Advance Auto Parts 2004 Annual Report Download - page 16

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฀ The฀following฀table฀sets฀forth฀our฀selected฀historical฀consolidated฀statement฀of฀operations,฀balance฀sheet฀and฀other฀oper-
ating฀data.฀The฀selected฀historical฀consolidated฀financial฀and฀other฀data฀at฀January฀1,฀2005฀and฀January฀3,฀2004฀and฀for฀the฀
three฀years฀ended฀January฀1,฀2005฀have฀been฀derived฀from฀our฀audited฀consolidated฀financial฀statements฀and฀the฀related฀
notes฀ included฀ elsewhere฀ in฀ this฀ report.฀ The฀ historical฀ consolidated฀ financial฀ and฀ other฀ data฀ at฀ December฀ 28,฀ 2002,฀
December฀29,฀2001฀and฀December฀30,฀2000฀and฀for฀the฀years฀ended฀December฀29,฀2001฀and฀December฀ 30,฀2000฀have฀
been฀derived฀from฀our฀audited฀consolidated฀financial฀statements฀and฀the฀related฀notes฀that฀have฀not฀been฀included฀in฀this฀
report.฀You฀should฀read฀this฀data฀along฀with฀“Management’s฀Discussion฀and฀Analysis฀of฀Financial฀Condition฀and฀Results฀
of฀Operations,”฀and฀our฀consolidated฀financial฀statements฀and฀the฀related฀notes฀included฀elsewhere฀in฀this฀report.
Fiscal฀Year(1)(2)
2004 2003 2002 2001 2000
(in฀thousands,฀except฀per฀share฀data)
Statement฀of฀Operations฀Data:
Net฀sales฀.................................................................................................... $3,770,297 $3,493,696 $3,204,140 $2,419,746 $2,167,308
Cost฀of฀sales฀.............................................................................................. 2,016,926 1,889,178 1,769,733 1,357,594 1,286,295
Supply฀chain฀initiatives(3)฀......................................................................... —— — 9,099 —
Gross฀profit฀............................................................................................... 1,753,371 1,604,518 1,434,407 1,053,053 881,013
Selling,฀general฀and฀administrative฀expenses(4)฀...................................... 1,424,613 1,305,867 1,202,524 938,300 792,551
Expenses฀associated฀with฀supply฀chain฀initiatives(5)฀............................... —— — 1,394 —
Impairment฀of฀assets฀held฀for฀sale(6)฀........................................................ —— — 12,300 856
Expenses฀associated฀with฀merger-related฀restructuring(7)฀....................... —— 597 3,719 —
Expenses฀associated฀with฀merger฀and฀integration(8)฀............................... —10,417 34,935 1,135 —
Non-cash฀stock฀option฀compensation฀expense(9)฀..................................... —— — 11,735 729
Operating฀income฀..................................................................................... 328,758 288,234 196,351 84,470 86,877
Interest฀expense฀........................................................................................ (20,069) (37,576) (77,081) (61,042) (64,212)
(Loss)฀gain฀on฀extinguishment฀of฀debt฀.................................................... (3,230) (47,288) (16,822) (6,106) 4,692
Expenses฀associated฀with฀secondary฀offering฀......................................... —— (1,733) — —
Other฀income,฀net฀..................................................................................... 289 341 963 1,033 581
Income฀from฀continuing฀operations฀before฀income฀taxes,฀฀
(loss)฀income฀on฀discontinued฀operations฀and฀cumulative฀฀
effect฀of฀a฀change฀in฀accounting฀principle฀.......................................... 305,748 203,711 101,678 18,355 27,938
Income฀tax฀expense฀.................................................................................. 117,721 78,424 39,530 7,284 10,787
Income฀from฀continuing฀operations฀before฀(loss)฀income฀฀
on฀discontinued฀operations฀and฀cumulative฀฀
effect฀of฀a฀change฀in฀accounting฀principle฀.......................................... 188,027 125,287 62,148 11,071 17,151
Discontinued฀operations:
(Loss)฀income฀from฀operations฀of฀discontinued฀Wholesale฀
Distribution฀Network฀(including฀loss฀on฀disposal฀of฀$2,693฀฀
in฀2003)฀............................................................................................. (63) (572) 4,691 4,040 3,915
(Benefit)฀provision฀for฀income฀taxes฀................................................... (24) (220) 1,820 1,604 1,507
(Loss)฀income฀on฀discontinued฀operations฀.............................................. (39) (352) 2,871 2,436 2,408
Cumulative฀effect฀of฀a฀change฀in฀accounting฀principle,฀฀
net฀of฀$1,360฀income฀taxes฀.................................................................. —— — (2,065) —
Net฀income฀................................................................................................ $฀ 187,988 $฀ 124,935 $฀ 65,019 $฀ 11,442 $฀ 19,559
Income฀from฀continuing฀operations฀before฀(loss)฀income฀฀
on฀discontinued฀operations฀and฀cumulative฀effect฀of฀a฀฀
change฀in฀accounting฀principle฀per฀basic฀share฀................................... $฀ 2.54 $฀ 1.72 $฀ 0.89 $฀ 0.19 $฀ 0.30
Income฀from฀continuing฀operations฀before฀(loss)฀income฀฀
on฀discontinued฀operations฀and฀cumulative฀effect฀of฀a฀฀
change฀in฀accounting฀principle฀per฀diluted฀share฀............................... $฀ 2.49 $฀ 1.68 $฀ 0.86 $฀ 0.19 $฀ 0.30
Net฀income฀per฀basic฀share฀...................................................................... $฀ 2.54 $฀ 1.71 $฀ 0.93 $฀ 0.20 $฀ 0.35
Net฀income฀per฀diluted฀share฀................................................................... $฀ 2.49 $฀ 1.67 $฀ 0.90 $฀ 0.20 $฀ 0.34
Weighted-average฀basic฀shares฀outstanding(10)฀........................................ 73,897 72,999 70,098 57,274 56,592
Weighted-average฀diluted฀shares฀outstanding(10)฀..................................... 75,481 74,743 72,376 58,316 57,222
Cash฀Flows฀Provided฀By฀(Used฀In):
Operating฀activities฀.................................................................................. $฀ 263,794 $฀ 355,921 $฀ 242,996 $฀ 103,536 $฀ 103,951
Investing฀activities฀.................................................................................... (166,822) (85,474) (78,005) (451,008) (64,940)
Financing฀activities฀.................................................................................. (52,138) (272,845) (169,223) 347,580 (43,579)
(continued)
Selected฀Financial฀Data