##### Table of Contents









UNITED STATES SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549


Form 10-Q


|           |  |                                                                                             
|---------- |  | --------------------------------------------------------------------------------------------
|(Mark One) |  |                                                                                             
|þ          |  | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
    OF THE SECURITIES EXCHANGE ACT OF 1934 
|          
|           |  | For the quarterly period ended May 1, 2005                                                  
|          
|or        
|          
|o          |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
    OF THE SECURITIES EXCHANGE ACT OF 1934
|          
|           |  | For the transition period
    from           to                                             

Commission File Number 001-13927


CSK Auto Corporation


(Exact name of registrant as specified in its charter)


|                                                                                             |  |                                         
|-------------------------------------------------------------------------------------------- |  | ----------------------------------------
|Delaware                                                                                     |  | 86-0765798                              
|(State or other jurisdiction of
    Incorporation or organization)                           |  | (I.R.S. Employer
    Identification No.)
|                                                                                            
|645 E. Missouri Ave. Suite 400,
    Phoenix, Arizona(Address of principal executive offices) |  | 85012(Zip Code)                         

(602) 265-9200


(Registrants telephone number, including area code)


N/A


(Former name, former address and former fiscal year, if
changed since last report)


þ o


þ o












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TABLE OF CONTENTS


|                                   |  |                                                                                                      |    |      |    | 
|---------------------------------- |  | ---------------------------------------------------------------------------------------------------- | -- | ---- | -- | 
|                                   |  |                                                                                                      |    | Page |   
|                                   |  |                                                                                                      |    |      |   
|PART I  Financial
    Information
|Item 1.                            |  | Financial Statements (unaudited)                                                                     |    |      |    | 
|                                   |  | Consolidated Balance Sheets                                                                          |    |      | 2  | 
|                                   |  | Consolidated Statements of Operations                                                                |    |      | 3  | 
|                                   |  | Consolidated Statements of Cash Flows                                                                |    |      | 4  | 
|                                   |  | Notes to Consolidated Financial
    Statements                                                       |    |      | 5  | 
|Item 2.                            |  | Managements Discussion and Analysis
    of Financial Condition and Results of Operations            |    |      | 11 | 
|Item 3.                            |  | Quantitative and Qualitative Disclosures
    About Market Risk                                       |    |      | 17 | 
|Item 4.                            |  | Controls and Procedures                                                                              |    |      | 17 | 
|                                  
|PART II  Other
    Information   
|Item 1.                            |  | Legal Proceedings                                                                                    |    |      | 19 | 
|Item 2.                            |  | Unregistered Sales of Securities and Use of
    Proceeds and Issuer Repurchases of Equity Securities |    |      | 20 | 
|Item 3.                            |  | Defaults Upon Senior Securities                                                                      |    |      | 21 | 
|Item 4.                            |  | Submission of Matters to a Vote of Security
    Holders                                              |    |      | 21 | 
|Item 5.                            |  | Other Information                                                                                    |    |      | 21 | 
|Item 6.                            |  | Exhibits                                                                                             |    |      | 21 | 
|Signature                          |  |                                                                                                      | 23 |     
|Exhibit 31.1                      
|Exhibit 31.2                      
|Exhibit 32.0                      



1



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##### Table of Contents






PART I


FINANCIAL INFORMATION







|        |                     
|------- | --------------------
|Item 1. | Financial Statements

