001-31262 | 01-0609375 | |||
(Commission File Number) | (IRS Employer Identification No.) | |||
2905 Premiere Parkway NW, Suite 300 Duluth, GA | 30097 | |||
(Address of principal executive offices) | (Zip Code) |
Exhibit No. | Description | ||
99.1 | Press Release dated July 26, 2011. |
ASBURY AUTOMOTIVE GROUP, INC. | |||
Date: July 26, 2011 | By: | /s/ Craig T. Monaghan | |
Name: | Craig T. Monaghan | ||
Title: | President and Chief Executive Officer |
Exhibit No. | Description | |
99.1 | Press Release dated July 26, 2011. |
• | Total revenues increased 9% to $1.1 billion |
• | New vehicle revenues increased 5%, including 2% from same store revenues |
• | Used vehicle retail revenues and units up 22%, including 17% from same store revenues |
• | Finance and insurance revenues up 20% |
• | Total gross profit up 14% with strong increases from all business lines |
• | Adjusted SG&A expense as a percent of gross profit improved 130 basis points to 75.1% |
• | J6 inventories down approximately 50% versus March 2011 (see table below) |
• | Board elected Thomas C. DeLoach, Jr. as Non-Executive Chairman effective as of August 1, 2011 |
• | Repurchased $13 million of Asbury common stock during the quarter |
• | Board increased share repurchase authorization in July; $45 million remaining |
• | Reducing leverage target to 3.0x Total Debt/EBITDA |
• | Acquired $13 million of previously leased properties during the quarter |
• | Subsequent to the end of the quarter, repurchased $9 million of the convertible notes due 2012 |
• | 65% of the DMS conversions completed to date |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||
REVENUES: | |||||||||||||||
New vehicle | $ | 578.3 | $ | 548.4 | $ | 1,149.5 | $ | 1,025.4 | |||||||
Used vehicle | 322.7 | 279.9 | 624.1 | 528.7 | |||||||||||
Parts and service | 149.2 | 141.0 | 293.8 | 278.5 | |||||||||||
Finance and insurance, net | 36.0 | 30.0 | 68.4 | 55.2 | |||||||||||
Total revenues | 1,086.2 | 999.3 | 2,135.8 | 1,887.8 | |||||||||||
COST OF SALES: | |||||||||||||||
New vehicle | 536.7 | 512.6 | 1,073.8 | 956.7 | |||||||||||
Used vehicle | 294.3 | 255.8 | 568.3 | 481.5 | |||||||||||
Parts and service | 66.3 | 64.5 | 131.9 | 128.6 | |||||||||||
Total cost of sales | 897.3 | 832.9 | 1,774.0 | 1,566.8 | |||||||||||
GROSS PROFIT | 188.9 | 166.4 | 361.8 | 321.0 | |||||||||||
OPERATING EXPENSES: | |||||||||||||||
Selling, general and administrative | 142.8 | 127.2 | 277.6 | 248.9 | |||||||||||
Depreciation and amortization | 5.8 | 5.2 | 11.1 | 10.6 | |||||||||||
Other operating expense (income), net | 2.8 | (0.6 | ) | 13.2 | (1.3 | ) | |||||||||
Income from operations | 37.5 | 34.6 | 59.9 | 62.8 | |||||||||||
OTHER EXPENSE: | |||||||||||||||
Floor plan interest expense | (2.3 | ) | (2.2 | ) | (5.0 | ) | (4.6 | ) | |||||||
Other interest expense, net | (10.3 | ) | (9.0 | ) | (20.8 | ) | (18.0 | ) | |||||||
Swap interest expense | (1.4 | ) | (1.6 | ) | (2.8 | ) | (3.3 | ) | |||||||
