O'Reilly Auto Parts 2011 Annual Report Download - page 34

24
Years ended December 31,
(In thousands, except per share data)
INCOME STATEMENT DATA:
Sales $ 5,788,816 $ 5,397,525 $ 4,847,062 $ 3,576,553 $ 2,522,319 $ 2,28 3,222 $ 2,045,318 $ 1,721,241 $ 1,511,816 $ 1,312,490
Cost of goods sold, including
warehouse and distribution expenses
2,951,467 2,776 ,533 2,520,534 1,948,627 1,401,859 1,276,511 1,152,815 978,076 873,481 759,090
Gross profit 2,837,349 2,620,992 2,32 6,528 1,627,926 1,120,460 1,00 6,711 892,503 743,165 638,335 553,400
Selling, general and administrative
expenses
1,973,381 1,887,316 1,788,909 1,292,309 815,309 724,3 96 639,979 552,707 473,0 60 415,099
Former CSK officer clawback (2,798) - - - - - - - - -
Legacy CSK DOJ investigation charge - 20,900 - - - - - - - -
Operating income 866,766 712,776 537,619 335,617 305,151 282,315 252,524 190,458 165,275 138,301
Write-off of asset-based revolving
credit agreement debt issuance costs
(2 1,626) - - - - - - - - -
Termination of interest rate swap
agreements
(4 ,237) - - - - - - - - -
Gain on settlement of note receivable - 11,639 - - - - - - - -
Other income (expense), net (2 5,130) (35,042) (4 0,721) (33,085) 2,337 (50) (1,455) (2,721) (5,233) (7,319)
Total other income (expense) (50 ,993) (2 3,403 ) (40,721) (33,085) 2,337 (50) (1,455) (2,721) (5,233) (7,319)
Income before income taxes and
cumulative effect of accounting
change
815,773 689,373 496,898 302,532 307,488 282,265 251,0 69 187,737 16 0,042 130,982
Provision for income taxes 308,100 270,000 189,4 00 116,300 113,500 104,180 86,803 70 ,063 59,955 48,990
Income before cumulative effect of
accounting change
507,673 419,373 307,498 186,232 193,988 178,085 164,266 117,674 100,087 81,992
Cumulative effect of accounting
change, net of tax (a)
- - - - - - - 21,892 - -
Net income $ 507,673 $ 419,373 $ 307,498 $ 186,232 $ 193,988 $ 178,085 $ 164 ,266 $ 139,566 $ 100,087 $ 81,992
BASIC EARNINGS PER
COMMON SHARE: (b)
Income before cumulative effect of
accounting change
$ 3.77 $ 3.0 2 $ 2 .26 $ 1.50 $ 1.69 $ 1.57 $ 1.47 $ 1.07 $ 0.93 $ 0.77
Cumulative effect of accounting
change (a)
- - - - - - - 0.20 - -
Earnings p er s hare – b as ic $ 3.77 $ 3.0 2 $ 2 .26 $ 1.50 $ 1.69 $ 1.57 $ 1.47 $ 1.27 $ 0.93 $ 0.77
Weighted-average common shares
o uts tand ing – b as ic
134,667 138,6 54 136,230 124,526 114,667 113,253 111,613 110 ,020 107,816 106,2 28
EARNINGS PER COMMON
SHARE-ASSUMING
DILUTION:
Income before cumulative effect of
accounting change
$3.71 $ 2.95 $ 2.23 $ 1.48 $ 1.67 $ 1.55 $ 1.45 $ 1.05 $ 0.92 $ 0.76
Cumulative effect of accounting
change (a)
- - - - - - - 0.20 - -
dilution $3.71 $ 2.95 $ 2.23 $ 1.48 $ 1.67 $ 1.55 $ 1.45 $ 1.25 $ 0.92 $ 0.76
Weighted-average common shares
o uts tand ing – assuming d ilutio n
136,983 141,992 137,882 125,413 116,080 115,119 113,385 111,423 109,060 107,384
PRO FORMA INCOME
STATEMENT DATA: (c)
Sales $ 1,511,816 $ 1,312,490
Cost of goods sold, including
warehouse and distribution expenses
872,658 754,844
Gross profit 639,158 557,646
Selling, general and administrative
expenses
473,060 415,099
Operating income 166,098 142,547
Other income (expense), net (5,2 33) (7,319)
Income before income taxes 160,865 135,228
Provision for income taxes 60,266 50,595
Net income $ 100,599 $ 84,633
2005
2004
2003
2002
2 0 11
2 0 10
2009
2008
2007
2006
(a) The cumulative change in accounting method, effective January 1, 2004, changed the method of applying last-in, first-out accounting policy for certain
inventory costs. Under the new method, included in the value of inventory are certain procurement, warehousing and distribution center costs. The previous
method was to recognize those costs as incurred, reported as a component of costs of goods sold.
(b) Adjusted for a 2 for 1 stock split in 2005.
(c) The pro forma income statement reflects the retroactive application of the cumulative effect of the accounting change to historical periods.
FORM 10-K