| |
Selected Financial Data
The table below sets forth selected
financial data from the Consolidated Financial Statements. You should
read this information in conjunction with Item 7, “Management’s
Discussion and Analysis of Financial Condition and Results of Operations”
and with the Consolidated Financial Statements and accompanying
Notes.
|
| (In thousands, except per share
data) |
|
|
|
Year
Ended December 31, (1) |
| |
|
|
|
2002 |
|
|
2001 |
|
|
2000 |
|
|
1999 |
|
|
1998 |
|
|
| Statement of Income Data
|
|
|
| Net sales |
|
|
$ |
983,246 |
|
$ |
854,234 |
|
$ |
672,273 |
|
$ |
572,091 |
|
$ |
459,059 |
|
| Income before change in accounting
principle (2) |
|
|
|
41,303 |
|
|
35,444 |
|
|
28,076 |
|
|
21,622 |
|
|
13,738 |
|
| Income before change in accounting
principle per |
|
|
| share
of common stock |
|
|
| Basic
|
|
|
$ |
1.70 |
|
$ |
1.39 |
|
$ |
1.10 |
|
$ |
0.83 |
|
$ |
0.53 |
|
| Diluted
|
|
|
$ |
1.62 |
|
$ |
1.33 |
|
$ |
1.06 |
|
$ |
0.81 |
|
$ |
0.51 |
|
|
| Balance Sheet Data |
|
|
| Working capital |
|
|
$ |
144,174 |
|
$ |
136,856 |
|
$ |
88,908 |
|
$ |
63,774 |
|
$ |
61,672 |
|
| Total assets |
|
|
|
402,094 |
|
|
348,590 |
|
|
251,905 |
|
|
194,141 |
|
|
163,788 |
|
| Total long-term debt, including
current portion |
|
|
|
129,602 |
|
|
85,091 |
|
|
40,991 |
|
|
27,766 |
|
|
33,696 |
|
| Stockholders’ equity |
|
|
|
141,941 |
|
|
144,572 |
|
|
123,195 |
|
|
97,612 |
|
|
80,564 |
|
|
| Other |
|
|
| Base business sales growth (3)
|
|
|
|
10 |
%
|
|
3 |
%
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
| Same store sales growth (4)
|
|
|
|
10 |
%
|
|
2 |
%
|
|
11 |
%
|
|
14 |
%
|
|
14 |
%
|
| Number of service centers at
year end |
|
|
|
185 |
|
|
172 |
|
|
129 |
|
|
102 |
|
|
90 |
|
|
_________________
| (1) |
|
During the years 1998 to 2002,
we successfully completed 13 acquisitions consisting of 115
service centers, of which 31 were closed or consolidated into
existing service centers. |
| (2) |
|
In 1999, we adopted Statement
of Position 98-5, Reporting on the Costs of Start-Up Activities,
and recognized a cumulative effect adjustment, net of a
tax benefit, of $544,000, or a net loss of $0.02 per share.
|
| (3) |
|
In the fourth quarter of 2002,
we began to calculate base business sales growth by excluding
the following service centers from the calculation for 15 months:
(i) service centers acquired within the past 15 months, (ii)
service centers consolidated with acquired locations and (iii)
new service centers opened in new markets within the past 15
months. Base business sales growth was not calculated in 2000,
1999 or 1998. Base business sales growth is consistent with
measures used by other distributors. |
| (4) |
|
We calculate same store sales
growth by excluding the following service centers from the calculation
for 15 months:
(i) service centers acquired or opened within the past 15 months,
(ii) service centers consolidated with acquired locations and
(iii) service centers that experience market disruption due
to their location in the immediate market area of those mentioned
above. |
22
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