CSK AUTO CORPORATION AND SUBSIDIARIES





CONSOLIDATED BALANCE SHEETS


|                                                                |                                                                                                                                                                                    |                                            |         |          |             |   |         |          |           | 
|--------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------ | ------- | -------- | ----------- | - | ------- | -------- | --------- | 
|                                                                |                                                                                                                                                                                    | May 1,                                     |         |          | January 30, |  
|                                                                |                                                                                                                                                                                    | 2005                                       |         |          | 2005        |  
|                                                                |                                                                                                                                                                                    |                                            |         |          |             |  
|                                                                |                                                                                                                                                                                    | (Unaudited)                                |        
|                                                                |                                                                                                                                                                                    | (In thousands, except                      |        
|                                                                |                                                                                                                                                                                    | share data)                                |        
|ASSETS                                                         
|Cash and cash equivalents                                       |                                                                                                                                                                                    | $                                          | 97,704  |          |             | $ | 56,548  |         
|Receivables, net of allowances of $1,395 and $670, respectively |                                                                                                                                                                                    |                                            | 75,292  |          |             |   | 73,106  |         
|Inventories                                                     |                                                                                                                                                                                    |                                            | 560,178 |          |             |   | 531,751 |         
|Deferred income taxes                                           |                                                                                                                                                                                    |                                            | 41,956  |          |             |   | 46,263  |         
|Prepaid expenses and other current assets                       |                                                                                                                                                                                    |                                            | 22,987  |          |             |   | 27,260  |         
|                                                                |                                                                                                                                                                                    |                                            |         |          |             |  
|                                                                |                                                                                                                                                                                    | Total current assets                       |         |          | 798,117     |   |         |          | 734,928   | 
|                                                                |                                                                                                                                                                                    |                                            |         |          |             |  
|Property and equipment, net                                     |                                                                                                                                                                                    |                                            | 137,645 |          |             |   | 139,357 |         
|Leasehold interests, net                                        |                                                                                                                                                                                    |                                            | 10,075  |          |             |   | 10,393  |         
|Goodwill                                                        |                                                                                                                                                                                    |                                            | 118,966 |          |             |   | 118,966 |         
|Other assets, net                                               |                                                                                                                                                                                    |                                            | 36,312  |          |             |   | 38,474  |         
|                                                                |                                                                                                                                                                                    |                                            |         |          |             |  
|                                                                |                                                                                                                                                                                    | Total assets                               |         | $        | 1,101,115   |   |         | $        | 1,042,118 | 
|                                                                |                                                                                                                                                                                    |                                            |         |          |             |  
|                                                               
|LIABILITIES AND STOCKHOLDERS EQUITY                           
|Accounts payable                                                |                                                                                                                                                                                    | $                                          | 224,183 |          |             | $ | 178,444 |         
|Accrued payroll and related expenses                            |                                                                                                                                                                                    |                                            | 52,316  |          |             |   | 51,396  |         
|Accrued expenses and other current liabilities                  |                                                                                                                                                                                    |                                            | 53,891  |          |             |   | 47,982  |         
|Current maturities of long term debt                            |                                                                                                                                                                                    |                                            | 2,842   |          |             |   | 2,818   |         
|Current maturities of capital lease obligations                 |                                                                                                                                                                                    |                                            | 5,615   |          |             |   | 6,490   |         
|                                                                |                                                                                                                                                                                    |                                            |         |          |             |  
|                                                                |                                                                                                                                                                                    | Total current liabilities                  |         |          | 338,847     |   |         |          | 287,130   | 
|                                                                |                                                                                                                                                                                    |                                            |         |          |             |  
|Long term debt                                                  |                                                                                                                                                                                    |                                            | 477,893 |          |             |   | 477,568 |         
|Obligations under capital leases                                |                                                                                                                                                                                    |                                            | 9,302   |          |             |   | 10,437  |         
|Deferred income taxes                                           |                                                                                                                                                                                    |                                            | 6,427   |          |             |   | 6,341   |         
|Other liabilities                                               |                                                                                                                                                                                    |                                            | 45,817  |          |             |   | 46,358  |         
|                                                                |                                                                                                                                                                                    |                                            |         |          |             |  
|                                                                |                                                                                                                                                                                    | Total non-current liabilities              |         |          | 539,439     |   |         |          | 540,704   | 
|                                                                |                                                                                                                                                                                    |                                            |         |          |             |  
|Commitments and contingencies                                   |                                                                                                                                                                                    |                                            |         |          |             |   |         |         
|                                                                | Stockholders equity:                                                                                                                                                              |                                            |         |          |             |   |         |          |          
|                                                                | Common stock, $0.01 par value, 58,000,000 shares
    authorized, 45,147,742 and 45,116,301 shares issued and
    outstanding at May 1, 2005 and January 30, 2005,
    respectively |                                            |         | 452      |             |   |         | 451      |          
|                                                                | Additional paid-in capital                                                                                                                                                         |                                            |         | 446,930  |             |   |         | 446,537  |          
|                                                                | Deferred compensation                                                                                                                                                              |                                            |         | (912     | )           |   |         | (1,018   | )        
|                                                                | Stockholder receivable                                                                                                                                                             |                                            |         | (10      | )           |   |         | (10      | )        
|                                                                | Accumulated deficit                                                                                                                                                                |                                            |         | (223,631 | )           |   |         | (231,676 | )        
|                                                                |                                                                                                                                                                                    |                                            |         |          |             |  
|                                                                |                                                                                                                                                                                    | Total stockholders equity                 |         |          | 222,829     |   |         |          | 214,284   | 
|                                                                |                                                                                                                                                                                    |                                            |         |          |             |  
|                                                                |                                                                                                                                                                                    | Total liabilities and stockholders equity |         | $        | 1,101,115   |   |         | $        | 1,042,118 | 
|                                                                |                                                                                                                                                                                    |                                            |         |          |             |  



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CSK AUTO CORPORATION AND SUBSIDIARIES





CONSOLIDATED STATEMENTS OF OPERATIONS


|                                           |                              |                           |         |         |        |   |         |         |      | 
|------------------------------------------ | ---------------------------- | ------------------------- | ------- | ------- | ------ | - | ------- | ------- | ---- | 
|                                           |                              | Thirteen Weeks Ended      |        
|                                           |                              |                           |        
|                                           |                              | May 1,                    |         |         | May 2, |  
|                                           |                              | 2005                      |         |         | 2004   |  
|                                           |                              |                           |         |         |        |  
|                                           |                              | (Unaudited)               |        
|                                           |                              | (In thousands, except per |        
|                                           |                              | share data)               |        
|Net sales                                  |                              | $                         | 397,201 |         |        | $ | 397,054 |        
|Cost of sales                              |                              |                           | 217,218 |         |        |   | 208,359 |        
|                                           |                              |                           |         |         |        |  
|Gross profit                               |                              |                           | 179,983 |         |        |   | 188,695 |        
|Other costs and expenses:                  |                              |                           |         |         |        |   |         |        
|                                           | Operating and administrative |                           |         | 157,883 |        |   |         | 158,712 |     
|                                           | Store closing costs          |                           |         | 315     |        |   |         | 326     |     
|                                           |                              |                           |         |         |        |  
|Operating profit                           |                              |                           | 21,785  |         |        |   | 29,657  |        
|Interest expense, net                      |                              |                           | 8,570   |         |        |   | 8,614   |        
|                                           |                              |                           |         |         |        |  
|Income before income taxes                 |                              |                           | 13,215  |         |        |   | 21,043  |        
|Income tax expense                         |                              |                           | 5,170   |         |        |   | 8,228   |        
|                                           |                              |                           |         |         |        |  
|Net income                                 |                              | $                         | 8,045   |         |        | $ | 12,815  |        
|                                           |                              |                           |         |         |        |  
|Basic earnings per share:                  |                              |                           |         |         |        |   |         |        
|                                           |                              | Net income                |         | $       | 0.18   |   |         | $       | 0.28 | 
|                                           |                              |                           |         |         |        |  
|Shares used in computing per share amounts |                              |                           | 45,130  |         |        |   | 46,517  |        
|                                           |                              |                           |         |         |        |  
|Diluted earnings per share:                |                              |                           |         |         |        |   |         |        
|                                           |                              | Net income                |         | $       | 0.18   |   |         | $       | 0.27 | 
|                                           |                              |                           |         |         |        |  
|Shares used in computing per share amounts |                              |                           | 45,494  |         |        |   | 46,885  |        
|                                           |                              |                           |         |         |        |  



