Advance Auto Parts 2003 Annual Report Download - page 26

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Fiscal Years Ended
2003 2002 2001
(in thousands, except per share data) (53 weeks) (52 weeks) (52 weeks)
Net sales............................................................................................................................... $3,493,696 $3,204,140 $2,419,746
Cost of sales, including purchasing and warehousing costs................................................ 1,889,178 1,769,733 1,357,594
Expenses associated with supply chain initiatives........................................................... —— 9,099
Gross profit................................................................................................................... 1,604,518 1,434,407 1,053,053
Selling, general and administrative expenses................................................................... 1,305,867 1,202,524 938,300
Expenses associated with supply chain initiatives........................................................... —— 1,394
Impairment of assets held for sale .................................................................................... —— 12,300
Expenses associated with merger and integration........................................................... 10,417 34,935 1,135
Expenses associated with merger related restructuring .................................................. —597 3,719
Non-cash stock option compensation expense................................................................. —— 11,735
Operating income ......................................................................................................... 288,234 196,351 84,470
Other, net:
Interest expense ................................................................................................................ (37,576) (77,081) (61,042)
Loss on extinguishment of debt ....................................................................................... (47,288) (16,822) (6,106)
Expenses associated with secondary offering.................................................................. —(1,733) —
Other income, net ............................................................................................................. 341 963 1,033
Total other, net.............................................................................................................. (84,523) (94,673) (66,115)
Income from continuing operations before provision for income taxes,
(loss) income on discontinued operations and cumulative effect of a
change in accounting principle...................................................................................... 203,711 101,678 18,355
Provision for income taxes ................................................................................................. 78,424 39,530 7,284
Income from continuing operations before (loss) income on discontinued
operations and cumulative effect of a change in accounting principle ..................... 125,287 62,148 11,071
Discontinued operations:
(Loss) income from operations of discontinued Wholesale Dealer
Network (including loss on disposal of $2,693 in 2003).......................................... (572) 4,691 4,040
(Benefit) provision for income taxes ............................................................................. (220) 1,820 1,604
(Loss) income on discontinued operations.................................................................... (352) 2,871 2,436
Cumulative effect of a change in accounting principle,
net of a $1,360 income tax benefit................................................................................. —— (2,065)
Net income........................................................................................................................... $ 124,935 $ 65,019 $ 11,442
Net income (loss) per basic share from:
Income from continuing operations before (loss) income on discontinued
operations and cumulative effect of a change in accounting principle........................ $ 1.72 $ 0.89 $ 0.19
(Loss) income on discontinued operations....................................................................... (0.01) 0.04 0.04
Cumulative effect of a change in accounting principle.................................................... —— (0.03)
$ 1.71 $ 0.93 $ 0.20
Net income (loss) per diluted share from:
Income from continuing operations before (loss) income on discontinued
operations and cumulative effect of a change in accounting principle........................ $ 1.68 $ 0.86 $ 0.19
(Loss) income on discontinued operations....................................................................... (0.01) 0.04 0.04
Cumulative effect of a change in accounting principle.................................................... —— (0.03)
$ 1.67 $ 0.90 $ 0.20
Average common shares outstanding................................................................................... 72,999 70,098 57,274
Dilutive effect of stock options ............................................................................................ 1,744 2,278 1,042
Average common shares outstanding—assuming dilution .................................................. 74,743 72,376 58,316
The accompanying notes to consolidated financial statements are an integral part of these statements.
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Years Ended January 3, 2004, December 28, 2002 and December 29, 2001
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