O'Reilly Automotive Reports Comparable Store Sales of 9.3% and Record First Quarter Sales and Earnings
SPRINGFIELD, Mo.--April 24, 2001--O'Reilly Automotive, Inc. ("O'Reilly") today announced record revenues and earnings for the first quarter of 2001, representing 28 quarters of record revenues and earnings for O'Reilly since becoming a public company in April 1993.Net income for the first quarter ended March 31, 2001, totaled $12.3 million, up 6.5% from $11.6 million for the same period in 2000. Diluted earnings per common share for the first three months of 2001 increased 4.4% to $0.24 on 52.0 million shares compared to $0.23 for the same period in 2000 on 51.2 million shares. Product sales for the first three months of 2001 totaled $239.1 million, up 22.1% from $195.8 million for the same period in 2000. Gross profit for the first quarter of 2001 increased to $102.5 million (or 42.9% of product sales) from $84.7 million (or 43.3% of product sales) for the first quarter 2000, representing an increase of 21.0%.
Comparable store sales for stores open at least one year increased 9.3% for the first three months of 2001. Comparable store product sales for only those stores open during both full periods being compared increased 9.1% for the first three months of 2001.
David O'Reilly, co-chairman of the board and chief executive officer, stated, "We are pleased with the 9.3% comparable store product sales increase, especially considering the slowing economy. This strength in sales has allowed us to more quickly leverage the costs of the two distribution centers opened in late 2000, while we continue to deal with higher fuel and utility costs. As previously indicated, we expect our performance to strengthen throughout 2001, as we open the remainder of our 120 planned new stores, including 30 opened this quarter."
O'Reilly Automotive 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 currently operates 702 stores within the states of Texas, Missouri, Oklahoma, Kansas, Iowa, Arkansas, Louisiana, Nebraska and Illinois as of March 31, 2001.
Certain statements contained in this press release are forward-looking statements. These statements discuss, among other things, expected growth, store development and expansion strategy, business strategies, future revenues and future performance. These forward-looking 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 and the weather. Actual results may materially differ from anticipated results described 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, 2000, for more details.
O'REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, December 31,
2001 2000
-------- --------
(Unaudited) (Note)
In thousands
Assets
Current assets:
Cash $ 11,539 $ 9,204
Short-term investments 500 500
Accounts receivable, net 35,245 32,673
Amounts receivable from vendors 23,563 29,175
Inventory 383,136 372,069
Refundable income taxes 92 92
Deferred income taxes -- 1,402
Other current assets 3,854 4,089
-------- -------
Total current assets 457,929 449,204
Property and equipment, at cost 334,641 323,021
Accumulated depreciation and amortization 82,517 76,167
-------- -------
Net property and equipment 252,124 246,854
Notes receivable 2,664 2,836
Other assets 17,298 17,101
-------- -------
Total assets $730,015 $715,995
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Liabilities and shareholders' equity
Current liabilities:
Note payable to bank $ 10,000 $ 35,000
Income taxes payable 2,476 1,011
Accounts payable 62,612 68,947
Accrued payroll 8,751 9,309
Accrued benefits & withholdings 10,736 9,360
Other current liabilities 10,953 15,184
Current deferred income taxes 2,451 --
Current portion of long-term debt 14,421 14,121
-------- --------
Total current liabilities 122,400 152,932
Long-term debt, less current portion 119,784 90,463
Deferred income taxes 5,013 4,086
Other liabilities 4,733 4,783
Shareholders' equity:
Common stock, $0.01 par value:
Authorized shares - 90,000,000
Issued and outstanding shares -
51,661,861 at March 31, 2001,
and 51,544,879 at December 31, 2000 517 515
Additional paid-in capital 232,635 230,600
Retained earnings 244,933 232,616
-------- --------
Total shareholders' equity 478,085 463,731
-------- --------
Total liabilities and shareholders' equity $730,015 $715,995
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Note: The balance sheet at December 31, 2000, has been derived
from the audited financial statements at that date, but does not
include all of the information and footnotes required by generally
accepted accounting principles for complete financial statements.
O'REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended
March 31,
---------------------
2001 2000
-------- --------
(Numbers in thousands, except per
share data)
Product sales $ 239,063 $ 195,758
Cost of goods sold, including warehouse
and distribution expenses 136,526 111,046
-------- --------
Gross profit 102,537 84,712
Operating, selling, general and
administrative expenses 80,585 65,226
-------- --------
Operating income 21,952 19,486
Other expense, net (2,150) (890)
-------- --------
Income before income taxes 19,802 18,596
Provision for income taxes 7,485 7,029
-------- --------
Net income $ 12,317 $ 11,567
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Net income per common share $ 0.24 $ 0.23
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Net income per common share
- assuming dilution $ 0.24 $ 0.23
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Weighted average common shares
outstanding 51,591 50,828
======== ========
Adjusted weighted average common shares
outstanding - assuming dilution 52,047 51,236
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