O'Reilly Auto Parts 2010 Annual Report Download - page 61

Download and view the complete annual report

Please find page 61 of the 2010 O'Reilly 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 107

  • 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
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107

50
Consolidated Statements of Income
(In thousands, except per share data)
Years ended December 31,
2010 2009 2008
Sales $ 5,397,525 $ 4,847,062 $ 3,576,553
Cost of goods sold, including warehouse and distribution expenses 2,776,533 2,520,534 1,948,627
Gross profit 2,620,992 2,326,528 1,627,926
Selling, general and administrative expenses 1,887,316 1,788,909 1,292,309
Legacy CSK DOJ investigation charge 20,900 - -
Operating income 712,776 537,619 335,617
Other income (expense):
Debt prepayment costs -
- (7,157)
Interim facility commitment fee - - (4,150)
Interest expense (39,273) (45,176) (26,138)
Interest income 1,941 1,543 3,185
Gain on settlement of note receivable 11,639 - -
Other, net 2,290 2,912 1,175
Total other expense (23,403) (40,721) (33,085)
Income before income taxes 689,373 496,898 302,532
Provision for income taxes 270,000 189,400 116,300
Net income $ 419,373 $ 307,498 $ 186,232
Earnings per share - basic:
Earnings per share - basic $ 3.02 $ 2.26 $ 1.50
Weighted-average common shares outstanding - basic 138,654 136,230 124,526
Earnings per share - assuming dilution:
Earnings per share - assuming dilution $ 2.95 $ 2.23 $ 1.48
Weighted-average common shares outstanding - assuming dilution 141,992 137,882 125,413
See accompanying Notes to consolidated financial statements.
51
Consolidated Statements of Shareholders' Equity
(In thousands)
Common Stock Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss) Total
Comprehensive
Income Shares
Par
Value
Balance at December 31, 2007 115,261 $ 1,153 $ 441,731 $ 1,156,393 $ (6,800) $ 1,592,477
Net income - - - 186,232 - 186,232 $ 186,232
Other comprehensive loss - - - - (4,713) (4,713) (4,713)
Comprehensive income $ 181,519
Issuance of common stock under
employee benefit plans 546 5 13,710 - - 13,715
Issuance of common stock under
option plans 876 9 18,277 - - 18,286
Issued in CSK acquisition 18,146 181 465,645 - - 465,826
Excess tax benefit of stock options
exercised -- -- 1,573 - - 1,573
Share based compensation -- -- 8,822 - - 8,822
Balance at December 31, 2008 134,829 $ 1,348 $ 949,758 $ 1,342,625 $ (11,513) $ 2,282,218
Net income - - - 307,498 - 307,498 $ 307,498
Other comprehensive income - - - - 3,551 3,551 3,551
Comprehensive income $ 311,049
Issuance of common stock under
employee benefit plans 393 4 12,969 - - 12,973
Issuance of common stock under stock
option plans 2,246 23 54,049 - - 54,072
Excess tax benefit of stock options
exercised - - 9,043 - - 9,043
Share based compensation - - 14,410 - - 14,410
Fair value of equity component of
6 ¾% Senior Exchangeable Notes - - 2,100 - - 2,100
Balance at December 31, 2009 137,468 $ 1,375 $ 1,042,329 $ 1,650,123 $ (7,962) $ 2,685,865
Net income - - - 419,373 - 419,373 $ 419,373
Other comprehensive income - - - - 4,992 4,992 4,992
Comprehensive income $ 424,365
Issuance of common stock under
employee benefit plans 194 2 7,860 - - 7,862
Issuance of common stock under stock
option plans 2,332 23 56,827 - - 56,850
Excess tax benefit of stock options
exercised - - 18,419 - - 18,419
Share based compensation - - 16,052 - - 16,052
Exchange of 6 ¾% Senior
Exchangeable Notes by Holders 1,032 10 262 - - 272
Balance at December 31, 2010 141,026 $ 1,410 $ 1,141,749 $ 2,069,496 $ (2,970) $ 3,209,685
See accompanying Notes to consolidated financial statements.
FORM 10-K