Highlights:
Dorman Products, Inc. (the “Company” or “Dorman”) (NASDAQ:DORM), a
leading supplier in the automotive aftermarket, today announced its
financial results for the fourth quarter and fiscal year ended
December 29, 2018.
4th Quarter Financial
ResultsThe Company reported fourth quarter 2018 net sales
of $260.3 million, up 14% compared to net sales of $227.7 million
in the fourth quarter of 2017. Sales growth in the quarter
attributable to acquisitions was approximately 4%.
Gross profit grew 7% to $96.9 million in the
fourth quarter from $90.9 million last year. Gross profit
percentage for the fourth quarter was 37.2% compared to 39.9% in
the same quarter last year. The adjusted gross profit
percentage was 37.8% in the quarter compared to 40.2% in the same
quarter last year. The gross profit percentage declined
primarily as a result of increased volume of lower margin program
rollouts in the fourth quarter as compared to the same quarter in
2017, acquisitions which carry lower gross margins compared to our
historical levels, and the negative impact of increased selling
prices tied to tariffs that do not provide leverage to gross or
operating profit percentages.
Selling, general, and administrative
(“SG&A”) expenses grew 10% to $52.3 million in the fourth
quarter on a GAAP basis compared to $47.5 million in the same
quarter last year. Adjusted SG&A increased 10% to $51.2
million or 19.7% of net sales in the quarter compared to $46.4
million or 20.4% of net sales in the same quarter last year.
The increase in SG&A was primarily due to the inclusion of
expenses of acquired operations, the reinvestment of tax savings
from the Tax Cuts and Jobs Act (TCJA), and wage and benefit
inflation.
Income tax expense was $9.7 million in the
fourth quarter of 2018, or 22.0% of income before income taxes down
from $21.3 million, or 49.2% of income before income taxes recorded
in the same quarter last year. The reduction in tax rate
compared to prior year is primarily a result of the TCJA.
Additionally, income tax expense in the fourth quarter of 2017
included $6.0 million of expenses related to the adoption of the
TCJA and pre 2016 state tax matters.
Net income for the fourth quarter of 2018 was
$34.6 million, or $1.05 per diluted share compared to $22.0
million, or $0.65 per diluted share, in the prior year
quarter. Adjusted net income in the fourth quarter was $36.4
million, or $1.10 per diluted share, up 25% compared to $29.1
million or $0.87 per diluted share in the prior year
quarter.
Please refer to the Non-GAAP Financial Measures
reported in the supplemental schedules at the end of this release
for a detailed reconciliation of the reported (GAAP) financial
information to the adjusted financial information
(Non-GAAP).
In the fourth quarter of 2018, the construction
of our new 800,000 square foot distribution facility in Portland,
Tennessee (in close proximity to our existing operation) was
completed. Over the course of the first and second quarters
of 2019, we will be transferring our existing distribution
operations in Portland into this new facility. Additionally,
in order to better serve our customers, we made the strategic
decision to consolidate our Montreal facility (acquired as part of
the MAS acquisition) into the new Portland distribution center and
to consolidate an existing production facility in Michigan with our
newly acquired Flight facility in Pennsylvania. Both of these
actions will be completed in the first quarter of 2019. We expect
that the pre-tax costs to complete these actions will be
approximately $3.4 million, including approximately $1.5 million of
duplicate rent and utilities while we transfer operations between
our facilities in Portland and approximately $1.9 million of
severance, accelerated depreciation, and other integration expenses
related to the site consolidations.
In the fourth quarter of 2018 our net inventory
increased by $30.5 million to $270.5 million. This increase
in inventory was the result of several actions including the
acceleration of inventory purchases in advance of a potential 25%
tariff rate, a desire to maintain strong customer service while
facility consolidations are executed, preparation for new programs
to be launched in the first quarter of 2019, and purchases in
advance of Chinese New Year. We anticipate that our inventory
will return to historical inventory turn levels over the course of
fiscal 2019.
