Printer Friendly

DISCOUNT AUTO PARTS, INC. REPORTS RECORD EARNINGS AND NET SALES

 LAKELAND, Fla., June 30 /PRNewswire/ -- Discount Auto Parts, Inc. (NYSE: DAP) today announced record earnings and net sales for the company's fiscal year and fourth quarter ended June 1, 1993.
 The company reported record income before taxes of $18.9 million, a 55 percent increase, for fiscal year 1993, compared with the $12.2 million recorded for fiscal year 1992.
 For the fiscal year 1993, net sales increased 25 percent to a record $176.8 million, compared to the $141.2 million recorded during fiscal year 1992. Adjusting to exclude the effect of the additional week in fiscal year 1992, net sales for fiscal 1993 increased 28 percent and comparable store sales increased 15 percent, as compared to fiscal 1992.
 Discount Auto Parts, Inc. reported pro forma net income of $11.9 million for fiscal 1993, an increase of 53 percent from the $7.8 million recorded for fiscal 1992. Supplemental pro forma net income per share for fiscal 1993 was $.89, compared to $.68 recorded for fiscal 1992, an increase of 31 percent.
 Income before taxes for the fourth quarter of fiscal 1993 increased 67 percent, to a record $4.9 million, compared with $2.9 million in the fourth quarter a year earlier.
 Net sales increased to a record $47.8 million for the fourth quarter, up 18 percent from the year-earlier fourth quarter sales of $40.5 million. Comparable store sales increased 8 percent, as compared to the fourth quarter of fiscal 1992.
 Pro forma net income for the fourth quarter increased 64 percent to $3.1 million, as compared to $1.9 million for the fourth quarter of fiscal 1992. Supplemental pro forma net income per share for the fourth quarter was $.22 compared to $.16 in the fourth quarter of fiscal 1992.
 During fiscal 1993, the company opened a total of 17 new stores -- two depot format stores, 14 mini-depot format stores and one standard store. During the 1993 fiscal year 73 standard stores were converted to the mini-depot format, four of which were expansions or replacements. At the end of the fiscal year, the company had 175 stores in operation, consisting of eight depots, 87 mini-depots and 80 standard format stores.
 During the fourth quarter, Discount Auto Parts, Inc. completed the conversion of 16 standard stores to the mini-depot format. In addition, the company opened nine new mini-depot format stores of which two were in southern Georgia, the company's first stores outside Florida.
 Company officials also disclosed today that Denis L. Fontaine is undergoing chemotherapy treatment for abdominal cancer. Based on the advice of his doctors, Fontaine, age 53, has cut back on his normal work schedule. The company spokesman added, however, Fontaine remains at the helm as President and Chief Executive Officer.
 Fontaine said, "The day-to-day affairs of Discount Auto Parts continue to be run by our senior executive team, which includes Executive Vice Presidents Peter J. Fontaine, Warren Shatzer and CFO William C. Perkins, in addition to myself. Peter, Warren and Bill each have over a dozen years of retailing expertise and together, as a group, have more than 50 years of retail experience. I have the utmost confidence that we will continue to provide the needed guidance and leadership to our Discount Auto Parts team and will be able to address any challenges."
 The company officials indicated that Discount Auto Parts will refrain from any further comment on Mr. Fontaine's condition out of respect for Fontaine and his family's right to privacy.
 Fontaine also stated that the company was pleased with the performance of Discount Auto Parts for fiscal 1993. "The impressive 55 percent earnings growth surpassed the 42 percent earnings growth we achieved in fiscal 1992. Our 15 percent comparable store increase is even more impressive considering that comparable store sales increased 14 percent in 1992."
 During fiscal 1994 (June 1993 through May 1994), the company plans to open 24 to 30 new stores, three to five being new depot stores and 21 to 25 being new mini-depot stores (six to eight which will be in southern Georgia). The company also plans to replace 10 existing stores with five new depot stores and five new mini-depot stores and to convert an additional 15 to 20 standard stores to the mini-depot format.
 The company also reported that the 140,000-square-foot expansion of its distribution center was on schedule and is expected to be operational in the fall of 1993. Upon completion of the expansion, the Lakeland facility will exceed 300,000 square feet in office and warehouse space.
 Discount Auto Parts, Inc. is Florida's leading specialty retailer of automotive replacement parts, maintenance items and accessories for the Do-It-Yourself ("DIY") consumer. The company currently operates 175 stores with 173 located throughout Florida and two stores located in southern Georgia.
 DISCOUNT AUTO PARTS, INC.
 STATEMENTS OF INCOME
 (In Thousands Except Per Share Amounts)
 13 Weeks 13 Weeks 52 Weeks 53 Weeks
 Ended Ended Ended Ended
 6/1/93 6/2/92 6/1/93 6/2/92
 Net Sales $ 47,828 $ 40,509 $ 176,786 $ 141,206
 Cost of Sales,
 including
 distribution costs 30,379 26,111 111,782 89,130
 Gross Profit 17,449 14,398 65,004 52,076
 Selling, general and
 administrative
 expenses 11,943 10,347 43,227 35,676
 Income from operations 5,506 4,051 21,777 16,400
 Interest and
 other income 160 86 520 483
 Interest expense (812) (1,228) (3,401) (4,657)
 Income before
 income taxes 4,854 2,909 18,896 12,226
 Provision for
 income taxes 1,798 --- 5,272 ---
 Net income $ 3,056 $ 2,909 $ 13,624 $ 12,226
 Pro forma Income data:
 Income before
 income taxes 4,854 2,909 18,896 12,226
 Pro forma provision
 for income taxes 1,798 1,046 6,977 4,452
 Pro forma net income $ 3,056 $ 1,863 $ 11,919 $ 7,774
 Per share data:
 Supplemental pro forma
 net income per
 share (A) (B) $ 0.22 $ 0.16 $ 0.89 $ 0.68
 Supplemental pro forma
 weighted average
 number of shares
 outstanding (000) (B) 13,962 11,500 13,444 11,500
 (A) -- Includes the effect of a pro forma income tax provision for
 the period the company was an S corporation prior to the
 initial public offering.
 (B) -- For purposes of calculating net income per share, the
 weighted average number of shares outstanding gives
 retroactive effect to a reclassification of the company's
 stock effected immediately prior to the company's initial
 public offering. Supplemental pro forma net income per share
 is computed as if the shares issued in the initial public
 offering to pay a $27 million S corporation distribution had
 been outstanding for both periods.
 CONDENSED BALANCE SHEETS
 (In Thousands)
 June 1, June 2,
 1993 1992
 ASSETS
 Current assets:
 Cash and cash equivalents $ 14,391 $ 9,278
 Inventories 49,497 39,630
 Prepaid expenses and other
 current assets 4,178 1,505
 Total current assets 68,066 50,413
 Property, plant and equipment 112,082 89,971
 Less allowances for depreciation
 and amortization (22,764) (18,434)
 89,318 71,537
 Other assets 1,695 2,804
 Total assets $ 159,079 $ 124,754
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
 Trade accounts payable $ 25,520 $ 22,284
 Other current liabilities 5,296 3,759
 Current maturities of long-term debt 3,426 2,214
 Total current liabilities 34,242 28,257
 Long-term debt 42,022 61,102
 Stockholders' equity:
 Preferred stock --- ---
 Common stock 139 104
 Additional paid -- in capital 64,384 197
 Retained earnings 18,292 35,394
 Less common stock held in
 treasury, at cost --- (300)
 Total stockholders' equity 82,815 35,395
 Total liabilities and
 stockholders' equity $ 159,079 $ 124,754
 -0- 6/30/93
 /CONTACT: Denis Fontaine, president or William Perkins, CFO of Discount Auto Parts, Inc., 813-687-9226/
 (DAP)