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CSK AUTO CORPORATION AND SUBSIDIARIES





CONSOLIDATED STATEMENTS OF CASH FLOWS


|                                               |                                                                                       |                                                            |                                                                 |        |        |         |        |         |        |         |  
|---------------------------------------------- | ------------------------------------------------------------------------------------- | ---------------------------------------------------------- | --------------------------------------------------------------- | ------ | ------ | ------- | ------ | ------- | ------ | ------- | -
|                                               |                                                                                       | Thirteen Weeks Ended                                       |                                                                
|                                               |                                                                                       |                                                            |                                                                
|                                               |                                                                                       | May 1,                                                     |                                                                 |        | May 2, |        
|                                               |                                                                                       | 2005                                                       |                                                                 |        | 2004   |        
|                                               |                                                                                       |                                                            |                                                                 |        |        |        
|                                               |                                                                                       | (Unaudited)                                                |                                                                
|                                               |                                                                                       | (In thousands)                                             |                                                                
|Cash flows from operating activities:          |                                                                                       |                                                            |                                                                 |        |        |         |        |        
|                                               | Net income                                                                            |                                                            | $                                                               | 8,045  |        |         | $      | 12,815  |       
|                                               | Adjustments to reconcile net income to net cash provided by
    operating activities: |                                                            |                                                                 |        |        |         |        |         |       
|                                               |                                                                                       | Depreciation and amortization of property and equipment    |                                                                 |        | 7,725  |         |        |         | 8,185  |        
|                                               |                                                                                       | Amortization and accretion of financing items              |                                                                 |        | 453    |         |        |         | 470    |        
|                                               |                                                                                       | Amortization of other items                                |                                                                 |        | 1,005  |         |        |         | 1,032  |        
|                                               |                                                                                       | Losses on disposal of property, equipment and other assets |                                                                 |        | 365    |         |        |         | 174    |        
|                                               |                                                                                       | Tax benefit relating to stock option exercises             |                                                                 |        | 86     |         |        |         | 106    |        
|                                               |                                                                                       | Deferred income taxes                                      |                                                                 |        | 4,393  |         |        |         | 7,564  |        
|                                               |                                                                                       | Change in operating assets and liabilities:                |                                                                 |        |        |         |        |         |        |        
|                                               |                                                                                       |                                                            | Receivables                                                     |        |        | (2,186  | )      |         |        | (709    | )
|                                               |                                                                                       |                                                            | Inventories                                                     |        |        | (28,427 | )      |         |        | (20,823 | )
|                                               |                                                                                       |                                                            | Prepaid expenses and other current assets                       |        |        | 4,273   |        |         |        | (1,246  | )
|                                               |                                                                                       |                                                            | Accounts payable                                                |        |        | 45,739  |        |         |        | 7,767   |  
|                                               |                                                                                       |                                                            | Accrued payroll, accrued expenses and other current liabilities |        |        | 6,829   |        |         |        | 392     |  
|                                               |                                                                                       |                                                            | Other operating activities                                      |        |        | 501     |        |         |        | (556    | )
|                                               |                                                                                       |                                                            |                                                                 |        |        |        
|                                               |                                                                                       | Net cash provided by operating activities                  |                                                                 |        | 48,801 |         |        |         | 15,171 |        
|                                               |                                                                                       |                                                            |                                                                 |        |        |        
|Cash flows from investing activities:          |                                                                                       |                                                            |                                                                 |        |        |         |        |        
|                                               | Capital expenditures                                                                  |                                                            |                                                                 | (6,384 | )      |         |        | (4,817  | )     
|                                               | Other investing activities                                                            |                                                            |                                                                 | (320   | )      |         |        | (817    | )     
|                                               |                                                                                       |                                                            |                                                                 |        |        |        
|                                               |                                                                                       | Net cash used in investing activities                      |                                                                 |        | (6,704 | )       |        |         | (5,634 | )      
|                                               |                                                                                       |                                                            |                                                                 |        |        |        
|Cash flows from financing activities:          |                                                                                       |                                                            |                                                                 |        |        |         |        |        
|                                               | Borrowings under senior credit facility                                               |                                                            |                                                                 |       |        |         |        | 20,600  |       
|                                               | Payments under senior credit facility                                                 |                                                            |                                                                 |       |        |         |        | (20,600 | )     
|                                               | Payment of debt issuance costs                                                        |                                                            |                                                                 |       |        |         |        | (854    | )     
|                                               | Payments on capital lease obligations                                                 |                                                            |                                                                 | (2,010 | )      |         |        | (2,554  | )     
|                                               | Proceeds from repayment of stockholder receivable                                     |                                                            |                                                                 |       |        |         |        | 8       |       
|                                               | Proceeds from seller financing arrangements                                           |                                                            |                                                                 | 905    |        |         |        |        |       
|                                               | Payments on seller financing arrangements                                             |                                                            |                                                                 | (78    | )      |         |        | (45     | )     
|                                               | Proceeds from exercise of stock options                                               |                                                            |                                                                 | 308    |        |         |        | 346     |       
|                                               | Other financing activities                                                            |                                                            |                                                                 | (66    | )      |         |        | (98     | )     
|                                               |                                                                                       |                                                            |                                                                 |        |        |        
|                                               |                                                                                       | Net cash used in financing activities                      |                                                                 |        | (941   | )       |        |         | (3,197 | )      
|                                               |                                                                                       |                                                            |                                                                 |        |        |        
|                                               |                                                                                       | Net increase in cash and cash equivalents                  |                                                                 |        | 41,156 |         |        |         | 6,340  |        
|Cash and cash equivalents, beginning of period |                                                                                       |                                                            | 56,548                                                          |        |        |         | 37,221 |        
|                                               |                                                                                       |                                                            |                                                                 |        |        |        
|Cash and cash equivalents, end of period       |                                                                                       | $                                                          | 97,704                                                          |        |        | $       | 43,561 |        
|                                               |                                                                                       |                                                            |                                                                 |        |        |        



