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o’reilly automotive 2006 annual report
page 14
(In thousands, except per share data)
years ended december 31, 2006 2005 2004
income statement data:
Sales $2,283,222 $2,045,318 $1,721,241
Cost of goods sold, including warehouse and distribution expenses 1,276,511 1,152,815 978,076
Gross profit 1,006,711 892,503 743,165
Operating, selling, general and administrative expenses 724,396 639,979 552,707
Operating income 282,315 252,524 190,458
Other income (expense), net (50) (1,455) (2,721)
Income before income taxes and cumulative effect of accounting change 282,265 251,069 187,737
Provision for income taxes 104,180 86,803 70,063
Income before cumulative effect of accounting change 178,085 164,266 117,674
Cumulative effect of accounting change, net of tax (a) -- 21,892
Net income $ 178,085 $ 164,266 $ 139,566
basic earnings per common share:
Income before cumulative effect of accounting change $ 1.57 $ 1.47 $ 1.07
Cumulative effect of accounting change (a) -- 0.20
Net income per share $ 1.57 $ 1.47 $ 1.27
Weighted-average common shares outstanding 113,253 111,613 110,020
earnings per common share-assuming dilution:
Income before cumulative effect of accounting change $ 1.55 $ 1.45 $ 1.05
Cumulative effect of accounting change (a) -- 0.20
Net income per share $ 1.55 $ 1.45 $ 1.25
Weighted-average common shares outstanding - adjusted 115,119 113,385 111,423
pro forma income statement data (b):
Sales N/A N/A N/A
Cost of goods sold, including warehouse and distribution expenses N/A N/A N/A
Gross profit N/A N/A N/A
Operating, selling, general and administrative expenses N/A N/A N/A
Operating income N/A N/A N/A
Other income (expense), net N/A N/A N/A
Income before income taxes N/A N/A N/A
Provision for income taxes N/A N/A N/A
Net income N/A N/A N/A
Net income per share N/A N/A N/A
Net income per share – assuming dilution N/A N/A N/A
(a) See Management’s Discussion and Analysis of Financial Condition and Results of Operations, 2005 Compared to 2004.
(b) The pro forma income statement reflects the retroactive application of the cumulative effect of the accounting change to historical periods.
selected consolidated financial data