Advance Auto Parts, Inc. and Subsidiaries
Consolidated Statements of Operations
Sixteen Week Periods Ended
(in thousands, except per share data)
(unaudited)
| April 19, 2003 | |
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| GAAP | Merger and
Integration
Expenses | Comparable
2003 | |
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|
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| |
| Net sales | | | $ | 1,005,968 | | $ | - | | $ | 1,005,968 | |
| Cost of sales, including purchasing and warehousing costs | | | | 541,979 | | | - | | | 541,979 | |
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| |
| |
| |
| Gross profit | | | | 463,989 | | | - | | | 463,989 | |
| Selling, general and administrative expenses | | | | 391,369 | | | (3,381 | )(a) | | 387,988 | |
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| |
| |
| Operating income | | | | 72,620 | | | 3,381 | | | 76,001 | |
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| |
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| Other, net: | | |
| Interest expense | | | | (19,340 | ) | | - | | | (19,340 | ) |
| Loss on extinguishment of debt | | | | (46,887 | ) | | 46,887 | (b) | | - | |
| Other income, net | | | | 60 | | | - | | | 60 | |
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| |
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| Total other, net | | | | (66,167 | ) | | 46,887 | | | (19,280 | ) |
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| Income before provision for income taxes and | | |
| income on discontinued operations | | | | 6,453 | | | 50,268 | | | 56,721 | |
| Provision for income taxes | | | | 2,485 | | | 19,353 | (c) | | 21,838 | |
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| |
| |
| Income from continuing operations | | | | 3,968 | | | 30,915 | | | 34,883 | |
| Discontinued operations: | | |
| Income from operations of discontinued wholesale distribution | | |
| network | | | | 1,744 | | | - | | | 1,744 | |
| Provision for income taxes | | | | 671 | | | - | | | 671 | |
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| |
| |
| Income on discontinued operations | | | | 1,073 | | | - | | | 1,073 | |
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| Net income | | | $ | 5,041 | | $ | 30,915 | | $ | 35,956 | |
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| Net income per basic share from: | | |
| Income before income on discontinued operations | | | $ | 0.06 | | $ | 0.43 | | $ | 0.49 | |
| Income on discontinued operations | | | | 0.01 | | | - | | | 0.01 | |
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| | | | $ | 0.07 | | $ | 0.43 | | $ | 0.50 | |
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| Net income per diluted share from: | | |
| Income before income on discontinued operations | | | $ | 0.06 | | $ | 0.42 | | $ | 0.48 | |
| Income on discontinued operations | | | | 0.01 | | | - | | | 0.01 | |
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| | | | $ | 0.07 | | $ | 0.42 | | $ | 0.49 | |
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| Average common shares outstanding ( d ) | | | | 71,806 | | | 71,806 | | | 71,806 | |
| Dilutive effect of stock options | | | | 1,432 | | | 1,432 | | | 1,432 | |
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| Average common shares outstanding - assuming dilution | | | | 73,238 | | | 73,238 | | | 73,238 | |
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| Note: | In December 2003, Advance Auto Parts, Inc. discontinued the operations of its wholesale distribution network. These statements of operations have been prepared by management to reflect the classification of the wholesale distribution network as discontinued operations. These statements have been prepared on a basis consistent with our previously issued financial statements filed on Form 10-Q for the respective quarter, but do not include the footnotes required by generally accepted accounting principles for complete financial statements. |
| (a) | Represents the merger and integration expenses associated with the integration of the Discount Auto Parts operations. |
| (b) | This adjustment reflects the write-off of deferred loan costs and unamortized discounts and the payment of premiums for the early redemption of our outstanding senior subordinated notes and senior discount debentures. |
| (c) | This adjustment reflects the tax impact for the items in ( a ) and ( b ) at a 38.5% effective tax rate. |
| (d) | Average common shares outstanding is calculated based on the weighted average number of shares outstanding for the quarter ended. At April 19, 2003, we had 72,662 shares outstanding. |
Advance Auto Parts, Inc. and Subsidiaries
Consolidated Statements of Operations
Twelve Week Periods Ended
(in thousands, except per share data)
(unaudited)
| July 12, 2003 |
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|
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| GAAP | Merger and
Integration
Expenses | Comparable
2003 |
|---|
|
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| Net sales | | | $ | 827,348 | | | - | | $ | 827,348 | |
| Cost of sales, including purchasing and warehousing costs | | | | 447,874 | | | - | | | 447,874 | |
|
| |
| |
| |
| Gross profit | | | | 379,474 | | | - | | | 379,474 | |
| Selling, general and administrative expenses | | | | 301,897 | | | (2,890 | )(a) | | 299,007 | |
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| |
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| Operating income | | | | 77,577 | | | 2,890 | | | 80,467 | |
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| Other, net: | | |
| Interest expense | | | | (7,025 | ) | | - | | | (7,025 | ) |
| Loss on extinguishment of debt | | | | (254 | ) | | - | | | (254 | ) |
| Other income, net | | | | 93 | | | - | | | 93 | |
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| Total other, net | | | | (7,186 | ) | | - | | | (7,186 | ) |
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| Income before provision for income taxes and | | |
| income on discontinued operations | | | | 70,391 | | | 2,890 | | | 73,281 | |
| Provision for income taxes | | | | 27,100 | | | 1,113 | (b) | | 28,213 | |
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| Income from continuing operations | | | | 43,291 | | | 1,777 | | | 45,068 | |
| Discontinued operations: | | |
| Income from operations of discontinued wholesale distribution | | |
| network | | | | 271 | | | - | | | 271 | |
| Income tax provision | | | | 104 | | | - | | | 104 | |
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| Income on discontinued operations | | | | 167 | | | - | | | 167 | |
