Property, Plant and Equipment, Net Total Assets Debt Shareholders' Equity AT YEAR END Stores Open: Company-operated Franchised Lease Agreements in Effect Number of Associates $ 869,725 231,293 1,827,176 142,704 1,139...

  • Page 34
    ...of our stores are cash flow positive in the second year of operations. We also use our franchise program to help us expand our sales and lease ownership concept more quickly and into more areas than through opening only Company-operated stores. Our franchisees added a net of 32 stores in 2013, which...

  • Page 35
    ... agreements at Company-operated stores, including agreements that result in our customers acquiring ownership at the end of the terms. Retail sales represent sales of both new and returned lease merchandise from our stores. Non-retail sales mainly represent new merchandise sales to our Aaron's Sales...

  • Page 36
    ... December 31, 2013 and 2012, respectively. Insurance Programs. We maintain insurance contracts to fund workers compensation, vehicle liability, general liability and group health insurance claims. Using actuarial analyses and projections, we estimate the liabilities associated with open and incurred...

  • Page 37
    ... and intersegment profit. Results of Operations - Years Ended December 31, 2013, 2012 and 2011 Change Year Ended December 31, (In Thousands) 2013 2012 2011 $ 2013 vs. 2012 % $ 2012 vs. 2011 % REVENUES: Lease Revenues and Fees Retail Sales Non-Retail Sales Franchise Royalties and Fees Other COSTS...

  • Page 38
    ... parties in the corporate headquarters building, revenues of the Aaron's Office Furniture division through the date of sale in August 2012 and revenues from several minor unrelated activities. Year Ended December 31, 2012 Versus Year Ended December 31, 2011 Sales and Lease Ownership. Sales and Lease...

  • Page 39
    ... from leasing space to unrelated third parties in the corporate headquarters building, revenues of the Aaron's Office Furniture division through the date of sale in August 2012 and revenues from several minor unrelated activities. Costs and Expenses Year Ended December 31, 2013 Versus Year Ended...

  • Page 40
    ... of lease merchandise, office furniture and leasehold improvements) in connection with the Company's decision to sell the 27 Company-operated RIMCO stores. In addition, the Company recognized gains of $833,000 from the sale of two Aaron's Sales & Lease Ownership stores during 2013. Other operating...

  • Page 41
    ...(In Thousands) Year Ended December 31, 2013 2012 2011 2013 vs. 2012 $ % 2012 vs. 2011 $ % EARNINGS BEFORE INCOME TAXES: Sales and Lease Ownership HomeSmart RIMCO Franchise Manufacturing Other Earnings Before Income Taxes for Reportable Segments Elimination of Intersegment Profit Cash to Accrual and...

  • Page 42
    ... bonus depreciation on eligible inventory held during 2012 and 2013. In 2012, the Company made payments based on enacted law, resulting in an overpayment when the act was signed. Purchases of sales and lease ownership stores had a positive impact on operating cash flows in each period presented. The...

  • Page 43
    ... requirements include purchases of property, plant and equipment and expenditures for acquisitions and income tax payments. These capital requirements historically have been financed through cash flow from operations; trade credit with vendors; proceeds from the sale of lease return merchandise...

  • Page 44
    .... We expect that most leases will be renewed or replaced by other leases in the normal course of business. Approximate future minimum rental payments required under operating leases that have initial or remaining non-cancelable terms in excess of one year as of December 31, 2013 are shown in the...

  • Page 45
    ... expected requirements for three months. Retirement obligations primarily represent future payments associated with the retirement of the Company's founder and Chairman of the Board during the year ended December 2012 and the Chief Operating Officer during the year ended December 31, 2013. Deferred...

  • Page 46
    ...of their operations and their cash flows for each of the three years in the period ended December 31, 2013, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Aaron...

  • Page 47
    ... comprehensive income, shareholders' equity and cash flows for each of the three years in the period ended December 31, 2013 of Aaron's, Inc. and subsidiaries and our report dated February 24, 2014 expressed an unqualified opinion thereon. /s/ Ernst & Young LLP Atlanta, Georgia February 24, 2014 37

  • Page 48
    ... is possible to design into the process safeguards to reduce, though not eliminate, the risk. The Company's management assessed the effectiveness of the Company's internal control over financial reporting as of December 31, 2013. In making this assessment, the Company's management used the criteria...

  • Page 49
    ... 31, 2012 (In Thousands, Except Share Data) ASSETS: Cash and Cash Equivalents $ Investments Accounts Receivable (net of allowances of $7,172 in 2013 and $6,001 in 2012) Lease Merchandise (net of accumulated depreciation of $594,436 in 2013 and $575,527 in 2012) Property, Plant and Equipment, Net...

  • Page 50
    ... 31, 2013 Year Ended December 31, 2012 Year Ended December 31, 2011 (In Thousands, Except Per Share Data) REVENUES: Lease Revenues and Fees Retail Sales Non-Retail Sales Franchise Royalties and Fees Other COSTS AND EXPENSES: Retail Cost of Sales Non-Retail Cost of Sales Operating Expenses Legal...

