-----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, Q15zZecRsowbMtkQsba4O9LBwZQ/blMoe6ANv14PT24qc8EdYLrGK6CqNPbUuVim vyQ7SAtdEOlSo/xWcLNZfw== 0000866787-99-000002.txt : 19990305 0000866787-99-000002.hdr.sgml : 19990305 ACCESSION NUMBER: 0000866787-99-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990302 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990304 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AUTOZONE INC CENTRAL INDEX KEY: 0000866787 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-AUTO & HOME SUPPLY STORES [5531] IRS NUMBER: 621482048 STATE OF INCORPORATION: NV FISCAL YEAR END: 0828 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-10714 FILM NUMBER: 99556693 BUSINESS ADDRESS: STREET 1: 123 SOUTH FRONT ST CITY: MEMPHIS STATE: TN ZIP: 38103 BUSINESS PHONE: 9014956500 MAIL ADDRESS: STREET 1: P O BOX 2198 STREET 2: DEPT 8074 CITY: MEMPHIS STATE: TN ZIP: 38101-9842 8-K 1 - - 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 March 2, 1999 Date of Report (Date of earliest event reported) AUTOZONE, INC. (Exact Name of Registrant as Specified in Its Charter) Nevada (State or Other Jurisdiction of Incorporation) 1-10714 62-1482048 (Commission File Number) (I.R.S. Employer Identification No.) 123 South Front Street, Memphis, Tennessee 38103 (Address of Principal Executive Offices)(Zip Code) (901) 495-6500 (Registrant's Telephone Number, Including Area Code) (Not applicable) (Former name or former address, if changed since last report.) Item 5. Other Events. On March 2, 1999, AutoZone, Inc., made the announcement attached as Exhibit 99.1 to this Current Report. Item 7. Financial Statements and Exhibits (c) Exhibits 99.1 Press Release dated March 2, 1999 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. AUTOZONE, INC. Date: March 3, 1999 By: /s/ Robert J. Hunt ----------------------------------- Robert J. Hunt Executive Vice President & Chief Financial Officer EXHIBIT INDEX 99.1 Press Release dated March 2, 1999 EX-99.1 2 PRESS RELEASE [AUTOZONE(R) LOGO] 123 South Front Street, Memphis, TN 38103-3607 (901) 495-6500 Fax: (901) 495-8300 NEWS: Financial Contact: Emma Jo Kauffman For Immediate Release (901) 495-7005 Media Contact: Eric Epperson (901) 495-7307 AUTOZONE'S 2nd QUARTER SALES UP 40%; SAME STORE SALES UP 8% Memphis, TN (March 2, 1999) -- AutoZone, Inc. (NYSE symbol: AZO), today reported net income for the 12 weeks ended February 13, 1999, of $36.0 million, an increase of 5% from $34.4 million for the fiscal second quarter of 1998. Diluted earnings per share increased 9% to 24 cents from 22 cents. Sales for the quarter rose 40% to $853 million from $607 million a year earlier. Comparable store sales, or sales at stores opened prior to the start of fiscal 1998, rose 8%, compared to 2% in the prior year. On a year to date basis, AutoZone reported net income for the 24 weeks ended February 13, 1999, of $87.3 million, an increase of 7% from $81.9 million for the year earlier period. Diluted earnings per share increased 9% to 58 cents from 53 cents. Sales for the 24-week period rose 37% to $1.75 billion from $1.28 billion a year earlier. Comparable store sales rose 5% for the year to date period in 1999 and 1998. "We're very pleased that total sales grew 40% for the quarter," said John C. Adams, chairman and chief executive officer. "This is a combination of strong same store sales, a big contribution from acquired stores, improving productivity in new AutoZone stores and growth in our commercial business. We are particularly happy with the improvement in sales at the former Auto Palace stores in New England, sales at the former Express locations acquired from Pep Boys which are opened to date and the new AutoZone stores opened in California. "System conversions in the Chief stores are nearing completion and we are making good progress in converting these stores to AutoZone stores. As of the end of the second quarter, we had opened 54 of the store locations acquired from Pep Boys, and we plan to open the remaining locations during the third quarter. We should complete the Chief conversions by the fall." During the quarter, AutoZone opened 82 new auto parts stores and replaced 22; 5 Chief stores were closed. In addition, AutoZone relocated 4 TruckPro stores. For the 24-week period, AutoZone has opened 145 new auto parts stores, replaced 25 and closed 102 Chief stores. Also during the quarter, the company repurchased 829 thousand shares of its common stock for $27 million, bringing the cumulative shares repurchased to 3.9 million for $106 million. AutoZone sells auto and light truck parts, chemicals and accessories through 2,700 AutoZone and Chief stores in 39 states. Chief stores are being converted to AutoZone stores. AutoZone also sells heavy-duty truck parts through 43 TruckPro stores in 14 states, and automotive diagnostic and repair software through ALLDATA. Certain statements contained in this press release are forward-looking statements. These statements discuss, among other things, expected growth, domestic and international development and expansion strategy, business strategies and future performance. These forward-looking statements are subject to risks, uncertainties and assumptions, including without limitation, competition, product demand, domestic and international economies, government approvals, inflation, the ability to hire and retain qualified employees, the ability to convert acquired stores in a timely and profitable manner, consumer debt levels and the weather. Actual results may materially differ from anticipated results. Please refer to the Risk Factors section of Form 10-K for the year ended August 29, 1998 for more details. -MORE- AUTOZONE FISCAL 2ND QUARTER FINANCIAL HIGHLIGHTS (In Thousands, Except Per-Share Data) 12 WEEKS ENDED 12 WEEKS ENDED FEBRUARY 13, 1999 FEBRUARY 14, 1998 NET SALES $852,538 $607,097 GROSS PROFIT $353,493 $253,681 OPERATING PROFIT $ 67,273 $ 58,082 INCOME BEFORE INCOME TAXES $ 57,039 $ 55,054 NET INCOME $ 36,039 $ 34,354 NET INCOME PER SHARE: BASIC $0.24 $0.23 DILUTED $0.24 $0.22 WEIGHTED AVERAGE SHARES: BASIC 149,929 152,061 DILUTED 151,669 153,701 24 WEEKS ENDED 24 WEEKS ENDED FEBRUARY 13, 1999 FEBRUARY 14, 1998 NET SALES $1,753,487 $1,282,371 GROSS PROFIT $729,975 $534,122 OPERATING PROFIT $157,088 $136,730 INCOME BEFORE INCOME TAXES $138,339 $131,200 NET INCOME $ 87,339 $ 81,900 NET INCOME PER SHARE: BASIC $0.58 $0.54 DILUTED $0.58 $0.53 WEIGHTED AVERAGE SHARES: BASIC 150,345 151,879 DILUTED 151,619 153,762 #### -----END PRIVACY-ENHANCED MESSAGE-----