Napa Auto Parts 2003 Annual Report Download - page 3

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1
A Letter to Our Shareholders 2
Business Narratives 4
Selected Financial Data 11
Segment Data 12
Management’s Discussion and Analysis 13
Report of Management and Independent Auditors 19
Consolidated Balance Sheets 20
Consolidated Statements of Income 21
Consolidated Statements of Shareholders’ Equity 22
Consolidated Statements of Cash Flows 23
Notes to Consolidated Financial Statements 24
Board of Directors and Officers 34
Shareholder Information 36
Years of Growth IBC
GENUINE PARTS COMPANY, FOUNDED IN 1928, IS A SERVICE ORGANI-
ZATION ENGAGED IN THE DISTRIBUTION OF AUTOMOTIVE REPLACE-
MENT PARTS, INDUSTRIAL REPLACEMENT PARTS, OFFICE PRODUCTS
AND ELECTRICAL/ELECTRONIC MATERIALS. THE COMPANY SERVES
NUMEROUS CUSTOMERS FROM MORE THAN 1,800 OPERATIONS AND
HAS APPROXIMATELY 30,800 EMPLOYEES.
Increase/
FINANCIAL HIGHLIGHTS 2003 (Decrease) 2002
Net Sales $8,449,300,000 2% $ 8,258,927,000
Before Cumulative Effect Adjustments:
Income Before Income Taxes 571,743,000 (6%) 605,736,000
Income Taxes 218,101,000 (8%) 238,236,000
Net Income 353,642,000 (4%) 367,500,000
Current Ratio 3.4 -3.0
Shareholders’ Equity 2,312,283,000 9% 2,130,009,000
Rate Earned on Shareholders’ Equity at the Beginning of the Year 16.6% -15.7%
Average Common Shares Outstanding-
Assuming Dilution 174,480,000 -175,104,000
Per Common Share:
Diluted Net Income, before cumulative effect adjustments $2.03 (3%) $ 2.10
Diluted Net Income (Loss) $1.91 -$ (0.16)
Dividends Declared $1.18 2% $ 1.16
* Before cumulative effect of a change in accounting principle in 2003 and 2002. After cumulative effect adjustment, net income was $334,101,000 in 2003
and net loss was $(27,590,000) in 2002.
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