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CSK AUTO CORPORATION AND SUBSIDIARIES





NOTES TO CONSOLIDATED FINANCIAL STATEMENTS








|         |                      
|-------- | ---------------------
|Note 1  | Basis of Presentation







|         |                                 
|-------- | --------------------------------
|Note 2  | Recent Accounting Pronouncements





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CSK AUTO CORPORATION AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)








|         |            
|-------- | -----------
|Note 3  | Inventories





|                                  |  |                 |       |   |             |   |       |             |  |   |       |  
|--------------------------------- |  | --------------- | ----- | - | ----------- | - | ----- | ----------- |  | - | ----- | -
|                                  |  | May 1,          |       |   | January 30, |   |       | February 1, | 
|                                  |  | 2005            |       |   | 2005(1)     |   |       | 2004(1)     | 
|                                  |  |                 |       |   |             |   |       |             | 
|                                  |  | ($ in millions) |      
|FIFO cost                         |  | $               | 591.8 |   |             | $ | 564.0 |             |  | $ | 550.3 |  
|Administrative and overhead costs |  |                 | 43.8  |   |             |   | 39.8  |             |  |   | 39.6  |  
|Vendor allowances                 |  |                 | (59.3 | ) |             |   | (57.4 | )           |  |   | (60.4 | )
|Shrinkage                         |  |                 | (15.1 | ) |             |   | (13.1 | )           |  |   | (13.4 | )
|Obsolescence                      |  |                 | (1.0  | ) |             |   | (1.5  | )           |  |   |      |  
|                                  |  |                 |       |   |             |   |       |             | 
|Net inventory                     |  | $               | 560.2 |   |             | $ | 531.8 |             |  | $ | 516.1 |  
|                                  |  |                 |       |   |             |   |       |             | 






|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Amounts are different from those disclosed in our 2004 Annual
    Report due to the reclassification of approximately
    $6.6 million of store operating supplies as of May 1,
    2005 and January 30, 2005 and approximately
    $6.7 million of store operating supplies reclassified as of
    February 1, 2004 as discussed in Note 1 of the Notes
    to Consolidated Financial Statements in this Form 10-Q. In
    addition, FIFO cost, capitalized administrative and overhead
    costs and vendor allowance amounts have been revised from those
    previously reported in our 2004 Annual Report to reflect the
    correct balances for capitalized administrative and overhead
    costs and vendor allowances. The net effect of the correction
    was a $1.0 million reduction in FIFO cost which was
    recorded in cost of sales in the first quarter of fiscal 2005.

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CSK AUTO CORPORATION AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


Note 4  Store Closing Costs












|                           |                                          |                |                          |      |      |     | 
|-------------------------- | ---------------------------------------- | -------------- | ------------------------ | ---- | ---- | --- | 
|Balance, beginning of year |                                          | $              | 7,883                    |     
|Store closing costs:       |                                          |                |                          |     
|                           | Provision for store closing costs        |                |                          | 62   |     
|                           | Revisions in estimates                   |                |                          | 8    |     
|                           | Accretion                                |                |                          | 105  |     
|                           | Operating expenses and other             |                |                          | 140  |     
|                           |                                          |                |                         
|                           |                                          |                | Store closing costs, net |      |      | 315 | 
|                           |                                          |                |                         
|Payments:                  |                                          |                |                          |     
|                           | Rent expense, net of sublease recoveries |                |                          | (589 | )   
|                           | Occupancy and other expenses             |                |                          | (199 | )   
|                           | Sublease commissions and buyouts         |                |                          |     |     
|                           |                                          |                |                         
|                           |                                          | Total payments |                          |      | (788 | )  
|                           |                                          |                |                         
|Balance as of May 1, 2005  |                                          | $              | 7,410                    |     
|                           |                                          |                |                         

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CSK AUTO CORPORATION AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|         |               
|-------- | --------------
|Note 5  | Long Term Debt



|                                                      |                      |        |         |         |             |   |         |         | 
|----------------------------------------------------- | -------------------- | ------ | ------- | ------- | ----------- | - | ------- | ------- | 
|                                                      |                      | May 1, |         |         | January 30, |  
|                                                      |                      | 2005   |         |         | 2005        |  
|                                                      |                      |        |         |         |             |  
|Senior credit facility  term loan                    |                      | $      | 252,450 |         |             | $ | 252,450 |        
|7% senior subordinated notes                          |                      |        | 220,041 |         |             |   | 220,519 |        
|Seller financing arrangements                         |                      |        | 8,244   |         |             |   | 7,417   |        
|                                                      |                      |        |         |         |             |  
|Total debt                                            |                      | $      | 480,735 |         |             | $ | 480,386 |        
|Less: Current maturities under senior credit facility |                      |        | 2,550   |         |             |   | 2,550   |        
|Current portion of seller
    financing arrangements  |                      |        | 292     |         |             |   | 268     |        
|                                                      |                      |        |         |         |             |  
|                                                      | Total long term debt |        | $       | 477,893 |             |   | $       | 477,568 | 
|                                                      |                      |        |         |         |             |  



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CSK AUTO CORPORATION AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|         |                   
|-------- | ------------------
|Note 6  | Earnings Per Share



