Pep Boys Reports Q3 Results
December 08 2008 - 6:02PM
Business Wire
The Pep Boys � Manny, Moe & Jack (NYSE:"PBY"), the nation's
leading automotive aftermarket retail and service chain, today
announced the following results for the thirteen (third quarter)
and thirty-nine weeks (nine months) ended November 1, 2008.
Operating Results Third Quarter Sales Sales were $464.2 million as
compared to $528.8 million in 2007. Comparable sales decreased
10.4%, including a 10.3% comparable merchandise sales decrease and
an 11.0% comparable service revenue decrease. In accordance with
GAAP, merchandise sales includes merchandise sold through both our
retail and service center lines of business, and service revenue is
limited to labor sales. Re-categorizing Sales into the respective
lines of business from which they are generated, comparable Service
Center Revenue (labor plus installed merchandise and tires)
decreased 8.2%, while comparable Retail Sales (DIY and Commercial)
decreased 12.1%. Net Loss Net Loss was $7.3 million or ($0.14) per
share (basic and diluted) as compared to a loss of $28.0 million or
($0.54) per share (basic and diluted) in 2007. Net Loss for the
third quarter of 2007 included $50.0 million in pre-tax costs for
an inventory write down, asset impairment and increased legal
reserves. Nine Months Sales Sales were $1,462.3 million as compared
to $1,620.4 million in 2007. Comparable sales decreased 7.8%,
including an 8.1% comparable merchandise sales decrease and a 6.3%
comparable service revenue decrease. In accordance with GAAP,
merchandise sales includes merchandise sold through both our retail
and service center lines of business, and service revenue is
limited to labor sales. Re-categorizing Sales into the respective
lines of business from which they are generated, comparable Service
Center Revenue (labor plus installed merchandise and tires)
decreased 3.2%, while comparable Retail Sales (DIY and Commercial)
decreased 11.3%. Net Earnings Net Earnings were $2.8 million or
$0.05 per share (basic and diluted) as compared to a Net Loss of
$20.6 million or ($0.40) per share (basic and diluted) in 2007.
Commentary �Our sales and operating results have been impacted by
the decrease in miles driven and the general reduction in consumer
spending. To offset these trends, we continue to focus on
implementing our strategic plan, serving our customers well,
tightly controlling spending and promoting the fact that �Pep Boys
Does Everything. For Less.� said CEO Mike Odell. �Pep Boys is the
place to go for great prices on tires, oil changes and automotive
maintenance and repairs � whether the customer is a Do It
Yourselfer or wants our ASE-certified technicians to do it for
them. With many dealerships and smaller shops currently closing,
now is the time for the cost-conscious consumer to discover the
value at Pep Boys.� �Our liquidity position remains strong,�
commented CFO Ray Arthur. �As of the end of Q3, we had $38.4
million cash on hand, an undrawn revolving credit facility and no
significant debt maturities due until 2013. A year in advance of
the December 9, 2009 maturity of our current revolving credit
facility, we have secured commitments from a syndicate led by Bank
of America for a $300 million replacement facility. This facility
is expected to close, subject to the satisfaction of customary
closing conditions, before our fiscal year ends on January 31,
2009.� Pep Boys has over 560 retail stores and approximately 6,000
service bays in 35 states and Puerto Rico. Along with its
full-service vehicle maintenance and repair capabilities, the
Company also serves the commercial auto parts delivery market and
is one of the leading sellers of replacement tires in the United
States. Customers can find the nearest location by calling
1-800-PEP-BOYS or by visiting www.pepboys.com. Certain statements
contained herein constitute "forward-looking statements" within the
meaning of The Private Securities Litigation Reform Act of 1995.
The word "guidance," "expect," "anticipate," "estimates,"
"forecasts" and similar expressions are intended to identify such
forward-looking statements. Forward-looking statements include
management's expectations regarding implementation of its long-term
strategic plan, future financial performance, automotive
aftermarket trends, levels of competition, business development
activities, future capital expenditures, financing sources and
availability and the effects of regulation and litigation. Although
the Company believes that the expectations reflected in such
forward-looking statements are based on reasonable assumptions, it
can give no assurance that its expectations will be achieved. The
Company's actual results may differ materially from the results
discussed in the forward-looking statements due to factors beyond
the control of the Company, including the strength of the national
and regional economies, retail and commercial consumers' ability to
spend, the health of the various sectors of the automotive
aftermarket, the weather in geographical regions with a high
concentration of the Company's stores, competitive pricing, the
location and number of competitors' stores, product and labor costs
and the additional factors described in the Company's filings with
the SEC. The Company assumes no obligation to update or supplement
forward-looking statements that become untrue because of subsequent
events. Investors have an opportunity to listen to the Company�s
quarterly conference calls discussing its results and related
matters. The call for the third quarter will be broadcast live on
Tuesday, December 9 at 8:30 a.m. ET over the Internet at the
Investor Calendar Web site, located at
http://www.investorcalendar.com. To listen to the call live, please
go to the Web site at least 15 minutes early to register, download
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 will be
available the morning of December 9 on Pep Boys' Web site at
www.pepboys.com. � Pep Boys Financial Highlights � � Thirteen weeks
ended November 1, 2008 November 3, 2007 � Total Revenues $
464,166,000 $ 528,761,000 � Net Loss $ ( 7,282,000 ) $ ( 27,990,000
) � Basic Earnings Per Share: Average Shares 52,099,000 51,844,000
� Net Loss $ ( 0.14 ) $ ( 0.54 ) � Diluted Earnings Per Share:
Average Shares 52,099,000 51,844,000 � Net Loss $ ( 0.14 ) $ ( 0.54
) � � � � Thirty-nine weeks ended November 1, 2008 November 3, 2007
� Total Revenues $ 1,462,252,000 $ 1,620,436,000 � Net Earnings
(loss) $ 2,838,000 $ ( 20,636,000 ) � Basic Earnings Per Share:
Average Shares 52,106,000 52,206,000 � Net Earnings (loss) $ 0.05 $
( 0.40 ) � Diluted Earnings Per Share: Average Shares 52,189,000
52,206,000 � Net Earnings (loss) $ 0.05 $ ( 0.40 ) �
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