CO: Discount Auto Parts, Inc. ST: Florida IN: AUT REA SU: ERN

AW-RC -- FL010 -- 7306 06/30/93 16:08 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 30, 1993
Words:1320
Previous Article:REPUBLIC BANCORP REPORTS COMPLETION OF HORIZON ACQUISITION
Next Article:ONEOK INC. REPORTS THIRD-QUARTER EARNINGS
Topics:


Related Articles
DISCOUNT AUTO PARTS REPORTS 33 PERCENT QUARTERLY INCOME INCREASE
DISCOUNT AUTO PARTS ANNOUNCES RESULTS
DISCOUNT AUTO PARTS, INC. REPORTS RECORD EARNINGS AND NET SALES
DISCOUNT AUTO PARTS, INC. REPORTS RECORD EARNINGS AND NET SALES FOR THE SECOND QUARTER
DISCOUNT AUTO PARTS, INC. REPORTS RECORD EARNINGS FROM OPERATIONS AND NET SALES FOR THE THIRD QUARTER
DISCOUNT AUTO PARTS, INC. REPORTS FISCAL 1995 FIRST QUARTER RESULTS
DISCOUNT AUTO PARTS, INC. REPORTS RECORD OPERATING INCOME AND SALES FOR FISCAL 1995 SECOND QUARTER
DISCOUNT AUTO PARTS, INC. REPORTS FISCAL 1996 SECOND QUARTER RESULTS
DISCOUNT AUTO PARTS, INC. REPORTS FISCAL 1996 THIRD QUARTER RESULTS
DISCOUNT AUTO PARTS, INC. REPORTS RECORD EARNINGS AND SALES FOR FISCAL 1996

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters