O'Reilly Auto Parts 2004 Annual Report Download - page 33

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2004 ANNUAL REPORT 31
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)
it more accurately matches revenues and expenses and is the prevelant method used by other entities within the Company’s industry. The cumulative
effect of this change in application of accounting method is $21,892,000 as of January 1, 2004, net of the related deferred tax effect of $13,303,000.
The unaudited operating data presented below should be read in conjunction with our consolidated financial statements and related notes included
elsewhere in this annual report, and the other financial information included therein.
(In thousands, except per share data) Fiscal 2004
First Quart er Second Quart er Third Quart er
Previously Previously Previously Fourt h
Report ed Rest at ed Report ed Restat ed Report ed Rest at ed Quart er(a)
Product sales $403,294 $403,294 $435,167 $435,167 $455,162 $455,162 $427,618
Gross profit 169,338 169,593 187,758 189,435 195,848 198,169 185,968
Operating income 43,772 44,027 52,565 54,242 53,809 56,130 36,059
Income before cumulative effect
of accounting change 27,126 27,285 32,652 33,695 33,243 34,687 22,007
Cumulative effect of accounting
change, net of tax - 21,892 - - - - -
Net income 27,126 49,177 32,652 33,695 33,243 34,687 22,007
Basic net income per common
share before cumulative effect
of accounting change 0.50 0.50 0.59 0.61 0.60 0.63 0.40
Cumulative effect of accounting
change, net of tax - 0.40 - - - - -
Basic net income per
common share 0.50 0.90 0.59 0.61 0.60 0.63 0.40
Diluted net income per common
share before cumulative effect
of accounting change 0.49 0.49 0.59 0.61 0.60 0.62 0.39
Cumulative effect of accounting
change, net of tax - 0.39 - - - - -
Net income per common
share-assuming dilution 0.49 0.88 0.59 0.61 0.60 0.62 0.39
(a) During the fourth quarter 2004, the Company recorded a correction of an error of $10.4 million ($3.5 million related to 2004) $6.5 million, net of tax. See Note 1 to our
consolidated financial statements.
(In thousands, except per share data) Fiscal 2003
First Second Third Fourt h
Quart er Quart er Quart er Quart er
Product sales $339,475 $393,112 $412,182 $367,047
Gross profit 140,946 165,713 175,653 156,023
Operating income 33,341 44,726 48,362 38,846
Net income 19,728 26,924 29,533 23,902
Basic net income per common share 0.37 0.50 0.55 0.44
Net income per common share-assuming dilution 0.37 0.50 0.54 0.43