Fiscal 2018 Financial
ResultsFiscal 2018 net sales were $973.7 million, up 8%
compared to $903.2 million in 2017. Sales growth in the full
year attributable to acquisitions was approximately 5%.
Net income for the current fiscal year was
$133.6 million, or $4.02 per diluted share compared to $106.6
million, or $3.13 per diluted share in the prior year.
Adjusted net income in the current fiscal year was $139.4 million,
or $4.20 per diluted share, up 22% compared to $114.7 million, or
$3.37 per diluted share in the prior year.
Please refer to the Non-GAAP Financial Measures
reported in the supplemental schedules at the end of this release
for a detailed reconciliation of the reported (GAAP) financial
information to the adjusted financial information
(Non-GAAP).
Kevin Olsen, Dorman Products President and Chief
Executive Officer, stated: “I’d first like to thank all of our many
Dorman contributors for a very successful 2018. Their hard work and
commitment to excellence is the driving force behind all of our
success. The fourth quarter capped off a pivotal year for our
company on many fronts. Our organic growth engine remains
strong as we continued to invest in bringing new products to
market. We successfully integrated the MAS acquisition fully
into Dorman while creating a market leading, comprehensive Chassis
offering to meet the needs of both our retail and traditional
customers. We acquired Flight Systems Automotive Group in the
third quarter greatly increasing our complex electronics
capabilities. We continued to grow and invest in our Heavy
Duty business, setting us up nicely to continue our aggressive
growth trajectory. Also, construction of a new, state
of the art distribution facility in Tennessee was completed.
This facility will enable us to better serve the needs of customers
and provide space for future growth. Continuing to be the
number one innovator in the light, medium and heavy duty markets
will be the cornerstone of our strategy, supplemented by strategic
acquisitions that accelerate growth in targeted segments, markets
and geographies. Despite some macro uncertainties around trade
policies, we remain optimistic about 2019.”
2019 GuidanceThe Company
expects 2019 net sales growth between 6%-10% and expects diluted
EPS of between $4.22 and $4.38 on a GAAP basis and adjusted diluted
EPS of between $4.37 and $4.53 or between a 4% and 8% growth
rate. Please refer to the 2019 Guidance table at the end of
this release for a detailed reconciliation of the forecasted (GAAP)
financial information to the adjusted financial information
(Non-GAAP). Tariffs are not expected to have an impact on our
2019 net income, but will lower our gross and operating profit
percentages as these additional costs are passed through to
customers. We have not assumed any share repurchases in this
guidance.
Share RepurchasesUnder its
share repurchase program, Dorman repurchased 135.7 thousand shares
of its common stock for $9.6 million at an average share price of
$70.86 during the quarter ended December 29, 2018, bringing fiscal
year 2018 purchases to 622.2 thousand shares for $43.4 million at
an average price of $69.73. Including the additional $150 million
authorization announced in December 2018, the Company has $183.3
million left under its current share repurchase
authorization.
About Dorman ProductsDorman
Products, Inc. is a leading supplier of Dealer “Exclusive”
replacement parts to the Automotive, Medium and Heavy Duty
Aftermarkets. Dorman products are marketed under the Dorman®, OE
Solutions™, HELP!®, AutoGrade™, First Stop™, Conduct‑Tite®,
TECHoice™, Dorman® Hybrid Drive Batteries and Dorman HD Solutions™
brand names.
Non-GAAP MeasuresIn addition to
the financial measures prepared in accordance with generally
accepted accounting principles (GAAP), this earnings release also
contains Non-GAAP financial measures. The reasons why we
believe these measures provide useful information to investors and
a reconciliation of these measures to the most directly comparable
GAAP measures and other information relating to these Non-GAAP
measures are included in the supplemental schedules attached.
Forward Looking StatementsThis
press release contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995,
including statements related to the Company’s future growth rates.
