Napa Auto Parts 2004 Annual Report Download - page 26
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24
Consolidated Statements of Income
(in thousands, except per share data) Year ended December 31, 2004 2003 2002
Net sales $9,097,267 $8,449,300 $ 8,258,927
Cost of goods sold 6,267,544 5,826,684 5,704,749
2,829,723 2,622,616 2,554,178
Selling, administrative and other expenses 2,193,804 2,050,873 1,948,442
Income before income taxes and cumulative effect
of a change in accounting principle 635,919 571,743 605,736
Income taxes 240,367 218,101 238,236
Income before cumulative effect of a change in
accounting principle 395,552 353,642 367,500
Cumulative effect of a change in accounting principle —(19,541) (395,090)
Net income (loss) $395,552 $334,101 $ (27,590)
Basic net income (loss) per common share:
Before cumulative effect of a change in accounting principle $2.26 $2.03 $ 2.11
Cumulative effect of a change in accounting principle — (0.11) (2.27)
Basic net income (loss) $2.26 $1.92 $ (0.16)
Diluted net income (loss) per common share:
Before cumulative effect of a change in accounting principle $2.25 $2.03 $ 2.10
Cumulative effect of a change in accounting principle —(0.12) (2.26)
Diluted net income (loss) $2.25 $1.91 $ (0.16)
Weighted average common shares outstanding 174,687 173,995 174,369
Dilutive effect of stock options and non-vested restricted stock awards 973 485 735
Weighted average common shares outstanding - assuming dilution 175,660 174,480 175,104
See accompanying notes.