EX-99.1 2 f8klad4qea022410ex991.htm EXHIBIT 99.1 f8klad4qea022410ex991.htm - Generated by SEC Publisher for SEC Filing

 

EXHIBIT 99.1

 

 

LITHIA MOTORS REPORTS FOURTH QUARTER AND FULL YEAR 2009 RESULTS

 

Medford, Oregon, February 24, 2010 (1:05 p.m. PT) – Lithia Motors, Inc. (NYSE: LAD) today reported, as previously announced, 2009 adjusted fourth quarter earnings of $0.01 per diluted share. This compares to a 2008 adjusted fourth quarter net loss of $(0.16) per diluted share. As shown in the attached reconciliation table, the 2009 results exclude non-cash charges on asset impairments and expenses related to reserves of $0.09 per share. The 2008 results exclude a one-time gain of $0.11 related to debt extinguishment, net of certain asset impairment charges. Unadjusted, net loss from continuing operations was $(2.1) million, or $(0.08) per diluted share, for the quarter ended December 31, 2009.

 

Fourth quarter 2009 revenue totaled $419 million, compared to $399 million in the year-ago period, an increase of 4.9%, driven primarily by higher used vehicle sales. Same store new vehicle sales increased 1.2% while used vehicle retail sales increased 17.9% when compared to the prior year. Service, body and parts same store sales declined 2.7% compared to the prior year.

 

Sid DeBoer, Lithia’s Chairman and CEO, commented, “Our fourth quarter results were impacted by weak new vehicle sales at our Chrysler stores. This was caused by the delay in the release of new products, like the 2010 Ram heavy duty pickup, and lower advertising and incentive spending by Chrysler which slowed floor traffic. In response, we focused on increasing used vehicle sales at the affected locations. We also improved new vehicle sales of our other brands. Excluding Chrysler, we had approximately 18.5% new vehicle same store sales growth over the fourth quarter of 2008. On an adjusted basis, we were profitable in the fourth quarter, despite significant headwinds.”

 

For the full year 2009, total sales declined 15.2% to $1.7 billion as compared to $2.1 billion in 2008. Same store new vehicle sales decreased 23.6%, retail used vehicle sales increased 3.1% and service, body and parts sales decreased 3.3%.

 

Adjusted net income from continuing operations for the full year 2009 was $0.50 per share, compared to $0.01 per share for 2008, as shown in the attached reconciliation table. Full year 2009 GAAP net income from continuing operations was $6.1 million, or $0.27 per diluted share, compared to a net loss from continuing operations of $(226.5) million, or $(11.22) per share in 2008. 

 

Liquidity Update

Lithia ended the year with $74.2 million in immediately available funds, including $12.8 million in cash, $25.7 million in availability on its revolving credit facility, and $35.7 million in unfloored new vehicle inventory. At December 31, 2009, Lithia was in compliance with all debt covenants, and has no mortgage maturities until 2011.

 

Outlook for 2010

Lithia reaffirms its 2010 earnings guidance as provided on February 3, 2010. First quarter earnings guidance is projected within a range of $0.04 to $0.06 per diluted share. Full year 2010 earnings guidance is projected within a range of $0.55 to $0.63 per diluted share. This guidance includes approximately 18% additional dilution related to the equity offering completed in October 2009. Specific reference is made to the February 3, 2010 release for assumptions upon which this guidance was given.

 

Fourth Quarter Earnings Conference Call

The fourth quarter conference call may be accessed at 2:00 p.m. Pacific Time today by telephone at (800) 254-5933 Conference ID: 47221792 or via the internet (audio webcast) at www.lithia.com by clicking on “Investor Relations.” A playback of the conference call will be available after 5 p.m. Pacific Time February 24, 2010 through March 10, 2010 by calling (800) 642-1687 access code: 47221792 and via the internet at www.lithia.com.

 

 

 

An updated investor presentation containing fourth quarter and full year results can be accessed at www.lithia.com by clicking on "Investor Relations."

 

About Lithia

Lithia Motors, Inc. is a Fortune 800 Company, selling 26 brands of new and all brands of used vehicles at 85 stores, which are located in 12 states. Lithia also sells used vehicles; arranges finance, warranty, and credit insurance contracts; and provides vehicle parts, maintenance, and repair services at all of its locations.

 

For additional information on Lithia Motors, contact the Investor Relations Department at (541) 776-6591 or visit www.lithia.com and click on “Investor Relations.”


