Advance Auto Parts 2005 Annual Report Download - page 38

Fiscal Years Ended
2005 2004 2003
(in thousands, except per share data)
Net sales ......................................................................................................................................................................... $4,264,971 $3,770,297 $3,493,696
Cost of sales , including purchasing and warehousing costs .......................................................................................... 2,250,493 2,016,926 1,889,178
Gross profit.............................................................................................................................................................. 2,014,478 1,753,371 1,604,518
Selling, general and administrative expenses .............................................................................................................. 1,605,986 1,424,613 1,305,867
Expenses associated with merger and integration ........................................................................................................ —— 10,417
Operating income .................................................................................................................................................... 408,492 328,758 288,234
Other, net:
Interest expense........................................................................................................................................................... (32,384) (20,069) (37,576)
Loss on extinguishment of debt .................................................................................................................................. —(3,230) (47,288)
Other income, net........................................................................................................................................................ 2,815 289 341
Total other, net......................................................................................................................................................... (29,569) (23,010) (84,523)
Income from continuing operations before provision for income taxes and loss on discontinued operations ........... 378,923 305,748 203,711
Provision for income taxes ............................................................................................................................................. 144,198 117,721 78,424
Income from continuing operations before loss on discontinued operations .............................................................. 234,725 188,027 125,287
Discontinued operations:
Loss from operations of discontinued Wholesale Dealer Network
(including loss on disposal of $2,693 in 2003)
...................................................................................................... —(63) (572)
Benefit for income taxes ............................................................................................................................................. —(24) (220)
Loss on discontinued operations ................................................................................................................................ —(39) (352)
Net income ...................................................................................................................................................................... $ 234,725 $ 187,988 $ 124,935
Net income per basic share from:
Income from continuing operations before loss on discontinued operations............................................................. $ 2.17 $ 1.70 $ 1.15
Loss on discontinued operations................................................................................................................................. —— (0.01)
$ 2.17 $ 1.70 $ 1.14
Net income per diluted share from:
Income from continuing operations before loss on discontinued operations............................................................. $ 2.13 $ 1.66 $ 1.12
Loss on discontinued operations................................................................................................................................. —— (0.01)
$ 2.13 $ 1.66 $ 1.11
Average common shares outstanding ............................................................................................................................. 108,318 110,846 109,499
Dilutive effect of stock options....................................................................................................................................... 1,669 2,376 2,616
Average common shares outstanding—assuming dilution............................................................................................. 109,987 113,222 112,115
The accompanying notes to consolidated financial statements are an integral part of these statements.
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Years Ended December 31, 2005, January 1, 2005 and January 3, 2004
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