Exhibit
99.1
FOR
IMMEDIATE RELEASE
For further information contact:
|
Greg Henslee
|
Tom McFall
(417) 862-3333
O’REILLY AUTOMOTIVE, INC., REPORTS THIRD QUARTER 2007
EARNINGS
4.3% INCREASE IN COMPARABLE STORE SALES
10.9% INCREASE IN NET INCOME
Springfield, MO, October 23, 2007
--
O’Reilly Automotive, Inc. (“O’Reilly” or “the Company”)
(Nasdaq: ORLY) today announced revenues and earnings for the third quarter ended September
30, 2007, representing 56 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, 2007, totaled $53.1 million, up 10.9% from
$47.9 million for the same period in 2006. Diluted earnings per common share for the third
quarter of 2007 increased 9.5% to $0.46 on 116.3 million shares compared to $0.42 for the
third quarter of 2006 on 115.0 million shares. Sales for the three months ended September
30, 2007 totaled $662 million, up 10.8% from $597 million for the same period a year ago.
Gross profit for the third quarter of 2007 increased to $294 million (or 44.4% of sales)
from $263 million (or 44.1% of sales) for the third quarter of 2006, representing an
increase of 11.5%. Operating, Selling, General and Administrative (“OSG&A”)
expenses increased to $211 million (or 31.9% of sales) for the third quarter of 2007 from
$188 million (or 31.5% of sales) for the third quarter of 2006, representing an increase of
12.1%.
Net
income for the first nine months of 2007 totaled $153.4 million, up 11.4% from $137.7
million for the same period a year ago. Diluted earnings per common share for the first
nine months of 2007 increased 10.0% to $1.32 on 116.0 million shares compared to $1.20 a
year ago on 114.9 million shares. Sales for the first nine months of 2007 totaled $1.92
billion, up 11.2% from $1.72 billion for the same period a year ago. Gross profit for the
first nine months of 2007 increased to $850 million (or 44.3% of sales) from $758 million
(or 43.9% of sales) for the same period a year ago, representing an increase of 12.2%.
OSG&A expenses increased to $609 million (or 31.7% of sales) for the first nine months
of 2007 from $539 million (or 31.3% of sales) for the same period a year ago, representing
an increase of 12.8%.
Comparable store sales for stores open at least one year increased 4.3% for
both the third quarter and first nine months of 2007.
“We are very pleased with our strong performance in the third quarter
as we continue to focus on building market share in both the professional and ‘do it
yourself’ sides of our business,” stated Greg Henslee, CEO and Co-President.
“Team O’Reilly continues to offer the highest levels of customer service in our
industry, which resulted in another quarter of record sales and profits, and we are looking
forward to offering these services to customers in markets new to our Company as we
continue our aggressive expansion.”
Ted
Wise, COO and Co-President stated, “We opened 43 new stores during the quarter
bringing our net new store total to 134 for the year. Through the first three quarters our
store openings were slightly behind our plan due to permitting and construction delays.
However, we are confident that by the end of the fourth quarter we will meet our target of
190 new store openings for the year. Our dedication to providing the best service to the
professional installer and do-it-yourself customer continues to be the first priority in
our expansion efforts.”
The
Company will host a conference call Wednesday, October 24, 2007, at 10:00 a.m. central time
to discuss its results as well as future expectations. Investors may listen to the
conference call live on the Company’s web site,
www.oreillyauto.com
, by clicking on
“Investor Relations” then “News Room.”
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 1,774
stores in the states of Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa,
Kansas, Kentucky, Louisiana, Minnesota, Mississippi, Missouri, Montana, Nebraska, North
Carolina, North Dakota, Ohio, Oklahoma, South Carolina, South Dakota, Tennessee, Texas,
Virginia, Wisconsin and Wyoming as of September 30, 2007.
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,” “should,” “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, 2006, for more details.