Napa Auto Parts 2005 Annual Report Download - page 15

13
Market and Dividend Information
High and Low Sales Price and Dividends per Common Share Traded on the New York Stock Exchange
Sales Price of Common Shares
Quarter 2005 2004
High Low High Low
First $44.77 $41.65 $35.06 $32.03
Second 44.50 40.81 40.20 32.65
Third 46.64 40.75 39.94 36.10
Fourth 45.70 41.40 44.32 36.51
Dividends Declared Per Share
2005 2004
First $0.3125 $0.30
Second 0.3125 0.30
Third 0.3125 0.30
Fourth 0.3125 0.30
Number of Record Holders of Common Stock as of December 31, 2005: 7,187
* The cumulative effect of a change in accounting principle in 2003 represents a non-cash charge related to cash consideration received from vendors in con-
junction 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 net income (loss) per share for the years ended December 31, 2002
and 2001. 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 and $111 million would have been reclassified from selling, administrative and other expenses to cost of goods sold
for the years ended December 31, 2002 and 2001, respectively.
Selected Financial Data
(in thousands, except per share data) Year ended December 31, 2005 2004 2003 2002 2001
Net sales $ 9,783,050 $ 9,097,267 $ 8,449,300 $ 8,258,927 $ 8,220,668
Cost of goods sold 6,718,964 6,267,544 5,826,684 5,704,749 5,699,174 ***
Selling, administrative and other expenses 2,355,022 2,193,804 2,050,873 1,948,442 1,951,559 ***
Facility consolidation and impairment charges —— — — 73,922
***
Income before taxes and accounting change 709,064 635,919 571,743 605,736 496,013
Income taxes 271,630 240,367 218,101 238,236 198,866
Income before cumulative effect of a change
in accounting principle 437,434 395,552 353,642 367,500 297,147
Cumulative effect of a change in
accounting principle —— 19,541 *395,090 ** —
Net income (loss) $ 437,434 $ 395,552 $ 334,101 $ (27,590) $ 297,147
Average common shares outstanding during year -
assuming dilution 175,007 175,660 174,480 175,104 173,633
Per common share:
Diluted net income, excluding cumulative effect $2.50 $ 2.25 $ 2.03 $ 2.10 $ 1.71 ***
Diluted net income (loss) 2.50 2.25 1.91 (0.16) 1.71
Dividends declared 1.25 1.20 1.18 1.16 1.14
December 31 closing stock price 43.92 44.06 33.20 30.80 36.70
Long-term debt, less current maturities 500,000 500,000 625,108 674,796 835,580
Shareholders’ equity 2,693,957 2,544,377 2,312,283 2,130,009 2,345,123
Total assets $ 4,771,538 $ 4,455,247 $ 4,127,956 $ 4,061,055 $ 4,206,646
*** 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.
** 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) for the year ended December 31, 2001.