O'Reilly Automotive, Inc. ("O'Reilly" or "the Company") (Nasdaq:
ORLY) today announced record revenues and earnings for the third
quarter of 2005, representing 48 quarters of record revenues and
earnings for O'Reilly since becoming a public company in April
1993. Net income for the third quarter ended September 30, 2005,
totaled $48.6 million, up 40.2% from $34.7 million for the same
period in 2004. Diluted earnings per common share for the third
quarter of 2005 increased 35.5% to $0.42 on 113.8 million shares
compared to $0.31 for the third quarter of 2004 on 111.6 million
shares, including a $0.05 benefit from the favorable resolution of
prior tax uncertainties. On an adjusted basis excluding the
favorable tax benefit, diluted earnings per common share for the
third quarter of 2005 increased 19.4% to $0.37. Product sales for
the three months ended September 30, 2005, totaled $542.9 million,
up 19.3% from $455.2 million for the same period a year ago. Gross
profit for the third quarter of 2005 increased to $235.9 million
(or 43.5% of product sales) from $198.2 million (or 43.5% of
product sales) for the third quarter of 2004, representing an
increase of 19.0%. Operating, Selling, General and Administrative
("OSG&A") expenses increased to $168.3 million (or 31.0% of
product sales) for the third quarter of 2005 from $142.0 million
(or 31.2% of product sales) for the third quarter of 2004,
representing an increase of 18.5%. The reduction in the effective
tax rate from 37.3% in the third quarter of 2004 to 27.5% in the
third quarter of 2005 reflects a one-time benefit of $6.1 million
from the favorable resolution of prior tax uncertainties. Net
income, before cumulative effect of accounting change, for the
first nine months of 2005 totaled $124.8 million, up 30.4% from
$95.7 million for the same period a year ago. Diluted earnings per
common share, before cumulative effect of accounting change, for
the first nine months of 2005 increased 27.9% to $1.10 on 113.2
million shares compared to $0.86 a year ago on 111.3 million
shares, including a $0.05 benefit from the favorable resolution of
prior tax uncertainties. On an adjusted basis excluding the
favorable tax benefit, diluted earnings per common share, before
cumulative effect of accounting change, for the first nine months
of 2005 increased 22.1% to $1.05. Product sales for the first nine
months of 2005 totaled $1.53 billion, up 18.3% from $1.29 billion
for the same period a year ago. Gross profit for the first nine
months of 2005 increased to $661.1 million (or 43.2% of product
sales) from $557.2 million (or 43.1% of product sales) for the same
period a year ago, representing an increase of 18.6%. OSG&A
expenses increased to $471.8 million (or 30.8% of product sales)
for the first nine months of 2005 from $402.8 million (or 31.1% of
product sales) for the same period a year ago, representing an
increase of 17.1%. The reduction in the effective tax rate from
37.4% for the first nine months of 2004 to 33.7% in the first nine
months of 2005 reflects a one time benefit of $6.1 million from the
favorable resolution of prior tax uncertainties. Comparable store
product sales for stores open at least one year increased 6.1% and
7.6% for the third quarter and first nine months of 2005,
respectively. "We are pleased with our overall performance this
quarter as we continue to establish new records for revenues and
earnings," stated Greg Henslee, CEO and Co-President. "Comparable
store sales of 6.1% and an operating margin of 12.4% highlighted
this quarter's results. We are especially pleased with the
outstanding response of Team O'Reilly to the challenging
circumstances brought about by Hurricanes Katrina and Rita. The
hard work and dedication of our team members have enabled us to
continue providing excellent service to our customers. Although the
storm inflicted some damage to stores in the affected regions, the
hurricanes had no significant effect on third quarter financial
results." Ted Wise, COO and Co-President, stated, "We opened 33 new
stores this quarter and are on track for 150 new stores in 2005.
Also, we have continued to successfully integrate Midwest Auto
Parts into our operations." The Company will host a conference call
Wednesday, October 26, 2005, at 10:00 a.m. Central time to discuss
its results, as well as future expectations. Interested parties may
listen to the conference call live on the Company's website,
www.oreillyauto.com, by clicking "News." A replay will also be
available on the website shortly after the call. This release
contains certain financial information not derived in accordance
with United States generally accepted accounting principles (GAAP).
