-----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, VEuCSIgOPnQIhwSIz8wt0T4QQxUp9IDpYm3KknIARQp7VM18p31FDT3kZJFg5LRq nLyAp8S9BX6mpumBAV0AgQ== 0001239124-05-000010.txt : 20050303 0001239124-05-000010.hdr.sgml : 20050303 20050302205315 ACCESSION NUMBER: 0001239124-05-000010 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20050129 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050303 DATE AS OF CHANGE: 20050302 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: 05655923 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: March 2, 2005 Date of Earliest Event Reported: March 2, 2005 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 March 2, 2005, the Company issued a press release that announced its earnings for the fiscal quarter ended January 29, 2005. 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 March 2, 2005. 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 Senior Vice President and Chief Financial Officer Date: March 2, 2005 2 EX-99 2 exh9901.txt Exhibit 99.1 Press Release issued by the Company dated March 2, 2005. Pep Boys Reports 4.6% Q4 Comp Sales Increase -Full Year Net Earnings from Continuing Operations Improves to $.45 Per Share from Previous Year's Loss of $.29 Per Share PHILADELPHIA - March 2, 2005 - The Pep Boys - Manny, Moe & Jack (NYSE: "PBY"), the nation's leading automotive aftermarket retail and service chain, announced the following results for the fourth quarter and fiscal year ended January 29, 2005. Operating Results Fourth Quarter Sales Sales for the thirteen weeks ended January 29, 2005, were $554,139,000, 4.6% higher than the $529,639,000 recorded last year. Comparable merchandise sales increased 6.0% and comparable service revenue decreased 1.2%. Earnings Net Loss from Continuing Operations before cumulative effect of change in accounting principle increased from a Net Loss of $5,015,000 ($.09 per share - basic and diluted) to a Net Loss of $9,667,000 ($.17 per share - basic and diluted). Recategorizing sales to more accurately reflect the two areas of the automotive aftermarket in which the Company competes, comparable retail sales increased 8.2%, but the gross profit percentage from comparable retail sales decreased from 28.2% to 25.3%. Comparable service center revenue decreased by 0.3%, and the gross profit percentage from comparable service center revenue decreased from 28.2% to 27.3%. In addition, SG&A expenses were flat at $148,556,000, while overall inventories decreased by 1.5% from the third quarter to $602,760,000, an increase of 8.9% from last year. Commentary Chairman & CEO Larry Stevenson commented, "Strong comparable sales is a key element of the retail renewal program that we started in the fourth quarter last year, but we have work to do to improve our resulting operating margins. This quarter, for the first time, we faced the very high comparable merchandise sales that we achieved over the last four quarters, and I am pleased that we were able to show significant additional comparable merchandise sales growth. I am confident that the continued development of our merchandising program will allow more of those sales to drop to the bottom line in future quarters." (Continued) Page 2 Stevenson added, "While our comparable service center revenue accelerated from the previous few quarters, and we believe that our personnel and tire initiatives are progressing, the bulk of the improvement in our service business results was due to an improved economic environment and promotional activities, rather than from core operating improvements. "Again, we caution investors that our operating turnaround is expected to produce uneven interim results as we reposition the chain to thrive over the longer run." Fiscal Year Sales Sales for the fiscal year ended January 29, 2005 were $2,272,896,000, 6.5% higher than the $2,134,270,000 recorded last year. Comparable merchandise sales increased 7.9% and comparable service revenue increased 1.1%. Earnings Net Earnings from Continuing Operations before cumulative effect of change in accounting principle increased to $25,666,000 ($.46 per share - basic, $.45 per share diluted) from a Net Loss of $15,145,000 ($.29 per share - basic and diluted). Initiatives As previously announced on January 7, 2005, the Company recently restructured its field operations into separate retail and service