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PG.18 O’REILLY AUTOMOTIVE 2008 ANNUAL REPORT
SELECTED FINANCIAL DATA
(In thousands, except per share data)
Years ended December 31, 2008 2007 2006
INCOME STATEMENT DATA:
Sales $ 3,576,553 $ 2,522,319 $ 2,283,222
Cost of goods sold, including warehouse and distribution expenses 1,948,627 1,401,859 1,276,511
Gross prot 1,627,926 1,120,460 1,006,711
Selling, general and administrative expenses 1,292,309 815,309 724,396
Operating income 335,617 305,151 282,315
Other income (expense), net (33,085) 2,337 (50)
Income before income taxes and cumulative eect of accounting change 302,532 307,488 282,265
Provision for income taxes 116,300 113,500 104,180
Income before cumulative eect of accounting change 186,232 193,988 178,085
Cumulative eect of accounting change, net of tax (a) -- -- --
Net income $ 186,232 $ 193,988 $ 178,085
BASIC EARNINGS PER COMMON SHARE:
Income before cumulative eect of accounting change $ 1.50 $ 1.69 $ 1.57
Cumulative eect of accounting change (a) -- -- --
Net income per share $ 1.50 $ 1.69 $ 1.57
Weighted-average common shares outstanding 124,526 114,667 113,253
EARNINGS PER COMMON SHARE-ASSUMING DILUTION:
Income before cumulative eect of accounting change $ 1.48 $ 1.67 $ 1.55
Cumulative eect of accounting change (a) -- -- --
Net income per share $ 1.48 $ 1.67 $ 1.55
Weighted-average common shares outstanding – adjusted 125,413 116,080 115,119
PRO FORMA INCOME STATEMENT DATA: (B)
Sales
Cost of goods sold, including warehouse and distribution expenses
Gross prot
Selling, general and administrative expenses
Operating income
Other income (expense), net
Income before income taxes
Provision for income taxes
Net income
Net income per share
Net income per share – assuming dilution
(a) e cumulative change in accounting method, eective January 1, 2004, changed the method of applying LIFO accounting policy for certain inventory costs.
Under the new method, included in the value of inventory are certain procurement, warehousing and distribution center costs
e previous method was to recognize those costs as incurred, reported as a component of costs of goods sold.
(b) e pro forma income statement reects the retroactive application of the cumulative eect of the accounting change to historical periods.