-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, RAoUyo3O7H6XjFTvLl9wecTzwqV1RbGTQYA8+HcF2lxX/B4FkgDAwAqroMLxLORO 7+5yQG2WAVQIdXRkZ9ENmg== 0000077449-94-000014.txt : 19941214 0000077449-94-000014.hdr.sgml : 19941214 ACCESSION NUMBER: 0000077449-94-000014 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19941029 FILED AS OF DATE: 19941213 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: PEP BOYS MANNY MOE & JACK CENTRAL INDEX KEY: 0000077449 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-AUTO & HOME SUPPLY STORES [5531] IRS NUMBER: 230962915 STATE OF INCORPORATION: PA FISCAL YEAR END: 0203 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-03381 FILM NUMBER: 94564503 BUSINESS ADDRESS: STREET 1: 3111 W ALLEGHENY AVE CITY: PHILADELPHIA STATE: PA ZIP: 19132 BUSINESS PHONE: 2152299000 10-Q 1 FORM 10-Q - 3RD QTR 1994 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ---------------------------------- FORM 10-Q (Mark One) (x) Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended October 29, 1994 OR ( ) Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to ----------- ---------- Commission File No. 1-3381 ------ The Pep Boys - Manny, Moe & Jack ------------------------------------------------------ (Exact name of registrant as specified in its charter) Pennsylvania 23-0962915 ------------------------------- --------------------------- (State or other jurisdiction of (I.R.S. Employer ID number) incorporation or organization) 3111 W. Allegheny Ave. Philadelphia, PA 19132 ---------------------------------------- ---------- (Address of principal executive offices) (Zip code) 215-229-9000 ---------------------------------------------------- (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities and Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes ( x ) No ( ) As of October 29, 1994 there were 61,434,814 shares of the registrant's Common Stock outstanding. 2 - ------------------------------------------------------------------- Index Page - ------------------------------------------------------------------- PART I - FINANCIAL INFORMATION - ------------------------------ Item 1. Condensed Consolidated Financial Statements (Unaudited) Consolidated Balance Sheets - October 29, 1994 and January 29, 1994 3 Consolidated Statements of Earnings - Thirteen and Thirty-nine weeks ended October 29, 1994 and October 30, 1993 4 Condensed Consolidated Statements of Cash Flows - Thirty-nine weeks ended October 29, 1994 and October 30, 1993 5 Notes to Condensed Consolidated Financial Statements 6 Management's Discussion and Analysis of Financial Condition and Results of Operations 7-11 PART II - OTHER INFORMATION 12 - --------------------------- SIGNATURE 13 - ------------------------------------------------------------------- 3 THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (dollar amounts in thousands, except per share amounts)
Oct. 29, 1994 Jan. 29, 1994* ------------- -------------- (Unaudited) ASSETS Current Assets: Cash....................................................... $ 14,390 $ 12,050 Accounts receivable, net................................... 3,390 1,525 Merchandise inventories.................................... 381,608 305,872 Deferred income taxes...................................... 10,176 9,100 Other...................................................... 9,749 13,161 ------------- -------------- Total Current Assets.................................... 419,313 341,708 Property and Equipment-at cost: Land....................................................... 210,059 183,601 Building and improvements.................................. 549,871 500,467 Furniture, fixtures and equipment.......................... 250,241 229,730 Construction in progress................................... 35,895 9,364 ------------- -------------- 1,046,066 923,162 Less accumulated depreciation and amortization............. 231,443 199,710 ------------- -------------- Total Property and Equipment............................ 814,623 723,452 Other........................................................ 16,664 13,358 ------------- -------------- Total Assets.................................................. $1,250,600 $1,078,518 ============= ============== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Checks outstanding......................................... $ 31,935 $ 22,193 Accounts payable........................................... 97,448 104,248 Accrued expenses........................................... 73,856 59,574 Short-term borrowings...................................... 