Aarons 2008 Annual Report Download - page 5

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We plan to continue to rapidly grow our business, although at a somewhat slower
pace than previous years. We expect to increase our net store base 5% to 9% in 2009,
with emphasis on increasing store profitability and overall performance. Our objective
continues to be to achieve consistent growth in revenues, earnings, stores and share-
holder value.
For the fifth year in a row, we raised the quarterly cash dividend and our balance sheet
is extremely strong. We improved our financing resources in 2008 and expect to fund
2009 growth internally.
Our Company reached a historic milestone in 2008 when R. Charles Loudermilk, Sr.,
stepped down as Chief Executive Officer after 53 years as CEO of the business he
founded in 1955, took public in 1982 and built into the industry leader with more than
1,550 Company-operated and franchised stores in 48 states and Canada. He continues
as Chairman of the Board as a mentor and inspiring leader with a strong commitment
to growing the business and increasing value to shareholders.
Succeeding him as CEO is Robert C. Loudermilk, Jr., who continues as President. He
previously was also Chief Operating Officer, having been elected in 1997 after holding
various leadership positions since starting as an Assistant Store Manager in 1985.
William K. Butler, Jr., previously President of the Aaron’s Sales & Lease Ownership
division which he has led from its start and built into the Company’s growth leader,
was elected Chief Operating Officer. He began his lifelong career with Aaron’s in 1974
as a Store Manager. In addition during 2008 Steven A. Michaels was promoted to
Vice President, Finance for the Aaron’s Sales & Lease Ownership division.
The past year was difficult and challenging, yet a rewarding validation of our business
model. Your Company closed out the year with a record number of customers, a solid
balance sheet, and attractive growth prospects. In a time of great change, economic
challenges and uncertainty, we are proud of the resiliency of Aaron’s and its long
corporate history of recognizing and adapting to market dynamics. The commitment for
over fifty years has been a focus on profitable growth for shareholders and employees,
and service to our customers. Our continuing success reflects the combined strengths
of a talented and seasoned management team, a proven yet flexible business model,
a commitment to meeting the needs of consumers and, as always, the support of our
employees and shareholders.
We are confident, we are optimistic, and we are well positioned for growth this
year and in the future.
R. Charles Loudermilk, Sr. Robert C. Loudermilk, Jr.
Chairman President and Chief Executive Officer
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