The Company does not, and does not suggest investors should,
consider such non-GAAP financial measures in isolation from, or as
a substitute for, GAAP financial information. Whenever the Company
uses such non-GAAP measures, it provides a reconciliation of such
measures to the most closely applicable GAAP measure. The Company
reports both GAAP and adjusted income and earnings per share
amounts and comparisons to reflect what it believes are ongoing
and/or comparable operating results excluding the one-time,
non-cash tax benefit in the third quarter of 2005. The Company
excludes this item in judging its performance and believes this
non-GAAP information is useful to investors as well. O'Reilly
Automotive, Inc. is one of the largest specialty retailers of
automotive aftermarket parts, tools, supplies, equipment and
accessories in the United States, serving both the do-it-yourself
and professional installer markets. Founded in 1957 by the O'Reilly
family, the Company operated 1,432 stores within the states of
Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa,
Kansas, Kentucky, Louisiana, Minnesota, Mississippi, Missouri,
Montana, Nebraska, North Carolina, North Dakota, Oklahoma, South
Carolina, South Dakota, Tennessee, Texas, Virginia, Wisconsin and
Wyoming as of September 30, 2005. The Company claims the protection
of the safe-harbor for forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These statements can be identified by forward-looking words such as
"expect," "believe," "anticipate," "good," "plan," "intend,"
"estimate," "project," "will" or similar words. In addition,
statements contained within this press release that are not
historical facts are forward-looking statements, such as statements
discussing among other things, expected growth, store development
and expansion strategy, business strategies, future revenues and
future performance. These forward-looking statements are based on
estimates, projections, beliefs and assumptions and are not
guarantees of future events and results. Such statements are
subject to risks, uncertainties and assumptions, including, but not
limited to, competition, product demand, the market for auto parts,
the economy in general, inflation, consumer debt levels,
governmental approvals, our ability to hire and retain qualified
employees, risks associated with the integration of acquired
businesses, weather, terrorist activities, war and the threat of
war. Actual results may materially differ from anticipated results
described or implied in these forward-looking statements. Please
refer to the Risk Factors sections of the Company's Form 10-K for
the year ended December 31, 2004, for more details. -0- *T O'REILLY
AUTOMOTIVE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE
SHEETS September 30, December 31, 2005 2004 ----------------
---------------- (Unaudited) (Note) (In thousands, except share
data) Assets Current assets: Cash and cash equivalents $ 51,591 $
69,028 Accounts receivable, net 72,791 60,928 Amounts receivable
from vendors, net 38,458 52,976 Inventory 715,257 625,320 Deferred
income taxes 4,783 - Other current assets 12,533 5,225
---------------- ---------------- Total current assets 895,413
813,477 Property and equipment, at cost 941,043 791,794 Accumulated
depreciation and amortization 262,011 224,301 ----------------
---------------- Net property and equipment 679,032 567,493 Notes
receivable, less current portion 30,197 21,690 Other assets, net
57,368 29,697 ---------------- ---------------- Total assets $
1,662,010 $ 1,432,357 ================ ================ Liabilities
and shareholders' equity Current liabilities: Income taxes payable
$ 2,790 $ 9,736 Accounts payable 287,851 240,548 Accrued payroll
18,762 15,130 Accrued benefits and withholdings 46,025 35,794
Deferred income taxes - 7,198 Other current liabilities 54,532
24,817 Current portion of long-term debt 75,444 592
---------------- ---------------- Total current liabilities 485,404
333,815 Long-term debt, less current portion 25,468 100,322
Deferred income taxes 39,517 38,440 Other liabilities 13,943 11,963
Shareholders' equity: Common stock, $0.01 par value: Authorized
shares - 245,000,000 Issued and outstanding shares - 112,079,344 at
September 30, 2005, and 55,377,130 at December 31, 2004 1,121 554
Additional paid-in capital 351,744 326,650 Retained earnings
744,813 620,613 ---------------- ---------------- Total
shareholders' equity 1,097,678 947,817 ----------------
---------------- Total liabilities and shareholders' equity $
1,662,010 $ 1,432,357 ================ ================ Note: The
balance sheet at December 31, 2004, has been derived from the
audited financial statements at that date, but does not include all
of the information and footnotes required by United States
