Napa Auto Parts 2007 Annual Report Download - page 29

Download and view the complete annual report

Please find page 29 of the 2007 Napa Auto Parts annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 48

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48

2727
Consolidated฀Statements฀of฀Income฀ ฀ ฀฀
(in thousands, except per share amounts) Year ended December 31, 2007 2006 2005
Net sales $ 10,843,195 $ 10,457,942 $ 9,783,050
Cost of goods sold 7,625,972 7,353,447 6,884,964
Gross margin 3,217,223 3,104,495 2,898,086
Operating expenses:
Selling, administrative, and other expenses 2,278,155 2,217,882 2,078,308
Depreciation and amortization 87,702 73,423 65,529
Provision for doubtful accounts 13,514 16,472 16,356
Total operating expenses 2,379,371 2,307,777 2,160,193
Non-operating expenses (income):
Interest expense 31,327 31,576 34,024
Other (10,220) (5,774) (5,195)
Total non-operating expenses 21,107 25,802 28,829
Income before income taxes 816,745 770,916 709,064
Income taxes 310,406 295,511 271,630
Net income $ 506,339 $ 475,405 $ 437,434
Basic net income per common share $ 2.99 $ 2.77 $ 2.51
Diluted net income per common share $ 2.98 $ 2.76 $ 2.50
Weighted average common shares outstanding 169,129 171,576 174,054
Dilutive effect of stock options and non-vested
restricted stock awards 1,006 910 953
Weighted average common shares outstanding -
assuming dilution 170,135 172,486 175,007
See accompanying notes.