-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BDc91j3DzdZlcYZzHw8irURknaRsbk1N+SEXO/nIGrNc7R/gTlRrIsZ9wGYLDrW8 L9PjWIYVnurXYYb97tQLcA== 0001239124-04-000021.txt : 20041110 0001239124-04-000021.hdr.sgml : 20041110 20041110172053 ACCESSION NUMBER: 0001239124-04-000021 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20041030 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20041110 DATE AS OF CHANGE: 20041110 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: 0201 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03381 FILM NUMBER: 041134081 BUSINESS ADDRESS: STREET 1: 3111 W ALLEGHENY AVE CITY: PHILADELPHIA STATE: PA ZIP: 19132 BUSINESS PHONE: 2152299000 8-K 1 r8k.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ---------------------------------- FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report: November 10, 2004 Date of Earliest Event Reported: November 10, 2004 The Pep Boys - Manny, Moe & Jack ------------------------------------------------------ (Exact name of registrant as specified in charter) Pennsylvania 1-3381 23-0962915 ------------------------------- ----------- --------------------------- (State or other jurisdiction of (Commission (I.R.S. Employer ID number) incorporation or organization) File No.) 3111 W. Allegheny Ave. Philadelphia, PA 19132 ---------------------------------------- ---------- (Address of principal executive offices) (Zip code) 215-430-9000 ---------------------------------------------------- (Registrant's telephone number, including area code) Not Applicable -------------- (Former name or former address, if changed from last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): ( ) Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ( ) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ( ) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ( ) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 1 Item 2.02 Results of Operations and Financial Condition On November 10, 2004, the Company issued a press release that announced its earnings for the fiscal quarter ended October 30, 2004. The information in this Current Report is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended. Item 9.01 Financial Statements and Exhibits (c) Exhibits. The following exhibits are filed with this report: Exhibit No. 99.1 Press release dated November 10, 2004. Exhibit No. 99.2 Unaudited supplemental financial data. 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 hereunto duly authorized. THE PEP BOYS - MANNY, MOE & JACK By: /s/ Harry F. Yanowitz -------------------------------------- Harry F. Yanowitz Chief Financial Officer Date: November 10, 2004 2 EX-99 2 exh9901.txt Exhibit 99.1 Press Release issued by the Company dated November 10, 2004. Pep Boys Reports 4.1% Comparable Sales Increase - Retail Up 10.3%; Service Down 3.4% - PHILADELPHIA - November 10, 2004 - The Pep Boys - Manny, Moe & Jack (NYSE:"PBY"), the nation's leading full-service automotive aftermarket chain, announced the following results for the thirteen and thirty-nine weeks ended October 30, 2004. Financial Results Third Quarter Sales Sales for the quarter ended October 30, 2004 were $559,198,000, 4.0% more than the $537,691,000 recorded last year. Comparable Sales increased 4.1%, resulting from an increase of 5.1% in comparable Merchandise Sales and flat comparable Service Revenue. Recategorizing Sales to more accurately reflect the two areas of automotive aftermarket in which the Company competes, comparable Retail Sales (DIY and Commercial) increased 10.3% and comparable Service Center Revenue (labor plus installed merchandise and tires) decreased 3.4%. Earnings Net Earnings from Continuing Operations of $7,881,000 ($.14 per share basic and diluted) declined from the $13,406,000 ($.26 per share - basic and $.24 per share - diluted) recorded last year. Nine Months Sales Sales for the nine months ended October 30, 2004 were $1,718,757,000, 7.1% more than the $1,604,631,000 recorded last year. Comparable Sales increased 7.2% resulting from an increase of 8.5% in comparable Merchandise Sales and an increase of 1.8% in comparable Service Revenue. Recategorizing Sales to more accurately reflect the two areas of automotive aftermarket in which the Company competes, comparable Retail Sales increased 15.0% and comparable Service Center Revenue decreased 2.5%. Earnings Net Earnings from Continuing Operations of $38,721,000 ($.68 per share-basic and $.64 per share diluted) increased from a Net Loss from Continuing Operations of $7,500,000 ($.14 per share basic and diluted) incurred in the prior year. Fiscal 2003 results include the impact of our corporate restructuring and other actions that were announced on July 31, 2003. (Continued) Page 2 Commentary Larry