Aarons 2003 Annual Report Download - page 17

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15
Selected Financial Information
Year Ended Year Ended Year Ended Year Ended Year Ended
(Dollar Amounts in Thousands, December 31, December 31, December 31, December 31, December 31,
Except Per Share) 2003 2002 2001 2000 1999
Systemwide Revenues1$1,033,350 $874,709 $735,389 $656,096 $547,255
OPERATING RESULTS
Revenues:
Rentals & Fees $ 553,773 $459,179 $403,385 $359,880 $318,154
Retail Sales 68,786 72,698 60,481 62,417 62,296
Non-Retail Sales 120,355 88,969 66,212 65,498 45,394
Other 23,883 19,842 16,603 15,125 11,515
766,797 640,688 546,681 502,920 437,359
Costs & Expenses:
Retail Cost of Sales 50,913 53,856 43,987 44,156 45,254
Non-Retail Cost of Sales 111,714 82,407 61,999 60,996 42,451
Operating Expenses 344,884 293,346 276,682 227,587 201,923
Depreciation of Rental Merchandise 195,661 162,660 137,900 120,650 102,324
Interest 5,782 4,767 6,258 5,625 4,105
708,954 597,036 526,826 459,014 396,057
Earnings Before Income Taxes 57,843 43,652 19,855 43,906 41,302
Income Taxes 21,417 16,212 7,519 16,645 15,700
Net Earnings $ 36,426 $ 27,440 $ 12,336 $ 27,261 $ 25,602
Earnings Per Share $ 1.12 $ .87 $ .41 $ .92 $ .85
Earnings Per Share Assuming Dilution 1.10 .86 .41 .91 .84
Dividends Per Share:
Common $ .033 $ .027 $ .027 $ .027 $ .027
Class A .033 .027 .027 .027 .027
FINANCIAL POSITION
Rental Merchandise, Net $ 343,013 $317,287 $258,932 $267,713 $219,831
Property, Plant & Equipment, Net 99,584 87,094 77,282 63,174 55,918
Total Assets 555,292 483,648 397,196 380,379 318,408
Interest-Bearing Debt 79,570 73,265 77,713 104,769 72,760
Shareholders’ Equity 320,186 280,545 219,967 208,538 183,718
AT YEAR END
Stores Open:
Company-Operated 560 482 439 361 320
Franchised 287 232 209 193 155
Rental Agreements in Effect 464,800 369,000 314,600 281,000 254,000
Number of Employees 5,400 4,800 4,200 3,900 3,600
1Non-GAAP systemwide revenues are calculated by adding GAAP revenues to the revenues of the Company’s franchisees and subtracting the
Company’s royalty revenues. Franchisee revenues, however, are not revenues of Aaron Rents, Inc. Below is a reconciliation of non-GAAP
systemwide revenues to Company revenues:
Company Gross Revenues $ 766,797 $640,688 $546,681 $502,920 $437,359
Franchisees’ Revenues 280,552 246,338 198,640 161,238 115,680
Less Company Royalty Revenues (13,999) (12,317) (9,932) (8,062) (5,784)
Systemwide Revenues $1,033,350 $874,709 $735,389 $656,096 $547,255
The Company adopted Statement of Financial Accounting Standards No. 142, Goodwill and Other Intangible Assets, on
January 1, 2002. If the Company had applied the non-amortization provisions of Statement 142 for all periods presented,
net earnings and diluted earnings per share would have increased by approximately $688,000 ($.02 per share), $431,000
($.01 per share), and $323,000 ($.01 per share) for the years ended December 31, 2001, 2000, and 1999, respectively.