Advance Auto Parts 2004 Annual Report Download - page 32

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30
Fiscal฀Years฀Ended
2004 2003 2002
(in฀thousands,฀except฀per฀share฀data)
Net฀sales฀............................................................................................................................... $3,770,297 $3,493,696 $3,204,140
Cost฀of฀sales,฀including฀purchasing฀and฀warehousing฀costs฀............................................... 2,016,926 1,889,178 1,769,733
฀ ฀ ฀ Gross฀profit฀.............................................................................................................. 1,753,371 1,604,518 1,434,407
Selling,฀general฀and฀administrative฀expenses฀..................................................................... 1,424,613 1,305,867 1,202,524
Expenses฀associated฀with฀merger฀and฀integration฀............................................................... —10,417 34,935
Expenses฀associated฀with฀merger-related฀restructuring฀...................................................... —— 597
฀ ฀ ฀ Operating฀income฀.................................................................................................... 328,758 288,234 196,351
Other,฀net:
฀ Interest฀expense฀............................................................................................................... (20,069) (37,576) (77,081)
฀ Loss฀on฀extinguishment฀of฀debt฀...................................................................................... (3,230) (47,288) (16,822)
฀ Expenses฀associated฀with฀secondary฀offering฀................................................................ —— (1,733)
฀ Other฀income,฀net฀............................................................................................................ 289 341 963
฀ ฀ ฀ Total฀other,฀net฀......................................................................................................... (23,010) (84,523) (94,673)
Income฀from฀continuing฀operations฀before฀provision฀for฀income฀taxes฀and฀(loss)฀฀
income฀on฀discontinued฀operations฀...................................................................................... 305,748 203,711 101,678
Provision฀for฀income฀taxes฀................................................................................................... 117,721 78,424 39,530
Income฀from฀continuing฀operations฀before฀(loss)฀income฀on฀discontinued฀operations฀........ 188,027 125,287 62,148
Discontinued฀operations:
฀ ฀(Loss)฀income฀from฀operations฀of฀discontinued฀Wholesale฀Dealer฀Network฀฀
฀ (including฀loss฀on฀disposal฀of฀$2,693฀in฀2003)฀............................................................ (63) (572) 4,691
฀(Benefit)฀provision฀for฀income฀taxes฀................................................................................ (24) (220) 1,820
฀(Loss)฀income฀on฀discontinued฀operations฀....................................................................... (39) (352) 2,871
Net฀income฀........................................................................................................................... $฀ 187,988 $฀ 124,935 $฀ 65,019
Net฀income฀per฀basic฀share฀from:
฀ ฀Income฀from฀continuing฀operations฀before฀(loss)฀income฀on฀discontinued฀฀
฀ operations฀..................................................................................................................... $฀ 2.54 $฀ 1.72 $฀ 0.89
฀ (Loss)฀income฀on฀discontinued฀operations฀..................................................................... —(0.01) 0.04
$฀ 2.54 $฀ 1.71 $฀ 0.93
Net฀income฀per฀diluted฀share฀from:
฀ ฀Income฀from฀continuing฀operations฀before฀(loss)฀income฀on฀discontinued฀฀
฀ operations฀..................................................................................................................... $฀ 2.49 $฀ 1.68 $฀ 0.86
฀ (Loss)฀income฀on฀discontinued฀operations฀..................................................................... —(0.01) 0.04
$฀ 2.49 $฀ 1.67 $฀ 0.90
Average฀common฀shares฀outstanding฀.................................................................................. 73,897 72,999 70,098
Dilutive฀effect฀of฀stock฀options฀........................................................................................... 1,584 1,744 2,278
Average฀common฀shares฀outstanding—assuming฀dilution฀................................................ 75,481 74,743 72,376
The฀accompanying฀notes฀to฀consolidated฀financial฀statements฀are฀an฀integral฀part฀of฀these฀statements.
Consolidated฀Statements฀of฀Operations
For฀the฀Years฀Ended฀January฀1,฀2005,฀January฀3,฀2004,฀and฀December฀28,฀2002