- Comparable store sales increase of 5.7%
- Operating margin for the quarter improved 100 bp to
14.2%
- Adjusted diluted earnings per share increased 19% to
$0.83
O'Reilly Automotive, Inc. (the "Company") (Nasdaq:ORLY), a leading
retailer in the automotive aftermarket industry, today announced
record revenues and earnings for the first quarter ended March 31,
2011.
1st Quarter Financial Results
Sales for the first quarter ended March 31, 2011, increased $103
million, or 8%, to $1.38 billion from $1.28 billion for the same
period a year ago. Gross profit for the first quarter increased to
$670 million (or 48.4% of sales) from $618 million (or 48.3% of
sales) for the same period a year ago, representing an increase of
8%. Selling, general and administrative expenses for the first
quarter increased to $473 million (or 34.2% of sales) from $450
million (or 35.1% of sales) for the same period a year ago,
representing an increase of 5%. Operating income for the first
quarter increased to $196 million (or 14.2% of sales) from $168
million (or 13.2% of sales) for the same period a year ago,
representing an increase of 17%.
Net income for the first quarter ended March 31, 2011, increased
to $102 million (or 7.4% of sales) from $97 million (or 7.6% of
sales) for the same period a year ago, representing an increase of
5%. Diluted earnings per common share for the first quarter
increased 3% to $0.72 on 143 million shares versus $0.70 for the
same period a year ago on 140 million shares.
The Company's results for the first quarter ended March 31,
2011, included one-time charges associated with the new financing
plan the Company completed on January 14, 2011. These one-time
charges included a non-cash charge to write off the balance of debt
issuance costs related to the Company's previous credit facility in
the amount of $22 million, and a charge related to the termination
of the Company's interest rate swap agreements in the amount of $4
million. Adjusted diluted earnings per common share, excluding the
impact of the charges relating to the Company's new financing plan,
increased 19% to $0.83 for the first quarter ended March 31, 2011,
from $0.70 for the same period a year ago. The table below outlines
the impact of the charges related to the new financing plan for the
first quarter, (amounts in thousands, except per share data):
|
For the Three
Months Ended March 31, |
|
2011 |
2010 |
|
Amount |
% of Sales |
Amount |
% of Sales |
Net income |
$ 102,474 |
7.4% |
$ 97,476 |
7.6% |
Write-off of debt issuance costs, net of
tax |
13,337 |
1.0% |
-- |
--% |
Termination of interest rate swap
agreements, net of tax |
2,613 |
0.2% |
-- |
--% |
Adjusted net income |
$ 118,424 |
8.6% |
$ 97,476 |
7.6% |
|
|
|
|
|
Diluted earnings per common share |
$ 0.72 |
|
$ 0.70 |
|
Write-off of debt issuance costs, net of
tax |
0.09 |
|
-- |
|
Termination of interest rate swap
agreements, net of tax |
0.02 |
|
-- |
|
Adjusted diluted earnings per common
share |
$ 0.83 |
|
$ 0.70 |
|
Commenting on the Company's quarterly results, Greg Henslee,
O'Reilly's CEO and Co-President, stated, "We are happy to report
another very profitable quarter. Our solid start to 2011 was
highlighted by a comparable store sales increase of 5.7% and a 100
basis point improvement in operating margin which drove an increase
in adjusted diluted earnings per share of 19%. Our 14.2%
operating margin is the result of our strong comparable store sales
growth coupled with our relentless focus on expense
control. During the quarter, we began repurchasing shares of
our stock on the open market and through the date of this release
we had repurchased 3.6 million shares at an aggregate cost of $200
million. We will continue to prudently use cash generated from
operations first to reinvest in the growth of our business and
second to opportunistically execute our share repurchase program to
enhance shareholder value. We would like to thank our
dedicated Team Members for their commitment to our Company's
continued success and to the O'Reilly Culture values of customer
service and expense control and we look forward to the remainder of
2011 and the opportunity to continue to grow the O'Reilly brand in
all of our markets."
"The first quarter of 2011 marks the first full quarter in which
all of our stores have operated on the O'Reilly point-of-sale and
distribution systems," stated Ted Wise, COO and Co-President of
O'Reilly. "The conversion of all the acquired CSK stores to
the O'Reilly systems and distribution network provides same-day or
overnight access to a broad selection of hard-to-find
parts. The O'Reilly systems also provide important tools which
enable the store managers to improve the profitability and
efficiency of our stores. We are actively progressing through
the final stage of our physical CSK store conversion process, which
involves exterior signage and interior décor package changeovers
and is scheduled for completion in mid-2011."
