0000950123-11-094228.txt : 20111102 0000950123-11-094228.hdr.sgml : 20111102 20111102112840 ACCESSION NUMBER: 0000950123-11-094228 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20111027 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20111102 DATE AS OF CHANGE: 20111102 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PENSKE AUTOMOTIVE GROUP, INC. CENTRAL INDEX KEY: 0001019849 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500] IRS NUMBER: 223086739 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12297 FILM NUMBER: 111173508 BUSINESS ADDRESS: STREET 1: 2555 TELEGRAPH RD CITY: BLOOMFIELD HILLS STATE: MI ZIP: 48302-0954 BUSINESS PHONE: 248-648-2500 MAIL ADDRESS: STREET 1: 2555 TELEGRAPH RD CITY: BLOOMFIELD HILLS STATE: MI ZIP: 48302-0954 FORMER COMPANY: FORMER CONFORMED NAME: UNITED AUTO GROUP INC DATE OF NAME CHANGE: 19960726 8-K 1 c23952e8vk.htm FORM 8-K Form 8-K
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 27, 2011
Penske Automotive Group, Inc.
(Exact name of registrant as specified in its charter)
         
Delaware   1-12297   22-3086739
         
(State or other jurisdiction
of incorporation) 		  (Commission File Number)   (IRS Employer Identification No.)
     
2555 Telegraph Road, Bloomfield Hills,
Michigan 		   
48302
     
(Address of principal executive offices)   (Zip Code)
Registrant’s telephone number, including area code: 248-648-2500
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 

Item 2.02 Results of Operations and Financial Condition.
On November 2, 2011, we issued a press release announcing our third quarter 2011 financial results and other information. A copy of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.
Item 7.01 Regulation FD Disclosure.
The following information is furnished pursuant to Item 7.01 “Regulation FD Disclosure.”
On November 2, 2011, we issued a press release announcing our third quarter 2011 financial results and other information. A copy of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.
Item 8.01 Other Events.
Our Board of Directors has approved a quarterly dividend in the amount of $0.09 per share payable December 1, 2011 to shareholders of record as of November 14, 2011, as discussed more fully in the press release incorporated herein and attached hereto as Exhibit 99.2.
Item 9.01 Financial Statements and Exhibits.
         
  99.1    
Press Release.
  99.2    
Press Release.

 

 

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
         
  Penske Automotive Group, Inc.
 		  
November 2, 2011  By:   /s/ Shane M. Spradlin    
    Name:   Shane M. Spradlin   
    Title:   Executive Vice President   
Exhibit Index
         
Exhibit No.   Description
  99.1    
Press Release.
  99.2    
Press Release.

 

EX-99.1 2 c23952exv99w1.htm EXHIBIT 99.1 Exhibit 99.1
Exhibit 99.1
     
(PENSKE LOGO)
  Press Release



Penske Automotive Group, Inc.,
2555 Telegraph Road
Bloomfield Hills, MI 48302-0954
     
FOR IMMEDIATE RELEASE   (LOGO)
PENSKE AUTOMOTIVE REPORTS RECORD RESULTS
Total Revenue Increases 10.5% to $3.0 Billion
Revenue for All Categories Increases Compared to Third Quarter Last Year
Income From Continuing Operations of $56.7 Million, Related EPS of $0.62, Representing
Increases of 63%
SG&A to Gross Profit Improves by 70 Basis Points
Acquires 1.8 Million Shares of Common Stock
BLOOMFIELD HILLS, MI, November 2, 2011 — Penske Automotive Group, Inc. (NYSE:PAG), an international automotive retailer, today reported record third quarter results including the highest quarterly profit in company history. For the third quarter of 2011, income from continuing operations attributable to common shareholders was $56.7 million, or $0.62 per share, which compares to income from continuing operations attributable to common shareholders of $34.8 million, or $0.38 per share for the third quarter last year. During the quarter, the Company recognized a net income tax benefit of $11.0 million, or $0.12 per share, reflecting a positive adjustment from the resolution of certain tax items in the U.K. of $17.0 million, or $0.19 per share, partially offset by a reduction in deferred tax assets of $6.0 million, or $0.07 per share. After adjusting for these items, adjusted income from continuing operations attributable to common shareholders was a record $45.7 million, or $0.50 per share, representing an increase of 31.3% compared to the third quarter last year.