Words such as “believe,” “demonstrate,” “expect,” “estimate,”
“forecast,” “anticipate,” “should” and “likely” and similar
expressions identify forward-looking statements. In addition,
statements that are not historical should also be considered
forward-looking statements. Readers are cautioned not to place
undue reliance on those forward-looking statements, which speak
only as of the date the statement was made. Such forward-looking
statements are based on current expectations that involve a number
of known and unknown risks, uncertainties and other factors which
may cause actual events to be materially different from those
expressed or implied by such forward-looking statements. These
factors include, but are not limited to, competition in the
automotive aftermarket industry, concentration of the Company’s
sales and accounts receivable among a small number of customers,
the impact of consolidation in the automotive aftermarket industry,
foreign currency fluctuations, the ability to successfully
identify, complete, and integrate acquisitions, imposition of new
taxes, duties or tariffs, and other risks detailed in the Company’s
filings with the Securities and Exchange Commission, including its
Annual Report on Form 10-K for the fiscal year ended December 30,
2017. The Company is under no obligation to (and expressly
disclaims any such obligation to) update any of the information in
this press release if any forward-looking statement later turns out
to be inaccurate whether as a result of new information, future
events or otherwise.
Investor Relations
Contact Kevin Olsen, President and
CEOkolsen@dormanproducts.com (215) 997-1800
Visit our website at www.dormanproducts.com
DORMAN PRODUCTS, INC. AND
SUBSIDIARIES Consolidated Statements of Operations (in
thousands, except per-share amounts)
|
13 Weeks |
|
|
13 Weeks |
Fourth Quarter
(unaudited) |
12/29/18 |
|
|
Pct. |
|
|
12/30/17 |
|
|
Pct. |
Net sales |
$ |
260,341 |
|
|
|
100.0 |
|
|
$ |
227,719 |
|
|
|
100.0 |
Cost of goods sold |
|
163,394 |
|
|
|
62.8 |
|
|
|
136,791 |
|
|
|
60.1 |
Gross profit |
|
96,947 |
|
|
|
37.2 |
|
|
|
90,928 |
|
|
|
39.9 |
Selling, general and
administrative expenses |
|
52,310 |
|
|
|
20.1 |
|
|
|
47,519 |
|
|
|
20.9 |
Income from
operations |
|
44,637 |
|
|
|
17.1 |
|
|
|
43,409 |
|
|
|
19.1 |
Other expense, net |
|
295 |
|
|
|
0.1 |
|
|
|
124 |
|
|
|
0.1 |
Income before income
taxes |
|
44,342 |
|
|
|
17.0 |
|
|
|
43,285 |
|
|
|
19.0 |
Provision for income
taxes |
|
9,743 |
|
|
|
3.7 |
|
|
|
21,317 |
|
|
|
9.4 |
Net income |
$ |
34,599 |
|
|
|
13.3 |
|
|
$ |
21,968 |
|
|
|
9.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share |
$ |
1.05 |
|
|
|
|
|
|
$ |
0.65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average diluted
shares outstanding |
|
32,994 |
|
|
|
|
|
|
|
33,605 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52 Weeks |
|
|
52 Weeks |
|
Fiscal Year
Ended (unaudited) |
12/29/18 |
|
|
Pct.* |
|
|
12/30/17 |
|
|
Pct. |
|
Net sales |
$ |
973,705 |
|
|
|
100.0 |
|
|
$ |
903,221 |
|
|
|
100.0 |
|
Cost of goods sold |
|
600,424 |
|
|
|
61.7 |
|
|
$ |
544,572 |
|
|
|
60.3 |
|
Gross profit |
|
373,281 |
|
|
|
38.3 |
|
|
$ |
358,649 |
|
|
|
39.7 |
|
Selling, general and
administrative expenses |
|
202,138 |
|
|
|
20.8 |
|
|
$ |
182,409 |
|
|
|
20.1 |
|
Income from
operations |
|
171,143 |
|
|
|
17.5 |
|
|
$ |
176,240 |
|
|
|
19.5 |
|
Other expense (income),
net |
|
8 |
|
|
|
0.0 |
|
|
$ |
(348) |
|
|
|
(0.1 |
) |
Income before income
taxes |
|
171,135 |
|
|
|
17.5 |
|
|
$ |
176,588 |
|
|
|
19.6 |
|
Provision for income
taxes |
|
37,533 |
|
|
|
3.9 |
|
|
$ |
69,989 |
|
|
|
7.7 |
|
Net income |
$ |
133,602 |
|
|
|
13.7 |
|
|
$ |
106,599 |
|
|
|
11.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share |
$ |
4.02 |
|
|
|
|
|
|
$ |
3.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average diluted
shares outstanding |
|
33,207 |
|
|
|
|
|
|
|
34,052 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Percentage of sales information does not add due to
rounding.