Sites

www.lithia.com

www.lithiacares.com

www.lithiajobs.com

 

Lithia Motors on Facebook

http://www.facebook.com/profile.php?id=1270221622&ref=ts

 

Lithia Life on Facebook

http://www.facebook.com/pages/Lithia-Lifecom/34360183908?ref=ts

 

Lithia Life on YouTube

http://www.youtube.com/user/LithiaLife

 

Lithia Life on Twitter

http://twitter.com/LithiaLife

 

 

Forward Looking Statements

This press release includes “forward-looking statements” within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995, which management believes are a benefit to shareholders. Forward-looking statements in this press release include our guidance regarding first quarter and full year 2010 results. Forward looking statements include statements regarding our goals, plans, projections and guidance regarding our financial position, results of operations, market position, pending and potential future acquisitions and business strategy, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks" or "will." These statements are necessarily subject to risk and uncertainty and actual results could differ materially due to certain risk factors, including without limitation, future economic conditions and others set forth from time to time in the company's filings with the SEC. We urge you to carefully consider this information. We undertake no duty to update our forward-looking statements, including our earnings outlook.

 

Non-GAAP Financial Measures

The attached financial tables contain certain non-GAAP financial measures as defined under SEC rules, such as net income and diluted earnings per share from continuing operations, cash flow from operations adjusted to include the change in non-trade floorplan debt, adjusted to exclude certain items disclosed in the attached financial tables. As required by SEC rules, the Company has provided reconciliations of these measures to the most directly comparable GAAP measures, which are set forth in the attachments to this release. The Company believes that each of the foregoing non-GAAP financial measures improves the transparency of the Company's disclosure, provides a meaningful presentation of the Company's results from its core business operations excluding adjustments for items not related to the Company's ongoing core business operations or other non-cash adjustments, and improves the period-to-period comparability of the Company's results from its core business operations. LITHIA MOTORS, INC.

 

 

(In thousands except per share data)

Unaudited

Three Months Ended

 

 

 

 

 

 

December 31,

 

 

 

 

 

 

2009

 

2008

 

Variance

 

% Variance

 

New vehicle sales

 $209,707

 

 $206,207

 

 $3,500

 

 1.7

%

Used vehicle sales

127,994

 

107,404

 

 20,590

 

 19.2

 

Finance and insurance

12,220

 

13,716

 

 (1,496)

 

 (10.9)

 

Service, body and parts

68,221

 

70,133

 

 (1,912)

 

 (2.7)

 

Fleet and other revenues

528

 

1,664

 

(1,136)

 

 (68.3)

 

Total revenues

418,670

 

399,124

 

19,546

 

 4.9

 

 

 

 

 

 

 

 

 

 

Cost of sales

343,265

 

323,127

 

20,138

 

 6.2

 

Gross profit

75,405

 

75,997

 

 (592)

 

 (0.8)

 

Asset impairment charges

177

 

1,147

 

(970)

 

(84.6)

 

SG&A expense

66,083

 

67,437

 

(1,354)

 

 (2.0)

 

Depreciation and amortization

6,331

 

3,980

 

 2,351

 

 59.1

 

Income from operations

2,814

 

3,433

 

(619)

 

(18.0)

 

 

 

 

 

 

 

 

 

 

Floorplan interest expense

 (2,380)

 

 (5,511)

 

 3,131

 

56.8

 

Other interest expense

 (3,474)

 

 (4,215)

 

741

 

 17.6

 

Other income, net

47

 

3,619

 

(3,572)

 

(98.7)

 

Loss from continuing operations before income taxes

(2,993)

 

(2,674)

 

(319)

 

(11.9)

 

 

 

 

 

 

 

 

 

 

Income tax benefit

923

 

1,667

 

(744)

 

(44.6)

 

Income tax rate

30.8%

 

62.3%

 

 

 

 

 

Loss from continuing operations

(2,070)

 

(1,007)

 

(1,063)

 

(105.6)

%

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations,

net of income tax

516

 

(3,271)

 

3,787

 

NM

 

Net loss

 $(1,554)

 

 $(4,278)

 

2,724

 

63.7

%

 

 

 

 

 

 

 

 

 

Diluted net income (loss) per share:

 

 

 

 

 

 

 

 

Continuing operations

$(0.08)

 

$(0.05)

 

$(0.03)

 

(60.0)

%

Discontinued operations

0.02

 

(0.16)

 

0.18

 

NM

 

Net loss per share

 $(0.06)

 

 $(0.21)

 

 $0.15

 

71.4

 

 

 

 

 

 

 

 

 

 

Diluted shares outstanding

25,113

 

20,519

 

4,594

 

22.4

%

 

 

 

 

 

 

 

 

 

 

 

NM – not meaningful

 

 

LITHIA MOTORS, INC.