 

 

 

Total revenue increased by 10.5%, to $3.0 billion as total retail unit sales increased 6.2%. The increase in retail unit sales was highlighted by a 16.0% increase in used retail unit sales, which drove the Company’s-used-to-new ratio to 0.88 to 1. During the quarter, higher average transaction prices on both new and used vehicles also contributed to the revenue increase, including an 8.8% increase in same-store retail revenue from the Company’s premium/luxury brands. The parts and service business remained strong, increasing 8.6% in the quarter and 4.1% on a same-store basis.
Highlights of the Third Quarter
•   Total retail unit sales increased 6.2% to 72,204
  •   +5.9% in the United States; +6.8% Internationally
  •   New unit retail sales (1.2%)
  •   Used unit retail sales +16.0%
•   Same-store retail revenue increased 6.4%
  •   New +2.2%; Used +15.0%; Finance & Insurance +9.3%; Service and Parts +4.1%
  •   +5.1% in the United States; +8.7% Internationally
•   Average Transaction Price Per Unit
  •   New $38,236, +8.4%
  •   Used $26,404, +2.2%
•   Average Gross Profit Per Unit
  •   New $3,238/unit, +14.8%; Gross Margin 8.5% +50 bps
  •   Used $1,978/unit, +2.8%; Gross Margin 7.5% +10 bps
•   Inventory Days’ Supply
  •   New 43 days; Used 47 days
Commenting on the Company’s performance in the third quarter, Chairman Roger Penske said, “Our business produced another outstanding quarter of results in both the United States and internationally. Although we faced a challenging new vehicle inventory situation throughout the quarter as a result of the earthquake and tsunami that struck Japan, the Company generated same-store retail revenue increases in each area of the business and leveraged our cost structure by 70 basis points, improving operating income by 17.6%. Going forward, we believe the inventory supply of new vehicles for the affected brands is improving and should normalize in the first quarter of 2012.”

 

 

 

Penske added, “Our U.K. business performed well in the third quarter. We continue to realize the benefit from the premium/luxury brand mix of our business in that market and generated a 3.3% increase in same-store new retail unit sales, outperforming the overall U.K. market, which declined nearly 1% in the third quarter. Further, same-store used retail unit sales increased 8.2% in the U.K. during the quarter.”
Total revenue for the nine months ended September 30, 2011, increased 12.0% to $8.6 billion and income from continuing operations attributable to common shareholders was $134.9 million, or $1.46 per share, which compares to $90.1 million, or $0.98 per share in the same period last year. Excluding the impact of the net tax benefit noted above, adjusted income from continuing operations attributable to common shareholders increased 37.5%, to $123.9 million or $1.34 per share.
Acquisition Activity
As previously announced, the Company has acquired seven franchises in 2011, which are expected to generate approximately $525 million of annual revenue. Additionally, the Company has either sold, or is in the process of disposing dealerships, which represent approximately $300 million in annualized revenue.
U.S. Credit Agreement
During the third quarter, the Company amended its credit agreement with Mercedes-Benz Financial Services USA LLC and Toyota Motor Credit Corporation (the “U.S. Credit Agreement”) to increase the revolving loan availability by $75 million, from $300 million to $375 million. Additionally, the term of the U.S. Credit Agreement was extended by one year through September 30, 2014, pursuant to its evergreen provision.
Securities Repurchase Activity
During the third quarter of 2011, the Company acquired 1,831,559 shares of its common stock for an aggregate purchase price of $31.9 million, or an average price of $17.39 per share. For the nine months ended September 30, 2011, the Company acquired 2,449,768 shares of its common stock for an aggregate purchase price of $44.3 million, or an average price of $18.07 per share. The Company currently has remaining authorization from its Board of Directors to repurchase up to $106.8 million of its outstanding common stock, debt or convertible debt. Securities may be acquired from time to time either through open market purchases, negotiated transactions or other means.

 

 

 

Conference Call
Penske Automotive will host a conference call discussing financial results relating to the third quarter of 2011 on November 2, 2011, at 2:00 p.m. Eastern Daylight Time. To listen to the conference call, participants must dial (800) 230-1085 [International, please dial (612) 234-9960]. The call will also be simultaneously broadcast over the Internet through the Investors Relations section of the Penske Automotive Group website at www.penskeautomotive.com.
About Penske Automotive
Penske Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan, operates 325 retail automotive franchises, representing 42 different brands and 28 collision repair centers. Penske Automotive, which sells new and previously owned vehicles, finance and insurance products and replacement parts, and offers maintenance and repair services on all brands it represents, has 170 franchises in 17 states and Puerto Rico and 155 franchises located outside the United States, primarily in the United Kingdom. Penske Automotive is a member of the Fortune 500 and Russell 2000 and has approximately 15,000 employees.
Non-GAAP Financial Measures
This release contains certain non-GAAP financial measures as defined under SEC rules, such as adjusted income from continuing operations, adjusted income from continuing operations per share and earnings before interest, taxes, depreciation and amortization (“EBITDA”). The Company has reconciled these measures to the most directly comparable GAAP measures in the release. The Company believes that these widely accepted measures of operating profitability improve the transparency of the Company’s disclosures. These non-GAAP financial measures are not substitutes for GAAP financial results, and should only be considered in conjunction with the Company’s financial information that is presented in accordance with GAAP.

