2005 2004 2003 2002 2001
Statement of O
erations Data :
Net sales 4,264,971$ 3,770,297$ 3,493,696$ 3,204,140$ 2,419,746$
Cost of sales 2,250,493 2,016,926 1,889,178 1,769,733 1,357,594
Supply chain initiatives
- - - - 9,099
Gross profit 2,014,478 1,753,371 1,604,518 1,434,407 1,053,053
Selling, general and administrative expenses
1,605,986 1,424,613 1,305,867 1,202,524 938,300
Expenses associated with supply chain initiatives
- - - - 1,394
Impairment of assets held for sale
- - - - 12,300
Expenses associated with merger related
restructuring
- - - 597 3,719
Expenses associated with merger and integration
- - 10,417 34,935 1,135
Non-cash stock option compensation expense
- - - - 11,735
Operating income 408,492 328,758 288,234 196,351 84,470
Interest expense (32,384) (20,069) (37,576) (77,081) (61,042)
Loss on extinguishment of debt
- (3,230) (47,288) (16,822) (6,106)
Expenses associated with secondary offering - - - (1,733) -
Other income, net 2,815 289 341 963 1,033
Income from continuing operations before
income taxes, (loss) income on discontinued
operations and cumulative effect of a change in
accounting principle 378,923 305,748 203,711 101,678 18,355
Income tax expense 144,198 117,721 78,424 39,530 7,284
Income from continuing operations before
(loss) income on discontinued operations and
cumulative effect of a change in accounting principle 234,725 188,027 125,287 62,148 11,071
Discontinued operations:
(Loss) income from operations of discontinued
Wholesale Distribution Network (including loss on
disposal of $2,693 in 2003) - (63) (572) 4,691 4,040
(Benefit) provision for income taxes - (24) (220) 1,820 1,604
(Loss) income on discontinued operations - (39) (352) 2,871 2,436
Cumulative effect of a change in accounting principle,
net of $1,360 income taxes - - - - (2,065)
Net income 234,725$ 187,988$ 124,935$ 65,019$ 11,442$
Income from continuing operations before
(loss) income on discontinued operations and
cumulative effect of a change in accounting principle
per basic share
(10)
2.17$ 1.70$ 1.15$ 0.59$ 0.13$
Income from continuing operations before
(loss) income on discontinued operations and
cumulative effect of a change in accounting principle
per diluted share
(10)
2.13$ 1.66$ 1.12$ 0.57$ 0.13$
Net income per basic share
(10)
2.17$ 1.70$ 1.14$ 0.62$ 0.13$
Net income per diluted share
(10)
2.13$ 1.66$ 1.11$ 0.60$ 0.13$
Weighted average basic shares outstanding
(10)
108,318 110,846 109,499 105,147 85,911
Weighted average diluted shares outstanding
(10)
109,987 113,222 112,115 108,564 87,474
Cash flows provided by (used in):
Operating activities 325,211$ 263,794$ 355,921$ 242,996$ 103,536$
Investing activities (302,780) (166,822) (85,474) (78,005) (451,008)
Financing activities (37,969) (52,138) (272,845) (169,223) 347,580
Fiscal Year
(1)(2)
(in thousands, except per share data)
19