|                                              |                                             |                                               |   |        |        |  |   |        |        | 
|--------------------------------------------- | ------------------------------------------- | --------------------------------------------- | - | ------ | ------ |  | - | ------ | ------ | 
|                                              |                                             | Thirteen Weeks                                |  
|                                              |                                             | Ended                                         |  
|                                              |                                             |                                               |  
|                                              |                                             | May 1,                                        |   |        | May 2, | 
|                                              |                                             | 2005                                          |   |        | 2004   | 
|                                              |                                             |                                               |   |        |        | 
|Numerator for basic and diluted EPS:          |                                             |                                               |   |        |        |  |   |       
|                                              | Net income                                  |                                               | $ | 8,045  |        |  | $ | 12,815 |       
|                                              |                                             |                                               |   |        |        | 
|Denominator for basic EPS:                    |                                             |                                               |   |        |        |  |   |       
|                                              | Weighted average shares outstanding (basic) |                                               |   | 45,130 |        |  |   | 46,517 |       
|                                              |                                             |                                               |   |        |        | 
|Denominator for diluted EPS:                  |                                             |                                               |   |        |        |  |   |       
|                                              | Weighted average shares outstanding (basic) |                                               |   | 45,130 |        |  |   | 46,517 |       
|                                              | Effect of dilutive stock options            |                                               |   | 364    |        |  |   | 368    |       
|                                              |                                             |                                               |   |        |        | 
|                                              |                                             | Weighted average shares outstanding (diluted) |   |        | 45,494 |  |   |        | 46,885 | 
|                                              |                                             |                                               |   |        |        | 
|Shares excluded as a result of anti-dilution: |                                             |                                               |   |        |        |  |   |       
|                                              | Stock options                               |                                               |   | 385    |        |  |   | 346    |       



|         |                         
|-------- | ------------------------
|Note 7  | Stock Based Compensation



|                                                                                                                                                   |             |                |       |      |        |   |        |      | 
|-------------------------------------------------------------------------------------------------------------------------------------------------- | ----------- | -------------- | ----- | ---- | ------ | - | ------ | ---- | 
|                                                                                                                                                   |             | Thirteen Weeks |      
|                                                                                                                                                   |             | Ended          |      
|                                                                                                                                                   |             |                |      
|                                                                                                                                                   |             | May 1,         |       |      | May 2, |  
|                                                                                                                                                   |             | 2005           |       |      | 2004   |  
|                                                                                                                                                   |             |                |       |      |        |  
|Net income  as reported                                                                                                                           |             | $              | 8,045 |      |        | $ | 12,815 |     
|Add: Stock-based employee compensation expense included in
    reported net income, net of related income taxes                                    |             |                | 64    |      |        |   |       |     
|Less: Total stock-based employee compensation expense determined
    under fair value based method for all awards, net of related
    income taxes |             |                | (494  | )    |        |   | (170   | )   
|                                                                                                                                                   |             |                |       |      |        |  
|Net income  pro forma                                                                                                                             |             | $              | 7,615 |      |        | $ | 12,645 |     
|                                                                                                                                                   |             |                |       |      |        |  
|Earnings per share  basic:                                                                                                                        |             |                |       |      |        |   |        |     
|                                                                                                                                                   | As reported |                | $     | 0.18 |        |   | $      | 0.28 | 
|                                                                                                                                                   | Pro forma   |                |       | 0.17 |        |   |        | 0.27 | 
|Earnings per share  diluted:                                                                                                                      |             |                |       |      |        |   |        |     
|                                                                                                                                                   | As reported |                | $     | 0.18 |        |   | $      | 0.27 | 
|                                                                                                                                                   | Pro forma   |                |       | 0.17 |        |   |        | 0.27 | 

9



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##### Table of Contents



CSK AUTO CORPORATION AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|         |              
|-------- | -------------
|Note 8  | Legal Matters









10



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##### Table of Contents








|        |                                                                                          
|------- | -----------------------------------------------------------------------------------------
|Item 2. | Managements Discussion and Analysis of Financial
    Condition and Results of Operations

Overview






| |   |                                                                                                                                        
| | - | ---------------------------------------------------------------------------------------------------------------------------------------
| |  | Checker Auto Parts, founded in 1969, with 428 stores in the
    Southwestern, Rocky Mountain and Northern Plains states and
    Hawaii;
|
| |  | Schucks Auto Supply, founded in 1917, with 225 stores in the
    Pacific Northwest and Alaska; and                                     
|
| |  | Kragen Auto Parts, founded in 1947, with 485 stores primarily in
    California.                                                       



Pay N Save.






11



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##### Table of Contents



Results of Operations




|                                 |  |                |       |   |        |  |       |  
|-------------------------------- |  | -------------- | ----- | - | ------ |  | ----- | -
|                                 |  | Thirteen Weeks |      
|                                 |  | Ended          |      
|                                 |  |                |      
|                                 |  | May 1,         |       |   | May 2, | 
|                                 |  | 2005           |       |   | 2004   | 
|                                 |  |                |       |   |        | 
|Net sales                        |  |                | 100.0 | % |        |  | 100.0 | %
|Cost of sales                    |  |                | 54.7  |   |        |  | 52.5  |  
|                                 |  |                |       |   |        | 
|Gross profit                     |  |                | 45.3  |   |        |  | 47.5  |  
|Operating and administrative     |  |                | 39.7  |   |        |  | 39.9  |  
|Store closing costs              |  |                | 0.1   |   |        |  | 0.1   |  
|                                 |  |                |       |   |        | 
|Operating profit                 |  |                | 5.5   |   |        |  | 7.5   |  
|Interest expense, net            |  |                | 2.2   |   |        |  | 2.2   |  
|                                 |  |                |       |   |        | 
|Income before income tax expense |  |                | 3.3   |   |        |  | 5.3   |  
|Income tax expense               |  |                | 1.3   |   |        |  | 2.1   |  
|                                 |  |                |       |   |        | 
|Net income                       |  |                | 2.0   | % |        |  | 3.2   | %
|                                 |  |                |       |   |        | 

Thirteen Weeks Ended May 1, 2005 Compared to Thirteen
Weeks Ended May 2, 2004












12



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##### Table of Contents



Liquidity and Capital Resources




| |                      
| | ---------------------
| | Overview of Liquidity



|                                            |  |                  |         |  |             |   |         | 
|------------------------------------------- |  | ---------------- | ------- |  | ----------- | - | ------- | 
|                                            |  | May 1,           |         |  | January 30, |  
|                                            |  | 2005             |         |  | 2005        |  
|                                            |  |                  |         |  |             |  
|                                            |  | ($ in thousands) |        
|Cash                                        |  | $                | 97,704  |  |             | $ | 56,548  | 
|Availability under revolving line of credit |  |                  | 116,983 |  |             |   | 114,035 | 
|Working capital                             |  |                  | 459,270 |  |             |   | 447,798 | 



