-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, I9j/RvTRnE+463lw2kC3eILYqKWDfehPDcT70w181Jc3liFFefGsYwcIEgVzNz8u 2zSfnfQulp6gI3StSy+Vpg== 0001193125-09-025552.txt : 20090211 0001193125-09-025552.hdr.sgml : 20090211 20090211170157 ACCESSION NUMBER: 0001193125-09-025552 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090211 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090211 DATE AS OF CHANGE: 20090211 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SONIC AUTOMOTIVE INC CENTRAL INDEX KEY: 0001043509 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500] IRS NUMBER: 562010790 STATE OF INCORPORATION: DE FISCAL YEAR END: 0207 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13395 FILM NUMBER: 09590481 BUSINESS ADDRESS: STREET 1: 5401 EAST INDEPENDENCE BLVD STREET 2: PO BOX 18747 CITY: CHARLOTTE STATE: NC ZIP: 28212 BUSINESS PHONE: 7045323354 MAIL ADDRESS: STREET 1: 5401 EAST INDEPENDENCE BLVD CITY: CHARLOTTE STATE: NC ZIP: 28212 8-K 1 d8k.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): February 11, 2009

 

 

SONIC AUTOMOTIVE, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

(State or other jurisdiction of incorporation)

 

1-13395   56-201079
(Commission File Number)   (IRS Employer Identification No.)

 

6415 Idlewild Road, Suite 109

Charlotte, North Carolina

  28212
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code: (704) 566-2400

N/A

(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 7.01. Regulation FD Disclosure.

On February 11, 2009, we issued a press release announcing the suspension of our quarterly cash dividend.

A copy of the press release is attached hereto as Exhibit 99.1.

 

Item 9.01. Financial Statements and Exhibits.

 

  (d) Exhibits.

 

  99.1 Press release of Sonic Automotive, Inc. dated February 11, 2009

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.

 

SONIC AUTOMOTIVE, INC.
By:  

/s/ Stephen K. Coss

  Stephen K. Coss
  Senior Vice President and General Counsel

Dated: February 11, 2009

 

2


INDEX TO EXHIBITS

 

Exhibit No.

  

Description

99.1

   Press release of Sonic Automotive, Inc. dated February 11, 2009

 

3

EX-99.1 2 dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

Sonic Automotive, Inc. Suspends Dividend

CHARLOTTE, N.C. – February 11, 2009 Sonic Automotive, Inc. (NYSE: SAH), a leader in automotive retailing, today announced that its Board of Directors has decided to suspend the Company’s quarterly dividend. Previously, the Company paid a quarterly dividend of $0.12 per share.

In addition, the Company has retained Moelis & Company as financial advisor to assist the Company in evaluating alternatives to enhance liquidity and to address the Company’s 2009 and 2010 debt maturities.

Commenting on the announcement, Scott Smith, the Company’s President, said, “While this is the most challenging business environment in recent years, Sonic has responded by reducing costs and managing liquidity for our ongoing operational needs. In addition, we remain in compliance with the financial covenants under our revolving credit facility. However, given the continued upheaval in the credit markets and our upcoming debt maturities in 2009 and 2010, we believe the suspension of the dividend and the engagement of Moelis & Company represent a prudent course of action as we evaluate the alternatives available to the Company to address our debt maturities.”

About Sonic Automotive

Sonic Automotive, Inc., a Fortune 300 company based in Charlotte, N.C., is one of the largest automotive retailers in the United States operating 164 franchises. Sonic can be reached on the Web at www.sonicautomotive.com.

Included herein are forward-looking statements, including our evaluation of debt maturities. There are many factors that affect management’s views about future events and trends of the Company’s business. These factors involve risk and uncertainties that could cause actual results or trends to differ materially from management’s view, including without limitation, economic conditions, risks associated with acquisitions and the risk factors described in the Company’s quarterly report on Form 10-Q for the quarter ended September 30, 2008. The Company does not undertake any obligation to update forward-looking information.

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