DORMAN PRODUCTS, INC. AND
SUBSIDIARIESCondensed Consolidated Balance Sheets
(in thousands)(Unaudited)
|
12/29/18 |
|
|
12/30/17 |
Assets: |
|
|
|
|
|
|
Cash and cash
equivalents |
$ |
43,458 |
|
|
$ |
71,691 |
Accounts receivable |
|
310,114 |
|
|
|
241,880 |
Inventories |
|
270,504 |
|
|
|
212,149 |
Prepaid expenses |
|
7,363 |
|
|
|
7,129 |
Total current assets |
|
631,439 |
|
|
|
532,849 |
Property, plant &
equipment, net |
|
98,647 |
|
|
|
92,692 |
Goodwill and other
intangible assets, net |
|
97,770 |
|
|
|
88,157 |
Deferred income taxes,
net |
|
6,316 |
|
|
|
7,884 |
Other assets |
|
55,184 |
|
|
|
44,342 |
Total assets |
$ |
889,356 |
|
|
$ |
765,924 |
|
|
|
|
|
|
|
Liabilities &
shareholders’ equity: |
|
|
|
|
|
|
Accounts payable |
$ |
109,096 |
|
|
$ |
80,218 |
Accrued expenses and
other |
|
34,293 |
|
|
|
30,563 |
Total current
liabilities |
|
143,389 |
|
|
|
110,781 |
Other long-term
liabilities |
|
18,344 |
|
|
|
20,336 |
Shareholders’ equity |
|
727,623 |
|
|
|
634,807 |
Total liabilities and
equity |
$ |
889,356 |
|
|
$ |
765,924 |
|
|
|
|
|
|
|
Selected Cash Flow Information (unaudited):
|
13 Weeks (unaudited) |
|
|
52 Weeks (unaudited) |
(in thousands) |
12/29/18 |
|
|
12/30/17 |
|
|
12/29/18 |
|
|
12/30/17 |
Depreciation,
amortization and accretion |
$ |
8,718 |
|
|
$ |
6,256 |
|
|
$ |
28,391 |
|
|
$ |
22,224 |
Capital expenditures |
$ |
8,007 |
|
|
$ |
7,014 |
|
|
$ |
26,106 |
|
|
$ |
24,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DORMAN PRODUCTS, INC. AND
SUBSIDIARIES Non-GAAP Financial Measures(in thousands,
except per-share amounts)
The Company’s financial results include certain
financial measures not derived in accordance with generally
accepted accounting principles (GAAP). Non-GAAP financial
measures should not be used as a substitute for GAAP measures, or
considered in isolation, for the purpose of analyzing our operating
performance, financial position or cash flows. Additionally,
these non-GAAP measures may not be comparable to similarly titled
measures reported by other companies. However, the Company
has presented these non-GAAP financial measures because management
believes this presentation, when reconciled to the corresponding
GAAP measure, provides useful information to investors by offering
additional ways of viewing the Company’s results, profitability
trends, and underlying growth relative to prior and future periods
and to our peers. Non-GAAP financial measures may reflect
adjustments for charges such as fair value adjustments,
amortization, transaction costs, severance, accelerated
depreciation, and other similar expenses related to acquisitions
which the Company has determined are material as well as other
items that are not related to the Company’s ongoing
performance.