Analysis of Cash Flows








Store Closures




13



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##### Table of Contents













|                           |                                          |                |                          |      |      |     | 
|-------------------------- | ---------------------------------------- | -------------- | ------------------------ | ---- | ---- | --- | 
|Balance, beginning of year |                                          | $              | 7,883                    |     
|Store closing costs:       |                                          |                |                          |     
|                           | Provision for store closing costs        |                |                          | 62   |     
|                           | Revisions in estimates                   |                |                          | 8    |     
|                           | Accretion                                |                |                          | 105  |     
|                           | Operating expenses and other             |                |                          | 140  |     
|                           |                                          |                |                         
|                           |                                          |                | Store closing costs, net |      |      | 315 | 
|                           |                                          |                |                         
|Payments:                  |                                          |                |                          |     
|                           | Rent expense, net of sublease recoveries |                |                          | (589 | )   
|                           | Occupancy and other expenses             |                |                          | (199 | )   
|                           | Sublease commissions and buyouts         |                |                          |     |     
|                           |                                          |                |                         
|                           |                                          | Total payments |                          |      | (788 | )  
|                           |                                          |                |                         
|Balance as of May 1, 2005  |                                          | $              | 7,410                    |     
|                           |                                          |                |                         



14



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##### Table of Contents



Factors Affecting Liquidity and Capital Resources




| |             
| | ------------
| | Sales Trends





| |          
| | ---------
| | Inflation





| |               
| | --------------
| | Debt Covenants









15



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##### Table of Contents







| |               
| | --------------
| | Interest Rates





Critical Accounting Matters




Recent Accounting Pronouncements








16



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##### Table of Contents





Forward-looking Statements









|        |                                                               
|------- | --------------------------------------------------------------
|Item 3. | Quantitative and Qualitative Disclosures about Market
    Risk








|        |                        
|------- | -----------------------
|Item 4. | Controls and Procedures





| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The Company did not maintain effective controls over the
    completeness and accuracy of its accounting for lease related
    assets, liabilities and expenses. Specifically, the
    Companys controls over the selection, application and
    monitoring of its accounting policies related to the effect of
    the amortization periods for leasehold improvements, rent
    holidays, straight-lining of minimum lease payments, lease
    incentives and lessee involvement in asset construction
    practices were ineffective to ensure that such transactions were
    accounted for in conformity with generally accepted accounting
    principles. This control deficiency resulted in the restatement
    of our consolidated financial statements for the fiscal years
    ended February 1, 2004 and February 2, 2003, the
    restatement of each of the quarters in the fiscal year ended
    February 1, 2004, and the restatement of each of the first
    three quarters in and an adjustment to the consolidated
    financial statements for the fiscal year ended January 30,
    2005.
|
| |  | The Company did not maintain effective controls over the
    completeness and valuation of our vendor allowance receivable
    account and related cost of sales. Specifically, the Company did
    not maintain effective controls over the review and approval
    process for initial vendor allowance agreements; the monitoring
    of modifications to existing vendor allowance agreements; and
    the accuracy of our recording of various vendor allowance
    transactions. This control deficiency resulted in the
    restatement of our consolidated financial statements for the
    fiscal years ended February 1, 2004 and February 2,
    2003, the restatement of each of the quarters in the fiscal year
    ended February 1, 2004, and the restatement of each of the
    first three quarters in and an adjustment to the consolidated
    financial statements for the fiscal year ended January 30,
    2005.                                                                                                                                                                           

17



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##### Table of Contents





| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The Company did not maintain effective controls over the
    valuation of our inventory allowance accounts for shrinkage and
    obsolescence and related cost of sales. Specifically, the
    Company did not have effective supervisory and review controls
    over our process to determine the inventory shrinkage allowance
    and the method of valuing certain slow-moving inventory in
    accordance with generally accepted accounting principles. This
    control deficiency resulted in audit adjustments to the
    consolidated financial statements for the fiscal year ended
    January 30, 2005.                                                                                         
|
| |  | The Company did not maintain effective controls over certain
    aspects of the financial reporting process because we lacked a
    sufficient complement of personnel with a level of accounting
    expertise and an adequate supervisory review structure that is
    commensurate with the Companys financial reporting
    requirements. Specifically, this control deficiency directly
    contributed to each of the above described material weaknesses
    and also resulted in audit adjustments to our consolidated
    financial statements for the fiscal year ended January 30,
    2005 related to the return to vendor accounts receivable and
    self-insurance accrued liability accounts.









| |   |                                                                                                                                                                                                                                                                                                                                                      
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Require a formal accounting review of each new or amended lease
    transaction by a management level associate;                                                                                                                                                                                                                                     
|
| |  | Provide additional educational resources to accounting personnel
    regarding lease accounting guidance applicable to the various
    lease accounting matters that arise in the course of the
    Companys business;                                                                                                                              
|
| |  | Implement additional processes and procedures to
    (i) enhance the communication between the real
    estate/property management departments and accounting personnel
    concerning various aspects of the Companys lease
    transactions, and (ii) have key accounting personnel more
    closely monitor the Companys lease transactions; and
|
| |  | Hire additional or reassign staff to facilitate the additional
    workload needed to handle lease accounting requirements, which
    go well beyond the approval and processing of lease payments.                                                                                                                                                  





| |   |                                                                                                                                                                                                      
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Improve the training of personnel in the accounting and
    merchandising departments with respect to the Companys
    contract review and approval procedures and vendor allowance
    policies;   
|
| |  | Enhance the staffing of personnel in the merchandising
    department;                                                                                                                               
|
| |  | Clarify the duties and responsibilities of the Company personnel
    who interact directly with vendors to reinforce accountability;                                                                 
|
| |  | Monitor closely vendor agreements with allowances tied to
    specific purchase volumes to determine when specified criteria
    are met and when allowances have been earned by the
    Company; and
|
| |  | Implement a more formalized quarterly process for updating of
    estimates by vendor including reconciliation to the general
    ledger accounts.                                                   



