O'Reilly Auto Parts 2001 Annual Report Download - page 21

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Page 19
QUARTERLY RESULTS
The following table sets forth certain quarterly unaudited operating
data for fiscal 2001 and 2000. The unaudited quarterly information
includes all adjustments which management considers necessary for
a fair presentation of the information shown.
The unaudited operating data presented below should be read
in conjunction with our consolidated financial statements and related
notes included elsewhere in this annual report, and the other financial
information included here. The reclassifications of certain amounts
have been made to the 2001 consolidated financial quarterly results
shown below.
(In thousands, except per share data)
FIRST SECOND THIRD FOURTH
FISCAL 2001 QUARTER QUARTER QUARTER QUARTER
Product sales $239,063 $280,676 $293,996 $278,377
Gross profit 102,426 117,789 125,287 122,316
Operating income 21,732 30,758 34,142 27,199
Net income 12,317 17,987 20,140 15,908
Basic net income per
common share 0.24 0.35 0.38 0.30
Net income per common share –
assuming dilution 0.24 0.34 0.38 0.30
(In thousands, except per share data)
FIRST SECOND THIRD FOURTH
FISCAL 2000 QUARTER QUARTER QUARTER QUARTER
Product sales $195,758 $226,359 $251,413 $216,891
Gross profit 84,712 97,261 105,863 94,865
Operating income 19,486 24,793 28,805 16,945
Net income 11,567 14,359 16,572 9,210
Basic net income per
common share 0.23 0.28 0.32 0.18
Net income per common share –
assuming dilution 0.23 0.28 0.32 0.18
NEW ACCOUNTING STANDARDS
In June 2001, the Financial Accounting Standards Board issued
Statement of Financial Accounting Standards No. 142, Goodwill and
Other Intangible Assets, effective for fiscal years beginning after
December 15, 2001. Under the new rules, goodwill will no longer
be amortized but will be subject to annual impairment tests in
accordance with the Statement. Other identifiable intangible assets
will continue to be amortized over their useful lives or, if they have
indefinite lives, such identifiable assets will not be amortized but will
be subject to annual impairment tests. We will apply the new rules
on accounting for goodwill and other intangible assets beginning in
the first quarter of fiscal 2002. Application of the provisions of the
Statement are not expected to have a material impact on our financial
condition or results of operations.