62,800 54,500 Income taxes payable....................................... 5,305 1,278 Current maturities of long-term debt....................... 12,579 7,397 ------------- -------------- Total Current Liabilities............................... 283,923 249,190 Long-Term Debt, less current maturities...................... 281,757 253,000 Deferred Income Taxes........................................ 28,569 28,569 Convertible Subordinated Notes............................... 86,250 - Commitments Stockholders' Equity: Common Stock, par value $1 per share: Authorized 500,000,000 shares - Issued and outstanding 61,434,814 and 61,060,055..................... 61,435 61,060 Additional paid-in capital................................. 127,647 122,977 Retained earnings.......................................... 438,514 388,653 ------------- -------------- 627,596 572,690 Less: Treasury Stock - 948,200 shares at cost........ - 24,931 Shares held in benefits trust - 2,137,500 shares at cost. 57,495 - ------------- -------------- Total Stockholders' Equity.............................. 570,101 547,759 ------------- -------------- Total Liabilities and Stockholders' Equity.................... $1,250,600 $1,078,518 ============= ============== See notes to condensed consolidated financial statements. *Taken from the audited financial statements at Jan. 29, 1994. /TABLE 4 THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (dollar amounts in thousands, except per share amounts) UNAUDITED
Thirteen weeks ended Thirty-nine weeks ended --------------------------------- --------------------------------- Oct. 29, 1994 Oct. 30, 1993 Oct. 29, 1994 Oct. 30, 1993 ------------- --------------- ------------- ------------- Merchandise Sales.................................... $ 314,194 $274,276 $ 924,795 $820,450 Service Revenue...................................... 49,035 41,739 146,529 123,858 ------------- ------------- ------------- ------------- Total Revenues....................................... 363,229 316,015 1,071,324 944,308 Costs of Merchandise Sales........................... 221,998 196,756 656,861 594,912 Costs of Service Revenue............................. 41,036 34,767 120,856 102,363 ------------- ------------- ------------- ------------- Total Costs of Revenues.............................. 263,034 231,523 777,717 697,275 Gross Profit from Merchandise Sales.................. 92,196 77,520 267,934 225,538 Gross Profit from Service Revenue.................... 7,999 6,972 25,673 21,495 ------------- ------------- ------------- ------------- Total Gross Profit................................... 100,195 84,492 293,607 247,033 Selling, General and Administrative Expenses......... 61,884 52,538 180,247 155,760 ------------- ------------- ------------- ------------- Operating Profit..................................... 38,311 31,954 113,360 91,273 Nonoperating Income.................................. 839 1,100 3,024 3,131 Interest Expense..................................... 6,257 4,961 18,033 15,060 ------------- ------------- ------------- ------------ Earnings Before Income Taxes and Cumulative Effect of Change in Accounting Principle............ 32,893 28,093 98,351 79,344 Income Taxes......................................... 12,253 10,650 36,636 29,357 ------------- ------------- ------------- ------------ Earnings Before Cumulative Effect of Change in Accounting Principle................................ 20,640 17,443 61,715 49,987 Cumulative Effect of Change in Accounting Principle.. - - (4,300) - ------------ ------------- ------------- ------------- Net Earnings......................................... 20,640 17,443 57,415 49,987 Retained Earnings, beginning of period............... 420,309 360,246 388,653 332,261 Cash Dividends....................................... 2,435 2,287 7,554 6,846 ------------ ------------- ------------- ------------- Retained Earnings, end of period..................... $ 438,514 $375,402 $ 438,514 $375,402 ============ ============= ============= ============= Earnings per Share Before Cumulative Effect of Change in Accounting Principle................... $ .34 $ .28 $ 1.02 $ .81 Cumulative Effect of Change in Accounting Principle.. - - (.07) - ------------ ------------- ------------- ------------- Net Earnings per Share............................... $ .34 $ .28 $ .95 $ .81 ============ ============= ============= ============= Cash Dividends per Share............................. $ .0425 $ .0375 $ .1275 $ .1125 ============ ============= ============= ============= See notes to condensed consolidated financial statements.