 

 

 

Caution Concerning Forward Looking Statements
Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.’s future sales potential. Actual results may vary materially because of risks and uncertainties as well as external factors such as consumer credit conditions; adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to natural disasters such as the earthquake and tsunami that struck Japan in March 2011; macro-economic factors; interest rate fluctuations; changes in consumer spending; and other factors over which management has no control. These forward-looking statements should be evaluated together with additional information about Penske Automotive’s business, markets, conditions and other uncertainties, which could affect Penske Automotive’s future performance. These risks and uncertainties are addressed in Penske Automotive’s Form 10-K for the year ended December 31, 2010, and its other filings with the Securities and Exchange Commission (“SEC”). This press release speaks only as of its date, and Penske Automotive disclaims any duty to update the information herein.
Find a vehicle: http://www.penskecars.com
Engage Penske Automotive: http://www.penskesocial.com
Like Penske Automotive on Facebook: https://facebook.com/PenskeCars
Follow Penske Automotive on Twitter: https://twitter.com/#!/Penskecarscorp
Visit Penske Automotive on YouTube: http://www.youtube.com/penskecars
Inquiries should contact:
     
David K. Jones
  Anthony R. Pordon
Executive Vice President and
  Executive Vice President Investor Relations
Chief Financial Officer
  and Corporate Development
Penske Automotive Group, Inc.
  Penske Automotive Group, Inc.
248-648-2800
  248-648-2540
dave.jones@penskeautomotive.com
  tpordon@penskeautomotive.com
# # #

 

 

 

PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Statements of Income
(Amounts In Thousands, Except Per Share Data)
(Unaudited)
                                 
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2011     2010     2011     2010  
Revenues:
                                
New Vehicle
   $ 1,471,606     $ 1,373,240     $ 4,288,746     $ 3,882,945  
Used Vehicle
     890,251       750,720       2,580,261       2,170,006  
Finance and Insurance, Net
     73,289       65,185       208,765       184,577  
Service and Parts
     354,616       326,494       1,049,467       974,913  
Fleet and Wholesale Vehicle
     161,284       154,134       496,471       485,329  
 
                        
Total Revenues
     2,951,046       2,669,773       8,623,710       7,697,770  
 
                        
Cost of Sales:
                                
New Vehicle
     1,346,995       1,263,386       3,932,360       3,565,684  
Used Vehicle
     823,562       694,806       2,375,508       1,999,446  
Service and Parts
     153,153       139,906       451,600       420,552  
Fleet and Wholesale Vehicle
     160,229       153,506       490,170       478,712  
 
                        
Total Cost of Sales
     2,483,939       2,251,604       7,249,638       6,464,394  
Gross Profit
     467,107       418,169       1,374,072       1,233,376  
SG&A Expenses
     375,432       339,120       1,111,812       1,003,151  
Depreciation
     12,590       11,820       36,578       35,123  
 
                        
Operating Income
     79,085       67,229       225,682       195,102  
Floor Plan Interest Expense
     (7,020 )     (8,805 )     (21,131 )     (24,907 )
Other Interest Expense
     (11,288 )     (12,229 )     (33,264 )     (37,491 )
Debt Discount Amortization
     —       (1,647 )     (1,718 )     (6,990 )
Equity in Earnings of Affiliates
     9,623       7,370       17,527       11,725  
Gain on Debt Repurchase
     —       607       —       1,634  
 
                        
Income from Continuing Operations Before Income Taxes
     70,400       52,525       187,096       139,073  
Income Taxes
     (13,355 )     (17,428 )     (51,293 )     (48,485 )
 
                        
Income from Continuing Operations
     57,045       35,097       135,803       90,588  
Loss from Discontinued Operations, Net of Tax
     (1,000 )     (4,837 )     (5,702 )     (10,312 )
 
