Aarons 1997 Annual Report Download - page 10

Consolidated Statements of Shareholders’ Equity
Nine Months
Year Ended Year Ended Ended
(In Thousands, December 31, December 31, December 31,
Except Per Share) 1997 1996 1995
Revenues
Rentals and Fees $231,207 $208,463 $137,098
Retail Sales 58,602 52,757 35,537
Non-Retail Sales 14,621 8,770 3,681
Other 6,321 4,255 1,908
310,751 274,245 178,224
Costs & Expenses
Retail Cost of Sales 42,264 37,848 24,983
Non-Retail Cost of Sales 13,650 8,320 3,367
Operating Expenses 149,728 135,012 90,027
Depreciation of Rental Merchandise 71,151 64,437 41,612
Interest 3,721 3,449 2,323
280,514 249,066 162,312
Earnings Before Income Taxes 30,237 25,179 15,912
Income Taxes 11,841 9,786 6,032
Net Earnings $ 18,396 $ 15,393 $ 9,880
Earnings Per Share $ .96 $ .81 $ .51
Earnings Per Share Assuming Dilution .94 .77 .49
Additional
Treasury Stock Common Stock Paid-In Retained
(In Thousands) Shares Amount Common Class A Capital Earnings
Balance, March 31, 1995 (2,179) $(13,578) $ 3,318 $ 2,681 $ 15,314 $ 77,216
Reacquired Shares (194) (3,134)
Dividends (732)
Reissued Shares 13 72 56 1
Net Earnings 9,880
Balance, December 31, 1995 (2,360) (16,640) 3,318 2,681 15,370 86,365
Stock Dividend 4,767 (4,767)
Reacquired Shares (164) (2,889)
Dividends (765)
Reissued Shares 689 4,427 75
Net Earnings 15,393
Balance, December 31, 1996 (1,835) (15,102) 8,085 2,681 15,445 96,226
Reacquired Shares (795) (8,918)
Dividends (758)
Reissued Shares 47 361 39
Net Earnings 18,396
Balance, December 31, 1997 (2,583) $(23,659) $8,085 $2,681 $15,484 $113,864
The accompanying notes are an integral part of the Consolidated Financial Statements.
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Consolidated Statements of Earnings
Consolidated
December 31, December 31,
(In Thousands, Except Share Data) 1997 1996
Assets
Cash $ 96 $ 84
Accounts Receivable 11,794 10,491
Rental Merchandise 246,498 210,516
Less: Accumulated Depreciation (69,530) (60,532)
176,968 149,984
Property, Plant & Equipment, Net 39,757 33,267
Prepaid Expenses & Other Assets 10,767 4,277
Total Assets $239,382 $198,103
Liabilities & Shareholders’ Equity
Accounts Payable & Accrued Expenses $ 31,071 $ 24,999
Dividends Payable 379 382
Deferred Income Taxes Payable 6,687 2,882
Customer Deposits & Advance Payments 8,304 7,140
Bank Debt 75,904 55,125
Other Debt 582 240
Total Liabilities 122,927 90,768
Commitments & Contingencies
Shareholders’ Equity
Common Stock, Par Value $.50 Per Share;
Authorized: 25,000,000 Shares;
Shares Issued: 16,170,987 8,085 8,085
Common Stock, Class A, Par Value $.50 Per Share;
Authorized: 25,000,000 Shares;
Shares Issued: 5,361,761 2,681 2,681
Additional Paid-In Capital 15,484 15,445
Retained Earnings 113,864 96,226
140,114 122,437
Less: Treasury Shares at Cost,
Common Stock, 1,058,041 Shares
at December 31, 1997 and 415,941 Shares
at December 31, 1996 (9,523) (2,315)
Class A Common Stock, 1,525,255 Shares
at December 31, 1997 and 1,418,855 Shares
at December 31, 1996 (14,136) (12,787)
Total Shareholders’ Equity 116,455 107,335
Total Liabilities & Shareholders’ Equity $239,382 $198,103
The accompanying notes are an integral part of the Consolidated Financial Statements.
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Balance Sheets
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