5 THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (dollar amounts in thousands) UNAUDITED
Thirty-nine weeks ended --------------------------------- Oct. 29, 1994 Oct. 30, 1993 ------------- ------------- Net Cash Provided by Operating Activities....................... $ 34,076 $13,511 Cash Flows from Investing Activities: Capital expenditures............................................ (122,601) (80,468) Proceeds from sales of assets................................... 303 111 Other, net...................................................... _ 54 ------------ ------------ Net Cash Used in Investing Activities........................... (122,298) (80,303) Cash Flows from Financing Activities: Net proceeds from issuance of convertible subordinated notes.... 85,387 - Net borrowings under line of credit agreements.................. 58,300 27,900 Reduction of long-term debt..................................... (17,261) (30,761) Dividends paid.................................................. (7,554) (6,846) Common shares purchased for employee benefits trust............. (33,476) - Proceeds from exercise of stock options and dividend reinvestment plan................................ 5,166 3,730 Net proceeds from sale of 6 5/8% notes.......................... - 73,892 ------------ ----------- Net Cash Provided by Financing Activities....................... 90,562 67,915 ------------ ----------- Net Increase in Cash................................................. 2,340 1,123 Cash at Beginning of Year............................................ 12,050 11,644 ------------ ----------- Cash at End of Period................................................ $ 14,390 $ 12,767 ============ =========== See notes to condensed consolidated financial statements.
6 THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTE 1. Condensed Consolidated Financial Statements The consolidated balance sheet as of October 29, 1994, the consolidated statements of earnings for the thirteen and thirty-nine week periods ended October 29, 1994 and October 30, 1993 and the condensed consolidated statements of cash flows for the thirty-nine week periods ended October 29, 1994 and October 30, 1993 have been prepared by the Company without audit. In the opinion of management, all adjustments (which included only normal recurring adjustments as well as the accounting change referred to in Note 3 below) necessary to present fairly the financial position, results of operations and cash flows at October 29, 1994 and for all periods presented have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. It is suggested that these condensed consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company's January 29, 1994 annual report to shareholders. The results of operations for the thirteen and thirty-nine week periods ended October 29, 1994 are not necessarily indicative of the operating results for the full year. NOTE 2. Merchandise Inventories Merchandise inventories are valued at the lower of cost (last-in, first-out) or market. If the first-in, first-out method of valuing inventories had been used by the Company, inventories would have been approximately $17,852,000 and $15,452,000 higher at October 29, 1994 and January 29, 1994, respectively. NOTE 3. Postemployment Benefits On January 30, 1994, the Company adopted SFAS No. 112, "Employers' Accounting for Postemployment Benefits." This statement establishes accrual accounting standards for employer-provided benefits which cover former or inactive employees after employment, but before retirement. Adoption of this accounting standard on January 30, 1994 resulted in a one-time charge to earnings of $4,300,000 (net of income tax benefit of $2,552,000) or $.07 per share recognized as a cumulative effect of a change in accounting principle. NOTE 4. Employee Benefits Trust On April 29, 1994, the Company established a flexible employee benefits trust to fund a portion of its obligations arising from various employee compensation and benefit plans. The Company has authorization to purchase Common Stock having a value of up to $75,000,000 for sale to the trust. As of October 29, 1994, the Company sold 2,137,500 shares of Common Stock, which it had repurchased in the open market, with a cost of $57,495,000 to the trust in exchange for a promissory note payable to the Company. NOTE 5. Convertible Subordinated Notes On August 24, 1994 the Company sold $86,250,000 of 4% convertible subordinated notes due September 1, 1999. These notes are convertible into the common stock of the Company any time on or before September 1, 1999, unless previously redeemed, at a conversion price of $41 per share, subject to adjustment in certain events. The notes will be redeemable, in whole or in part, at the option of the Company at any time on or after September 15, 1997, at the redemption price of 101% of their principal amount and at par on or after September 1, 1998. Proceeds were used to repay portions of the Company's variable rate debt. 7 THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS THIRTEEN WEEKS ENDED OCTOBER 29, 1994 Results of Operations - The following table presents for the periods indicated certain items in the consolidated statements of earnings as a percentage of total revenues (except as otherwise provided) and the percentage change in dollar amounts of such items compared to the indicated prior period.
