Pep Boys Third Quarter Earnings Up 42%; Company Reports $.28 vs. $.21 Per Share.Business Editors PHILADELPHIA--(BUSINESS WIRE)--Nov. 14, 2002 The Pep (1) (Packet Exchange Protocol) A Xerox protocol used internally by NetWare to transport internal Netware NCP commands (NetWare Core Protocols). It uses PEP and IPX for this purpose. Application programs use SPX and IPX. Boys - Manny Manny may refer to: In nobility:
See: New York Stock Exchange :PBY PBY US Navy medium to heavy twin amphibious aircraft used for maritime patrol, water bomber, and search and rescue ), the nation's leading full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. automotive aftermarket Aftermarket See: Secondary market. aftermarket See secondary market. chain, announced a 42% increase in earnings before extraordinary items for the thirteen weeks ended November November: see month. 2, 2002. Operating Results Third Quarter Sales Sales for the quarter ended November 2, 2002, were $544,944,000, 1.2% less than the $551,501,000 recorded last year. Comparable store sales, which declined 1.3%, were negatively impacted by a 7% decline in tire sales. Service labor revenue, which improved over the course of the quarter, increased 1%. Earnings Higher merchandise and service center margins and lower selling, general and administrative expenses enabled the Company to achieve net earnings before extraordinary items of $15,625,000 ($.30 per share - basic and $.28 per share - diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ), which included $596,000 ($.01 per share) of expense due to an increase in the "Profit Enhancement Plan" reserve, 42% higher than the $11,016,000 ($.21 per share - basic and diluted) recorded last year, which included $358,000 ($.01 per share) of net income due to the reduction in the "Profit Enhancement Plan" reserve and excluded a $994,000 ($.02 per share) net loss on the early retirement of debt. Nine Months Sales Sales for the nine months ended November 2, 2002, were $1,689,702,000, 0.8% more than the $1,676,152,000 recorded last year. Comparable store sales increased 0.7% while comparable service labor revenue and comparable tire sales decreased 1.3% and 1.4%, respectively. Earnings Increased sales, higher gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. , excellent operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. control and lower interest expense enabled the Company to achieve net earnings before extraordinary items of $45,873,000 ($.89 per share - basic and $.84 per share - diluted), which included $1,636,000 ($.03 per share) of expense due to an increase in the "Profit Enhancement Plan" reserve, 42% higher than the $32,408,000 ($.63 per share - basic and diluted) recorded last year, which included a $1,396,000 ($.03 per share) of expense due to increases in the "Profit Enhancement Plan" reserve and excluded a $758,000 ($.02 per share) net loss on the early retirement of debt.
Pep Boys Financial Highlights
Thirteen Thirteen
Weeks Ended Weeks Ended
November 2, 2002 November 3, 2001
---------------- ----------------
Total Revenues $544,944,000 $551,501,000
Net Earnings
Before Extraordinary Items $ 15,625,000 (a) $ 11,016,000 (e)
Net Earnings $ 15,515,000 (a,b) $ 10,022,000 (e,f)
Average Shares-Basic 51,534,000 51,375,000
Average Shares-Diluted 59,084,000 52,254,000
Basic Earnings Per Share
Before Extraordinary Items $ .30 (a) $ .21 (e)
Diluted Earnings Per Share
Before Extraordinary Items $ .28 (a) $ .21 (e)
Basic Earnings Per Share $ .30 (a,b) $ .19 (e,f)
Diluted Earnings Per Share $ .28 (a,b) $ .19 (e,f)
Thirty-Nine Thirty-Nine
Weeks Ended Weeks Ended
November 2, 2002 November 3, 2001
---------------- ----------------
Total Revenues $1,689,702,000 $1,676,152,000
Net Earnings
Before Extraordinary Items $ 45,873,000 (c) $ 32,408,000 (g)
Net Earnings $ 45,634,000 (c,d) $ 31,650,000 (g,h)
Average Shares-Basic 51,490,000 51,328,000
Average Shares-Diluted 56,587,000 51,851,000
Basic Earnings Per Share
Before Extraordinary Items $ .89 (c) $ .63 (g)
Diluted Earnings Per Share
Before Extraordinary Items $ .84 (c) $ .63 (g)
Basic Earnings Per Share $ .89 (c,d) $ .61 (g,h)
Diluted Earnings Per Share $ .84 (c,d) $ .61 (g,h)
(a) Includes $596,000 ($.01 per share) of expense due to an increase in the "Profit Enhancement Plan" reserve (b) Includes $110,000 extraordinary loss on the early retirement of debt (c) Includes $1,636,000 ($.03 per share) of expense due to an increase in the "Profit Enhancement Plan" reserve (d) Includes $239,000 extraordinary loss on the early retirement of debt (e) Includes $358,000 ($.01 per share) of income due to a reduction in the "Profit Enhancement Plan" reserve (f) Includes $994,000 ($.02 per share) extraordinary loss on the early retirement of debt (g) Includes $1,396,000 ($.03 per share) of expense due to an increase in the "Profit Enhancement Plan" reserve (h) Includes $758,000 ($.02 per share) extraordinary loss on the early retirement of debt Commentary Pep Boys' Chief Executive Officer, Mitchell Mitchell, city (1990 pop. 13,798), seat of Davison co., SE S.Dak.; inc. 1881. Mitchell is a trade, distribution, and shipping center for a dairy and livestock area. G. Leibovitz, made the following comments: "We are pleased to report a 42% increase in third quarter earnings despite industry-wide weakness in the sale of replacement tires and a nine-year low in consumer confidence. This marks the eighth consecutive quarter in which earnings increased at least 30%." "Although our results were negatively impacted by a sharp decline in tire demand that began in July and continued in the third quarter, we are encouraged by the improving trend in service center demand." "Despite an uncertain replacement tire market, we remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about our prospects for the fourth quarter. In addition, we are hopeful that the recent and projected decline in new car sales will stimulate an increased level of spending on repairs, maintenance and tires." Pep Boys has 629 stores and more than 6,500 service bays in 36 states and Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. . Along with its vehicle repair and maintenance capabilities, the Company also serves the commercial auto parts Auto parts are components of automobiles. They mainly are, in alphabetic order (only car specific articles or articles with car section):
Notes: Certain statements made herein, including those discussing management's expectations for future periods, are forward-looking and involve risks and uncertainties. The Company's actual results may differ materially from the results discussed in the forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. due to factors beyond the control of the Company, including the strength of the national and regional economies and retail and commercial consumers' ability to spend, the health of the various sectors of the market that the Company serves, the weather in geographical regions with a high concentration of the Company's stores, competitive pricing, location and number of competitors' stores and product and labor costs. Further factors that might cause such a difference include, but are not limited to, the factors described in the Company's filings with the Securities and Exchange Commission. In accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the SEC's Regulation FD (fair disclosure), investors will now have an opportunity to listen to the Company's quarterly conference calls discussing its results and related matters. The calls will be broadcast live over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at Broadcast Networks' Vcall web site, located at http://www.vcall.com. The call for the third quarter will be broadcast live on Thursday, November 14, at 8:30 AM EST EST electroshock therapy. EST abbr. electroshock therapy . To listen to the call live, please go to the web site at least 15 minutes early to register, download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. 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 is available on Pep Boys web site at www.pepboys.com. |
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