  • Page 51
    AARON'S, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Year End December 31, (In Thousands) 2013 2012 2011 Net Earnings $ Other Comprehensive Income (Loss): Foreign Currency Translation: Foreign Currency Translation Adjustment Less: Reclassification Adjustments for Net Gains...

  • Page 52
    ...-for-Sale Investments Change in Net Unrealized Gains on Derivatives Designated as Cash Flow Hedges Balance, December 31, 2011 Dividends, $.062 per share Stock-Based Compensation Reissued Shares Repurchased Shares Net Earnings Foreign Currency Translation Adjustment Balance, December 31, 2012...

  • Page 53
    ...Payments Cash Provided by Operating Activities INVESTING ACTIVITIES: Purchase of Investments Proceeds from Maturities and Calls of Investments Additions to Property, Plant and Equipment Acquisitions of Businesses and Contracts Proceeds from Dispositions of Businesses and Contracts Proceeds from Sale...

  • Page 54
    ... 2014, we sold our 27 Company-operated RIMCO stores and the rights to five franchised RIMCO stores. The following table presents store count by ownership type: Stores at December 31 (Unaudited) 2013 2012 2011 Company-operated stores Sales and Lease Ownership HomeSmart RIMCO Aaron's Office Furniture...

  • Page 55
    ... merchandise to other customers as retail sales in the consolidated statements of earnings. The Company presents sales net of sales taxes. Franchise Royalties and Fees The Company franchises its Aaron's Sales & Lease Ownership and HomeSmart stores in markets where the Company has no immediate plans...

  • Page 56
    ... 2012 and 2011, respectively. Deferred franchise and area development agreement fees, included in accounts payable and accrued expenses in the accompanying consolidated balance sheets, were $3.4 million and $3.8 million at December 31, 2013 and 2012, respectively. Retail and Non-Retail Cost of Sales...

  • Page 57
    ...of receivables due from customers of Company-operated stores, corporate receivables incurred during the normal course of business (primarily related to vendor consideration, real estate leasing activities and intransit credit card transactions) and franchisee obligations. Accounts receivable, net of...

  • Page 58
    ... associated with lease receivables. The Company's policy is to write off lease receivables that are 60 days or more past due on pre-determined dates occurring twice monthly. The following is a summary of the Company's allowance for doubtful accounts as of December 31: (In Thousands) 2013 2012...

  • Page 59
    ... the performance of the annual assessment of goodwill for impairment in the 2013, 2012 and 2011 fiscal years, the Company did not identify any reporting units that were not substantially in excess of their carrying values, other than the HomeSmart division for which locations were recently acquired...

  • Page 60
    ... market risks associated with its ongoing operations for a portion of the year. The primary risk it seeks to manage through the use of derivative financial instruments is commodity price risk, including the risk of increases in the market price of diesel fuel used in the Company's delivery vehicles...

  • Page 61
    ... of stores acquired, net Aggregate purchase price (primarily cash consideration) Purchase price allocation: Lease Merchandise Property, Plant and Equipment Other Current Assets and Current Liabilities Identifiable Intangible Assets1: Customer Relationships Non-Compete Agreements Acquired Franchise...

  • Page 62
    ... information related to the carrying value of the Company's goodwill by operating segment: (In Thousands) Sales and Lease Ownership HomeSmart Total Balance at January 1, 2012 Additions Disposals Balance at December 31, 2012 Additions Disposals Purchase Price Adjustments Balance at December 31, 2013...

  • Page 63
    .... The fair value of fixed-rate long term debt is estimated using the present value of underlying cash flows discounted at a current market yield for similar instruments. The carrying value of fixed-rate long term debt was $125.0 million at December 31, 2013 and December 31, 2012. 2 3 Held...

  • Page 64
    ... is a summary of the Company's property, plant, and equipment at December 31: (In Thousands) 2013 2012 Land Buildings and Improvements Leasehold Improvements and Signs Fixtures and Equipment1 Assets Under Capital Leases: with Related Parties with Unrelated Parties Construction in Progress Less...

  • Page 65
    ...'s prime rate or one-month LIBOR plus a margin ranging from 1.0% to 1.5% as determined by the Company's ratio of total debt to EBITDA. At December 31, 2013 and 2012, there was a zero balance under the Company's revolving credit agreement. The Company pays a commitment fee on unused balances, which...

  • Page 66
    ... accounted for as operating leases. The Company does not have any retained or contingent interests in the stores nor does the Company provide any guarantees, other than a corporate level guarantee of lease payments, in connection with the sale-leasebacks. Other Debt Other debt at December 31, 2013...

  • Page 67
    ...Small Business Jobs Act of 2010 and the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, the Company paid more than anticipated for the 2010 federal tax liability. The 2010 acts provided an estimated tax deferral of approximately $127.0 million. The Company filed for...

  • Page 68
    ... next five years. Management expects that most leases will be renewed or replaced by other leases in the normal course of business. Future minimum lease payments required under operating leases that have initial or remaining non-cancelable terms in excess of one year as of December 31, 2013 are as...