Percentage of Total Revenues Percentage Change - ------------------------------------------------------ ---------------------------------- ----------------- Thirteen weeks ended Oct. 29, 1994 Oct. 30, 1993 Fiscal 1994 vs. (Fiscal 1994) (Fiscal 1993) Fiscal 1993 - ------------------------------------------------------ -------------- ------------- ----------------- Merchandise Sales..................................... 86.5% 86.8% 14.6% Service Revenue (1)................................... 13.5 13.2 17.5 ------ ------ ------ Total Revenues........................................ 100.0 100.0 14.9 Costs of Merchandise Sales (2)........................ 70.7 (3) 71.7 (3) 12.8 Costs of Service Revenue (2).......................... 83.7 (3) 83.3 (3) 18.0 ------ ------ ------ Total Costs of Revenues............................... 72.4 73.3 13.6 Gross Profit from Merchandise Sales................... 29.3 (3) 28.3 (3) 18.9 Gross Profit from Service Revenue..................... 16.3 (3) 16.7 (3) 14.7 ------ ------ ------ Total Gross Profit.................................... 27.6 26.7 18.6 Selling, General and Administrative Expenses.......... 17.1 16.6 17.8 ------ ------ ------ Operating Profit...................................... 10.5 10.1 19.9 Nonoperating Income................................... .3 .3 (23.7) Interest Expense...................................... 1.7 1.6 26.1 ------ ------ ------ Earnings Before Income Taxes ......................... 9.1 8.8 17.1 Income Taxes.......................................... 37.3 (4) 37.9 (4) 15.1 ------ ------ ------ Net Earnings.......................................... 5.7 5.5 18.3 ====== ====== ====== (1) Service revenue consists of the labor charge for installing merchandise or maintaining or repairing vehicles, excluding the sale of any installed parts or materials. (2) Costs of merchandise sales include the cost of products sold, buying, warehousing and store occupancy costs. Costs of service revenue include service center payroll and related employee benefits and service center occupancy costs. Occupancy costs include utilities, rents, real estate and property taxes, repairs and maintenance and depreciation and amortization expenses. (3) As a percentage of related sales or revenue, as applicable. (4) As a percentage of earnings before income taxes.
8 Thirteen Weeks Ended October 29, 1994 vs. Thirteen Weeks Ended October 30, 1993 - ------------------------------------------------------------------------ Total revenues for the third quarter increased 15% due to a higher store count (408 at October 29, 1994 compared with 367 at October 30, 1993) coupled with a 6% increase in comparable store revenues (revenues generated by stores in operation during the same months of each period). Comparable store merchandise sales and comparable service revenue both increased 6%. Gross profit from merchandise sales increased, as a percentage of merchandise sales, due primarily to higher merchandise margins. Gross profit from service revenue decreased, as a percentage of service revenue, due primarily to an increase in service center personnel costs offset, in part, by lower service center employee benefits costs. Selling, general and administrative expenses increased, as a percentage of total revenues, due primarily to increases in store expenses and media costs. Nonoperating income consisted of the following: (in thousands)
1994 1993 ------ ------ Rental revenue $ 306 $ 322 Investment income 34 19 Other income 499 759 ------ ------ Total $ 839 $1,100 ====== ======
The Company's effective income tax rate decreased from 37.9% in 1993 to 37.3% in 1994. The 18% increase in net earnings in 1994 as compared with 1993, was due primarily to a 6% comparable store sales increase coupled with an increase in gross profit from merchandise sales, as a percentage of merchandise sales offset, in part, by an increase in selling, general and administrative expenses. 9 THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS THIRTY-NINE WEEKS ENDED OCTOBER 29, 1994 Results of Operations - The following table presents for the periods indicated certain items in the consolidated statements of earnings as a percentage of total revenues (except as otherwise provided) and the percentage change in dollar amounts of such items compared to the indicated prior period.