                        
Net Income
     56,045       30,260       130,101       80,276  
Income Attributable to Non-Controlling Interests
     (338 )     (283 )     (907 )     (504 )
 
                        
Net Income Attributable to Common Shareholders
   $ 55,707     $ 29,977     $ 129,194     $ 79,772  
 
                        
Income from Continuing Operations Per Share
   $ 0.62     $ 0.38     $ 1.46     $ 0.98  
 
                        
Income Per Share
   $ 0.61     $ 0.33     $ 1.40     $ 0.87  
 
                        
Weighted Average Shares Outstanding
     91,431       92,141       92,169       92,171  
 
                        
 
                                
Amounts Attributable to Common Shareholders:
                                
 
                                
Reported Income from Continuing Operations
   $ 57,045     $ 35,097     $ 135,803     $ 90,588  
Income Attributable to Non-Controlling Interests
     (338 )     (283 )     (907 )     (504 )
 
                        
Income from Continuing Operations, net of tax
     56,707       34,814       134,896       90,084  
Loss from Discontinued Operations, net of tax
     (1,000 )     (4,837 )     (5,702 )     (10,312 )
 
                        
Net Income
   $ 55,707     $ 29,977     $ 129,194     $ 79,772  
 
                        

 

 

 

PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Condensed Balance Sheets
(Amounts In Thousands)
(Unaudited)
                 
    September 30,     December 31,  
    2011     2010  
Assets
                
Cash and Cash Equivalents
   $ 7,735     $ 17,808  
Accounts Receivable, Net
     385,137       383,379  
Inventories
     1,481,629       1,449,157  
Other Current Assets
     88,676       68,355  
Assets Held for Sale
     54,168       117,018  
 
            
Total Current Assets
     2,017,345       2,035,717  
Property and Equipment, Net
     821,421       719,762  
Intangibles
     1,148,247       1,011,275  
Other Long-Term Assets
     308,456       303,078  
 
            
Total Assets
   $ 4,295,469     $ 4,069,832  
 
            
 
                
Liabilities and Equity
                
Floor Plan Notes Payable
   $ 902,163     $ 918,628  
Floor Plan Notes Payable — Non-Trade
     597,982       491,889  
Accounts Payable
     226,709       253,277  
Accrued Expenses
     247,185       202,480  
Current Portion Long-Term Debt
     9,642       10,593  
Liabilities Held for Sale
     34,464       84,139  
 
            
Total Current Liabilities
     2,018,145       1,961,006  
Long-Term Debt
     841,927       769,285  
Other Long-Term Liabilities
     322,979       293,688  
 
            
Total Liabilities
     3,183,051       3,023,979  
Equity
     1,112,418       1,045,853  
 
            
Total Liabilities and Equity
   $ 4,295,469     $ 4,069,832  
 
            

 

 

 

PENSKE AUTOMOTIVE GROUP, INC.
Selected Data
(Unaudited)
                                                 
    Three Months Ended             Nine Months Ended        
    September 30,     %     September 30,     %  
    2011     2010     Change     2011     2010     Change  
Total Retail Units:
                                                
New Retail
     38,487       38,936       -1.2 %     114,943       111,961       2.7 %
Used Retail
     33,717       29,058       16.0 %     97,494       83,460       16.8 %
 
                                        
Total Retail
     72,204       67,994       6.2 %     212,437       195,421       8.7 %
 
                                        
Fleet
     848       840       1.0 %     3,846       4,500       -14.5 %
Wholesale
     15,238       15,765       -3.3 %     44,113       45,740       -3.6 %
 
                                    
Total
     16,086       16,605       -3.1 %     47,959       50,240       -4.5 %
 
                                        
 
                                                
Same-Store Retail Units:
                                                
New Same-Store Retail
     36,990       38,697       -4.4 %     109,084       109,498       -0.4 %
Used Same-Store Retail
     32,698       28,952       12.9 %     92,548       81,760       13.2 %
 
                                        
Total Same-Store Retail
     69,688       67,649       3.0 %     201,632       191,258       5.4 %
 
                                        
 
                                                
Same-Store Retail Revenue: (Amounts in thousands)
                                                
New Vehicles
   $ 1,397,916     $ 1,368,179       2.2 %   $ 4,047,261     $ 3,802,541       6.4 %
Used Vehicles
     861,576       749,261       15.0 %     2,458,124       2,134,916       15.1 %
Finance and Insurance, Net
     70,932       64,870       9.3 %     201,211       181,843       10.7 %
Service and Parts
     339,119       325,799       4.1 %     997,742       958,795       4.1 %
 
