Napa Auto Parts 2003 Annual Report Download - page 23
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21
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data) Year ended December 31, 2003 2002 2001
Net sales $8,449,300 $8,258,927 $ 8,220,668
Cost of goods sold 5,826,684 5,704,749 5,699,174
2,622,616 2,554,178 2,521,494
Selling, administrative and other expenses 2,050,873 1,948,442 1,951,559
Facility consolidation and impairment charges ——73,922
Income before income taxes and cumulative effect of a
change in accounting principle 571,743 605,736 496,013
Income taxes 218,101 238,236 198,866
Income before cumulative effect of a change in accounting principle 353,642 367,500 297,147
Cumulative effect of a change in accounting principle (19,541) (395,090) —
Net income (loss) $ 334,101 $(27,590) $ 297,147
Basic net income (loss) per common share:
Before cumulative effect of a change in accounting principle $ 2.03 $2.11 $ 1.72
Cumulative effect of a change in accounting principle (.11) (2.27) —
Basic net income (loss) $ 1.92 $(0.16) $ 1.72
Diluted net income (loss) per common share:
Before cumulative effect of a change in accounting principle $ 2.03 $2.10 $ 1.71
Cumulative effect of a change in accounting principle (.12) (2.26) —
Diluted net income (loss) $ 1.91 $(0.16) $ 1.71
Weighted average common shares outstanding 173,995 174,369 172,765
Dilutive effect of stock options and
non-vested restricted stock awards 485 735 868
Weighted average common shares outstanding —
assuming dilution 174,480 175,104 173,633
See accompanying notes.