teams. "As I have said in the past, the foundation of our performance turnaround will come from our people," Mr. Stevenson remarked. He continued, "The restructuring has allowed us to hire talented leaders with industry specific experience - retail or service. We have filled all, but one of our Operations Vice President positions and, today, I am pleased to announce that Mark Bacon has joined our senior management team as Senior Vice President - Retail Operations. Mark brings us a great deal of energy, a wealth of experience and a track record of success, most recently from Staples." CFO Harry Yanowitz said, "We made good progress in reshaping our balance sheet this quarter, most notably in refinancing and expanding our revolving credit facility, and extending the maturity of our debt by issuing 10 year subordinated notes. As part of our continuing efforts to improve the returns generated by our asset base, we are carefully evaluating our 329 owned properties and have arranged for their appraisal. While we are pleased that this asset base appears to have significant value that supports the underlying business, we note that realizable value may vary widely from an appraisal and that the use of these assets is essential to our store operations regardless of the underlying financing structure. Therefore, changes, if any, to our balance sheet structure are likely to evolve over the course of years rather than quarters." Page 3
Pep Boys Financial Highlights Thirteen Weeks Ended: January 29, 2005 January 31, 2004 - --------------------- ---------------- ------------------ Total Revenues $ 554,139,000 $ 529,639,000 Net Loss From Continuing Operations $ (9,667,000) $ (5,015,000) Net Loss $ (10,135,000) $ (2,355,000) Average Shares - Diluted 55,017,000 52,736,000 Basic Loss Per Share From Continuing Operations $ (0.17) $ (0.09) Diluted Loss Per Share From Continuing Operations $ (0.17) $ (0.09) Basic Loss Per Share $ (0.18) $ (0.04) Diluted Loss Per Share $ (0.18) $ (0.04) Fifty-two Weeks Ended: January 29, 2005 January 31, 2004 - ------------------------ ------------------ ------------------ Total Revenues $ 2,272,896,000 $ 2,134,270,000 Net Earnings (Loss) From Continuing Operations Before Cumulative Effect of Change in Accounting Principle $ 25,666,000 $ (15,145,000) Net Earnings (Loss) $ 23,579,000 $ (33,894,000) Average Shares - Diluted 64,278,000 52,185,000 Basic Earnings (Loss) Per Share From Continuing Operations Before Cumulative Effect of Change in Accounting Principle $ 0.46 $ (0.29) Diluted Earnings (Loss) Per Share From Continuing Operations Before Cumulative Effect of Change in Accounting Principle $ 0.45 $ (0.29) Basic Earnings (Loss) Per Share $ 0.42 $ (0.65) Diluted Earnings (Loss) Per Share $ 0.41 $ (0.65)
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. Investors have an opportunity to listen to the Company's quarterly conference calls discussing its results and related matters. The call for the fourth quarter will be broadcast live on Thursday, March 3, 2005 at 8:30 am EST over the Internet at Broadcast Networks' Vcall website, located at http://www.vcall.com. To listen to the call live, please go to the website at least 15 minutes early to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call. Supplemental financial information will be available the morning of March 3 on Pep Boys' website at www.pepboys.com. ### 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 Fifty-two weeks ended ---------------------------------------- ----------------------------------------- Jan. 29, 2005 Jan. 31, 2004 Jan. 29, 2005 Jan. 31, 2004 ------------------ ------------------- ------------------- ------------------- % % % % Amount Sales Amount Sales Amount Sales Amount Sales - --------------------------------------------------------------------------------------------------------------------------------- Merchandise Sales $ 456,604 82.4 $ 430,914 81.4 $1,863,015 82.0 $1,728,386 81.0 Service Revenue 97,535 17.6 98,725 18.6 409,881 18.0 405,884 19.0 - --------------------------------------------------------------------------------------------------------------------------------- Total Revenues 554,139 100.0 529,639 100.0 2,272,896 100.0 2,134,270 100.0 - --------------------------------------------------------------------------------------------------------------------------------- Costs of