O'Reilly Auto Parts 2004 Annual Report Download - page 24

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(In thousands, except per share data)
YEARS ENDED ECEMBER 2004 2003 2002
INCOME STATEMENT DATA:
Product sales $1,721,241 $1,511,816 $1,312,490
Cost of goods sold, including warehouse and distribution expenses 978,076 873,481 759,090
Gross profit 743,165 638,335 553,400
Operating, selling, general and administrative expenses 552,707 473,060 415,099
Operating income 190,458 165,275 138,301
Other income (expense), net (2,721) (5,233) (7,319)
Income before income taxes and cumulative effect of accounting change 187,737 160,042 130,982
Provision for income taxes 70,063 59,955 48,990
Income before cumulative effect of accounting change 117,674 100,087 81,992
Cumulative effect of accounting change, net of tax (a) 21,892 --
Net income $ 139,566 $ 100,087 $ 81,992
BASIC EARNINGS PER COMMON SHARE:
Income before cumulative effect of accounting change $ 2.14 $ 1.86 $ 1.54
Cumulative effect of accounting change (a) 0.40 --
Net income per share $ 2.54 $ 1.86 $ 1.54
Weighted-average common shares outstanding 55,010 53,908 53,114
EARNINGS PER COMMON SHARE-ASSUMING DILUTION:
Income before cumulative effect of accounting change $ 2.11 $1.84 $ 1.53
Cumulative effect of accounting change (a) 0.40 --
Net income per share $ 2.51 $ 1.84 $ 1.53
Weighted-average common shares outstanding – adjusted 55,711 54,530 53,692
PRO FORMA INCOME STATEMENT DATA:
Product sales N/A $1,511,816 $1,312,490
Cost of goods sold, including warehouse and distribution expenses N/A 872,658 754,844
Gross profit N/A 639,158 557,646
Operating, selling, general and administrative expenses N/A 473,060 415,099
Operating income N/A 166,098 142,547
Other income (expense), net N/A (5,233) (7,319)
Income before income taxes N/A 160,865 135,228
Provision for income taxes N/A 60,266 50,595
Net income N/A $ 100,599 $ 84,633
Net income per share N/A $ 1.87 $ 1.59
Net income per share – assuming dilution N/A $ 1.84 $ 1.58
(a) See Management’s Discussion and Analysis of Financial Condition and Results of Operations, 2004 Compared to 2003 for cumulative effect of accounting change.
22 O’REILLY AUTOMOTIVE
SELECTED CONSOLIDATED FINANCIAL DATA