Stevenson, Chairman and CEO commented, "We continue our building process, as Pep Boys makes progress against our multi-year plan. While the current quarter's sales and margins in our service and tires business were unacceptable, we are making concerted and significant strides in re-building our service capabilities and infrastructure. It will, however, take us a number of quarters before that progress is apparent. We again had industry leading sales results in our retail and commercial business. During the quarter, we completed a significant re-merchandising of our stores, the first step in our store remodel program, which we believe will lead to significant and sustaining retail improvements." Harry Yanowitz, Senior Vice President and CFO commented, "In this past quarter, and to date in the $100,000,000 share repurchase program announced September 9, 2004, we re-purchased $38,900,000 of our shares (3,018,000 shares at $12.89 per share, or roughly 5% of our undiluted share base). As announced on our last call, we view this program as opportunistic, not as part of a general capital distribution program to our shareholders, and may or may not choose to make further purchases. Future share purchases will have to compare well against other excellent investment alternatives, including our upcoming store remodel program and future store expansion." Page 3
Pep Boys Financial Highlights Thirteen Weeks Ended: October 30, 2004 November 1, 2003 - --------------------- ---------------- ------------------ Total Revenues $ 559,198,000 $ 537,691,000 Net Earnings From Continuing Operations $ 7,881,000 $ 13,406,000 Net Earnings $ 7,645,000 $ 14,700,000 Average Shares - Diluted 58,326,000 60,410,000 Basic Earnings Per Share From Continuing Operations $ 0.14 $ 0.26 Diluted Earnings Per Share From Continuing Operations $ 0.14 $ 0.24 Basic Earnings Per Share $ 0.13 $ 0.28 Diluted Earnings Per Share $ 0.13 $ 0.26 Thirty-nine Weeks Ended: October 30, 2004 November 1, 2003 - ------------------------ ------------------ ------------------ Total Revenues $ 1,718,757,000 $ 1,604,631,000 Net Earnings (Loss) From Continuing Operations Before Cumulative Effect of Change in Accounting Principle $ 38,721,000 $ (7,500,000) Net Earnings (Loss) $ 37,102,000 $ (30,898,000) Average Shares - Diluted 64,977,000 52,002,000 Basic Earnings (Loss) Per Share From Continuing Operations Before Cumulative Effect of Change in Accounting Principle $ 0.68 $ (0.14) Diluted Earnings (Loss) Per Share From Continuing Operations Before Cumulative Effect of Change in Accounting Principle $ 0.64 $ (0.14) Basic Earnings (Loss) Per Share $ 0.65 $ (0.59) Diluted Earnings (Loss) Per Share $ 0.62 $ (0.59)
Page 4 Pep Boys has 595 stores and more than 6,000 service bays in 36 states and Puerto Rico. Along with its vehicle repair and maintenance capabilities, the Company also serves the commercial auto parts delivery market and is one of the leading sellers of replacement tires in the United States. Customers can find the nearest location by calling 1-800 - PEP-BOYS or by visiting pepboys.com. Certain statements contained herein constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. The word "guidance," "expect," "anticipate," "estimates," "forecasts" and similar expressions are intended to identify such forward-looking statements. Forward-looking statements include management's expectations regarding future financial performance, automotive aftermarket trends, levels of competition, business development activities, future capital expenditures, financing sources and availability and the effects of regulation and litigation. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. The Company's actual results may differ materially from the results discussed in the forward-looking statements due to factors beyond the control of the Company, including the strength of the national and regional economies, retail and commercial consumers' ability to spend, the health of the various sectors of the automotive aftermarket, the weather in geographical regions with a high concentration of the Company's stores, competitive pricing, the location and number of competitors' stores, product and labor costs and the additional factors described in the Company's filings with the SEC. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. ### Investor Contact: Harry F. Yanowitz, CFO (215) 430-9720 Media Contact: Bill Furtkevic (215) 430-9676 Pep Boys 3111 West Allegheny Avenue Philadelphia, PA 19132 Internet:http://www.pepboys.com EX-99 3 exh9902.txt Exhibit 99.2 Unaudited Supplemental Financial Information
THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (dollar amounts in thousands, except per share amounts) UNAUDITED Thirteen weeks ended Thirty-nine weeks Ended ---------------------------------------- ------------------------------------------- October 30, 2004 November 1, 2003 October 30, 2004 November 1, 2003 ------------------ ------------------ ------------------- -------------------- Amount % Sales Amount % Sales Amount % Sales Amount % Sales - ----------------------------------------------------------------------------------------------------------------------------------- Merchandise Sales $ 456,814 81.7 $ 435,055 80.9 $ 1,406,411 81.8 $ 1,297,472 80.9 Service Revenue 102,384 18.3 102,636 19.1 312,346 18.2 307,159 19.1 - ----------------------------------------------------------------------------------------------------------------------------------- Total Revenues 559,198 100.0 537,691 100.0 1,718,757 100.0 1,604,631 100.0 - ----------------------------------------------------------------------------------------------------------------------------------- Costs of Merchandise Sales 328,088 71.8 301,871 69.4 998,036 71.0 937,114 72.2 Costs of Service Revenue 79,109 77.3 76,333 74.4 237,476 76.0 231,986 75.5 - ----------------------------------------------------------------------------------------------------------------------------------- Total Costs of Revenues 407,197 72.8 378,204 70.3 1,235,512 71.9 1,169,100 72.9 - ----------------------------------------------------------------------------------------------------------------------------------- Gross Profit from Merchandise Sales 128,726 28.2 133,184 30.6 408,375 29.0 360,358 27.8 Gross Profit from Service Revenue 23,275 22.7 26,303 25.6 74,870 24.0 75,173 24.5 - ----------------------------------------------------------------------------------------------------------------------------------- Total Gross Profit 152,001 27.2 159,487 29.7 483,245 28.1 435,531 27.1 - ----------------------------------------------------------------------------------------------------------------------------------- Selling, General and Administrative Expenses 132,524 23.7 130,034 24.2 398,780 23.2 420,860 26.2 - ----------------------------------------------------------------------------------------------------------------------------------- Operating Profit 19,477 3.5 29,453 5.5 84,465 4.9 14,671 0.9 Non-operating Income 1,089 0.1 786 0.1 2,151 0.2 2,687 0.2 Interest Expense 8,056 1.4 8,959 1.6 25,154 1.5 29,263 1.8 - ----------------------------------------------------------------------------------------------------------------------------------- Earnings (Loss) from Continuing Operations Before Income Taxes and Cumulative Effect of Change in Accounting Principle 12,510 2.2 21,280 4.0 61,462 3.6 (11,905) (0.7) Income Tax Expense (Benefit) 4,629 37.0 7,874 37.0 22,741 37.0 (4,405) 37.0 - ----------------------------------------------------------------------------------------------------------------------------------- Net Earnings (Loss) from Continuing Operations Before Cumulative Effect of Change in Accounting Principle 7,881 1.4 13,406 2.5 38,721 2.3 (7,500) (0.5) Discontinued Operations, Net of Tax (236) (0.0) 1,294 0.2 (1,619) (0.1) (20,914) (1.3) Cumulative Effect of Change in Accounting Principle, Net of Tax - 0.0 - 0.0 - 0.0 (2,484) (0.1) - ----------------------------------------------------------------------------------------------------------------------------------- Net Earnings (Loss) 7,645 1.4 14,700 2.7 37,102 2.2 (30,898) (1.9) Retained Earnings, beginning of period 597,236 571,403 577,793 630,847 Cash Dividends (3,925) (3,550) (11,738) (10,528) Effect of Stock Options (461) (2,035) (2,662) (8,583) Dividend Reinvestment Plan - - - (320) - ----------------------------------------------------------------------------------------------------------------------------------- Retained Earnings, end of period $ 600,495 $ 580,518 $ 600,495 $ 580,518 - ----------------------------------------------------------------------------------------------------------------------------------- Basic Earnings (Loss) Per Share: Net Earnings (Loss) From Continuing Operations Before Cumulative Effect of Change in Accounting Principle $ 0.14 $ 0.26 $ 0.68 $ (0.14) Discontinued Operations,Net of Tax (0.01) 0.02 (0.03) (0.40) Cumulative Effect of Change in Accounting Principle, Net of Tax - - - (0.05) - ----------------------------------------------------------------------------------------------------------------------------------- Basic Earnings (Loss) Per Share $ 0.13 $ 0.28 $ 0.65 $ (0.59) - ----------------------------------------------------------------------------------------------------------------------------------- Diluted Earnings (Loss) Per Share: Net Earnings (Loss) From Continuing Operations Before Cumulative Effect of Change in Accounting Principle $ 0.14 $ 0.24 $ 0.64 $ (0.14) Discontinued Operations, Net of Tax (0.01) 0.02 (0.02) (0.40) Cumulative Effect of Change in Accounting Principle, Net of Tax - - - (0.05) - ----------------------------------------------------------------------------------------------------------------------------------- Diluted Earnings (Loss) per Share $ 0.13 $ 0.26 $ 0.62 $ (0.59) - ----------------------------------------------------------------------------------------------------------------------------------- Cash Dividends per Share $ 0.0675 $ 0.0675 $ 0.2025 $ 0.2025 - -----------------------------------------------------------------------------------------------------------------------------------
THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (dollar amounts in thousands, except per share amounts) UNAUDITED Oct.30, 2004 Jan. 31, 2004* Nov. 1, 2003 - ------------------------------------------------------------------------------------------------------------------------- ASSETS Current Assets: Cash and cash equivalents $ 35,185 $ 60,984 $ 33,837 Accounts receivable, net 40,827 30,562 28,734 Merchandise inventories 611,645 553,562 532,876 Prepaid expenses 25,049 39,480 21,474 Deferred income taxes - 20,826 31,659 Other 116,342 81,096 48,985 Assets held for disposal 2,185 16,929 26,949 - ------------------------------------------------------------------------------------------------------------------------ Total Current Assets 831,233 803,439 724,514 - ------------------------------------------------------------------------------------------------------------------------ Property and Equipment-at cost: Land 263,201 263,907 264,121 Buildings and improvements 909,752 899,114 896,337 Furniture, fixtures and equipment 606,183 586,607 593,199 Construction in progress 31,101 12,800 24,858 - ------------------------------------------------------------------------------------------------------------------------ 1,810,237 1,762,428 1,778,515 Less accumulated depreciation and amortization 823,017 776,242 772,123 - ------------------------------------------------------------------------------------------------------------------------ Property and Equipment - Net 987,220 986,186 1,006,392 - ------------------------------------------------------------------------------------------------------------------------ Other 51,769 51,398 52,310 - ------------------------------------------------------------------------------------------------------------------------ Total Assets $1,870,222 $1,841,023 $1,783,216 - ------------------------------------------------------------------------------------------------------------------------ LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 307,921 $ 342,584 $ 298,438 Accrued expenses 246,707 267,565 254,910 Current deferred taxes 20,164 - - Current maturities of long-term debt and obligations under capital leases 147,171 117,063 72,185 - ------------------------------------------------------------------------------------------------------------------------ Total Current Liabilities 721,963 727,212 625,533 - ------------------------------------------------------------------------------------------------------------------------ Long-term debt and obligations under capital leases, less current maturities 180,253 258,016 311,906 Convertible long-term debt, less current maturities 150,000 150,000 150,000 Other long-term liabilities 28,321 28,802 28,902 Deferred income taxes 68,488 57,492 43,801 Deferred gain on sale leaseback 53 3,907 4,300 Commitments and Contingencies Stockholders' Equity: Common Stock, par value $1 per share: Authorized 500,000,000 shares; Issued 68,557,041, 63,910,577 and 63,910,577 shares 68,557 63,911 63,911 Additional paid-in capital 284,660 177,317 177,244 Retained earnings 600,495 577,793 580,518 Common stock subscriptions receivable (82) - - Accumulated other comprehensive (loss) income (284) (15) 2,139 - ------------------------------------------------------------------------------------------------------------------------ 953,346 819,006 823,812 Less cost of shares in treasury - 11,319,985 shares, 8,928,159 shares and 9,028,897 shares 172,938 144,148 145,774 Less cost of shares in benefits trust - 2,195,270 shares 59,264 59,264 59,264 - ------------------------------------------------------------------------------------------------------------------------ Total Stockholders' Equity 721,144 615,594 618,774 - ------------------------------------------------------------------------------------------------------------------------ Total Liabilities and Stockholders' Equity $1,870,222 $1,841,023 $1,783,216 - ------------------------------------------------------------------------------------------------------------------------ * Taken from the audited financial statements at January 31, 2004.
THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (dollar amounts in thousands) UNAUDITED Thirty-nine Weeks Ended Oct.30, 2004 Nov.1, 2003 - ---------------------------------------------------------------------------------------------------------------- Cash Flows from Operating Activities: Net earnings (loss) $ 37,102 $ (30,898) Net loss from discontinued operations (1,619) (20,914) - ---------------------------------------------------------------------------------------------------------------- Net earnings (loss) from continuing operations $ 38,721 $ (9,984) Adjustments to Reconcile Net Earnings (Loss) from Continuing Operations to Net Cash Provided by Continuing Operations: Cumulative effect of change in accounting principle, net of tax - 2,484 Depreciation and amortization 50,366 52,558 Accretion of asset disposal obligation 105 140 Stock compensation expense 996 - Deferred income taxes 52,572 (36,144) Deferred gain on sale lease back (125) (32) Loss on asset impairment - 2,121 Loss from sales of assets 384 633 Changes in Operating Assets and Liabilities: (Increase) decrease in accounts receivable, prepaid expenses and other (29,143) 17,485 Increase in merchandise inventories (58,083) (43,994) (Decrease) increase in accounts payable (27,447) 98,385 (Decrease) increase in accrued expenses (21,347) 28,965 (Decrease) increase in other long-term liabilities (481) 3,746 - ---------------------------------------------------------------------------------------------------------------- Net cash provided by continuing operations 6,518 116,363 Net cash used in discontinued operations (2,242) (1) - ---------------------------------------------------------------------------------------------------------------- Net Cash Provided by Operating Activities 4,276 116,362 - ---------------------------------------------------------------------------------------------------------------- Cash Flows from Investing Activities: Capital expenditures (52,631) (32,679) Proceeds from sales of assets 1,472 3,362 Proceeds from sales of assets held for disposal 11,859 - - ---------------------------------------------------------------------------------------------------------------- Net Cash Used in Investing Activities (39,300) (29,317) - ---------------------------------------------------------------------------------------------------------------- Cash Flows from Financing Activities: Net borrowings under line of credit agreements 35,669 140 Payments on short-term borrowings (7,216) - Reduction of long-term debt (84,431) (92,930) Other (306) (578) Dividends paid (11,738) (10,528) Repurchase of common stock (38,900) - Proceeds from issuance of common stock 108,854 - Proceeds from exercise of stock options 6,384 7,011 Proceeds from dividend reinvestment plan 909 907 - ---------------------------------------------------------------------------------------------------------------- Net Cash Provided by (Used in) Financing Activities 9,225 (95,978) - ---------------------------------------------------------------------------------------------------------------- Net Decrease in Cash (25,799) (8,933) - ---------------------------------------------------------------------------------------------------------------- Cash and Cash Equivalents at Beginning of Period 60,984 42,770 - ---------------------------------------------------------------------------------------------------------------- Cash and Cash Equivalents at End of Period $ 35,185 $ 33,837 - ---------------------------------------------------------------------------------------------------------------- Non-cash financing activities: Equipment Capital Leases $ 1,413 $ - - ----------------------------------------------------------------------------------------------------------------
THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES COMPUTATION OF BASIC AND DILUTED EARNINGS PER SHARE (in thousands, except per share data) UNAUDITED Thirteen weeks ended Thirty-nine weeks ended ----------------------------------- ---------------------------------- Oct. 30, 2004 Nov. 1, 2003 Oct. 30, 2004 Nov. 1, 2003 -------------- --------------- -------------- -------------- (a) Net earnings (loss) from continuing operations before cumulative effect of change in accounting principle $ 7,881 $ 13,406 $ 38,721 $ (7,500) Adjustment for interest on convertible senior notes, net of income tax effect - 1,001 3,004 - - --------------------------------------------------------------------------------------------------------------------------------- (b) Adjusted net earnings (loss) from continuing