O'Reilly announces fifth year of record revenues

O'Reilly Automotive Inc. is continuing the meteoric rise it began with its transition to a public company in April 1993.

According to an O'Reilly news release, the company registered record revenues and earnings for the year ended Dec. 31, 1997, marking its fifth consecutive year of record revenues and earnings.

Net income for the year ended Dec. 31, 1997, totaled $23.1 million, up 22 percent from $19 million a year earlier. Basic earnings per share for the year increased 20.9 percent to $1.10 on 21 million common shares, compared to 91 cents on 20.9 million common shares in the prior year, the release stated.

Product sales for 1997 increased to $316.4 million from $259.2 million in 1996, representing a 22.1 percent increase. Gross profit for the year increased to $134.6 million (42.5 percent of product sales) a 24.1 percent increase from $108.5 million (41.8 percent of product sales) in 1996.

Comparable store product sales increased by 6.8 percent for 1997.

Comparable store product sales are calculated based on the change in product sales of only those O'Reilly stores open during both full periods being compared.

"O'Reilly opened a record number of 40 new stores during 1997, an increase of 18.3 percent compared to 1996," said David O'Reilly, president and chief executive officer, in the release.

"The recently completed merger with Hi-Lo Automotive Inc. added 190 stores and a distribution center in Houston, Texas. We also plan to add 50 new stores and a distribution center in Des Moines, Iowa, during 1998," O'Reilly added.

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