Percentage of Total Revenues Percentage Change - ------------------------------------------------------ ---------------------------------- ----------------- Thirty-nine weeks ended Oct. 29, 1994 Oct. 30, 1993 Fiscal 1994 vs. (Fiscal 1994) (Fiscal 1993) Fiscal 1993 - ------------------------------------------------------ -------------- ------------- ----------------- Merchandise Sales..................................... 86.3% 86.9% 12.7% Service Revenue (1)................................... 13.7 13.1 18.3 ------ ------ ------ Total Revenues........................................ 100.0 100.0 13.5 Costs of Merchandise Sales (2)........................ 71.0 (3) 72.5 (3) 10.4 Costs of Service Revenue (2).......................... 82.5 (3) 82.6 (3) 18.1 ------ ------ ------ Total Costs of Revenues............................... 72.6 73.8 11.5 Gross Profit from Merchandise Sales................... 29.0 (3) 27.5 (3) 18.8 Gross Profit from Service Revenue..................... 17.5 (3) 17.4 (3) 19.4 ------ ------ ------ Total Gross Profit.................................... 27.4 26.2 18.9 Selling, General and Administrative Expenses.......... 16.8 16.5 15.7 ------ ------ ------ Operating Profit...................................... 10.6 9.7 24.2 Nonoperating Income................................... .3 .3 (3.4) Interest Expense...................................... 1.7 1.6 19.7 ------ ------ ------ Earnings Before Income Taxes and Cumulative Effect of Change in Accounting Principle.................... 9.2 8.4 24.0 Income Taxes.......................................... 37.3 (4) 37.0 (4) 24.8 ------ ------ ------ Earnings Before Cumulative Effect of Change in Accounting Principle.................... 5.8 5.3 23.5 Cumulative Effect of Change in Accounting Principle... (.4) - - ------ ------ ------ Net Earnings.......................................... 5.4 5.3 14.9 ====== ====== ====== (1) Service revenue consists of the labor charge for installing merchandise or maintaining or repairing vehicles, excluding the sale of any installed parts or materials. (2) Costs of merchandise sales include the cost of products sold, buying, warehousing and store occupancy costs. Costs of service revenue include service center payroll and related employee benefits and service center occupancy costs. Occupancy costs include utilities, rents, real estate and property taxes, repairs and maintenance and depreciation and amortization expenses. (3) As a percentage of related sales or revenue, as applicable. (4) As a percentage of earnings before income taxes.
10 Thirty-nine Weeks Ended October 29, 1994 vs. Thirty-nine Weeks Ended October 30, 1993 - ----------------------------------------------------------------------------- Total revenues increased 13% due to a higher store count (408 at October 29, 1994 compared with 367 at October 30, 1993) coupled with a 5% increase in comparable store revenues . Comparable store merchandise sales increased 5% while comparable service revenue increased 7%. Gross profit from merchandise sales increased, as a percentage of merchandise sales, due primarily to higher merchandise margins slightly offset by an increase in store occupancy costs. Gross profit from service revenue increased slightly, as a percentage of service revenue, due primarily to decreases in service personnel employee benefits costs and service center occupancy costs offset, in part, by an increase in service center personnel costs. Selling, general and administrative expenses increased, as a percentage of total revenues, due primarily to an increases in store expenses and media costs. Nonoperating income consisted of the following: (in thousands)
1994 1993 ------ ------ Rental revenue $ 953 $ 878 Investment income 734 61 Other income 1,337 1,849 Net gain on disposal of assets - 343 ------ ------ Total $3,024 $3,131 ====== ======
The Company's effective income tax rate increased from 37.0% in 1993 to 37.3% in 1994. The 23% increase in earnings before the cumulative effect of a change in accounting principle in 1994 as compared with 1993, was due primarily to a 5% comparable store sales increase coupled with an increase in gross profit from merchandise sales, as a percentage of merchandise sales, offset, in part, by an increase in selling, general and administrative expenses, as a percentage of total revenues. On January 30, 1994, the Company adopted SFAS No. 112, "Employers' Accounting for Postemployment Benefits." This statement establishes accrual accounting standards for employer-provided benefits which cover former or inactive employees after employment, but before retirement. Adoption of this accounting standard on January 30, 1994 resulted in a one-time charge to earnings of $4,300,000 (net of income tax benefit of $2,552,000) or $.07 per share recognized as a cumulative effect of a change in accounting principle. 