Napa Auto Parts 2003 Annual Report Download - page 13

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SELECTED FINANCIAL DATA
(in thousands, except per share data) Year ended December 31, 2003 2002 2001 2000 1999
Net sales $8,449,300 $8,258,927 $ 8,220,668 $ 8,369,857 $ 7,950,822
Cost of goods sold 5,826,684 5,704,749 5,699,174*** 5,764,360 5,436,056
Selling, administrative and other expenses 2,050,873 1,948,442 1,951,559*** 1,958,747 1,886,699
Facility consolidation and impairment charges —— 73,922*** ——
Income before taxes and accounting change 571,743 605,736 496,013 646,750 628,067
Income taxes 218,101 238,236 198,866 261,427 250,445
Income before cumulative effect of a change
in accounting principle 353,642 367,500 297,147 385,323 377,622
Cumulative effect of a change in
accounting principle 19,541*395,090** ———
Net income (loss) after cumulative effect
of a change in accounting principle $334,101 $(27,590) $ 297,147 $ 385,323 $ 377,622
Average common shares outstanding during year -
assuming dilution 174,480 175,104 173,633 175,327 179,238
Per common share:
Diluted net income, excluding cumulative effect $2.03 $2.10 $ 1.71*** $2.20 $ 2.11
Diluted net income (loss) 1.91 (0.16) 1.71 2.20 2.11
Dividends declared 1.18 1.16 1.14 1.10 1.04
December 31 closing stock price 33.20 30.80 36.70 26.19 24.81
Long-term debt, less current maturities 625,108 674,796 835,580 770,581 702,417
Shareholders’ equity 2,312,283 2,130,009 2,345,123 2,260,806 2,177,517
Total assets $4,116,497 $4,061,055 $ 4,206,646 $ 4,142,114 $ 3,929,672
MARKET AND DIVIDEND INFORMATION
High and Low Sales Price and Dividends per Share of Common Shares Traded on the New York Stock Exchange
Sales Price of Common Shares
Quarter 2003 2002
High Low High Low
First $31.88 $27.43 $38.08 $33.92
Second 33.66 30.70 37.80 34.17
Third 33.45 30.03 33.63 27.64
Fourth 33.20 30.78 32.00 29.48
Dividends Declared Per Share
2003 2002
First $0.295 $0.29
Second 0.295 0.29
Third 0.295 0.29
Fourth 0.295 0.29
Number of Record Holders of Common Stock as of December 31, 2003: 7,719
*The cumulative effect of a change in accounting principle in 2003 represents a non-cash charge related to cash consideration received from vendors in
conjunction with the Financial Accounting Standards Board's EITF 02-16. Had the Company accounted for vendor consideration in accordance with EITF 02-16
in prior years, there would have been no significant impact on net income (loss) and diluted income (loss) per share for the years ended December 31, 2002,
2001, 2000 and 1999. In addition, in accordance with EITF 02-16, approximately $102 million was reclassified from selling, administrative and other expenses
to cost of goods sold for the year ended December 31, 2003. Had the Company accounted for consideration received from vendors in accordance with
EITF 02-16 in prior years, approximately $90 million, $111 million, $82 million, and $61 million would have been reclassified from selling, administrative and
other expenses to cost of goods sold for the years ended December 31, 2002, 2001, 2000 and 1999, respectively.
** The cumulative effect of a change in accounting principle in 2002 represents a non-cash charge related to the impairment testing for goodwill in conjunction
with the Statement of Financial Accounting Standards No. 142 “Goodwill and Other Intangible Assets”. If the Company had applied the non-amortization
provisions of Statement 142 for all periods presented, net income and diluted income per common share would have increased by approximately $11.9 million
($.07 per share), $11.4 million ($.06 per share), and $10.7 million ($.06 per share) for the years ended December 31, 2001, 2000 and 1999.
*** Facility Consolidation, Impairment and Other Charges (“2001 Charges”) totaled $107.8 million pre-tax in 2001 and $64.4 million after tax. The pre-tax
charges include $17.4 million classified in cost of goods sold and $16.4 million classified in selling, administrative and other expenses. Diluted net income
per common share before the 2001 Charges was $2.08.