 

 

 

 

 

 

(Continuing operations) Unaudited

Three Months Ended

December 31,

 

 

 

 

 

 

 

 

2009

 

2008

 

Variance

 

% Variance

 

Unit sales:

 

 

 

 

 

 

 

 

 

New vehicle

 6,516

 

 6,808

 

 (292)

 

 (4.3)

%

 

Used  - retail vehicle

 6,420

 

 5,880

 

 540

 

 9.2

 

 

Used  - wholesale

 3,139

 

 2,860

 

 279

 

 9.8

 

 

Total units sold

 16,075

 

 15,548

 

 527

 

 3.4

 

 

 

 

 

 

 

 

 

 

 

 

Average selling price:

 

 

 

 

 

 

 

 

 

New vehicle

 $ 32,183

 

$ 30,289

 

 $ 1,894

 

 6.3

%

 

Used  - retail vehicle

 17,109

 

 15,808

 

 1,301

 

 8.2

 

 

Used  - wholesale

 5,784

 

 5,053

 

 731

 

 14.5

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin/profit data

 

 

 

 

 

 

 

 

 

New vehicle retail

 7.8

%

 8.7

%

(90) bps

 

 

 

 

Used vehicle retail

13.8

%

 11.8

%

200 bps

 

 

 

 

Used vehicle wholesale

 (0.2)

%

(4.9)

%

470 bps

 

 

 

 

Service, body & parts

 46.0

%

 48.1

%

(210) bps

 

 

 

 

Finance & insurance

 100.0

%

 100.0

%

-

 

 

 

 

Gross profit margin

 18.0

%

 19.0

%

(100) bps

 

 

 

 

New retail gross profit/unit

 $2,524

 

 $2,629

 

 $(105)

 

 

 

 

Used retail gross profit/unit

 2,353

 

 1,865

 

 488

 

 

 

 

Used wholesale gross profit/unit

 (13)

 

 (247)

 

 234

 

 

 

 

Finance & insurance/retail unit

 945

 

 1,081

 

 (136)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue mix:

 

 

 

 

 

 

 

 

 

New vehicles

 50.1

%

 51.7

%

 

 

 

 

 

Used retail vehicles

 26.2

%

 23.3

%

 

 

 

 

 

Used wholesale vehicles

 4.4

%

 3.6

%

 

 

 

 

 

Finance and insurance, net

 2.9

%

 3.4

%

 

 

 

 

 

Service and parts

 16.3

%

 17.6

%

 

 

 

 

 

Fleet and other

 0.1

%

 0.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LITHIA MOTORS, INC.

 

 

 

(Continuing operations)

Unaudited

Three Months Ended

December 31,

 

 

2009

 

2008

 

New vehicle unit sales brand mix:

 

 

 

 

 

Chrysler Brands

 23.7

%

 35.9

%

 

General Motors

 17.4

%

 14.5

%

 

Toyota

 16.5

%

 15.3

%

 

Honda

 9.5

%

7.5

%

 

Ford

 5.8

%

 4.6

%

 

BMW

 6.2

%

 5.3

%

 

Hyundai

 3.8

%

4.1

%

 

Nissan

 3.7

%

 2.8

%

 

Volkswagen, Audi

 3.3

%

 3.2

%

 

Subaru

Mercedes

 7.4

1.3

%

%

 4.6

1.3

%

%

 

Other

 1.4

%

 0.9

%

 

 

 

(Selected Same Store Data)

Unaudited

Three Months Ended

 

 

December 31,

 

 

2009 vs. 2008

 

2008 vs. 2007

 

Same store revenue:

 

 

 

 

New vehicle retail sales

 1.2

%

 (38.8)

%

     Chrysler Brands

 (29.9)

%

(41.4)

%

     General Motors

24.1

%

(42.3)

%

     Toyota

5.8

%

        (33.0)

%

     All other brands

20.9

%

(36.5)

%

Used vehicle retail sales

 17.9

%

 (17.7)

%

Used wholesale sales

 30.4

%

 (50.5)

%

Total vehicle sales (excluding fleet)

 7.4

%

 (34.6)

%

Finance & insurance sales

 (10.2)

%

 (33.1)

%

Service, body and parts sales

 (2.7)

%

          (0.7)

%

Total sales (excluding fleet)

 5.1

%

 (30.3)

%

Total  gross profit (excluding fleet)

2.5

%

 (19.4)

%

 

 

 

 

 

 

 

 

LITHIA MOTORS, INC.