Adjusted Net Income:
|
13 Weeks |
|
|
13 Weeks |
|
|
52 Weeks |
|
|
52 Weeks |
|
(unaudited) |
12/29/18 |
|
|
12/30/17 |
|
|
12/29/18 |
|
|
12/30/17 |
|
Net income (GAAP) |
$ |
34,599 |
|
|
$ |
21,968 |
|
|
$ |
133,602 |
|
|
$ |
106,599 |
|
Pretax acquisition-related
inventory fair value adjustment [1] |
|
259 |
|
|
|
592 |
|
|
|
2,038 |
|
|
|
592 |
|
Pretax acquisition-related
intangible assets amortization [2] |
|
666 |
|
|
|
349 |
|
|
|
2,141 |
|
|
|
349 |
|
Pretax acquisition-related
transaction and other costs [3] |
|
1,538 |
|
|
|
769 |
|
|
|
2,726 |
|
|
|
1,079 |
|
Pretax investment
impairment [4] |
|
- |
|
|
|
- |
|
|
|
1,064 |
|
|
|
- |
|
Tax adjustments (related
to above items) [5] |
|
(613 |
) |
|
|
(599 |
) |
|
|
(1,771 |
) |
|
|
(707 |
) |
Discrete tax adjustments
[5] |
|
- |
|
|
|
5,997 |
|
|
|
(368 |
) |
|
|
6,761 |
|
Adjusted net income
(Non-GAAP) |
$ |
36,449 |
|
|
$ |
29,076 |
|
|
$ |
139,432 |
|
|
$ |
114,673 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
(GAAP) |
$ |
1.05 |
|
|
$ |
0.65 |
|
|
$ |
4.02 |
|
|
$ |
3.13 |
|
Pretax acquisition-related
inventory fair value adjustment [1] |
|
0.01 |
|
|
|
0.02 |
|
|
|
0.06 |
|
|
|
0.02 |
|
Pretax acquisition-related
intangible assets amortization [2] |
|
0.02 |
|
|
|
0.01 |
|
|
|
0.06 |
|
|
|
0.01 |
|
Pretax acquisition-related
transaction and other costs [3] |
|
0.05 |
|
|
|
0.02 |
|
|
|
0.08 |
|
|
|
0.03 |
|
Pretax investment
impairment [4] |
|
- |
|
|
|
- |
|
|
|
0.03 |
|
|
|
- |
|
Tax adjustments (related
to above items) [5] |
|
(0.02 |
) |
|
|
(0.02 |
) |
|
|
(0.05 |
) |
|
|
(0.02 |
) |
Discrete tax adjustments
[5] |
|
- |
|
|
|
0.18 |
|
|
|
(0.01 |
) |
|
|
0.20 |
|
Adjusted diluted earnings
per share (Non-GAAP) |
$ |
1.10 |
* |
|
$ |
0.87 |
* |
|
$ |
4.20 |
* |
|
$ |
3.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average diluted
shares outstanding |
|
32,994 |
|
|
|
33,605 |
|
|
|
33,207 |
|
|
|
34,052 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Adjusted diluted earnings per share (Non-GAAP) may not add due
to rounding.
[1] – Pretax acquisition-related inventory fair value
adjustments result from adjusting the value of acquired inventory
from historical cost to fair value. Such costs were $0.3
million pretax (or $0.2 million after tax) during the thirteen
weeks ended December 29, 2018 and were $2.0 million pretax (or $1.5
million after tax) during the fifty-two weeks ended December 29,
2018 and were included in Cost of Goods Sold.