                                    
Total Same-Store Retail
   $ 2,669,543     $ 2,508,109       6.4 %   $ 7,704,338     $ 7,078,095       8.8 %
 
                                        
 
                                                
Revenue Mix:
                                                
New Vehicles
     49.9 %     51.4 %             49.7 %     50.4 %        
Used Vehicles
     30.2 %     28.2 %             29.9 %     28.2 %        
Finance and Insurance, Net
     2.5 %     2.4 %             2.4 %     2.4 %        
Service and Parts
     12.0 %     12.2 %             12.2 %     12.7 %        
Fleet and Wholesale
     5.4 %     5.8 %             5.8 %     6.3 %        
 
                                                
Average Revenue per Vehicle Retailed:
                                                
New Vehicles
   $ 38,236     $ 35,269       8.4 %   $ 37,312     $ 34,681       7.6 %
Used Vehicles
     26,404       25,835       2.2 %     26,466       26,001       1.8 %
 
                                                
Gross Profit per Vehicle Retailed:
                                                
New Vehicles
   $ 3,238     $ 2,821       14.8 %   $ 3,101     $ 2,834       9.4 %
Used Vehicles
     1,978       1,924       2.8 %     2,100       2,043       2.8 %
Finance and Insurance
     1,015       959       5.9 %     983       945       4.0 %
 
                                                
Operating items as a percentage of revenue:
                                                
New Vehicle Gross Profit
     8.5 %     8.0 %             8.3 %     8.2 %        
Used Vehicle Gross Profit
     7.5 %     7.4 %             7.9 %     7.9 %        
Service and Parts Gross Profit
     56.8 %     57.1 %             57.0 %     56.9 %        
Total Gross Profit
     15.8 %     15.7 %             15.9 %     16.0 %        
Selling, general and administrative expenses
     12.7 %     12.7 %             12.9 %     13.0 %        
Operating income
     2.7 %     2.5 %             2.6 %     2.5 %        
Inc. from Cont. Ops. Before Inc. Taxes
     2.4 %     2.0 %             2.2 %     1.8 %        
 
                                                
Operating items as a percentage of total gross profit:
                                                
Selling, general and administrative expenses
     80.4 %     81.1 %             80.9 %     81.3 %        
Operating income
     16.9 %     16.1 %             16.4 %     15.8 %        

 

 

 

PENSKE AUTOMOTIVE GROUP, INC.
Selected Data (Continued)
(Unaudited)
                                 
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2011     2010     2011     2010  
Brand Mix:
                                
Premium:
                                
BMW
     25 %     22 %     24 %     21 %
Audi
     12 %     11 %     12 %     11 %
Mercedes-Benz
     11 %     10 %     10 %     10 %
Lexus
     5 %     5 %     5 %     5 %
Land Rover
     4 %     4 %     4 %     5 %
Porsche
     4 %     5 %     4 %     4 %
Ferrari / Maserati
     3 %     3 %     3 %     3 %
Acura
     2 %     2 %     2 %     2 %
Other
     4 %     5 %     5 %     5 %
 
                        
Total Premium
     70 %     67 %     69 %     66 %
Foreign:
                                
Toyota
     10 %     11 %     10 %     11 %
Honda
     10 %     12 %     11 %     12 %
Nissan
     2 %     2 %     2 %     2 %
Volkswagen
     2 %     1 %     2 %     2 %
Other
     1 %     2 %     1 %     2 %
 
                        
Total Foreign
     25 %     28 %     26 %     29 %
Domestic Big 3
                                
General Motors / Chrysler / Ford
     5 %     5 %     5 %     5 %
 
                                
Revenue Mix:
                                
U.S.
     62 %     62 %     62 %     62 %
International
     38 %     38 %     38 %     38 %
 
                                
Other (Amounts in thousands):
                                
EBITDA *
   $ 94,278     $ 78,221     $ 258,656     $ 218,677  
Rent Expense
   $ 43,051     $ 40,678     $ 128,310     $ 120,451  
Floorplan Credits
   $ 4,940     $ 5,209     $ 15,466     $ 14,983  
     
*   See the following Non-GAAP reconciliation tables

 

 

 

PENSKE AUTOMOTIVE GROUP, INC.
Selected Data (Concluded)
(Unaudited)
Reconciliation of 2011 and 2010 net income to EBITDA:
                                 
