AutoZone 2000 Annual Report Download

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2000 Annual Report
SHEDDING LIGHT

Table of contents

  • Page 1
    S H E D D I N G L I G H T 2000 Annual Report

  • Page 2
    ... key role in initiating a program or project that has a lasting impact on our company. A company more capable of serving customers than it was the year prior. This year's inductees to the Starters Club, pictured to the left, were responsible for shedding new light on an age-old inventory opportunity...

  • Page 3
    ..., we provide electronic diagnostic and repair information. We offer the professional technician a complete software package, and the DIYer can purchase vehicle-specific information on CD-ROM or through www.alldatadiy.com. We also help DIYers on the web at www.autozone.com. Sales ($ millions) 4,483...

  • Page 4
    ... on more highly profitable sites. One particular new site that opened during FY00 has created a lot of excitement - and it didn't officially open until late in the fiscal year. The address is www.autozone.com, and it sold its first part August 11, 2000. AutoZone has had a in Mexico's interior is...

  • Page 5
    .... We chose the theme "shedding light" for this year's report because it sums up what we have to do to make our plan successful. For our AutoZoners, that means helping you see all of the career choices our success has made possible. For our customers, that means helping you take the mystery out of...

  • Page 6
    People don't work on their own cars anymore? 4

  • Page 7
    ... of on-board computers was introduced, we offered an electronic scan tool that serves the same role as the code key by pulling diagnostic information directly from the car. That new dashboard light signaled an unprecedented level of specificity in DIY repair that helps drive our business today. But...

  • Page 8
    Whoever stocks the most parts wins? 6

  • Page 9
    .... Flexograms also play a key role in matching what customers need, part for part. While pull replenishment might adjust the number of air filters a store has on the shelves, the flexogram system determines whether the store even needs to carry air filters for certain vehicles. By incorporating our...

  • Page 10
    AutoZone is just another car parts chain? 8

  • Page 11
    ... part numbers, prices and labor times directly into their computer-generated repair orders within seconds. We also began providing content to InfoMove, the first company to deliver the Internet to cars using wireless hand-held PCs. Customer Link, a marketing database platform that allows service...

  • Page 12
    ... clientes. Por esta razón, tenemos un grupo muy especial llamado Starters Club. Algunos empleados de AutoZone, a los que llamamos AutoZoners, son elegidos anualmente para que se unan a este prestigioso club. Todos tienen algo en común. Cada uno desempeña un papel importante a la hora de iniciar...

  • Page 13
    ... en el año fiscal 2000. Eso es más de un cuarto de billón de trabajos DIY en América, en un año y solamente en AutoZone. Durante años, la gente ha pronosticado el cese de la industria automotora de partes y refacciones. Efectivamente, en 1908 la revista Scientific American escribió: "...los...

  • Page 14
    ...clientes a hacer el trabajo y a nosotros a realizar nuestras transacciones comerciales. En el año fiscal 2000, llevamos las reparaciones de DIY al próximo nivel. Transformamos AutoZone.com en una especie de plataforma de lanzamiento para casi todo lo que hay que saber sobre la reparación de autom...

  • Page 15
    ... y el rendimiento del capital, por lo que nosotros preferimos proporcionar al cliente las partes que necesita al precio justo. De esta forma, todo el mundo gana. TRUCKPRO En el año fiscal 2000, TruckPro se mudó a su nuevo y moderno centro de distribución de Memphis, un centro capaz de almacenar...

  • Page 16
    ...Working capital ...Total assets ...Current liabilities ...Debt ...Stockholders' equity ... Number of domestic auto parts stores at beginning of year ...Selected New stores ...Operating Data Replacement stores ...Closed stores ...Net new stores ...Number of domestic auto parts stores at end of year...

  • Page 17
    Fiscal Year Ended August 1998 1997 1996* $3,242,922 $2,691,440 $2,242,633 1,889,847 1,559,296 ....9% 9.7% 5.4% 3.4% 2.57x 31% 1990 $ 671,725 416,846 205,609 49,270 (10,936) 38,334 14,840 $ 23,494 $0.19 121,212 $ 191,736 26,803 327,368 164,933 74,851 80,356 504 38 7 4 34 538 3,031 10% 13% $1,289 $232 ...

  • Page 18
    ...Weeks Ended November 20, 1999 Net sales ...Increase in comparable store sales ...Gross profit ...Operating profit ...Income before income taxes ...Net income ...Basic earnings per share ...Diluted earnings per share ...Stock price...$37.06 $28.38 Sixteen Weeks Ended August 26, 2000 $1,492,645 3% $ 620,...

