PEP BOYS MANNY MOE & JACK

CIK:0000077449|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2015	Nov. 01, 2014	Oct. 31, 2015	Nov. 01, 2014
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
Merchandise sales	$ 389,138	$ 395,941	$ 1,204,143	$ 1,208,778
Service revenue	118,998	121,643	372,800	373,401
Total revenues	508,136	517,584	1,576,943	1,582,179
Costs of merchandise sales	273,137	278,800	839,086	843,946
Costs of service revenue	117,202	120,450	358,720	362,473
Total costs of revenues	390,339	399,250	1,197,806	1,206,419
Gross profit from merchandise sales	116,001	117,141	365,057	364,832
Gross profit from service revenue	1,796	1,193	14,080	10,928
Total gross profit	117,797	118,334	379,137	375,760
Selling, general and administrative expenses	119,372	117,651	357,487	365,345
Net gain (loss) from dispositions of assets	6,000	(109)	6,485	(519)
Gain on sale from leasehold interest			10,000
Operating profit	4,425	574	38,135	9,896
Other income	345	418	1,050	1,175
Interest expense	(3,217)	(3,485)	(9,809)	(10,269)
Earnings (loss) from continuing operations before income taxes and discontinued operations	1,553	(2,493)	29,376	802
Income tax (expense) benefit	(476)	723	(11,702)	(1,108)
Earnings (loss) from continuing operations before discontinued operations	1,077	(1,770)	17,674	(306)
Earnings (loss) from discontinued operations, net of tax	189	(194)	296	(319)
Net earnings (loss)	$ 1,266	$ (1,964)	$ 17,970	$ (625)
Basic earnings (loss) per share:
Earnings (loss) from continuing operations before discontinued operations (in dollars per share)	$ 0.02	$ (0.03)	$ 0.33
(Loss) from discontinued operations, net of tax (in dollars per share)				$ (0.01)
Basic earnings (loss) per share (in dollars per share)	0.02	(0.03)	0.33	(0.01)
Diluted earnings per share:
Earnings (loss) from continuing operations before discontinued operations (in dollars per share)	0.02	(0.03)	0.33
(Loss) from discontinued operations, net of tax (in dollars per share)				(0.01)
Diluted earnings (loss) per share (in dollars per share)	$ 0.02	$ (0.03)	$ 0.33	$ (0.01)
Other comprehensive income (loss):
Derivative financial instruments adjustment, net of tax	$ (225)	$ (170)	$ (128)	$ (336)
Comprehensive income (loss)	$ 1,041	$ (2,134)	$ 17,842	$ (961)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2015	Nov. 01, 2014
Cash flows from operating activities:
Net earnings (loss)	$ 17,970	$ (625)
Adjustments to reconcile net earnings (loss) to net cash provided by continuing operations:
(Earnings) loss from discontinued operations, net of tax	(296)	319
Depreciation	49,326	55,518
Amortization of deferred gain from asset sales	(9,743)	(9,453)
Amortization of deferred financing costs	1,878	1,937
Stock compensation expense	3,343	1,533
Deferred income taxes	11,926	(66)
Net (gain) loss from disposition of assets	(6,485)	519
Loss from asset impairment	3,251	5,243
Other	(592)	(238)
Changes in operating assets and liabilities:
Decrease in accounts receivable, prepaid expenses and other	19,743	19,644
Decrease in merchandise inventories	26,349	4,916
Decrease in accounts payable	(5,888)	(36,494)
Decrease in accrued expenses	(26,583)	(28,363)
Decrease in other long-term liabilities	(3,234)	(2,182)
Net cash provided by continuing operations	80,965	12,208
Net cash used in discontinued operations	(19)	(583)
Net cash provided by operating activities	80,946	11,625
Cash flows from investing activities:
Capital expenditures	(32,375)	(54,975)
Proceeds from dispositions of assets	13,483	56
Net cash used in investing activities	(18,892)	(54,919)
Cash flows from financing activities:
Borrowings under line of credit agreements	125,885	479,438
Payments under line of credit agreements	(142,885)	(447,938)
Borrowings on trade payable program liability	117,487	143,614
Payments on trade payable program liability	(130,625)	(128,310)
Debt payments	(1,500)	(1,500)
Proceeds from stock issuance	2,872	989
Net cash (used in) provided by financing activities	(28,766)	46,293
Net increase in cash and cash equivalents	33,288	2,999
Cash and cash equivalents at beginning of period	38,044	33,431
Cash and cash equivalents at end of period	71,332	36,430
Supplemental disclosure of cash flow information:
Cash paid for income taxes	981	845
Cash received from income tax refunds		244
Cash paid for interest	8,003	8,482
Non-cash investing activities:
Accrued purchases of property and equipment	$ 1,308	$ 1,350

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Oct. 31, 2015	Jan. 31, 2015
Current assets:
Cash and cash equivalents	$ 71,332	$ 38,044
Accounts receivable, less allowance for uncollectible accounts of $1,887 and $1,604	31,743	31,013
Merchandise inventories	630,608	656,957
Prepaid expenses	15,079	27,952
Other current assets	48,219	55,986
Assets held for disposal	500	2,648
Total current assets	797,481	812,600
Property and equipment, net of accumulated depreciation of $1,287,150 and $1,251,797	579,300	604,380
Goodwill	32,869	32,869
Deferred income taxes	49,103	56,571
Other long-term assets	33,602	35,321
Total assets	1,492,355	1,541,741
Current liabilities:
Accounts payable	219,903	227,132
Trade payable program liability	127,765	140,904
Accrued expenses	198,535	226,176
Deferred income taxes	65,615	61,216
Current maturities of long-term debt	2,000	2,000
Total current liabilities	613,818	657,428
Long-term debt less current maturities	192,500	211,000
Other long-term liabilities	42,047	45,567
Deferred gain from asset sales	$ 96,298	$ 103,596
Commitments and contingencies
Stockholders' equity:
Common stock, par value $1 per share: authorized 500,000,000 shares; issued 68,557,041 shares	$ 68,557	$ 68,557
Additional paid-in capital	297,560	298,299
Retained earnings	407,854	397,890
Accumulated other comprehensive income	(519)	(391)
Treasury stock, at cost - 14,453,129 shares and 14,988,205 shares	(225,760)	(240,205)
Total stockholders' equity	547,692	524,150
Total liabilities and stockholders' equity	$ 1,492,355	$ 1,541,741