Aarons 1999 Annual Report Download - page 29

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2727
We have audited the accompanying consolidated balance
sheets of Aaron Rents, Inc. and Subsidiaries as of December
31, 1999 and 1998, and the related consolidated statements
of earnings, shareholders’ equity and cash flows for the years
ended December 31, 1999, 1998 and 1997. These financial
statements are the responsibility of the Company’s manage-
ment. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with auditing
standards generally accepted in the United States. Those
standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles
used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for
our opinion.
Report of Independent Auditors
To the Board of Directors and Shareholders of Aaron Rents, Inc.:
In our opinion, the financial statements referred to above
present fairly, in all material respects, the consolidated finan-
cial position of Aaron Rents, Inc. and Subsidiaries as of
December 31, 1999 and 1998, and the consolidated results
of their operations and their cash flows for the years ended
December 31, 1999, 1998 and 1997, in conformity with
accounting principles generally accepted in the United States.
Atlanta, Georgia
February 18, 2000
Note L: Quarterly Financial Information (Unaudited)
First Second Third Fourth
(In Thousands Except Per Share) Quarter Quarter Quarter Quarter
Year Ended December 31, 1999
Revenues $104,303 $107,364 $109,379 $116,313
Gross Profit 57,706 59,246 59,340 59,523
Earnings Before Taxes 10,779 10,615 9,860 10,048
Net Earnings 6,679 6,575 6,108 6,240
Earnings Per Share $ .33 $ .33 $ .30 $ .32
Earnings Per Share Assuming Dilution .33 .32 .30 .31
Year Ended December 31, 1998
Revenues $ 92,809 $ 93,832 $ 95,882 $ 97,136
Gross Profit 54,244 55,020 55,413 54,968
Earnings Before Taxes 8,680 9,090 8,029 9,392
Net Earnings 5,286 5,554 4,906 5,738
Earnings Per Share $ .28 $ .27 $ .23 $ .28
Earnings Per Share Assuming Dilution .27 .27 .23 .27