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): | November 12, 2015 |
Group 1 Automotive, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)
Delaware | 1-13461 | 76-0506313 |
_____________________ (State or other jurisdiction |
_____________ (Commission |
______________ (I.R.S. Employer |
of incorporation) | File Number) | Identification No.) |
800 Gessner, Suite 500, Houston, Texas | 77024 | |
_________________________________ (Address of principal executive offices) |
___________ (Zip Code) |
Registrants telephone number, including area code: | 713-647-5700 |
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:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events.
On November 12, 2015, Group 1 Automotive, Inc., a Delaware corporation (the "Company"), announced that its Board of Directors approved a cash dividend of $0.22 per share for the third quarter of 2015, payable on December 15, 2015, to stockholders of record on December 1, 2015.
In addition, the Company announced that its Board of Directors increased the Company's common stock share repurchase authorization to $100.0 million. Purchases may be made from time to time, based on market conditions, legal requirements and other corporate considerations, in the open market or in privately negotiated transactions.
A copy of the press release is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
99.1 Press release of Group 1 Automotive, Inc. dated as of November 12, 2015.
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.
Group 1 Automotive, Inc. | ||||
November 16, 2015 | By: |
/s/ Darryl M. Burman
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Name: Darryl M. Burman | ||||
Title: Vice President |
Exhibit Index
Exhibit No. | Description | |
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99.1
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Press Release of Group 1 Automotive, Inc. dated as of November 12, 2015. |
Exhibit 99.1
FOR IMMEDIATE RELEASE
Group 1 Automotive Increases Quarterly Cash Dividend
Board Increases Share Repurchase Authorization to $100 Million
HOUSTON, Nov. 12, 2015 Group 1 Automotive, Inc. (NYSE: GPI), an international, Fortune 500 automotive retailer, today announced that its board of directors declared a cash dividend of $0.22 per share for the third quarter of 2015. The dividend, which represents an increase of 4.8 percent, or $0.01 per share, from the second quarter of 2015, will be payable on December 15, 2015, to stockholders of record on December 1, 2015.
Group 1s board of directors also increased the Companys common stock share repurchase authorization to $100.0 million. Purchases may be made from time to time, based on market conditions, legal requirements and other corporate considerations, in the open market or in privately negotiated transactions. The Company expects that any repurchase of shares will be funded by cash from operations. Repurchased shares will be held in treasury.
About Group 1 Automotive, Inc.
Group 1 owns and operates 153 automotive dealerships, 200 franchises, and 35 collision
centers in the United States, the United Kingdom and Brazil that offer 32 brands of
automobiles. Through its dealerships, the Company sells new and used cars and light trucks;
arranges related vehicle financing; sells service and insurance contracts; provides automotive
maintenance and repair services; and sells vehicle parts.
Group 1 Automotive can be reached on the Internet at www.group1auto.com.
This press release contains forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, which are statements related to future, not past, events
and are based on our current expectations and assumptions regarding our business, the economy and
other future conditions. In this context, the forward-looking statements often 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,
should, foresee, may or will and similar expressions. While management believes that these
forward-looking statements are reasonable as and when made, there can be no assurance that future
developments affecting us will be those that we anticipate. Any such forward-looking statements are
not assurances of future performance and involve risks and uncertainties that may cause actual
results to differ materially from those set forth in the statements. These risks and uncertainties
include, among other things, (a) general economic and business conditions, (b) the level of
manufacturer incentives, (c) the future regulatory environment, (d) our ability to obtain an
inventory of desirable new and used vehicles, (e) our relationship with our automobile
manufacturers and the willingness of manufacturers to approve future acquisitions, (f) our cost of
financing and the availability of credit for consumers, (g) our ability to complete acquisitions
and dispositions and the risks associated therewith, (h) foreign exchange controls and currency
fluctuations, and (i) our ability to retain key personnel. For additional information regarding
known material factors that could cause our actual results to differ from our projected results,
please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on
Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date hereof. We undertake no obligation to
publicly update or revise any forward-looking statements after the date they are made, whether as a
result of new information, future events or otherwise.
SOURCE: Group 1 Automotive, Inc.
Investor contacts:
Sheila Roth
Manager, Investor Relations
Group 1 Automotive, Inc.
713-647-5741 | sroth@group1auto.com
Media contacts:
Pete DeLongchamps
V.P. Manufacturer Relations, Financial Services and Public Affairs
Group 1 Automotive, Inc.
713-647-5770 | pdelongchamps@group1auto.com
or
Clint Woods
Pierpont Communications, Inc.
713-627-2223 | cwoods@piercom.com