generally accepted accounting principles for complete financial
statements. *T -0- *T O'REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Three
Months Ended Nine Months Ended September 30, September 30,
------------------- ----------------------- 2005 2004 2005 2004
--------- --------- ----------- ----------- (In thousands, except
per share data) Product sales $542,906 $455,162 $1,530,354
$1,293,623 Cost of goods sold, including warehouse and distribution
expenses 306,990 256,993 869,299 736,426 --------- ---------
----------- ----------- Gross Profit 235,916 198,169 661,055
557,197 Operating, selling, general and administrative expenses
168,331 142,039 471,762 402,798 --------- --------- -----------
----------- Operating income 67,585 56,130 189,293 154,399 Other
expense, net (561) (791) (1,034) (1,675) --------- ---------
----------- ----------- Income before income taxes and cumulative
effect of accounting change 67,024 55,339 188,259 152,724 Provision
for income taxes 18,401 20,652 63,500 57,057 --------- ---------
----------- ----------- Income before cumulative effect of
accounting change 48,623 34,687 124,759 95,667 Cumulative effect of
accounting change, net of tax - - - 21,892 --------- ---------
----------- ----------- Net income $ 48,623 $ 34,687 $ 124,759 $
117,559 ========= ========= =========== =========== Net income per
common share: (1) Income before cumulative effect of accounting
change $ 0.43 $ 0.31 $ 1.12 $ 0.87 Cumulative effect of accounting
change, net of tax - - - 0.20 --------- --------- -----------
----------- Net income $ 0.43 $ 0.31 $ 1.12 $ 1.07 =========
========= =========== =========== Net income per common share -
assuming dilution: (1) Income before cumulative effect of
accounting change $ 0.42 $ 0.31 $ 1.10 $ 0.86 Cumulative effect of
accounting change, net of tax - - - 0.20 --------- ---------
----------- ----------- Net income $ 0.42 $ 0.31 $ 1.10 $ 1.06
========= ========= =========== =========== Weighted-average common
shares outstanding - basic (1) 111,911 110,280 111,423 109,847
========= ========= =========== =========== Adjusted
weighted-average common shares outstanding - assuming dilution (1)
113,830 111,556 113,164 111,254 ========= ========= ===========
=========== (1) On June 15, 2005, the Company completed a
two-for-one split of its common stock. All share and per share
amounts for the periods presented have been adjusted to reflect the
effect of the stock split. *T -0- *T O'REILLY AUTOMOTIVE, INC. AND
SUBSIDIARIES SELECTED FINANCIAL INFORMATION (Unaudited) September
30, ----------------------- 2005 2004 ----------- -----------
Inventory turnover (1) 1.66 1.63 Inventory turnover, net of
payables (2) 2.74 2.47 AP to inventory (3) 40.2% 38.2%
Debt-to-capital (4) 8.4% 9.9% Return on equity (5) 14.0% 14.3%
Return on assets (6) 9.2% 9.4% Square footage (in thousands) 9,511
8,016 Store count: New stores, net (three months ended) 33 35 Total
stores 1,432 1,205 Total employment 19,629 17,320 Three Months
Ended September 30, ----------------------- 2005 2004 -----------
----------- Other information (in thousands): Capital expenditures
$47,107 $44,472 Depreciation & amortization $15,227 $12,512
Interest expense $1,463 $1,967 Lease & rental expense $11,504
$8,478 Sales per weighted-average square foot (7) $56.34 $56.65
Sales per weighted-average store (in thousands) (8) $375 $376 (1)
Calculated as cost of sales for the last 12 months divided by
average inventory. Average inventory is calculated as the simple
average of beginning and ending inventory for the same period used
in determining the numerator. (2) Calculated as cost of sales
divided by average inventory less accounts payable. Average
inventory is calculated as the simple average of beginning and
ending inventory for the same period used in determining the
numerator. (3) Accounts payable divided by inventory. (4) The sum
of long-term debt and current portion of long-term debt, divided by
the sum of long-term debt, current portion of long-term debt and
total shareholders' equity. (5) Last 12 months net income, before
cumulative effect of accounting change and one-time tax benefit,
divided by average shareholders' equity. Average shareholders'
equity is calculated by taking a simple average of the beginning
and ending shareholders' equity for the same period used in
determining the numerator. (6) Last 12 months net income, before
cumulative effect of accounting change and one-time tax benefit,
divided by average total assets. Average total assets is calculated
by taking a simple average of the beginning and ending total assets
for the same period used in determining the numerator. (7) Total
sales less jobber sales, divided by weighted-average square feet.
