Advance Auto Parts 2012 Annual Report Download - page 83

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F-38
21. Quarterly Financial Data (unaudited):
The following table summarizes quarterly financial data for Fiscal 2012 and 2011:
2012 First Second Third Fourth
(16 weeks) (12 weeks) (12 weeks) (12 weeks)
Net sales $ 1,957,292 $ 1,460,983 $ 1,457,527 $ 1,329,201
Gross profit 980,673 728,858 725,350 663,155
Net income 133,506 99,606 89,503 65,055
Basic earnings per share 1.83 1.36 1.22 0.89
Diluted earnings per share 1.79 1.34 1.21 0.88
2011 First Second Third Fourth
(16 weeks) (12 weeks) (12 weeks) (12 weeks)
Net sales $ 1,898,063 $ 1,479,839 $ 1,464,988 $ 1,327,572
Gross profit 958,201 735,848 724,503 650,738
Net income 109,583 113,107 105,553 66,439
Basic earnings per share 1.37 1.48 1.43 0.92
Diluted earnings per share 1.35 1.46 1.41 0.90
Note: Quarterly and year-to-date computations of per share amounts are made independently. Therefore, the sum of per
share amounts for the quarters may not be equal to the per share amount for the year.
22. Subsequent Event:
On December 31, 2012, the Company acquired B.W.P. Distributors, Inc. ("BWP") in an all-cash transaction. BWP, a
privately held company that supplies, markets and distributes automotive aftermarket parts and products principally to
commercial customers, operates or supplies 216 locations in the Northeastern United States. This acquisition will enable the
Company to continue its expansion in the Northeast, which is a strategic growth area for the Company. Concurrent with the
closing of the acquisition, the Company transferred the rights to distribute to 92 independently owned locations and one
distribution center to an affiliate of General Parts International, Inc. ("GPI"), a privately held auto supply company. As a result,
the Company will continue to operate 124 company-owned stores and two distribution centers. The Company will include the
financial results of BWP in its consolidated financial statements commencing December 31, 2012 (Fiscal 2013.) The acquired
assets and liabilities consist primarily of trade accounts receivable, merchandise inventories, other intangible assets, accounts
payable and accrued expenses.
Under the terms of the agreement, the Company acquired the net assets in exchange for a purchase price of $191,500. The
purchase price consists of $188,200 in cash at closing paid from cash on-hand, subject to certain adjustments. The purchase
price also includes contingent cash payments of up to an aggregate of $3,300 based on certain post-closing conditions. The
Company expects to receive proceeds of approximately $12,000 for the sale of certain assets related to the transition agreement
with GPI. The Company recognized $1,761 of acquisition related costs in Fiscal 2012. Based upon the timing of the acquisition
subsequent to the end of Fiscal 2012, the initial accounting for the acquisition is incomplete at this time as the Company is in
the process of determining the fair values of the net assets acquired and goodwill resulting from the acquisition.
ADVANCE AUTO PARTS, INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 29, 2012, December 31, 2011 and January 1, 2011
(in thousands, except per share data)