  • Page 69
    ...-designated class members. Discovery is expected to continue until April 2014. In Sowell, et al. v. Aaron's, Inc., United States District Court for the Northern District of Georgia (Civil No.:1:12-CV-03867CAP-ECS), two former Company associates filed separate lawsuits on November 5, 2012; Elizabeth...

  • Page 70
    ... class. Plaintiffs based these claims on Aspen Way's use of a software program called "PC Rental Agent." The District Court dismissed the Company from the lawsuit on March 20, 2012. On September 14, 2012, plaintiffs filed a second amended complaint against the Company and its franchisee Aspen Way...

  • Page 71
    ... and marketing programs of $35.4 million. Payments under these commitments are scheduled to be $19.2 million in 2014, $15.5 million in 2015 and $710,000 in 2016. The Company maintains a 401(k) savings plan for all its full-time employees with at least one year of service and who meet certain...

  • Page 72
    ... treasury shares. As permitted by Georgia corporate law, the amendment was adopted by the Board of Directors of the Company without shareholder action. Accelerated Share Repurchase Program In December 2013, the Company entered into an accelerated share repurchase program with a third-party financial...

  • Page 73
    ...profit and revenue levels by the employees' operating units or the overall Company. Plan participants include certain vice presidents, director level employees and other key personnel in the Company's home office, divisional vice presidents and regional managers. In addition, the Company grants time...

  • Page 74
    ..., furniture, appliances and computers to consumers on a weekly payment basis with no credit requirements. The Company's RIMCO stores leased automobile tires, wheels and rims to customers under sales and lease ownership agreements. The Company's Franchise operation awards franchises and supports...

  • Page 75
    (In Thousands) 2013 2012 2011 Earnings (Loss) Before Income Taxes: Sales and Lease Ownership HomeSmart RIMCO Franchise Manufacturing Other Earnings Before Income Taxes for Reportable Segments Elimination of Intersegment Profit Cash to Accrual and Other Adjustments Total Earnings Before Income ...

  • Page 76
    Revenues in the "Other" category are primarily revenues from leasing space to unrelated third parties in the corporate headquarters building, revenues of the Aaron's Office Furniture division through the date of sale in August 2012 and revenues from several minor unrelated activities. The pre-tax ...

  • Page 77
    ... 31, 2013, 2012 and 2011, respectively. NOTE 15: SUBSEQUENT EVENTS As previously discussed, in January 2014, the Company sold the 27 Company-operated RIMCO stores and the rights to five franchised RIMCO stores, which leased automobile tires, wheels and rims under sales and lease ownership agreements...

  • Page 78
    ... on our website at http://www.aarons.com or by filing a Form 8-K. ITEM 11. EXECUTIVE COMPENSATION The information required in response to this Item is contained under the captions "Compensation Discussion and Analysis," "Summary Compensation Table," "Grants of Plan Based Awards in Fiscal Year 2013...

  • Page 79
    ... lessor, Wachovia Bank, National Association, as lender, and SunTrust Bank as lease participant and agent (incorporated by reference to Exhibit 10(jj) of the Registrant's Current Report on Form 8-K filed with the SEC on August 2, 2005). Note Purchase Agreement by and among Aaron's, Inc. and certain...

  • Page 80
    ... purchasers, dated as of October 8, 2013 (incorporated by reference to Exhibit 10.1 of the Registrant's Current Report on Form 8-K filed with the SEC on October 15, 2013). Revolving Credit Agreement, dated as of May 23, 2008, among Aaron Rents, Inc., as borrower, the lenders from time to time party...

  • Page 81
    ... to Exhibit 10.1 of the Registrant's Current Report on Form 8-K filed with the SEC on August 30, 2012). Fixed Dollar Discounted Accelerated Share Repurchase Agreement, dated December 3, 2013, by and between Aaron's, Inc. and Wells Fargo Securities, LLC. Subsidiaries of the Registrant. Consent of...

  • Page 82
    101 The following financial information from Aaron's, Inc. Annual Report on Form 10-K for the year ended December 31, 2013, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets as of December 31, 2013 and December 31, 2012, (ii) Consolidated Statements of ...

  • Page 83
    ..., thereunto duly authorized, on February 24, 2014. AARON'S, INC. By: /s/ GILBERT L. DANIELSON Gilbert L. Danielson Executive Vice President, Chief Financial Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on...

  • Page 84
    ... a better comparison to the broader retail industry. The prior peer group index for the year ended December 31, 2012 consisted of Cabela's, Inc., Cash America International, Inc., Dick's Sporting Goods, Inc., Fred's, Inc., hhgregg, Inc. O'Reilly Automotive, Inc., Rent-A-Center, Inc., Tractor Supply...

  • Page 85
    .... Officers Corporate Ronald W. Allen* Chairman of the Board, President and Chief Executive Officer Aaron's Sales & Lease Ownership Division Michael P. Ryan Vice President, Franchising Ryan E. Malone Vice President, Southwestern Operations Gregory G. Bellof Vice President, The Carolina Operations...

  • Page 86
    309 E. Paces Ferry Rd., N.E. Atlanta, Georgia 30305-2377 (404) 231-0011 www.aarons.com www.investor.aarons.com