11 LIQUIDITY AND CAPITAL RESOURCES - OCTOBER 29, 1994 - ---------------------------------------------- The Company's cash requirements arise principally from the need to finance the acquisition, construction and equipping of new stores and the purchase of inventory. During the first thirty-nine weeks of 1994, the Company invested $123,801,000 in property and equipment while inventory increased $75,736,000. Working capital increased from $92,518,000 at January 29, 1994 to $135,390,000 at October 29, 1994. At October 29, 1994 the Company had stockholders' equity of $570,101,000 and long-term debt of $368,007,000. The Company's long-term debt was 39% of its total capitalization at October 29, 1994. The Company plans to open approximately 27 new stores during the balance of the current fiscal year. Management estimates that the cost of this expansion, coupled with expenditures in existing stores, warehouses and offices will be approximately $30,000,000. In addition, the Company has authorization to purchase up to $75,000,000 of its Common Stock for sale to an employee benefits trust, of which Common Stock having a cost of $57,495,000 had been repurchased as of October 29, 1994. Funds required to finance the store expansion including related inventory requirements and stock repurchase are expected to come primarily from operating activities with the remainder provided by unused lines of credit which totalled $106,200,000 at October 29, 1994. On August 24, 1994 the Company sold $86,250,000 of 4% convertible subordinated notes due September 1, 1999. These notes are convertible into the Common Stock of the Company any time on or before September 1, 1999, unless previously redeemed, at a conversion price of $41 per share, subject to adjustment in certain events. The notes will be redeemable, in whole or in part, at the option of the Company at any time on or after September 15, 1997, at the redemption price of 101% of their principal amount and at par on or after September 1, 1998. Proceeds were used to repay portions of the Company's variable rate debt. 12 PART II - OTHER INFORMATION - --------------------------- Item 1. Legal Proceedings None. Item 2. Changes in Securities None. Item 3. Defaults upon Senior Securities None. Item 4. Submission of Matters to a Vote of Security Holders None. Item 5. Other Information None. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits (11) Statement Re: Computation of Earnings Per Share (27) Financial Data Schedules (b) Reports on Form 8-K. No reports on Form 8-K have been filed during the quarter for which this report is filed. 13 SIGNATURES - ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. THE PEP BOYS - MANNY, MOE & JACK -------------------------------- (Registrant) Date: December 13, 1994 By: \s\ Michael J. Holden ----------------------- ------------------------- Michael J. Holden Senior Vice President & Chief Financial Officer and Treasurer 14 INDEX TO EXHIBITS - ----------------- (11) Computations of Earnings Per Share (27) Financial Data Schedule EX-11 2 THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES Exhibit 11 COMPUTATION OF EARNINGS PER SHARE (in thousands, except per share data)
Thirteen weeks ended Thirty-nine weeks ended ---------------------------------- --------------------------------- Oct. 29, 1994 Oct. 30, 1993 Oct. 29, 1994 Oct. 30, 1993 -------------- -------------- ------------- ------------- (a) Earnings Before Cumulative Effect of Change in Accounting Principle.............. $20,640 $17,443 $61,715 $49,987 (b) Cumulative Effect of Change in Accounting Principle........................... - - (4,300) _ ------------- -------------- ------------- ------------ (c) Net Earnings..................................... $20,640 $17,443 $57,415 49,987 ============= ============== ============= ============ Average number of Common Shares outstanding during the period.............................. 59,236 60,942 59,249 60,834 Common Shares assumed issued upon exercise of dilutive stock options, net of assumed repurchase, at the average market price, using the treasury stock method (1)............ 1,378 1,035 1,325 1,070 ------------- ------------- ------------ ------------ (d) Average number of Common Shares assumed outstanding during the period.................. 60,614 61,977 60,574 61,904 ============= ============= ============ ============ Earnings per Share Before Cumulative Effect of Change in Accounting Principle (a/d)........ $ .34 $ .28 $ 1.02 $ .81 Cumulative Effect of Change in Accounting Principle (b/d)................................ - - (.07) - ------------ ------------- ----------- ----------- Net Earnings per Share (c/d)..................... $ .34 $ .28 $ .95 $ .81 ============ ============= =========== ============ (1) The number of Common Shares assumed issued upon exercise of dilutive stock options is essentially the same for fully diluted earnings per share.
EX-27 3 ART 5. FDS FOR 3RD QUARTER 10-Q
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED BALANCE SHEET AS OF OCTOBER 29, 1994 AND THE CONSOLIDATED STATEMENT OF EARNINGS FOR THE THIRTY-NINE WEEK PERIOD ENDED OCTOBER 29, 1994 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 9-MOS JAN-28-1995 OCT-29-1994 14,390 0 3,632 242 381,608 419,313 1,046,066 231,443 1,250,600 283,923 368,007 0 0 61,435 508,666 1,250,600 924,795 1,071,324 656,861 777,717 0 0 18,033 98,351 36,636 61,715 0 0 (4,300) 57,415 .95 .95 -----END PRIVACY-ENHANCED MESSAGE-----