Napa Auto Parts 2002 Annual Report Download - page 28
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26
consolidated statements of income
(in thousands, except per share data) Year ended December 31, 2002 2001 2000
Net sales $8,258,927 $8,220,668 $8,369,857
Cost of goods sold 5,704,749 5,699,174 5,764,360
2,554,178 2,521,494 2,605,497
Selling, administrative and other expenses 1,948,442 1,951,559 1,958,747
Facility consolidation and impairment charges —73,922 —
Income before income taxes and cumulative effect of a
change in accounting principle 605,736 496,013 646,750
Income taxes 238,236 198,866 261,427
Income before cumulative effect of a change in accounting principle 367,500 297,147 385,323
Cumulative effect of a change in accounting principle (395,090) ——
Net (loss) income $(27,590) $297,147 $ 385,323
Basic net income (loss) per common share:
Before cumulative effect of a change in accounting principle $2.11 $1.72 $ 2.20
Cumulative effect of a change in accounting principle (2.27) ——
Basic net (loss) income $(0.16) $1.72 $ 2.20
Diluted net income (loss) per common share:
Before cumulative effect of a change in accounting principle $2.10 $1.71 $2.20
Cumulative effect of a change in accounting principle (2.26) ——
Diluted net (loss) income $(0.16) $1.71 $2.20
Weighted average common shares outstanding 174,369 172,765 175,009
Dilutive effect of stock options and
non-vested restricted stock awards 735 868 318
Weighted average common shares outstanding—
assuming dilution 175,104 173,633 175,327
See accompanying notes.