Napa Auto Parts 2002 Annual Report Download - page 18

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selected financial data
(in thousands, except per share data) Year ended December 31, 2002 2001 2000 1999 1998
Net sales $8,258,927 $8,220,668 $ 8,369,857 $ 7,950,822 $ 6,587,576
Cost of goods sold 5,704,749 5,699,174 5,764,360 5,436,056 4,468,568
Selling, administrative and other expenses 1,948,442 1,951,559 1,958,747 1,886,699 1,529,891
Facility consolidation and impairment charges
—
73,922
———
Income before taxes and accounting change 605,736 496,013 646,750 628,067 589,117
Income taxes 238,236 198,866 261,427 250,445 233,323
Income before cumulative effect of a change
in accounting principle 367,500 297,147 385,323 377,622 355,794
Cumulative effect of a change in accounting principle 395,090
————
Net (loss) income after cumulative effect of a change
in accounting principle $(27,590) $297,147 $ 385,323 $ 377,622 $ 355,794
Average common shares outstanding during year -
assuming dilution 175,104 173,633 175,327 179,238 180,081
Per common share:
Diluted net income, excluding cumulative effect
and 2001 charges $2.10 $2.08 $2.20 $2.11 $1.98
Diluted net (loss) income (0.16) 1.71 2.20 2.11 1.98
Dividends declared 1.16 1.14 1.10 1.04 1.00
December 31 closing stock price 30.80 36.70 26.19 24.81 33.44
Long-term debt, less current maturities 674,796 835,580 770,581 702,417 588,640
Shareholders’ equity 2,130,009 2,345,123 2,260,806 2,177,517 2,053,332
Total assets $4,019,843 $4,206,646 $ 4,142,114 $ 3,929,672 $ 3,600,380
*The cumulative effect of a change in accounting principle in 2002 represents a non-cash charge related to the impairment testing for goodwill in conjunction with the
new Statement of Financial Accounting Standards No. 142 “Goodwill and Other Intangible Assets”. If the Company had applied the non-amortization provisions of
Statement 142 for all periods presented, net income and diluted income per common share would have increased by approximately $11.9 million ($0.07 per share),
$11.4 million ($0.06 per share), $10.7 million ($0.06 per share), and $4.1 million ($0.02 per share) for the years ended December 31, 2001, 2000, 1999 and 1998,
respectively.
**Facility Consolidation, Impairment and Other Charges (“2001 Charges”) totaled $107.8 million pre-tax in 2001 and $64.4 million after tax. The pre-tax charges include
$17.4 million classified in cost of goods sold and $16.4 million classified in selling, administrative and other expenses.
market and dividend information
High and Low Sales Price and Dividends per Share of Common Shares Traded on the New York Stock Exchange
Sales Price of Common Shares
Quarter 2002 2001
High Low High Low
First $38.08 $33.92 $28.45 $23.91
Second 37.80 34.17 31.50 25.28
Third 33.63 27.64 34.56 26.93
Fourth 32.00 29.48 37.94 31.85
Dividends Declared Per Share
2002 2001
First $0.29 $.285
Second 0.29 .285
Third 0.29 .285
Fourth 0.29 .285
Number of Record Holders of Common Stock: 7,773
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