O'Reilly Auto Parts 2005 Annual Report Download - page 24

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(In thousands, except per share data)
years ended december 31, 2005 2004 2003
income statement data:
Product sales $2,045,318 $1,721,241 $1,511,816
Cost of goods sold, including warehouse and distribution expenses 1,152,815 978,076 873,481
Gross profit 892,503 743,165 638,335
Operating, selling, general and administrative expenses 639,979 552,707 473,060
Operating income 252,524 190,458 165,275
Other income (expense), net (1,455) (2,721) (5,233)
Income before income taxes and cumulative effect of accounting change 251,069 187,737 160,042
Provision for income taxes 86,803 70,063 59,955
Income before cumulative effect of accounting change 164,266 117,674 100,087
Cumulative effect of accounting change, net of tax (a) -21,892 -
Net income $ 164,266 $ 139,566 $ 100,087
basic earnings per common share:
Income before cumulative effect of accounting change $ 1.47 $ 1.07 $ 0.93
Cumulative effect of accounting change (a) -0.20 -
Net income per share $ 1.47 $ 1.27 $ 0.93
Weighted-average common shares outstanding 111,613 110,020 107,816
earnings per common share-assuming dilution:
Income before cumulative effect of accounting change $ 1.45 $ 1.05 $ 0.92
Cumulative effect of accounting change (a) -0.20 -
Net income per share $ 1.45 $ 1.25 $ 0.92
Weighted-average common shares outstanding - adjusted 113,385 111,423 109,060
pro forma income statement data (b):
Product sales N/A N/A $1,511,816
Cost of goods sold, including warehouse and distribution expenses N/A N/A 872,658
Gross profit N/A N/A 639,158
Operating, selling, general and administrative expenses N/A N/A 473,060
Operating income N/A N/A 166,098
Other income (expense), net N/A N/A (5,233)
Income before income taxes N/A N/A 160,865
Provision for income taxes N/A N/A 60,266
Net income N/A N/A $ 100,599
Net income per share N/A N/A $ 0.93
Net income per share – assuming dilution N/A N/A $ 0.92
(a) See Management’s Discussion and Analysis of Financial Condition and Results of Operations, 2004 Compared to 2003.
(b) The pro forma income statement reflects the retroactive application of the cumulative effect of the accounting change to historical periods.
O’REILLY AUTOMOTIVE 2005 ANNUAL REPORT
22
selected consolidated financial data