[2] – Pretax acquisition related intangible asset amortization
results from allocating the purchase price of acquisitions to the
acquired tangible and intangible assets of the acquired business
and recognizing the cost of the intangible asset over the period of
benefit. Exclusion of this amortization expense facilitates
more consistent comparisons of operating results over time between
our newly acquired and long-held businesses, and with both
acquisitive and non-acquisitive peer companies. We believe it
is important for investors to understand that such intangible
assets contribute to sales generation and that intangible asset
amortization related to past acquisitions will recur in future
periods until such intangible assets have been fully
amortized. Such costs were $0.7 million pretax (or $0.5
million after tax) during the thirteen weeks ended December 29,
2018 and $2.1 million pretax (or $1.6 million after tax) during the
fifty-two weeks ended December 29, 2018 and were included in
Selling, General and Administrative expenses.
[3] – Pretax acquisition related transaction and other costs
include costs incurred to complete and integrate acquisitions as
well as adjustments to contingent consideration obligations.
During the thirteen weeks ended December 29, 2018, the Company
incurred charges for integration costs, severance, and other plant
closure expenses of $1.2 million pretax (or $0.9 million after tax)
and accelerated depreciation of $1.2 million pretax (or $0.9
million after tax). The Company also reduced contingent
consideration obligations by $2.0 million pretax (or $1.6 million
after tax). During the fifty-two weeks ended December 29,
2018, the Company incurred charges for integration costs,
severance, and other plant closure expenses of $2.2 million pretax
(or $1.7 million after tax) and accelerated depreciation of fixed
assets and leasehold improvements of $1.2 million pretax (or $0.9
million after tax). The Company also reduced contingent
consideration obligations by $1.8 million pretax (or $1.4 million
after tax). Each of these was included in Selling, General
and Administrative expenses. Additionally, the Company
recorded inventory transfer costs and inventory reserves of $1.1
million pretax ($0.8 million after tax) during the thirteen and
fifty-two weeks ended December 29, 2018, respectively, which was
included in Cost of Goods Sold.
[4] – Pretax investment impairment results from the acquisition
of the remaining outstanding shares of a previously unconsolidated
entity. The estimated fair value of the net assets acquired
was less than our prior investment in the entity. Such costs were
$1.1 million pretax (and $1.1 million after tax) during the
fifty-two weeks ended December 29, 2018 and were included in
Selling, General and Administrative expenses.
[5] – Tax adjustments represent the aggregate tax effect of all
Non-GAAP adjustments reflected in the table above of $0.6 million
during the thirteen weeks ended December 29, 2018 and $1.8 million
during the fifty-two weeks ended December 29, 2018. Such
items are estimated by applying the Company’s overall estimated tax
rate to the pretax amount, or, by applying a specific tax rate if
one is appropriate. Also included in Provision for Income
Taxes are discrete tax adjustments resulting from pre 2016 tax
matters of $0.4 million in the fifty-two weeks ended December 29,
2018.
Adjusted Gross Profit:
|
13 Weeks |
|
|
13 Weeks |
(unaudited) |
12/29/18 |
|
|
Pct.* |
|
|
12/30/17 |
|
|
Pct. |
Gross profit (GAAP) |
$ |
96,947 |
|
|
37.2 |
|
|
$ |
90,928 |
|
|
39.9 |
Pretax acquisition-related
inventory fair value adjustment |
|
259 |
|
|
0.1 |
|
|
|
592 |
|
|
0.3 |
Pretax acquisition-related
transaction and other costs |
|
1,079 |
|
|
0.4 |
|
|
|
- |
|
|
- |
Adjusted gross profit
(Non-GAAP) |
$ |
98,285 |
|
|
37.8 |
|
|
$ |
91,520 |
|
|
40.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
260,341 |
|
|
|
|
|
$ |
227,719 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52 Weeks |
|
|
52 Weeks |
(unaudited) |
12/29/18 |
|
|
Pct. * |
|
|
12/30/17 |
|
|
Pct. |
Gross profit (GAAP) |
$ |
373,281 |
|
|
38.3 |
|
|
$ |
358,649 |
|
|
39.7 |
Pretax acquisition-related
inventory fair value adjustment |
|
2,038 |
|
|
0.2 |
|
|
|
592 |
|
|
0.1 |
Pretax acquisition-related
transaction and other costs |
|
1,079 |
|
|
0.1 |
|
|
|
- |
|
|
- |
Adjusted gross profit
(Non-GAAP) |
$ |
376,398 |
|
|
38.7 |
|
|
$ |
359,241 |
|
|
39.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
973,705 |
|
|
|
|
|
$ |
903,221 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Percentage of sales information does not add due to
rounding.