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| Net income | | | $ | 43,458 | | $ | 1,777 | | $ | 45,235 | |
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| Net income per basic share from: | | |
| Income before income on discontinued operations | | | $ | 0.60 | | $ | 0.02 | | $ | 0.62 | |
| Income on discontinued operations | | | | 0.00 | | | - | | | 0.00 | |
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| | | | $ | 0.60 | | $ | 0.02 | | $ | 0.62 | |
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| Net income per diluted share from: | | |
| Income before income on discontinued operations | | | $ | 0.58 | | $ | 0.02 | | $ | 0.60 | |
| Income on discontinued operations | | | | 0.00 | | | - | | | 0.00 | |
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| | | | $ | 0.58 | | $ | 0.02 | | $ | 0.60 | |
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| Average common shares outstanding ( c ) | | | | 73,092 | | | 73,092 | | | 73,092 | |
| Dilutive effect of stock options | | | | 1,738 | | | 1,738 | | | 1,738 | |
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| Average common shares outstanding - assuming dilution | | | | 74,830 | | | 74,830 | | | 74,830 | |
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| Note: | In December 2003, Advance Auto Parts, Inc. discontinued the operations of its wholesale distribution network. These statements of operations have been prepared by management to reflect the classification of the wholesale distribution network as discontinued operations. These statements have been prepared on a basis consistent with our previously issued financial statements filed on Form 10-Q for the respective quarter, but do not include the footnotes required by generally accepted accounting principles for complete financial statements. |
| (a) | Represents the merger and integration expenses associated with the integration of the Discount Auto Parts operations. |
| (b) | This adjustment reflects the tax impact for the items in ( a ) at a 38.5% effective tax rate. |
| (c) | Average common shares outstanding is calculated based on the weighted average number of shares outstanding for the quarter. At July 12, 2003, we had 73,736 shares outstanding. |
Advance Auto Parts, Inc. and Subsidiaries
Consolidated Statements of Operations
Twelve Week Periods Ended
(in thousands, except per share data)
(unaudited)
| October 4, 2003 |
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|
| |
| GAAP | Merger and
Integration
Expenses | Comparable
2003 |
|---|
|
| |
| |
| |
| Net sales | | | $ | 839,101 | | | - | | $ | 839,101 | |
| Cost of sales, including purchasing and warehousing costs | | | | 452,173 | | | - | | | 452,173 | |
|
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| |
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| Gross profit | | | | 386,928 | | | - | | | 386,928 | |
| Selling, general and administrative expenses | | | | 308,298 | | | (2,522 | )(a) | | 305,776 | |
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| Operating income | | | | 78,630 | | | 2,522 | | | 81,152 | |
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| Other, net: | | |
| Interest expense | | | | (5,860 | ) | | - | | | (5,860 | ) |
| Loss on extinguishment of debt | | | | (125 | ) | | - | | | (125 | ) |
| Other income, net | | | | 106 | | | - | | | 106 | |
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| |
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| Total other, net | | | | (5,879 | ) | | - | | | (5,879 | ) |
|
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| |
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| Income before provision for income taxes and | | |
| income on discontinued operations | | | | 72,751 | | | 2,522 | | | 75,273 | |
| Provision for income taxes | | | | 28,006 | | | 971 | (b) | | 28,977 | |
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| |
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| Income from continuing operations | | | | 44,745 | | | 1,551 | | | 46,296 | |
| Discontinued operations: | | |
| Income from operations of discontinued wholesale | | |
| distribution network | | | | 681 | | | - | | | 681 | |
| Income tax provision | | | | 262 | | | - | | | 262 | |
|
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| |
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| Income on discontinued operations | | | | 419 | | | - | | | 419 | |
|
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| Net income | | | $ | 45,164 | | $ | 1,551 | | $ | 46,715 | |
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| Net income per basic share from: | | |
| Income before income on discontinued operations | | | $ | 0.60 | | $ | 0.02 | | $ | 0.62 | |
| Income on discontinued operations | | | | 0.01 | | | - | | | 0.01 | |
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| | | | $ | 0.61 | | $ | 0.02 | | $ | 0.63 | |
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| Net income per diluted share from: | | |
| Income before income on discontinued operations | | | $ | 0.59 | | $ | 0.02 | | $ | 0.61 | |
| Income on discontinued operations | | | | 0.01 | | | - | | | 0.01 | |
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| | | | $ | 0.60 | | $ | 0.02 | | $ | 0.62 | |
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| Average common shares outstanding ( c ) | | | | 73,650 | | | 73,650 | | | 73,650 | |
| Dilutive effect of stock options | | | | 1,898 | | | 1,898 | | | 1,898 | |
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| Average common shares outstanding - assuming dilution | | | | 75,548 | | | 75,548 | | | 75,548 | |
|
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| |
| Note: | In December 2003, Advance Auto Parts, Inc. discontinued the operations of its wholesale distribution network. These statements of operations have been prepared by management to reflect the classification of the wholesale distribution network as discontinued operations. These statements have been prepared on a basis consistent with our previously issued financial statements filed on Form 10-Q for the respective quarter, but do not include the footnotes required by generally accepted accounting principles for complete financial statements. |
| (a) | Represents the merger and integration expenses associated with the integration of the Discount Auto Parts operations. |
| (b) | This adjustment reflects the tax impact for the items in ( a ) at a 38.5% effective tax rate. |
| (c) | Average common shares outstanding is calculated based on the weighted average number of shares outstanding for the quarter. At October 4, 2003, we had 73,812 shares outstanding. |