Weighted-average sales per square foot is weighted to consider the
approximate dates of store openings or expansions. (8) Total sales
less jobber sales, divided by weighted-average stores.
Weighted-average sales per store is weighted to consider the
approximate dates of store openings or expansions. *T -0- *T
O'REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES TO COMPARABLE GAAP MEASURES (Unaudited)
Three months ended September 30,
---------------------------------------- 2005 2004
------------------------------ --------- GAAP Adjustment GAAP
Results (1) Adjusted Results --------- ---------- ---------
--------- (In thousands, except per share data) Income before
income taxes and cumulative effect of accounting change $ 67,024 $
- $ 67,024 $ 55,339 Provision for income taxes 18,401 6,057 24,458
20,652 --------- ---------- --------- --------- Net income $ 48,623
$ (6,057) $ 42,566 $ 34,687 ========= ========== =========
========= Net income per common share (2) $ 0.43 $ (0.05) $ 0.38 $
0.31 ========= ========== ========= ========= Net income per common
share - assuming dilution (2) $ 0.42 $ (0.05) $ 0.37 $ 0.31
========= ========== ========= ========= Weighted-average common
shares outstanding - basic (2) 111,911 111,911 111,911 110,280
========= ========== ========= ========= Adjusted weighted-average
common shares outstanding - assuming dilution (2) 113,830 113,830
113,830 111,556 ========= ========== ========= ========= *T -0- *T
Nine months ended September 30,
---------------------------------------- 2005 2004
------------------------------ --------- GAAP Adjustment GAAP
Results (1) Adjusted Results --------- ---------- ---------
--------- (In thousands, except per share data) Income before
income taxes and cumulative effect of accounting change $188,259 $
- $188,259 $152,724 Provision for income taxes 63,500 6,057 69,557
57,057 --------- ---------- --------- --------- Income before
cumulative effect of accounting change 124,759 (6,057) 118,702
95,667 Cumulative effect of accounting change, net of tax - - -
21,892 --------- ---------- --------- --------- Net income $124,759
$ (6,057) $118,702 $117,559 ========= ========== =========
========= Net income per common share: (2) Income before cumulative
effect of accounting change $ 1.12 $ (0.05) $ 1.07 $ 0.87
Cumulative effect of accounting change, net of tax - - - 0.20
--------- ---------- --------- --------- Net income $ 1.12 $ (0.05)
$ 1.07 $ 1.07 ========= ========== ========= ========= Net income
per common share - assuming dilution: (2) Income before cumulative
effect of accounting change $ 1.10 $ (0.05) $ 1.05 $ 0.86
Cumulative effect of accounting change, net of tax - - - 0.20
--------- ---------- --------- --------- Net income $ 1.10 $ (0.05)
$ 1.05 $ 1.06 ========= ========== ========= =========
Weighted-average common shares outstanding - basic (2) 111,423
111,423 111,423 109,847 ========= ========== ========= =========
Adjusted weighted-average common shares outstanding - assuming
dilution (2) 113,164 113,164 113,164 111,254 ========= ==========
========= ========= (1) Third quarter 2005 income taxes include a
benefit of $6.1 million resulting from the favorable resolution of
prior tax uncertainties. Due to the one-time nature of the tax
benefit, this adjustment is made to provide comparable results. (2)
On June 15, 2005, the Company completed a two-for-one split of its
common stock. All share and per share amounts for the periods
presented have been adjusted to reflect the effect of the stock
split. *T
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