(In thousands except per share data)

Unaudited

Twelve Months Ended

 

 

 

 

 

 

December 31,

 

 

 

 

 

 

2009

 

2008

 

Variance

 

% Variance

 

New vehicle sales

 $874,701

 

 $1,147,418

 

 $(272,717)

 

 (23.8)

%

Used vehicle sales

539,352

 

547,706

 

 (8,354)

 

 (1.5)

 

Finance and insurance

56,010

 

76,679

 

 (20,669)

 

 (27.0)

 

Service, body and parts

276,690

 

286,326

 

 (9,636)

 

 (3.4)

 

Fleet and other revenues

2,562

 

4,871

 

(2,309)

 

 (47.4)

 

Total revenues

1,749,315

 

2,063,000

 

(313,685)

 

 (15.2)

 

 

 

 

 

 

 

 

 

 

Cost of sales

1,419,696

 

1,706,525

 

(286,829)

 

 (16.8)

 

Gross profit

329,619

 

356,475

 

 (26,856)

 

 (7.5)

 

Asset impairment charges

6,976

 

335,672

 

(328,696)

 

(97.9)

 

SG&A expense

270,245

 

307,316

 

(37,071)

 

(12.1)

 

Depreciation and amortization

18,248

 

16,943

 

 1,305

 

 7.7

 

Income (loss) from operations

34,150

 

(303,456)

 

337,606

 

NM

 

 

 

 

 

 

 

 

 

 

Floorplan interest expense

 (10,878)

 

 (20,517)

 

 9,639

 

47.0

 

Other interest expense

 (14,063)

 

 (17,878)

 

 3,815

 

 21.3

 

Other income, net

1,494

 

6,624

 

(5,130)

 

(77.4)

 

Income (loss) from continuing operations before income taxes

10,703

 

(335,227)

 

 345,930

 

 NM

 

 

 

 

 

 

 

 

 

 

Income tax expense (benefit)

4,639

 

(108,720)

 

113,359

 

NM

 

Income tax rate

43.3%

 

32.4%

 

 

 

 

 

Income (loss) from continuing operations

6,064

 

(226,507)

 

232,571

 

 NM

%

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations,

net of income tax

3,087

 

(26,079)

 

29,166

 

NM

 

Net income (loss)

 $9,151

 

 $(252,586)

 

$261,737

 

NM

%

 

 

 

 

 

 

 

 

 

Diluted net income (loss) per share:

 

 

 

 

 

 

 

 

Continuing operations

$0.27

 

$(11.22)

 

$11.49

 

NM

%

Discontinued operations

0.14

 

(1.29)

 

1.43

 

NM

 

Net income (loss) per share

 $0.41

 

 $(12.51)

 

 $12.92

 

NM

 

 

 

 

 

 

 

 

 

 

Diluted shares outstanding

22,176 

 

20,195

 

1,981

 

9.8

%

 

NM – not meaningful  

 

 

LITHIA MOTORS, INC.

 

 

 

 

 

 

 

(Continuing Operations) Unaudited

Twelve  Months Ended

December 31,

 

 

 

 

 

 

 

 

2009

 

2008

 

Variance

 

% Variance

 

 

Unit sales:

 

 

 

 

 

 

 

 

 

New vehicle

 29,109

 

 39,091

 

 (9,982)

 

 (25.5)

%

Used  - retail vehicle

 28,750

 

 27,305

 

 1,445

 

 5.3

 

Used  - wholesale

 13,413

 

 15,840

 

 (2,427)

 

 (15.3)

 

Total units sold

 71,272

 

 82,236

 

 (10,964)

 

 (13.3)

 

 

 

 

 

 

 

 

 

 

Average selling price:

 

 

 

 

 

 

 

 

New vehicle

 $ 30,049

 

$ 29,352

 

 $ 697

 

 2.4

%

Used  - retail vehicle

 16,266

 

16,638

 

 (372)

 

 (2.2)

 

Used  - wholesale

 5,345

 

 5,897

 

 (552)

 

 (9.4)

 

 

 

 

 

 

 

 

 

 

Gross margin/profit data

 

 

 

 

 

 

 

 

