Advance Auto Parts 2001 Annual Report Download - page 11

16 ADVANCE AUTO PARTS ANNUAL REPORT 2001 ADVANCE AUTO PARTS ANNUAL REPORT 2001 17
Advance Auto Parts, Inc. and Subsidiaries
Consolidated Balance Sheets
December 29, 2001 and December 30, 2000
December 29, December 30,
(in thousands, except per share data) 2001 2000
Assets
Current assets:
Cash and cash equivalents $ 18,117 $ 18,009
Receivables, net 93,704 80,578
Inventories, net 982,000 788,914
Other current assets 42,027 10,274
Total current assets 1,135,848 897,775
Property and equipment, net 711,282 410,960
Assets held for sale 60,512 25,077
Other assets, net 42,973 22,548
$ 1,950,615 $ 1,356,360
Liabilities and Stockholders’ Equity
Current liabilities:
Bank overdrafts $ 34,748 $ 13,599
Current portion of long-term debt 23,715 9,985
Accounts payable 429,041 387,852
Accrued expenses 176,218 124,962
Other current liabilities 30,027 42,794
Total current liabilities 693,749 579,192
Long-term debt 932,022 576,964
Other long-term liabilities 36,273 43,933
Commitments and contingencies
Stockholders’ equity:
Preferred stock, nonvoting, $0.0001 par value,
10,000 shares authorized; no shares issued or outstanding - -
Common stock, voting, $0.0001 par value; 100,000
shares authorized; 32,692 and 28,289 issued and outstanding 3 3
Additional paid-in capital 496,538 375,209
Stockholder subscription receivables (2,676) (2,364)
Accumulated deficit (205,294) (216,577)
Total stockholders’ equity 288,571 156,271
$ 1,950,615 $ 1,356,360
The accompanying notes to consolidated financial statements are an integral part of these balance sheets.
To the Board of Directors and Stockholders of Advance Auto Parts, Inc.:
We have audited the accompanying consolidated balance sheets of
Advance Auto Parts, Inc. (a Delaware company) and subsidiaries (the
Company), as of December 29, 2001, and December 30, 2000, and the
related consolidated statements of operations, changes in stockholders’
equity and cash flows for each of the three years in the period ended
December 29, 2001. These financial statements are the responsibility of
the Company’s management. 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.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Advance Auto Parts, Inc.
and subsidiaries as of December 29, 2001, and December 30, 2000, and
the results of their operations and their cash flows for each of the three
years in the period ended December 29, 2001, in conformity with
accounting principles generally accepted in the United States.
As explained in Note 2 to the financial statements, effective December
31, 2000, the Company changed its method of accounting for certain
cooperative advertising funds.
ARTHUR ANDERSEN LLP
Greensboro, North Carolina,
March 5, 2002.
Report of Independent Public Accountants