Merchandise Sales 331,215 72.5 302,365 70.2 1,333,296 71.6 1,242,360 71.9 Costs of Service Revenue 78,333 80.3 77,834 78.8 317,142 77.4 311,122 76.7 - --------------------------------------------------------------------------------------------------------------------------------- Total Costs of Revenues 409,548 73.9 380,199 71.8 1,650,438 72.6 1,553,482 72.8 - --------------------------------------------------------------------------------------------------------------------------------- Gross Profit from Merchandise Sales 125,389 27.5 128,549 29.8 529,719 28.4 486,026 28.1 Gross Profit from Service Revenue 19,202 19.7 20,891 21.2 92,739 22.6 94,762 23.3 - --------------------------------------------------------------------------------------------------------------------------------- Total Gross Profit 144,591 26.1 149,440 28.2 622,458 27.4 580,788 27.2 - --------------------------------------------------------------------------------------------------------------------------------- Selling, General and Administrative Expenses 148,556 26.8 148,974 28.1 547,336 24.1 569,834 26.7 - --------------------------------------------------------------------------------------------------------------------------------- Operating (Loss) Profit (3,965) (0.7) 466 0.1 75,122 3.3 10,954 0.5 Non-operating Income (327) (0.0) 653 0.1 1,824 0.0 3,340 0.2 Interest Expense 10,811 2.0 8,992 1.7 35,965 1.6 38,255 1.8 - --------------------------------------------------------------------------------------------------------------------------------- (Loss) Earnings from Continuing Operations Before Income Taxes and Cumulative Effect of Change in Accounting Principle (15,103) (2.7) (7,873) (1.5) 40,981 1.8 (23,961) (1.1) Income Tax (Benefit) Expense (5,436) 36.0 (2,858) 36.3 15,315 37.4 (8,816) 36.8 - --------------------------------------------------------------------------------------------------------------------------------- Net (Loss) Earnings from Continuing Operations Before Cumulative Effect of Change in Accounting Principle (9,667) (1.7) (5,015) (0.9) 25,666 1.1 (15,145) (0.7) Discontinued Operations, Net of Tax (468) (0.1) 2,660 0.5 (2,087) (0.1) (16,265) (0.8) Cumulative Effect of Change in Accounting Principle, Net of Tax - 0.0 - 0.0 - 0.0 (2,484) (0.1) - --------------------------------------------------------------------------------------------------------------------------------- Net (Loss) Earnings (10,135) (1.8) (2,355) (0.4) 23,579 1.0 (33,894) (1.6) Retained Earnings, beginning of period 551,247 535,765 531,933 586,735 Cash Dividends (3,938) (3,561) (15,676) (14,089) Effect of Stock Options and Related Tax Benefits (394) 2,084 (2,984) (6,499) Dividend Reinvestment Plan - - (72) (320) - --------------------------------------------------------------------------------------------------------------------------------- Retained Earnings, end of period $ 536,780 $ 531,933 $ 536,780 $ 531,933 - --------------------------------------------------------------------------------------------------------------------------------- Basic (Loss) Earnings per Share: Net (Loss) Earnings From Continuing Operations Before Cumulative Effect of Change in Accounting Principle $ (0.17) $ (0.09) $ 0.46 $ (0.29) Discontinued Operations, Net of Tax (0.01) 0.05 (0.04) (0.31) Cumulative Effect of Change in Accounting Principle, Net of Tax - - - (0.05) - --------------------------------------------------------------------------------------------------------------------------------- Basic (Loss) Earnings per Share $ (0.18) $ (0.04) $ 0.42 $ (0.65) - --------------------------------------------------------------------------------------------------------------------------------- Diluted (Loss) Earnings per Share: Net (Loss) Earnings From Continuing Operations Before Cumulative Effect of Change in Accounting Principle $ (0.17) $ (0.09) $ 0.45 $ (0.29) Discontinued Operations, Net of Tax (0.01) 0.05 (0.04) (0.31) Cumulative Effect of Change in Accounting Principle, Net of Tax - - - (0.05) - --------------------------------------------------------------------------------------------------------------------------------- Diluted Earnings (Loss) per Share $ (0.18) $ (0.04) $ 0.41 $ (0.65) - --------------------------------------------------------------------------------------------------------------------------------- Cash Dividends Per Share $ 0.0675 $ 0.0675 $ .2700 $ .2700 - ---------------------------------------------------------------------------------------------------------------------------------
