PHILADELPHIA -- The Pep Boys announced the following results for the thirteen weeks (fourth quarter) and fifty-two weeks (fiscal year) ended Jan. 28, 2006.

Sales for the thirteen weeks ended Jan. 28, 2006 were $549.8 million, 0.7 percent less than the $553.4 million recorded last year. Comparable merchandise sales increased 0.7 percent and comparable service revenue decreased 4.3 percent. On a GAAP basis, net loss from continuing operations before cumulative effect of change in accounting principle increased from a net loss of $9.7 million ($0.18) per share - basic and diluted) to a net loss of $22.7 million ($0.42) per share - basic and diluted.

Sales for the fiscal year ended Jan. 28, 2006 were $2. billion 1.5 percent lower than the $2.3 billion recorded last year. Comparable merchandise sales decreased 0.2 percent and comparable service revenue decreased 6.1 percent.

On a GAAP basis, net earnings (loss) from continuing operations before cumulative effect of change in accounting principle decreased from net earnings of $25.4 million ($0.45 per share - basic and $0.44 per share - diluted) to a net loss of $35.7 million ($0.65) per share - basic and diluted.

Adjusted net earnings (Loss) from continuing operations before cumulative effect of change in accounting principle decreased from net earnings in 2004 of $21.8 million ($0.39 per share - basic and $0.38 per share - diluted), excluding a $7.9 million after tax gain related to the sale of a distribution center and $4.3 million in after tax charges related to certain executive severance obligations, to a net loss in 2005 of $26.1 million ($0.48) per share - basic and diluted, excluding $9.6 million in after tax charges related to the early extinguishment of debt and the write down of certain commercial sales information system assets.

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