Adjusted SG&A Expenses:
|
13 Weeks |
|
|
13 Weeks |
|
(unaudited) |
12/29/18 |
|
|
Pct.* |
|
|
12/30/17 |
|
|
Pct. |
|
SG&A expenses
(GAAP) |
$ |
52,310 |
|
|
20.1 |
|
|
$ |
47,519 |
|
|
20.9 |
|
Pretax acquisition-related
intangible assets amortization |
|
(666 |
) |
|
(0.3 |
) |
|
|
(349 |
) |
|
(0.2 |
) |
Pretax acquisition-related
transaction and other costs |
|
(458 |
) |
|
(0.2 |
) |
|
|
(769 |
) |
|
(0.3 |
) |
Adjusted SG&A expenses
(Non-GAAP) |
$ |
51,186 |
|
|
19.7 |
|
|
$ |
46,401 |
|
|
20.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
260,341 |
|
|
|
|
|
$ |
227,719 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52 Weeks |
|
|
52 Weeks |
|
(unaudited) |
12/29/18 |
|
|
Pct. |
|
|
12/30/17 |
|
|
Pct.* |
|
SG&A expenses
(GAAP) |
$ |
202,138 |
|
|
20.8 |
|
|
$ |
182,409 |
|
|
20.2 |
|
Pretax acquisition-related
intangible assets amortization |
|
(2,141 |
) |
|
(0.2 |
) |
|
|
(349 |
) |
|
(0.0 |
) |
Pretax acquisition-related
transaction and other costs |
|
(1,646 |
) |
|
(0.2 |
) |
|
|
(1,079 |
) |
|
(0.1 |
) |
Pretax investment
impairment |
|
(1,064 |
) |
|
(0.1 |
) |
|
|
- |
|
|
- |
|
Adjusted SG&A expenses
(Non-GAAP) |
$ |
197,287 |
|
|
20.3 |
|
|
$ |
180,981 |
|
|
20.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
973,705 |
|
|
|
|
|
$ |
903,221 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Percentage of sales information does not add due to
rounding.
2019 Guidance:
The Company provided the following guidance ranges related to
their fiscal 2019 outlook:
|
December 28, 2019 |
|
Fiscal Year Ended
(unaudited) |
Low End* |
|
|
High End* |
|
Diluted earnings per
share (GAAP) |
$ |
4.22 |
|
|
$ |
4.38 |
|
Pretax acquisition-related
inventory fair value adjustment [1] |
|
0.00 |
|
|
|
0.00 |
|
Pretax acquisition-related
intangible assets amortization [2] |
|
0.08 |
|
|
|
0.08 |
|
Pretax acquisition-related
transaction and other costs [1] [2] |
|
0.10 |
|
|
|
0.10 |
|
Tax adjustments (related
to above items) [3] |
|
(0.04 |
) |
|
|
(0.04 |
) |
Adjusted diluted earnings
per share (Non-GAAP) |
$ |
4.37 |
|
|
$ |
4.53 |
|
|
|
|
|
|
|
|
|
Weighted average diluted
shares outstanding |
|
33,207 |
|
|
|
33,207 |
|
|
|
|
|
|
|
|
|
[1] - Included in Cost
of Goods Sold |
|
|
|
|
|
|
|
[2] - Included in
Selling, General, and Administrative Expenses |
|
|
|
|
|
|
|
[3] - Included in
Provision for Income Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Adjusted diluted earnings per share (Non-GAAP) may not add due
to rounding.
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