New vehicle retail

 8.4

%

 7.9

%

50 bps

 

 

 

Used vehicle retail

14.1

%

 11.5

%

260 bps

 

 

 

Used vehicle wholesale

 0.3

%

(3.2)

%

350 bps

 

 

 

Service, body & parts

 47.9

%

 48.2

%

(30) bps

 

 

 

Finance & insurance

 100.0

%

 100.0

%

-

 

 

 

Gross profit margin

 18.8

%

 17.3

%

150 bps

 

 

 

New retail gross profit/unit

 $2,533

 

 $2,325

 

 $208

 

 

 

Used retail gross profit/unit

 2,290

 

 1,919

 

 371

 

 

 

Used wholesale gross profit/unit

 18

 

 (191)

 

 209

 

 

 

Finance & insurance/retail unit

 968

 

 1,155

 

 (187)

 

 

 

 

 

 

 

 

 

 

 

 

Revenue mix:

 

 

 

 

 

 

 

 

New vehicles

 50.0

%

 55.6

%

 

 

 

 

Used retail vehicles

 26.7

%

 22.0

%

 

 

 

 

Used wholesale vehicles

 4.2

%

 4.6

%

 

 

 

 

Finance and insurance, net

 3.2

%

 3.7

%

 

 

 

 

Service and parts

 15.8

%

 13.9

%

 

 

 

 

Fleet and other

 0.1

%

 0.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LITHIA MOTORS, INC.

 

 

 

(Continuing operations)

Unaudited

Twelve Months Ended

December 31,

 

 

2009

 

2008

 

New vehicle unit sales brand mix:

 

 

 

 

 

Chrysler Brands

 30.2

%

 33.9

%

 

General Motors

 15.6

%

 17.0

%

 

Toyota

 15.2

%

 15.5

%

 

Honda

 8.8

%

 8.3

%

 

Ford

 5.0

%

 4.2

%

 

BMW

 5.1

%

 4.9

%

 

Hyundai

 5.0

%

 4.1

%

 

Nissan

 3.9

%

 4.1

%

 

Volkswagen, Audi

 3.2

%

 2.6

%

 

Subaru

Mercedes

 5.7

1.1

%

%

 3.4

0.9

%

%

 

Other

 1.2

%

 1.1

%

 

 

 

 

 

 

 

 

(Selected same store data)

Unaudited

Twelve Months Ended

 

 

December 31,

 

 

2009 vs. 2008

 

2008 vs. 2007

 

Same store revenue:

 

 

 

 

New vehicle retail sales

 (23.6)

%

 (25.4)

%

 

     Chrysler Brands

 (32.1)

%

(33.5)

%

     General Motors

(26.9)

%

(15.0)

%

     Toyota

(27.0)

%

         (14.3)

%

     All other brands

(11.8)

%

(24.9)

%

Used vehicle retail sales

 3.1

%

 (17.0)

%

Used wholesale sales

 (23.1)

%

 (30.2)

%

Total vehicle sales (excluding fleet)

 (16.4)

%

 (23.6)

%

Finance & insurance sales

 (26.2)

%

 (22.5)

%

Service, body and parts sales

 (3.3)

%

          0.1

%

Total sales (excluding fleet)

 (14.9)

%

 (20.9)

%

Total  gross profit (excluding fleet)

 (6.3)

%

 (19.2)

%

 

 

LITHIA MOTORS, INC.

 

 

Condensed balance sheet (dollars in thousands)

 

 

Unaudited

 

 

 

 

December 31, 2009

 

December 31, 2008

Cash & cash equivalents

 $12,776

 

 $10,874

Trade receivables*

 52,097

 

 69,615

Inventory

328,726

 

 422,812

Assets held for sale

 11,693

 

 161,423

Other current assets

 12,771

 

 31,828

Total current assets

 418,063

 

 696,552

 

 

 

 

Real estate, net

 326,625

 

 284,088

Equipment & other, net

 59,429

 

 62,188

Other assets

90,983

 

 90,631

Total assets

 $895,100

 

 $1,133,459

 

 

 

 

Flooring notes payable

 $210,488

 

 $337,700

Liabilities related to assets held for sale

 5,050

 

 108,172

Current maturities of senior subordinated convertible notes

-

 

 

42,500

Current maturities of LOC

24,000

 

-

Other current liabilities

 81,639

 

108,656

Total current liabilities

 321,177

 

 597,028

 

 

 

 

Real estate debt

 230,265

 