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
(Amounts in thousands)   2011     2010     2011     2010  
 
Net income
   $ 56,045     $ 30,260     $ 130,101     $ 80,276  
Depreciation
     12,590       11,820       36,578       35,123  
Other interest expense
     11,288       12,229       33,264       37,491  
Debt discount amortization
     —       1,647       1,718       6,990  
Income taxes
     13,355       17,428       51,293       48,485  
Loss from discontinued operations, net of tax
     1,000       4,837       5,702       10,312  
 
                        
EBITDA
   $ 94,278     $ 78,221     $ 258,656     $ 218,677  
 
                        
Reconciliation of three and nine months ended September 30, 2011 income from continuing operations attributable to common shareholders and related earnings per share to adjusted income from continuing operations attributable to common shareholders and related earnings per share:
                                 
    Three Months Ended     Nine Months Ended  
(Amounts in thousands,   September 30, 2011     September 30, 2011  
except per share amounts)   Income     EPS     Income     EPS  
 
Income from continuing operations attributable to common shareholders
   $ 56,707     $ 0.62     $ 134,896     $ 1.46  
Net tax benefit
     (11,046 )   $ (0.12 )     (11,046 )   $ (0.12 )
 
                        
Adjusted income from continuing operations attributable to common shareholders
   $ 45,661     $ 0.50     $ 123,850     $ 1.34  
 
                        
# # # # # # #

 

 

EX-99.2 3 c23952exv99w2.htm EXHIBIT 99.2 Exhibit 99.2
Exhibit 99.2
     
(PENSKE LOGO)
  Press Release
  Penske Automotive Group, Inc.,
2555 Telegraph Road
Bloomfield Hills, MI 48302-0954
     
FOR IMMEDIATE RELEASE   (LOGO)
PENSKE AUTOMOTIVE INCREASES DIVIDEND
BLOOMFIELD HILLS, MI, November 2, 2011 — Penske Automotive Group, Inc. (NYSE:PAG), an international automotive retailer, today announced that its Board of Directors has approved a 12.5% increase in the Company’s dividend to $0.09 per share.
The dividend, which is payable on December 1, 2011, to shareholders of record on November 14, 2011, represents the second increase this year and restores it to the level paid by the Company prior to its suspension in the fourth quarter of 2008 due to the recession. “The increase in the dividend, coupled with the 2.4 million shares we have reacquired so far this year, demonstrates the strength of our financial position, the confidence we have in the improving auto sales environment and our commitment to shareholders,” said President Rob Kurnick.
About Penske Automotive
Penske Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan, operates 325 retail automotive franchises, representing 42 different brands and 28 collision repair centers. Penske Automotive, which sells new and previously owned vehicles, finance and insurance products and replacement parts, and offers maintenance and repair services on all brands it represents, has 170 franchises in 17 states and Puerto Rico and 155 franchises located outside the United States, primarily in the United Kingdom. Penske Automotive is a member of the Fortune 500 and Russell 2000 and has approximately 15,000 employees.
Statements in this press release may involve forward-looking statements, including forward-looking statements regarding PAG. Actual results may vary materially because of risks and uncertainties as well as external factors such as consumer credit conditions; adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to natural disasters such as the earthquake and tsunami that struck Japan in March 2011; macro-economic factors; interest rate fluctuations; changes in consumer spending; and other factors over which management has no control. These forward-looking statements should be evaluated together with additional information about PAG’s business, markets, conditions and other uncertainties, which could affect PAG’s future performance, which are contained in the Company’s Form 10-K for the year ended December 31, 2010, and its other filings with the Securities and Exchange Commission and which are incorporated into this press release by reference. This press release speaks only as of its date, and Penske Automotive Group, Inc. disclaims any duty to update the information herein.

 

 

 

Find a vehicle: http://www.penskecars.com
Engage Penske Automotive: http://www.penskesocial.com
Like Penske Automotive on Facebook: https://facebook.com/PenskeCars
Follow Penske Automotive on Twitter: https://twitter.com/#!/Penskecarscorp
Visit Penske Automotive on YouTube: http://www.youtube.com/penskecars
Inquiries should contact:
     
David K. Jones
  Anthony R. Pordon
Executive Vice President and
  Executive Vice President Investor Relations
Chief Financial Officer
  and Corporate Development
Penske Automotive Group, Inc.
  Penske Automotive Group, Inc.
248-648-2800
  248-648-2540
dave.jones@penskeautomotive.com
  tpordon@penskeautomotive.com
# # #

 

 

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