Mr. Wise concluded, "During the first quarter, we opened 55 new
stores, putting us on track to reach our goal of 170 net, new store
openings in 2011. We also opened our first store in West
Virginia this quarter, which increased our operations to 39
states. Our growth is the direct result of the hard work of
our 47,000 Team Members and we would like to thank each of you for
your commitment to providing excellent customer service."
On January 11, 2011, the Company's Board of Directors authorized
a $500 million share repurchase program. During the first
quarter ended March 31, 2011, the Company repurchased 2.6 million
shares of its common stock at an average price per share of $55.54,
for a total investment of $145 million. Subsequent to the end
of the first quarter and through the date of this release, the
Company repurchased an additional 1.0 million shares of its common
stock at an average price per share of $56.46, for a total
investment of $55 million. As of the date of this release, the
Company had $300 million remaining under its share repurchase
program.
1st Quarter Comparable Store Sales Results
Comparable store sales are calculated based on the change in
sales for stores open at least one year and exclude sales of
specialty machinery, sales to independent parts stores and sales to
team members. Comparable store sales increased 5.7% for the
first quarter ended March 31, 2011, versus 6.9% for the same period
a year ago.
2nd Quarter and Updated Full-Year 2011
Guidance
The table below outlines the Company's guidance for selected
second quarter and updated full-year 2011 financial data:
|
Three Months
Ending |
Year Ending |
|
June 30, 2011 |
December 31,
2011 |
Comparable store sales |
3% to 5% |
3% to 6% |
Total revenue |
|
$5.7 billion to $5.8 billion |
Gross profit margin |
|
48.4% to 48.8% |
Operating margin |
|
14.1% to 14.6% |
Diluted earnings per share (1) |
$0.92 to $0.96 |
$3.37 to $3.47 |
Adjusted diluted earnings per share
(1)(2) |
|
$3.49 to $3.59 |
Capital expenditures |
|
$310 million to $340 million |
Free cash flow (3) |
|
$360 million to $400 million |
|
|
|
(1) Weighted-average shares
outstanding, assuming dilution, used in the denominator of this
calculation, includes share repurchases made by the Company through
the date of this release. |
(2) Excludes $0.11 related to
one-time charges associated with the new financing plan the Company
completed on January 14, 2011. These one-time items include an
adjustment to earnings per share of $0.09, net of tax, for a
non-cash charge to write off the balance of debt issuance costs
related to the Company's previous credit facility in the amount of
$22 million and an adjustment to earnings per share of $0.02, net
of tax, for a charge related to the termination of the Company's
interest rate swap agreements in the amount of $4 million. |
(3) Calculated as net cash flows
provided by operating activities less capital expenditures for the
period. |
Non-GAAP Information
This release contains certain financial information not derived
in accordance with United States generally accepted accounting
principles ("GAAP"). These items include adjusted net income,
adjusted diluted earnings per common share, free cash flow, and
rent-adjusted debt to adjusted earnings before interest, taxes,
depreciation, amortization, stock option compensation and rent
("EBITDAR"). The Company does not, nor does it suggest
investors should, consider such non-GAAP financial measures in
isolation from, or as a substitute for, GAAP financial
information. The Company believes that the presentation of
financial results and estimates excluding the impact of the
non-cash charge to write off the balance of debt issuance costs,
the charge related to the termination of interest rate swap
agreements, as well as the presentation of adjusted debt to
adjusted EBITDAR and free cash flow, provide meaningful
supplemental information, to both management and investors, that is
indicative of the Company's core operations. The Company
excludes these items in judging its performance and believes this
non-GAAP information is useful to investors as well. The
Company has included a reconciliation of this additional
information to the most comparable GAAP measure in the accompanying
reconciliation table.
Earnings Conference Call Information
The Company will host a conference call on Thursday, April 28,
2011, 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" and then "News
Room". Interested analysts are invited to join our
call. The dial-in number for the call is (706) 679-5789; the
conference call identification number is 52475849. A replay of
the call will also be available on the Company's website following
the conference call.
About O'Reilly Automotive, Inc.
