Aarons 2000 Annual Report Download - page 5

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buying 327,500 shares of the Company’s stock.
This brought to almost two million the number
of shares purchased since September 1998 as part
of our efforts to increase share value.
Events in the broader retailing industry are
opening the way for Aaron Rents to improve
its position, expand its store base and gain
new customers.
The opportunities ahead of us are unlimited.
We are prepared to seize one opportunity after
another to create an even stronger company,
dedicated to serving our extremely large market
with quality products and services.
We are especially proud of our people, the
3,900 associates across the country and in Puerto
Rico, who possess the talents, the skills and the
commitment to be the best.
We look to the future with the anticipation
of unlimited opportunities.
R. Charles Loudermilk, Sr.
Chairman and Chief Executive Officer
Robert C. Loudermilk, Jr.
President and Chief Operating Officer
with two others planned for 2001. These are a
vital part of the vertical integration that gives
the Company competitive advantages.
Our Company maintains a strong balance
sheet consistent with our longstanding business
philosophy, which favors a sustainable rate
of growth while avoiding the pitfalls of over-
expansion. Our debt to capitalization ratio at year-
end was 33%, supporting the costs of our internal
growth program, the purchase of the Texas plant
and the store and lease acquisitions.
To meet the demands created by our record
growth, we continued to strengthen our excellent
management team. W. Kenneth Butler, President
of the Aaron’s Sales & Lease Ownership division,
was elected to the Board of Directors; Eduardo
Quiñones was promoted to President of the
Rent-to-Rent division after serving in regional
management for over a decade; William R.
Mitchell joined the Company as Vice President,
Franchising for Aaron’s Sales & Lease Ownership;
and Todd Evans, formerly Vice President,
Franchise Development of the Aaron’s Sales
& Lease Ownership division, was named Vice
President, Business Development. Subsequent
to year-end, Mitchell S. Paull was named Senior
Vice President.
We believe the solid, sustained growth of
Aaron Rents will increase investor awareness
and build value for shareholders. During the past
year we continued our stock repurchase program,