18



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##### Table of Contents







| |   |                                                                                                                                                    
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Implement the organizational structure changes required to
    facilitate effective supervisory review;                                            
|
| |  | Evaluate the necessity of additional key finance and accounting
    personnel to facilitate a more effective monitoring and review
    process; and
|
| |  | Provide for greater review and oversight for key significant
    accounts.                                                                         





Evaluation of Effectiveness of Disclosure Controls and
Procedures




Changes in Internal Control Over Financial Reporting







PART II


OTHER INFORMATION







|        |                  
|------- | -----------------
|Item 1. | Legal Proceedings



19



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##### Table of Contents














|        |                                                                                                     
|------- | ----------------------------------------------------------------------------------------------------
|Item 2. | Unregistered Sales of Securities and Use of Proceeds and
    Issuer Repurchases of Equity Securities

|                                      |  |                                         |           |  |          |   |       |                     |  |  |                  |  |  |   |           | 
|------------------------------------- |  | --------------------------------------- | --------- |  | -------- | - | ----- | ------------------- |  |  | ---------------- |  |  | - | --------- | 
|                                      |  | Issuer Repurchases of Equity Securities |          
|                                      |  |                                         |          
|                                      |  | Total                                   |           |  | Average  |   |       | Total Number of     |  |  | Dollar Value of  | 
|                                      |  | Number                                  |           |  | Price    |   |       | Shares Purchased    |  |  | Shares That May  | 
|                                      |  | of Shares                               |           |  | Paid per |   |       | as Part of Publicly |  |  | yet Be Purchased | 
|Period                                |  | Purchased                               |           |  | Share    |   |       | Announced Plans     |  |  | Under the Plan   | 
|                                      |  |                                         |           |  |          |   |       |                     |  |  |                  | 
|Balance as of January 30, 2005        |  |                                         | 1,574,956 |  |          | $ | 15.06 |                     |  |  | 1,574,956        |  |  | $ | 1,275,034 | 
|January 31, 2005 to February 27, 2005 |  |                                         |          |  |          |   |      |                     |  |  |                 |  |  |   |           | 
|February 28, 2005 to April 3, 2005    |  |                                         |          |  |          |   |      |                     |  |  |                 |  |  |   |           | 
|April 4, 2005 to May 1, 2005          |  |                                         |          |  |          |   |      |                     |  |  |                 |  |  |   |           | 
|                                      |  |                                         |           |  |          |   |       |                     |  |  |                  | 
|As of May 1, 2005                     |  |                                         | 1,574,956 |  |          | $ | 15.06 |                     |  |  | 1,574,956        |  |  | $ | 1,275,034 | 



20



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##### Table of Contents








|        |                                
|------- | -------------------------------
|Item 3. | Defaults upon Senior Securities








|        |                                                    
|------- | ---------------------------------------------------
|Item 4. | Submission of Matters to a Vote of Security Holders








|        |                  
|------- | -----------------
|Item 5. | Other Information








|        |         
|------- | --------
|Item 6. | Exhibits



| |    |       |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | -- | ----- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 3  | .01   |  | Restated Certificate of Incorporation of the Company,
    incorporated herein by reference to Exhibit 3.01 of our
    Annual Report on Form 10-K, filed on May 4, 1998 (File
    No. 001-13927).                                                                                                                                                                                                                                                                                                                                                                                
| | 3  | .02   |  | Certificate of Correction to the Restated Certificate of
    Incorporation of the Company, incorporated herein by reference
    to Exhibit 3.02 of our Annual Report on Form 10-K, filed on
    May 4, 1998 (File No. 001-13927).                                                                                                                                                                                                                                                                                                                                               
| | 3  | .03   |  | Certificate of Amendment to the Restated Certificate of
    Incorporation of CSK Auto Corporation, incorporated herein
    by reference to Exhibit 3.02.1 of our Report on
    Form 10-Q, filed on September 18, 2002 (File
    No. 001-13927).                                                                                                                                                                                                                                                                                                                                 
| | 3  | .04   |  | Amended and Restated By-laws of the Company, incorporated herein
    by reference to Exhibit 3.03 of our Annual Report on
    Form 10-K, filed on April 28, 1999 (File
    No. 001-13927).                                                                                                                                                                                                                                                                                                                                                                                      
| | 3  | .04.1 |  | First Amendment to Amended and Restated By-laws of the Company,
    incorporated herein by reference to Exhibit 3.03.1 of our
    annual report on Form 10-K, filed on May 1, 2001 (File
    No. 001-13927).                                                                                                                                                                                                                                                                                                                                                                    
| | 3  | .04.2 |  | Second Amendment to Amended and Restated By-laws of the Company,
    incorporated herein by reference to Exhibit 3.03.2 of our
    Current Report on Form 10-Q, filed on June 14, 2004 (File
    No. 001-13927).                                                                                                                                                                                                                                                                                                                                                                
| | 4  | .01   |  | Form of Common Stock certificate, incorporated herein by
    reference to our Registration Statement on Form S-1 (File
    No. 333-43211).                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | 4  | .02   |  | Amended and Restated Credit Agreement, dated January 16,
    2004, by and among CSK Auto, Inc., the several lenders from
    time to time parties thereto (the Lenders), JPMorgan Chase Bank,
    as administrative agent for the Lenders, Credit Suisse First
    Boston, acting through its Cayman Islands Branch, as syndication
    agent for the Lenders, and Bank of America, N.A. and
    U.S. Bank N.A., as Co-Documentation Agents for the Lenders,
    incorporated herein by reference to Exhibit 99.2 of our
    Current Report on Form 8-K, filed January 20, 2004.
| | 4  | .02.1 |  | Amendment No. 1 to the Amended and Restated Credit
    Agreement, dated as of April 29, 2004, incorporated herein
    by reference to Exhibit 4.01.1 of our Current Report on
    Form 10-Q, filed May 10, 2004. (File No. 001-13927)                                                                                                                                                                                                                                                                                                                                           
| | 4  | .02.2 |  | Amendment No. 2 to the Amended and Restated Credit
    Agreement, dated as of August 10, 2004, incorporated herein
    by reference to Exhibit 99.1 of our Current Report on Form
    8-K, filed August 12, 2004. (File No. 001-13927)                                                                                                                                                                                                                                                                                                                                          
| | 4  | .03   |  | Indenture dated January 16, 2004, by and among
    CSK Auto, Inc., CSK Auto Corporation, Automotive
    Information Systems, Inc. and CSKAUTO.COM, Inc. as guarantors,
    and the Bank of New York, as Trustee, incorporated herein by
    reference to our Current Report on Form 8-K filed on
    January 20, 2004 (File No. 001-13927).                                                                                                                                                                                                                                     
| | 31 | .1    |  | Certification by the Chief Executive Officer pursuant to
    Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | 31 | .2    |  | Certification by the Chief Financial Officer pursuant to
    Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