  • Page 19
    ... the effective tax rate is due to the utilization of acquired company net operating loss carryforwards. Fiscal 2000 Compared to Fiscal 1999 Net sales for fiscal 2000 increased by $366.3 million or 8.9% over net sales for fiscal 1999. Same store sales, or sales for domestic auto parts stores opened...

  • Page 20
    ... of the acquired companies' debt. Acquisitions included Chief Auto Parts, with stores primarily in California, Auto Palace, with stores primarily in the Northeast, and a truck parts chain, TruckPro. In fiscal 2000, the Company opened 208 new auto parts stores in the U.S. and 7 in Mexico, replaced 30...

  • Page 21
    ..., selective forward buying and the use of alternative suppliers. Seasonality and Quarterly Periods The Company's business is somewhat seasonal in nature, with the highest sales occurring in the summer months of June through August, in which average weekly per store sales historically have been...

  • Page 22
    ... of Income Net sales Cost of sales, including warehouse and delivery expenses Operating, selling, general and administrative expenses Operating profit Interest expense - net Income before income taxes Income taxes Net income Weighted average shares for basic earnings per share Effect of dilutive...

  • Page 23
    ... Balance Sheets August 26, 2000 August 28, 1999 $ 5,918 25,917 1,129,693 33,468 30,088 1,225,084 Assets Current assets: Cash and cash equivalents Accounts receivable Merchandise inventories Prepaid expenses Deferred income taxes Total current assets Property and equipment: Land Buildings and...

  • Page 24
    ... investing activities: Acquisitions Capital expenditures and real estate purchased from Pep Boys Disposal of capital assets Notes receivable from officers Net cash used in investing activities Cash flows from financing activities: Repayment of acquired companies' debt Increase in commercial paper...

  • Page 25
    ... Comprehensive income Issuance of Notes Receivable from officers Purchase of 23,208 shares of treasury stock Sale of 361 shares of common stock under stock option and stock purchase plans Tax benefit of exercise of stock options Balance at August 26, 2000 $ 1,543 3 1,540 10 1,530 17 $ 1,513...

  • Page 26
    ...13 auto parts stores in Mexico. In addition, the Company sells heavy duty truck parts and accessories through its 49 TruckPro stores in 15 states, automotive diagnostic and repair software through ALLDATA and diagnostic and repair information through alldatadiy.com. Fiscal Year: The Company's fiscal...

  • Page 27
    ... - Income Taxes At August 26, 2000, the Company has net operating loss carryforwards (NOLs) of approximately $41 million that expire in years 2001 through 2017. These carryforwards resulted from the Company's acquisition of ALLDATA Corporation during fiscal 1996, Chief Auto Parts, Inc. and ADAP, Inc...

  • Page 28
    ...Interest on the Debentures is payable semi-annually on January 15 and July 15 of each year. Proceeds from the Notes and Debentures were used to repay portions of the Company's long-term variable rate bank debt and for general corporate purposes. In July 2000, the Company purchased $10 million of its...

  • Page 29
    ... the use of the BlackScholes option pricing model in this pro forma disclosure are not necessarily indicative of future amounts. SFAS No. 123 does not apply to awards prior to fiscal 1996. Year Ended August 28, 1999 $244,783 $234,898 $ $ $ $ 1.64 1.58 1.63 1.57 The Company also has an employee stock...

  • Page 30
    ... class action lawsuit entitled "Melvin Quinnie on behalf of all others similarly situated v. AutoZone, Inc., and DOES 1 through 100, inclusive" filed in the Superior Court of California, County of Los Angeles, in November 1998. The plaintiff claims that the defendants failed to pay overtime to store...

  • Page 31
    ... action lawsuit entitled "Paul D. Rusch, on behalf of all others similarly situated, v. Chief Auto Parts Inc., and AutoZone, Inc." filed in the Superior Court of California, County of Los Angeles, in May 1999. The plaintiffs claim that the defendants have failed to pay their store managers overtime...

  • Page 32
    ... Corporate Information Transfer Agent and Registrar EquiServe P.O. Box 2500 Jersey City, New Jersey 07303-2500 (800) 756-8200 (201) 324-0498 http://www.equiserve.com Stock Exchange Listing New York Stock Exchange Ticker Symbol: AZO Auditors Ernst & Young LLP Memphis, Tennessee Store Support Center...

  • Page 33
    ...Chief People Officer and International Development Harry L. Goldsmith General Counsel and Secretary Michael E. Longo Distribution Other Corporate Officers Customer Satisfaction Donald R. Rawlins Assistant General Counsel and Assistant Secretary Board of Directors John C. Adams Jr. Chairman and CEO...

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  • Page 35
    www.autozone.com

  • Page 36
    AutoZoners always put customers first. We know our parts and products. Our stores look great. And we've got the best merchandise at the right price.