O'Reilly announces sales up by 97.4% for quarter

O'Reilly Automotive Inc., a Springfield-based, publicly held company, announced increased product sales of 97.4 percent for the third quarter of 1998. Product sales were up by $85.3 million compared with the same quarter of 1997.

The figures were part of the company's quarterly filing with the Securities and Exchange Commission.

The increase in product sales was the result of the company's purchase of Hi-Lo Automotive and a 6.1 percent increase in comparable-store product sales for the quarter, according to the company report.

Product sales for the first nine months of 1998 increased by $217.9 million, or 91.4 percent, over product sales for the first nine months of 1997. That increase was also attributed to the purchase of Hi-Lo, and the addition of a net 10 new stores during the last quarter of 1997 and the opening of a net 36 new stores during the first three quarters of 1998, according to the O'Reilly report.

As of Sept. 30, O'Reilly operated 477 stores, compared with 249 stores as of Sept. 30, 1997.

Gross profit also increased. Gross profit was up 89.8 percent from the same period last year. Gross profit for the third quarter of 1998 was $69.3 million, compared to $36.5 million for the third quarter of 1997, the company stated.

Operating, selling, and general and administrative expenses increased $27.8 million to $53.9 million in the third quarter of 1998, up from $26.1 million in the third quarter of 1997. Those expenses increased $73.7 million for the first nine months of 1998, as compared with the first nine months of 1997.

Those expenses increased in dollar amount and as a percentage of product sales primarily from the Hi-Lo acquisition and the addition of employees and resources in order to support the increased level of the company's operations, O'Reilly management stated.

As of Sept. 30, the company had total current assets of approximately $277 million as opposed to the $134.5 million in total current assets it had as of Dec. 31, 1997.

The total assets of the company were $454 million as of Sept. 30, compared with $247.6 million as of Dec. 31, 1997. Total liabilities and stockholders' equity was $454 million as of Sept. 30, compared with $247.6 million as of Dec. 31, 1997.

In addition to the Hi-Lo acquisition, O'Reilly has entered into a definitive agreement to purchase the assets of Hinojosa Auto Parts, effective April 1, 1999, for about $6 million.

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