 163,708

Other long-term debt

 2,800

 

 101,476

Other liabilities

 33,820

 

 22,904

Total liabilities

 $588,062

 

 $885,116

 

 

 

 

Shareholders' equity

 307,038

 

 248,343

 

 

 

 

Total liabilities & shareholders' equity

$895,100

 

 $1,133,459

 

 

 

 

*Note:  Includes contracts-in-transit of $21,940 and $27,799 for 2009 and 2008, respectively

 

 

 

 

Other information

 

 

 

Lt debt/total cap (excludes real estate)

1%

 

29%

Book value per basic share

$13.93

 

$12.30

 

 

 

 

Debt covenant ratios

 

 

 

 

Requirement

 

As of December 31, 2009

 

Minimum tangible net worth

Not less than $200 million

 

$263.4 million

 

Vehicle equity

Not less than $45 million

 

$138.7 million

 

Fixed charge coverage ratio

Not less than 1.05 to 1

 

1.35 to 1

 

Liabilities to tangible net worth ratio

Not more than 4.00 to 1

 

2.23 to 1

 

 

 

 

 

The following table reconciles reported GAAP income (loss) per the income statement to non-GAAP income (loss):

Unaudited

Three Months Ended December 31,

 

Net Income / (Loss)

 

Diluted earnings per share

Continuing Operations

2009

 

2008

 

2009

 

2008

As reported

$(2,070)

 

$(1,007)

 

$(0.08)

 

$(0.05)

     Asset impairments

1,057

 

178

 

0.04

 

0.01

     Reserve adjustments

1,145

 

-

 

0.05

 

-

     Gain on extinguishment of debt

-

 

(2,366)

 

-

 

(0.12)

Adjusted

$132

 

$(3,195)

 

$0.01

 

$(0.16)

 

 

 

 

 

 

 

 

Discontinued Operations

 

 

 

 

 

 

 

As reported

$516

 

$(3,271)

 

$0.02

 

$(0.16)

     Impairments and disposal (gain) loss

(1,491)

 

1,444

 

(0.06)

 

0.07

Adjusted

$(975)

 

$(1,827)

 

$(0.04)

 

$(0.09)

 

 

 

 

 

 

 

 

Consolidated Operations

 

 

 

 

 

 

 

As reported

$(1,554)

 

$(4,278)

 

$(0.06)

 

$(0.21)

Adjusted

$(843)

 

$(5,022)

 

$(0.03)

 

$(0.25)

 

 

 

Twelve Months Ended December 31,

 

Net Income / (Loss)

 

Diluted earnings per share

Continuing Operations

2009

 

2008

 

2009

 

2008

As reported

$6,064

 

$(226,507)

 

$0.27

 

$(11.22)

     Asset impairments

4,618

 

230,241

 

0.22

 

11.40

     Reserve adjustments

1,145

 

-

 

0.05

 

-

     Gain on extinguishment of debt

(791)

 

(3,479)

 

(0.04)

 

(0.17)

Adjusted

$11,036

 

$255

 

$0.50

 

$0.01

 

 

 

 

 

 

 

 

Discontinued Operations

 

 

 

 

 

 

 

As reported

$3,087

 

$(26,079)

 

$0.14

 

$(1.29)

     Impairments and disposal (gain) loss

(6,378)

 

18,962

 

(0.29)

 

0.94

Adjusted

$(3,291)

 

$(7,117)

 

$(0.15)

 

$(0.35)

 

 

 

 

 

 

 

 

Consolidated Operations

 

 

 

 

 

 

 

As reported

$9,151

 

$(252,586)

 

$0.41

 

$(12.51)

Adjusted

$7,745

 

$(6,862)

 

$0.35

 

$(0.34)

 

 

 

The following table reconciles GAAP cash flows from operations per the statement of cash flows to non-GAAP cash flows from operations:

 

Consolidated Statement of Cash Flows

Unaudited

 

 

 

 

 

 

Twelve Months Ended December 31,

 

 

2009

 

2008

As reported

 

 

 

 

     Cash flows from operations

 

$9,934

 

$85,165

     Flooring notes payable: non-trade

 

31,417

 

(16,803)

Adjusted

 

$41,351

 

$68,362

 

 

 

2009

 

2008

As reported

 

 

 

 

     Cash flows from financing

 

$(29,122)

 

$(100,242)

     Flooring notes payable: non-trade

 

(31,417)

 

16,803

Adjusted

 

$(60,539)

 

$(80,439)