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THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (dollar amounts in thousands, except per share amounts) UNAUDITED Jan. 29, 2005 Jan. 31, 2004 - ----------------------------------------------------------------------------------------------------- ASSETS Current Assets: Cash and cash equivalents $ 82,758 $ 60,984 Accounts receivable, net 30,994 30,562 Merchandise inventories 602,760 553,562 Prepaid expenses 45,349 39,480 Deferred income taxes - 20,826 Other 96,065 81,096 Assets held for disposal 665 16,929 - ----------------------------------------------------------------------------------------------------- Total Current Assets 858,591 803,439 - ----------------------------------------------------------------------------------------------------- Property and Equipment-at cost: Land 261,985 263,907 Buildings and improvements 916,099 899,114 Furniture, fixtures and equipment 633,098 586,607 Construction in progress 40,426 12,800 - ----------------------------------------------------------------------------------------------------- 1,851,608 1,762,428 Less accumulated depreciation and amortization 906,577 839,219 - ----------------------------------------------------------------------------------------------------- Property and Equipment - net 945,031 923,209 - ----------------------------------------------------------------------------------------------------- Other 63,401 51,398 - ----------------------------------------------------------------------------------------------------- Total Assets $1,867,023 $1,778,046 - ----------------------------------------------------------------------------------------------------- LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 310,981 $ 342,584 Accrued expenses 306,671 267,565 Deferred income taxes 19,638 - Current maturities of long-term debt and obligations under capital leases 40,882 117,063 - ----------------------------------------------------------------------------------------------------- Total Current Liabilities 678,172 727,212 - ----------------------------------------------------------------------------------------------------- Long-term debt and obligations under capital leases, less current maturities 352,682 258,016 Convertible long-term debt 119,000 150,000 Other long-term liabilities 37,929 39,201 Deferred income taxes 25,736 29,976 Deferred gain on sale leaseback 48 3,907 Commitments and Contingencies Stockholders' Equity: Common Stock, par value $1 per share: Authorized 500,000,000 shares; Issued 68,557,041 and 63,910,577 shares 68,557 63,911 Additional paid-in capital 284,966 177,317 Retained earnings 536,780 531,933 Common stock subscriptions receivable (167) - Accumulated other comprehensive loss (4,852) (15) - ----------------------------------------------------------------------------------------------------- 885,284 773,146 Less cost of shares in treasury - 11,305,130 shares and 8,928,159 shares 172,564 144,148 Less cost of shares in benefits trust - 2,195,270 shares 59,264 59,264 - ----------------------------------------------------------------------------------------------------- Total Stockholders' Equity 653,456 569,734 - ----------------------------------------------------------------------------------------------------- Total Liabilities and Stockholders' Equity $1,867,023 $1,778,046 - -----------------------------------------------------------------------------------------------------
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THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (dollar amounts in thousands) UNAUDITED Fifty-two Weeks Ended Jan. 29, 2005 Jan. 31, 2004 - ---------------------------------------------------------------------------------------------------------------- Cash Flows from Operating Activities: Net earnings (loss) $ 23,579 $ (33,894) Net loss from discontinued operations (2,087) (16,265) - ---------------------------------------------------------------------------------------------------------------- Net earnings (loss) from continuing operations 25,666 (17,629) Adjustments to Reconcile Net Earnings (Loss) From Continuing Operations to Net Cash Provided by