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 service provider
markets. Founded in 1957 by the O'Reilly family, the Company
operated 3,613 stores in 39 states as of March 31, 2011.
The O'Reilly Automotive, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5430
Forward-Looking Statements
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. You can identify
these statements 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, CSK Auto
Corporation ("CSK") Department of Justice ("DOJ") investigation
resolution, integration 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, the
Company's increased debt levels, credit ratings on the Company's
public debt, the Company's ability to hire and retain qualified
employees, risks associated with the performance of acquired
businesses such as CSK, 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" section of the
annual report on Form 10-K for the year ended December 31, 2010,
for additional factors that could materially affect the Company's
financial performance.
|
O'REILLY AUTOMOTIVE,
INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(In thousands, except share
data) |
|
|
|
|
|
March 31, 2011 |
March 31, 2010 |
December 31, 2010 |
|
(Unaudited) |
(Unaudited) |
(Note) |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ 230,048 |
$ 29,872 |
$ 29,721 |
Accounts receivable, net |
128,224 |
123,539 |
121,807 |
Amounts receivable from vendors |
68,641 |
63,652 |
61,845 |
Inventory |
2,001,314 |
1,903,108 |
2,023,488 |
Deferred income taxes |
10,018 |
74,056 |
33,877 |
Other current assets |
29,166 |
37,331 |
30,514 |
Total current assets |
2,467,411 |
2,231,558 |
2,301,252 |
|
|
|
|
Property and equipment, at cost |
2,785,032 |
2,448,289 |
2,705,434 |
Less: accumulated depreciation and
amortization |
812,612 |
663,988 |
775,339 |
Net property and equipment |
1,972,420 |
1,784,301 |
1,930,095 |
|
|
|
|
Notes receivable, less current portion |
16,379 |
11,208 |
18,047 |
Goodwill |
743,895 |
743,824 |
743,975 |
Other assets, net |
47,981 |
66,974 |
54,458 |
Total assets |
$ 5,248,086 |
$ 4,837,865 |
$ 5,047,827 |
|
|
|
|
Liabilities and shareholders'
equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ 977,627 |
$ 794,676 |
$ 895,736 |
Self-insurance reserves |
53,852 |
55,713 |
51,192 |
Accrued payroll |
45,351 |
62,652 |
52,725 |
Accrued benefits and withholdings |
37,502 |
39,661 |
45,542 |
Income taxes payable |
30,870 |
35,060 |
4,827 |
Other current liabilities |
171,564 |
148,477 |
177,505 |
Current portion of long-term debt |
1,208 |
105,790 |
1,431 |
Total current liabilities |
1,317,974 |
1,242,029 |
1,228,958 |
|
|
|
|
Long-term debt, less current portion |
497,641 |
596,710 |
357,273 |
Deferred income taxes |
63,083 |
23,726 |
68,736 |
Other liabilities |
181,538 |
175,082 |
183,175 |
|
|
|
|
Shareholders' equity: |
|
|
|
Common stock, $0.01 par value: |
|
|
|
Authorized shares –
245,000,000 |
|
|
|
Issued and outstanding shares – |
|
|
|
138,741,655 as of March 31,
2011, 137,882,397 as of March 31, 2010, and 141,025,544
as of December 31, 2010 |
1,387 |
1,379 |
1,410 |
Additional paid-in capital |
1,138,249 |
1,058,407 |
1,141,749 |
Retained earnings |
2,048,214 |
1,747,599 |
2,069,496 |
Accumulated other comprehensive loss |
-- |
(7,067) |
(2,970) |
Total shareholders' equity |
3,187,850 |
2,800,318 |
3,209,685 |
Total liabilities and shareholders'
equity |
$ 5,248,086 |
$ 4,837,865 |
$ 5,047,827 |
|
Note: The balance sheet at
December 31, 2010, has been derived from the audited consolidated
financial statements at that date, but does not include all of the
information and footnotes required by accounting principles
generally accepted in the United States for complete financial
statements. Certain prior period amounts have been
reclassified to conform to current period presentation. |
|
|
O'REILLY AUTOMOTIVE,
INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME |
(Unaudited) |
(In thousands, except per share
data) |
|
|
Three Months
Ended |
|
March
31, |
|
2011 |
2010 |
Sales |
$ 1,382,738 |
$ 1,280,067 |
Cost of goods sold, including warehouse and
distribution expenses |
712,957 |
661,720 |
Gross profit |
669,781 |
618,347 |
|
|
|
Selling, general and administrative
expenses |
473,344 |
449,902 |
Operating income |
196,437 |
168,445 |
|
|
|
Other income (expense): |
|
|
Write-off of debt issuance costs |
(21,626) |
-- |
Termination of interest rate swap
agreements |
(4,237) |
-- |
Interest expense |
(5,237) |
(10,879) |
Interest income |
542 |
396 |
Other, net |
295 |
514 |
Total other expense |
(30,263) |
(9,969) |
|
|
|
Income before income taxes |
166,174 |
158,476 |
Provision for income taxes |
63,700 |
61,000 |
Net income |
$ 102,474 |
$ 97,476 |
|
|
|
Earnings per share-basic: |
|
|
Earnings per share |
$ 0.73 |
$ 0.71 |
Weighted-average common shares outstanding –
basic |
140,579 |
137,583 |
|
|
|
Earnings per share-assuming dilution: |
|
|
Earnings per share |
$ 0.72 |
$ 0.70 |
Weighted-average common shares outstanding –
assuming dilution |
142,866 |
139,612 |
|
|
O'REILLY AUTOMOTIVE,
INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS |
(Unaudited) |
(In thousands) |
|
|
|
|
Three Months
Ended March 31, |
|
2011 |
2010 |
|
|
(note) |
Operating activities: |
|
|
Net income |
$ 102,474 |
$ 97,476 |
Adjustments to reconcile net income to net
cash provided by operating activities: |
Depreciation and amortization on property
and equipment |
38,934 |
38,263 |
Amortization of intangibles |
(143) |
1,672 |
Amortization of premium on exchangeable
notes |
-- |
(185) |
Amortization of discount on senior
notes |
74 |
-- |
Amortization of debt issuance
costs |
265 |
2,137 |
Write-off of previous debt issuance
costs |
21,626 |
-- |
Excess tax benefit from stock options
exercised |
(2,148) |
(1,775) |
Deferred income taxes |
16,331 |
18,287 |
Stock option compensation programs |
4,445 |
3,650 |
Other share based compensation
programs |
691 |
464 |
Other |
3,058 |
1,558 |
Changes in operating assets and
liabilities: |
|
|
Accounts receivable |
(9,503) |
(17,424) |
Inventory |
22,175 |
10,110 |
Accounts payable |
81,907 |
(23,509) |
Income taxes payable |
28,191 |
28,767 |
Other |
(14,264) |
11,155 |
Net cash provided by operating
activities |
294,113 |
170,646 |
|
|
|
Investing activities: |
|
|
Purchases of property and equipment |
(94,404) |
(90,725) |
Proceeds from sale of property and
equipment |
252 |
382 |
Payments received on notes receivable |
1,679 |
1,272 |
Other |
227 |
(1,186) |
Net cash used in investing
activities |
(92,246) |
(90,257) |
|
|
|
Financing activities: |
|
|
Proceeds from borrowings on asset-based
revolving credit facility |
42,400 |
122,700 |
Payments on asset-based revolving credit
facility |
(398,400) |
(208,300) |
Proceeds from the issuance of long-term
debt |
496,485 |
-- |
Payment of debt issuance costs |
(7,385) |
-- |
Principal payments on capital leases |
(409) |
(2,463) |
Repurchases of common stock |
(145,064) |
-- |
Excess tax benefit from stock options
exercised |
2,148 |
1,775 |
Net proceeds from issuance of common
stock |
8,685 |
8,836 |
Net cash used in financing
activities |
(1,540) |
(77,452) |
|
|
|
Net increase in cash and cash
equivalents |
200,327 |
2,937 |
Cash and cash equivalents at beginning of
year |
29,721 |
26,935 |
Cash and cash equivalents at end of year |
$ 230,048 |
$ 29,872 |
|
|
|
Supplemental disclosures of cash flow
information: |
|
|
Income taxes paid |
$ 17,682 |
$ 13,171 |
Interest paid, net of capitalized
interest |
1,637 |
7,276 |
|
|
|
Note: Certain prior period
amounts have been reclassified to conform to current period
presentation. |
|
|
O'REILLY AUTOMOTIVE,
INC. AND SUBSIDIARIES |
SELECTED FINANCIAL
INFORMATION |
(Unaudited) |
|
|
|
|
