O'Reilly Auto Parts 2004 Annual Report Download - page 38

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(In thousands, except per share data)
Years ended December 31, 2004 2003 2002
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):
Interest expense (4,700) (6,864) (9,248)
Interest income 901 298 989
Other, net 1,078 1,333 940
(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 $13,303 21,892 --
Net income $ 139,566 $ 100,087 $ 81,992
Basic income per common share:
Income before cumulative effect of accounting change $ 2.14 $ 1.86 $ 1.54
Cumulative effect of accounting change 0.40 --
Net income per common share $ 2.54 $ 1.86 $ 1.54
Weighted-average common shares outstanding 55,010 53,908 53,114
Income per common share—assuming dilution:
Income before cumulative effect of accounting change $ 2.11 $ 1.84 $ 1.53
Cumulative effect of accounting change 0.40 --
Net income per common share—assuming dilution $ 2.51 $ 1.84 $ 1.53
Adjusted weighted-average common shares outstanding 55,711 54,530 53,692
See accompanying notes.
36 O’REILLY AUTOMOTIVE
CONSOLIDATED STATEMENTS OF INCOME