Continuing Operations: Depreciation and amortization 76,620 78,275 Cumulative effect of change in accounting principle, net of tax - 2,484 Accretion of asset disposal obligation 135 163 Stock compensation expense 1,184 - Deferred income taxes 19,184 (1,402) Deferred gain on sale lease back (130) (425) Loss on asset impairments - 14,535 (Gain) Loss from sale of assets (11,848) 61 Changes in Operating Assets and Liabilities: Increase in accounts receivable, prepaid expenses and other (21,868) (33,197) Increase in merchandise inventories (49,198) (64,680) (Decrease) increase in accounts payable (24,387) 142,531 Increase in accrued expenses 32,321 27,180 (Decrease) increase in other long-term liabilities (1,272) 1,726 - ---------------------------------------------------------------------------------------------------------------- Net Cash provided by continuing operations 46,407 149,622 Net Cash (used in) provided by discontinued operations (2,734) 2,448 - ---------------------------------------------------------------------------------------------------------------- Net Cash Provided by Operating Activities 43,673 152,070 - ---------------------------------------------------------------------------------------------------------------- Cash Flows from Investing Activities: Capital expenditures (88,068) (43,262) Proceeds from sales of assets 18,021 3,316 Proceeds from sales of assets held for disposal 13,327 13,214 - ---------------------------------------------------------------------------------------------------------------- Net Cash Used in Investing Activities (56,720) (26,732) - ---------------------------------------------------------------------------------------------------------------- Cash Flows from Financing Activities: Net borrowings (payments) under line of credit agreements 8,102 (497) Payments for finance issuance costs - (2,356) Payments on short-term borrowings (7,216) - Net proceeds from issuance of notes 194,500 - Reduction of long-term debt (189,991) (101,183) Reduction of convertible debt (31,000) - Payments on capital lease obligations (1,040) (700) Dividends paid (15,676) (14,089) Repurchase of common stock (39,718) - Proceeds from issuance of common stock 108,854 - Proceeds from exercise of stock options 6,887 10,483 Proceeds from dividend reinvestment plan 1,119 1,218 - ---------------------------------------------------------------------------------------------------------------- Net Cash Provided by (Used in) Financing Activities 34,821 (107,124) - ---------------------------------------------------------------------------------------------------------------- Net Increase in Cash 21,774 18,214 - ---------------------------------------------------------------------------------------------------------------- Cash and Cash Equivalents at Beginning of Period 60,984 42,770 - ---------------------------------------------------------------------------------------------------------------- Cash and Cash Equivalents at End of Period $ 82,758 $ 60,984 - ---------------------------------------------------------------------------------------------------------------- Supplemental Disclosure of Cash Flow Information: Cash paid during the year for: Income taxes $ (25,442) $ 6,553 Interest, net of amounts capitalized 28,596 35,048 Non-cash financing activities: Equipment Capital Leases $ 1,413 $ - - ----------------------------------------------------------------------------------------------------------------
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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 Fifty-two weeks ended ----------------------------------- ----------------------------------- Jan. 29, 2005 Jan. 31, 2004 Jan. 29, 2005 Jan. 31, 2004 -------------- --------------- -------------- -------------- (a) Net (loss) earnings from continuing operations before cumulative effect of change in accounting principle $ (9,667) $ (5,015) $ 25,666 $ (15,145) Adjustment for interest on convertible senior notes, net of income tax effect _ - 3,941 - - ---------------------------------------------------------------------------------------------------------------------------------- (b) Adjusted net (loss) earnings from continuing operations before cumulative effect of change in accounting principle $ (9,667) $ (5,015) $ 29,607 $ (15,145) - ---------------------------------------------------------------------------------------------------------------------------------- (c) Average number of common shares outstanding during period 55,017 52,736 56,353 52,185 Common shares assumed issued upon conversion of convertible senior notes - - 6,629 - Common shares assumed issued upon exercise of dilutive stock options, net of assumed repurchase, at the average market price - - 1,296 - - ---------------------------------------------------------------------------------------------------------------------------------- (d) Average number of common shares assumed outstanding during period 55,017 52,736 64,278 52,185 - ---------------------------------------------------------------------------------------------------------------------------------- Basic (Loss) Earnings per Share: Net (Loss) Earnings From Continuing operations Before Cumulative Effect of Change in Accounting Principle (a/c) $ (0.17) $ (0.09) $ 0.46 $ (0.29) Discontinued Operations, Net of Tax (0.01) 0.05 (0.04) (0.31) Cumulative Effect of Change in Accounting Principle, Net of Tax - - - (0.05) - ---------------------------------------------------------------------------------------------------------------------------------- Basic (Loss) Earnings per Share $ (0.18) $ (0.04) $ 0.42 $ (0.65) - ---------------------------------------------------------------------------------------------------------------------------------- Diluted (Loss) Earnings per Share: Net (Loss) Earnings From Continuing Operations Before Cumulative Effect of Change in Accounting Principle (b/d) $ (0.17) $ (0.09) $ 0.45 $ (0.29) Discontinued Operations, Net of Tax (0.01) 0.05 (0.04) (0.31) Cumulative Effect of Change in Accounting Principle, Net of Tax - - - (0.05) - ---------------------------------------------------------------------------------------------------------------------------------- Diluted (Loss) Earnings per Share $ (0.18) $ (0.04) $ 0.41 $ (0.65) - ----------------------------------------------------------------------------------------------------------------------------------
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THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES ADDITIONAL INFORMATION (dollar amounts in thousands) UNAUDITED Thirteen weeks ended Fifty-two weeks ended ------------------------------------ ------------------------------------ Jan. 29, 2005 Jan. 31, 2004 Jan. 29, 2005 Jan. 31, 2004 ---------------- --------------- --------------- --------------- Capital expenditures $ 51,135 $ 10,583 $ 103,766 $ 43,262 Depreciation and amortization $ 20,146 $ 21,342 $ 76,620 $ 78,275 Non-operating income: Net rental revenue $ 28 $ 553 $ 1,883 $ 2,730 Investment income 205 112 680 497 Other (Expense) Income (560) (12) (739) 113 ---------------- --------------- --------------- --------------- Total $ (327) $ 653 $ 1,824 $ 3,340 ================ =============== =============== =============== Comparable store sales percentages: Merchandise 6.0% 15.9% 7.9% 1.7% Service -1.2 5.1 1.1 1.3 Total 4.6 13.7 6.6 1.6 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 $ 332,631 $ 307,510 $ 1,352,695 $ 1,195,757 Service Center Revenue 221,508 222,129 920,201 938,513 --------------- --------------- --------------- ---------------- Total Revenues $ 554,139 $ 529,639 $ 2,272,896 $ 2,134,270 =============== =============== =============== ================ Gross Profit from Retail Sales $ 84,227 $ 86,749 $ 367,118 $ 309,751 Gross Profit from Service Center Revenue 60,364 62,691 255,340 271,037 --------------- --------------- --------------- ---------------- Total Gross Profit $ 144,591 $ 149,440 $ 622,458 $ 580,788 =============== =============== =============== ================ Comparable Sales Percentages (A): Retail Sales 8.2 % 13.2 % Service Center Revenue -0.3 -1.9 Total Revenues 4.6 6.6 Gross Profit Percentage by Line of Business (A): Gross Profit Percentage from Retail Sales 25.3 % 28.2 % 27.1 % 25.9 % Gross Profit Percentage from Service Center Revenue 27.3 % 28.2 % 27.7 % 28.9 % ---------- ---------- ----------- ----------- Total Gross Profit Percentage 26.1 % 28.2 % 27.4 % 27.2 % ========== ========== =========== =========== (A) Retail Revenues include revenues from DIY and Commercial sales. Service Center Revenues include revenues from labor and installed parts and tires.
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