Twelve Months
Ended |
|
March
31, |
(In thousands, except adjusted debt to
adjusted EBITDAR ratio) |
2011 |
2010 |
Debt |
$ 498,849 |
$ 702,500 |
Add: Letters of credit |
74,365 |
72,159 |
Discount on senior notes |
3,441 |
-- |
Rent X 6 |
1,367,334 |
1,366,176 |
Less: Premium on exchangeable notes |
-- |
533 |
Adjusted debt |
$ 1,943,989 |
$ 2,140,302 |
|
|
|
Adjusted net income (1) |
$ 454,006 |
$ 342,139 |
Add: Interest expense |
33,631 |
43,995 |
Taxes (2) |
278,189 |
211,050 |
Adjusted EBIT |
765,826 |
597,184 |
Add: Depreciation and amortization |
160,298 |
152,082 |
Rent expense |
227,889 |
227,696 |
Stock option compensation expense |
15,742 |
13,781 |
Adjusted EBITDAR |
$ 1,169,755 |
$ 990,743 |
|
|
|
Adjusted debt to adjusted EBITDAR |
1.7 |
2.2 |
|
|
|
March
31, |
|
2011 |
2010 |
Selected Balance Sheet
Ratios: |
|
|
Inventory turnover (3) |
1.4 |
1.4 |
Inventory turnover, net of payables (4) |
2.6 |
2.5 |
Average inventory per store (in thousands)
(5) |
$ 554 |
$ 549 |
Accounts payable to inventory (6) |
48.8% |
41.8% |
Debt-to-capital (7) |
13.5% |
20.1% |
Return on equity (8) |
14.6% |
13.0% |
Return on assets (9) |
9.0% |
7.3% |
|
|
|
Three Months
Ended |
|
March
31, |
|
2011 |
2010 |
Selected Financial Information
(in thousands): |
|
|
Capital expenditures |
$ 94,404 |
$ 90,725 |
Free cash flow (10) |
$ 199,709 |
$ 79,921 |
Depreciation and amortization |
$ 38,791 |
$ 39,935 |
Interest expense |
$ 5,237 |
$ 10,879 |
Lease and rental expense |
$ 57,161 |
$ 56,151 |
|
|
|
|
Three Months
Ended |
Twelve Months
Ended |
|
March
31, |
March
31, |
|
2011 |
2010 |
2011 |
2010 |
Store Information: |
|
|
|
|
Total employment |
47,480 |
45,271 |
|
|
New stores |
55 |
49 |
|
|
Stores closed |
12 |
1 |
|
|
Total store count |
3,613 |
3,469 |
|
|
Square footage (in thousands) |
25,627 |
24,563 |
25,627 |
24,563 |
Sales per weighted-average square foot
(11) |
$ 53.68 |
$ 51.88 |
$ 217.30 |
$ 204.04 |
Sales per weighted-average store (in
thousands) (12) |
$ 381 |
$ 367 |
$ 1,540 |
$ 1,443 |
|
|
|
|
|
(1) Amount for the twelve months
ended March 31, 2011, excludes charges related to the write off of
the balance of debt issuance costs related to the Company's
previous credit facility, net of tax; the termination of the
Company's interest rate swap agreements, net of tax; the
previously disclosed CSK DOJ investigation, established in the
third quarter of 2010; and the previously disclosed nonrecurring,
non-operating gain related to the settlement of a CSK note
receivable, net of tax, in the fourth quarter of 2010. |
(2) Amount for the twelve months
ended March 31, 2011, excludes the tax impact of the write off of
the balance of debt issuance costs related to the Company's
previous credit facility, the termination of the Company's interest
rate swap agreements and the previously disclosed nonrecurring,
non-operating gain related to the settlement of a CSK note
receivable in the fourth quarter of 2010. |
(3) Calculated as cost of sales
for the last 12 months divided by average inventory. Average
inventory is calculated as the average of inventory for the
trailing four quarters used in determining the denominator. |
(4) Calculated as cost of sales
for the last 12 months divided by average net
inventory. Average net inventory is calculated as the average
of inventory less accounts payable for the trailing four quarters
used in determining the denominator. |
(5) Calculated as total inventory
divided by store count at end of the reported period. |
(6) Calculated as accounts
payable divided by inventory. |
(7) Calculated as 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. |
(8) Calculated as the last 12
months net income, before the impact of the charge to write off the
balance of debt issuance costs related to the Company's previous
credit facility, net of tax; the charge related to the termination
