01—Abstract
Summary
Summary of the 10-K/A filed April 17, 1998. Cited figures are marked; the original filing is the authoritative source.
This excerpt from O'Reilly Automotive's 10-K filed April 17, 1998 contains only the independent auditor's report from Ernst & Young, LLP (Kansas City, Missouri, dated February 16, 1998).
It does not include the financial statements, footnotes, MD&A, or business description, so it cannot support an analysis of revenue, margins, earnings, cash flow, store count, or balance sheet strength. Investors reviewing the full filing should look to those sections for the substance of the company's 1997 performance. The auditor issued an unqualified (clean) opinion.
Ernst & Young audited the consolidated balance sheets as of December 31, 1997 and 1996, and the related statements of income, stockholders' equity, and cash flows for each of the three years ended December 31, 1997. The firm concluded that the statements present fairly, in all material respects, the company's financial position and results of operations in conformity with generally accepted accounting principles. The opinion itself contains no going-concern language, exceptions, or emphasis paragraphs.
The report indicates the audit was conducted under generally accepted auditing standards, which is the standard expectation for a public company's annual filing. Because the excerpt is limited to the audit opinion, any assessment of the company's operating trends, leverage, or valuation would be speculative based on this text alone.
02—Key points
Key Highlights
- Auditor: Ernst & Young, LLP, Kansas City, Missouri, report dated February 16, 1998.
- Opinion: Unqualified (clean) opinion stating the financial statements present fairly in all material respects and conform with GAAP.
- Audit scope: Consolidated balance sheets as of December 31, 1997 and 1996, plus income, stockholders' equity, and cash flow statements for the three years ended December 31, 1997.
- No going-concern doubt, exceptions, or emphasis-of-matter paragraphs appear in the auditor's report.
- The excerpt does not include financial statement figures, so revenue, earnings, margins, and cash flow cannot be assessed from this text.
- Review of the full 10-K (financial statements, notes, MD&A, and business section) is needed for a complete investment assessment.
03—Questions
Frequently Asked Questions
Did the auditor raise any concerns about O'Reilly's financial statements?
No. The report expresses an unqualified opinion, meaning Ernst & Young found the statements fairly presented in all material respects under GAAP. It contains no qualifications, going-concern language, or explanatory paragraphs.
Which periods do the audited financial statements cover?
The balance sheets are as of December 31, 1997 and 1996. The income, stockholders' equity, and cash flow statements cover the three years ended December 31, 1997.
Who is O'Reilly's auditor for this filing?
Ernst & Young, LLP, based in Kansas City, Missouri, signed the report on February 16, 1998.
Does this excerpt show whether O'Reilly was profitable in 1997?
No. The excerpt contains only the audit opinion and no income statement, balance sheet, or cash flow figures. Profitability must be determined from the full financial statements in the complete filing.
04—Continue