21



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| |    |    |  |                                                                                                                                                                                           
| | -- | -- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 32 | .0 |  | Certification by the Chief Executive Officer and Chief Financial
    Officer pursuant to 18 U.S.C. Section 1350, as adopted
    pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

22



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##### Table of Contents






SIGNATURE






| |                     
| | --------------------
| | CSK Auto Corporation



| |     |                  
| | --- | -----------------
| | By: | /s/ DON W. WATSON

| |                            
| | ---------------------------
| |                            
| | Don W. Watson              
| | Chief Financial Officer    
| | and Duly Authorized Officer



23



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##### Table of Contents






EXHIBIT INDEX


|        |    |             |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|------- | -- | ----------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |    |            
|Number  |    | Description
|        |    |            
|        | 3  | .01         |  | Restated Certificate of Incorporation of the Company,
    incorporated herein by reference to Exhibit 3.01 of our
    Annual Report on Form 10-K, filed on May 4, 1998 (File
    No. 001-13927).                                                                                                                                                                                                                                                                                                                                                                                
|        | 3  | .02         |  | Certificate of Correction to the Restated Certificate of
    Incorporation of the Company, incorporated herein by reference
    to Exhibit 3.02 of our Annual Report on Form 10-K,
    filed on May 4, 1998 (File No. 001-13927).                                                                                                                                                                                                                                                                                                                                               
|        | 3  | .03         |  | Certificate of Amendment to the Restated Certificate of
    Incorporation of CSK Auto Corporation, incorporated herein
    by reference to Exhibit 3.02.1 of our Report on
    Form 10-Q, filed on September 18, 2002 (File
    No. 001-13927).                                                                                                                                                                                                                                                                                                                                 
|        | 3  | .04         |  | Amended and Restated By-laws of the Company, incorporated herein
    by reference to Exhibit 3.03 of our Annual Report on
    Form 10-K, filed on April 28, 1999 (File
    No. 001-13927).                                                                                                                                                                                                                                                                                                                                                                                      
|        | 3  | .04.1       |  | First Amendment to Amended and Restated By-laws of the Company,
    incorporated herein by reference to Exhibit 3.03.1 of our
    annual report on Form 10-K, filed on May 1, 2001 (File
    No. 001-13927).                                                                                                                                                                                                                                                                                                                                                                    
|        | 3  | .04.2       |  | Second Amendment to Amended and Restated By-laws of the Company,
    incorporated herein by reference to Exhibit 3.03.2 of our
    Current Report on Form 10-Q, filed on June 14, 2004
    (File No. 001-13927).                                                                                                                                                                                                                                                                                                                                                                
|        | 4  | .01         |  | Form of Common Stock certificate, incorporated herein by
    reference to our Registration Statement on Form S-1 (File
    No. 333-43211).                                                                                                                                                                                                                                                                                                                                                                                                                                      
|        | 4  | .02         |  | Amended and Restated Credit Agreement, dated January 16,
    2004, by and among CSK Auto, Inc., the several lenders from time
    to time parties thereto (the Lenders), JPMorgan Chase Bank, as
    administrative agent for the Lenders, Credit Suisse First
    Boston, acting through its Cayman Islands Branch, as syndication
    agent for the Lenders, and Bank of America, N.A. and
    U.S. Bank N.A., as Co-Documentation Agents for the Lenders,
    incorporated herein by reference to Exhibit 99.2 of our
    Current Report on Form 8-K, filed January 20, 2004.
|        | 4  | .02.1       |  | Amendment No. 1 to the Amended and Restated Credit
    Agreement, dated as of April 29, 2004, incorporated herein
    by reference to Exhibit 4.01.1 of our Current Report on
    Form 10-Q, filed May 10, 2004. (File
    No. 001-13927)                                                                                                                                                                                                                                                                                                                                       
|        | 4  | .02.2       |  | Amendment No. 2 to the Amended and Restated Credit
    Agreement, dated as of August 10, 2004, incorporated herein
    by reference to Exhibit 99.1 of our Current Report on
    Form 8-K, filed August 12, 2004. (File
    No. 001-13927)                                                                                                                                                                                                                                                                                                                                      
|        | 4  | .03         |  | Indenture dated January 16, 2004, by and among
    CSK Auto, Inc., CSK Auto Corporation, Automotive
    Information Systems, Inc. and CSKAUTO.COM, Inc. as guarantors,
    and the Bank of New York, as Trustee, incorporated herein by
    reference to our Current Report on Form 8-K filed on
    January 20, 2004 (File No. 001-13927).                                                                                                                                                                                                                                     
|        | 31 | .1          |  | Certification by the Chief Executive Officer pursuant to
    Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|        | 31 | .2          |  | Certification by the Chief Financial Officer pursuant to
    Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|        | 32 | .0          |  | Certification by the Chief Executive Officer and Chief Financial
    Officer pursuant to 18 U.S.C. Section 1350, as adopted
    pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.