of the Company's interest rate swap agreements, net of tax; the
previously disclosed charge related to the legacy CSK DOJ
investigation, established in the third quarter of 2010; and the
previously disclosed non-recurring, non-operating gain on the
settlement of a CSK note receivable, net of tax, in the fourth
quarter of 2010 divided by average shareholders'
equity. Average shareholders' equity is calculated as the
average of shareholders' equity for the trailing four quarters used
in determining the denominator. |
(9) Calculated as the last 12
months net income, before the impact of the charge to write off the
balance of debt issuance costs related to the Company's previous
credit facility, net of tax; the charge related to the termination
of the Company's interest rate swap agreements, net of tax; the
previously disclosed charge related to the legacy CSK DOJ
investigation, established in the third quarter of 2010; and the
previously disclosed non-recurring, non-operating gain on the
settlement of a CSK note receivable, net of tax, in the fourth
quarter of 2010 divided by average total assets. Average total
assets are calculated as the average total assets for the trailing
four quarters used in determining the denominator. |
(10) Calculated as net cash flows
provided by operating activities less capital expenditures for the
period. |
(11) Calculated as total sales
less jobber sales, divided by weighted-average square
feet. Weighted-average sales per square foot are weighted to
consider the approximate dates of store openings or
expansions. |
(12) Calculated as total sales
less jobber sales, divided by weighted-average
stores. Weighted-average sales per store are weighted to
consider the approximate dates of store openings or
expansions. |
|
|
O'REILLY AUTOMOTIVE,
INC. AND SUBSIDIARIES |
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL INFORMATION |
(Unaudited) |
|
|
Three Months
Ended March 31, |
(In thousands, except per share data) |
2011 |
2010 |
GAAP net income |
$ 102,474 |
$ 97,476 |
Write-off of debt issuance costs, net of
tax |
13,337 |
-- |
Termination of interest rate swap
agreements, net of tax |
2,613 |
-- |
Non-GAAP adjusted net income |
$ 118,424 |
$ 97,476 |
|
|
|
GAAP diluted earnings per share |
$ 0.72 |
$ 0.70 |
Write-off of debt issuance costs, net of
tax |
0.09 |
-- |
Termination of interest rate swap
agreements, net of tax |
0.02 |
-- |
Non-GAAP adjusted diluted earnings per
share |
$ 0.83 |
$ 0.70 |
|
|
|
Weighted-average common shares outstanding –
assuming dilution |
142,866 |
139,612 |
|
|
|
Twelve Months
Ended |
|
March
31, |
(In thousands, except adjusted debt to
adjusted EBITDAR ratio) |
2011 |
2010 |
GAAP debt |
$ 498,849 |
$ 702,500 |
Add: Letters of credit |
74,365 |
72,159 |
Discount on senior notes |
3,441 |
-- |
Rent X 6 |
1,367,334 |
1,366,176 |
Less: Premium on exchangeable notes |
-- |
533 |
Non-GAAP adjusted debt |
$ 1,943,989 |
$ 2,140,302 |
|
|
|
GAAP net income |
$ 424,371 |
$ 342,139 |
Legacy CSK DOJ investigation charge |
20,900 |
-- |
Gain on settlement of note receivable,
net of tax |
(7,215) |
-- |
Write-off of debt issuance costs, net of
tax |
13,337 |
-- |
Termination of interest rate swap
agreements, net of tax |
2,613 |
-- |
Non-GAAP adjusted net income |
454,006 |
342,139 |
Add: Interest expense |
33,631 |
43,995 |
Taxes, net of impact of gain on
settlement of note receivable, debt issuance costs write-off
and swap agreements termination |
278,189 |
211,050 |
Adjusted EBIT |
765,826 |
597,184 |
Add: Depreciation and amortization |
160,298 |
152,082 |
Rent expense |
227,889 |
227,696 |
Stock option compensation expense |
15,742 |
13,781 |
Adjusted EBITDAR |
$ 1,169,755 |
$ 990,743 |
|
|
|
Adjusted debt to adjusted EBITDAR |
1.7 |
2.2 |
CONTACT: Investor & Media Contact
Mark Merz (417) 829-5878
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