operations before cumulative effect of change in accounting principle $ 7,881 $ 14,407 $ 41,725 $ (7,500) - --------------------------------------------------------------------------------------------------------------------------------- (c) Average number of common shares outstanding during period 57,574 52,537 56,798 52,002 Common shares assumed issued upon conversion of convertible senior notes 6,697 6,697 - - Common shares assumed issued upon exercise of dilutive stock options, net of assumed repurchase, at the average market price 752 1,176 1,482 - - --------------------------------------------------------------------------------------------------------------------------------- (d) Average number of common shares assumed outstanding during period 58,326 60,410 64,977 52,002 - --------------------------------------------------------------------------------------------------------------------------------- Basic Earnings (Loss) per Share: Net Earnings (Loss) From Continuing Operations Before Cumulative Effect of Change in Accounting Principle (a/c) $ 0.14 $ 0.26 $ 0.68 $ (0.14) Discontinued Operations, Net of Tax (0.01) 0.02 (0.03) (0.40) Cumulative Effect of Change in Accounting Principle, Net of Tax - - - (0.05) - --------------------------------------------------------------------------------------------------------------------------------- Basic Earnings (Loss) Per Share $ 0.13 $ 0.28 $ 0.65 $ (0.59) - --------------------------------------------------------------------------------------------------------------------------------- Diluted Earnings (Loss) Per Share: Net Earnings (Loss) from Continuing Operations Before Cumulative Effect of Change in Accounting Principle (b/d) $ 0.14 $ 0.24 $ 0.64 $ (0.14) Discontinued Operations, Net of Tax (0.01) 0.02 (0.02) (0.40) Cumulative Effect of Change in Accounting Principle, Net of Tax - - - (0.05) - --------------------------------------------------------------------------------------------------------------------------------- Diluted Earnings (Loss) Per Share $ 0.13 $ 0.26 $ 0.62 $ (0.59) - ---------------------------------------------------------------------------------------------------------------------------------
THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES ADDITIONAL INFORMATION (dollar amounts in thousands) UNAUDITED Thirteen weeks ended Thirty-nine weeks ended -------------------------------------- -------------------------------------- Oct. 30, 2004 Nov. 1, 2003 Oct. 30, 2004 Nov. 1, 2003 ----------------- ----------------- ----------------- ----------------- Capital expenditures $ 23,801 $ 11,259 $ 52,631 $ 32,679 Depreciation and amortization $ 16,654 $ 17,287 $ 50,366 $ 52,558 Non-operating income: Net rental revenue $ 1,007 $ 627 $ 1,855 $ 2,177 Investment income 127 122 475 385 Other (expense) income (45) 37 (179) 125 ---------------- ---------------- ---------------- ----------------- Total $ 1,089 $ 786 $ 2,151 $ 2,687 ================ ================ ================ ================= Comparable store sales percentages: Merchandise 5.1 % 2.4 % 8.5 % -2.2 % Service -0.2 1.2 1.8 0.2 Total 4.1 2.2 7.2 -1.7 Total square feet of retail space (including service centers) 12,206,785 12,206,785 Total Store Count 595 595 Sales and Gross Profit by Line of Business (A): Retail Sales $ 323,903 $ 293,938 $ 1,020,564 $ 888,245 Service Center Revenue 235,295 243,753 698,193 716,386 -------------- ------------- -------------- --------------- Total Revenues $ 559,198 $ 537,691 $ 1,718,757 $ 1,604,631 ============== ============= ============== =============== Gross Profit from Retail Sales $ 86,796 $ 82,158 $ 286,258 $ 223,924 Gross Profit from Service Center Revenue 65,205 77,329 196,987 211,607 -------------- ------------- -------------- --------------- Total Gross Profit $ 152,001 $ 159,487 $ 483,245 $ 435,531 ============== ============= ============== =============== Comparable Sales Percentages (A): Retail Sales 10.3 % 2.5 % 15.0 % -2.0 % Service Center Revenue -3.4 1.7 -2.5 -1.4 Total Revenues 4.1 2.2 7.2 -1.7 Gross Profit Percentage by Line of Business (A): Gross Profit Percentage from Retail Sales 26.8 % 28.0 % 28.0 % 25.2 % Gross Profit Percentage from Service Center Revenue 27.7 % 31.7 % 28.2 % 29.5 % ---------- ---------- ----------- ----------- Total Gross Profit Percentage 27.2 % 29.7 % 28.1 % 27.1 % ========== ========== =========== =========== (A) Retail Sales include DIY and Commercial sales. Service Center Revenue includes revenue from labor and installed parts and tires.
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