Convertible debt discount amortization | (0.3 | ) | (0.4 | ) | (0.5 | ) | (0.8 | ) | |||||||
Total other expense, net | (14.3 | ) | (13.2 | ) | (29.1 | ) | (26.7 | ) | |||||||
Income before income taxes | 23.2 | 21.4 | 30.8 | 36.1 | |||||||||||
INCOME TAX EXPENSE | 9.0 | 8.3 | 11.9 | 14.0 | |||||||||||
INCOME FROM CONTINUING OPERATIONS | 14.2 | 13.1 | 18.9 | 22.1 | |||||||||||
DISCONTINUED OPERATIONS, net of tax | — | (0.3 | ) | 15.2 | (1.9 | ) | |||||||||
NET INCOME | $ | 14.2 | $ | 12.8 | $ | 34.1 | $ | 20.2 | |||||||
EARNINGS PER COMMON SHARE: | |||||||||||||||
Basic— | |||||||||||||||
Continuing operations | $ | 0.44 | $ | 0.41 | $ | 0.59 | $ | 0.69 | |||||||
Discontinued operations | — | (0.01 | ) | 0.47 | (0.06 | ) | |||||||||
Net income | $ | 0.44 | $ | 0.40 | $ | 1.06 | $ | 0.63 | |||||||
Diluted— | |||||||||||||||
Continuing operations | $ | 0.43 | $ | 0.40 | $ | 0.57 | $ | 0.67 | |||||||
Discontinued operations | — | (0.01 | ) | 0.46 | (0.05 | ) | |||||||||
Net income | $ | 0.43 | $ | 0.39 | $ | 1.03 | $ | 0.62 | |||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||||||||||||||
Basic | 32.1 | 32.2 | 32.3 | 32.2 | |||||||||||
Stock options | 0.6 | 0.5 | 0.6 | 0.5 | |||||||||||
Restricted stock | 0.1 | 0.2 | 0.2 | 0.1 | |||||||||||
Performance share units | 0.1 | 0.1 | 0.1 | — | |||||||||||
Diluted | 32.9 | 33.0 | 33.2 | 32.8 |
For the Three Months Ended June 30, | Increase (Decrease) | % Change | ||||||||||||
2011 | 2010 | |||||||||||||
(Dollars in millions, except for per vehicle data) | ||||||||||||||
Revenue: | ||||||||||||||
New vehicle revenue—same store(1) | ||||||||||||||
Luxury | $ | 197.9 | $ | 191.6 | $ | 6.3 | 3 | % | ||||||
Mid-line import | 275.1 | 277.9 | (2.8 | ) | (1 | )% | ||||||||
Mid-line domestic | 87.3 | 78.9 | 8.4 | 11 | % | |||||||||
Total new vehicle revenue—same store(1) | 560.3 | 548.4 | 11.9 | 2 | % | |||||||||
New vehicle revenue—acquisitions | 18.0 | — | ||||||||||||
New vehicle revenue, as reported | $ | 578.3 | $ | 548.4 | $ | 29.9 | 5 | % | ||||||
Gross profit: | ||||||||||||||
New vehicle gross profit—same store(1) | ||||||||||||||
Luxury | $ | 15.7 | $ | 14.3 | $ | 1.4 | 10 | % | ||||||
Mid-line import | 18.8 | 15.7 | 3.1 | 20 | % | |||||||||
Mid-line domestic | 5.7 | 5.8 | (0.1 | ) | (2 | )% | ||||||||
Total new vehicle gross profit—same store(1) | 40.2 | 35.8 | 4.4 | 12 | % | |||||||||
New vehicle gross profit—acquisitions | 1.4 | — | ||||||||||||
New vehicle gross profit, as reported | $ | 41.6 | $ | 35.8 | $ | 5.8 | 16 | % | ||||||
For the Three Months Ended June 30, | Increase (Decrease) | % Change | ||||||||||||
2011 | 2010 | |||||||||||||
New vehicle units: | ||||||||||||||
New vehicle retail units—same store(1) | ||||||||||||||
Luxury | 3,999 | 3,992 | 7 | — | % | |||||||||
Mid-line import | 10,645 | 11,131 | (486 | ) | (4 | )% | ||||||||
Mid-line domestic | 2,388 | 2,051 | 337 | 16 | % | |||||||||
Total new vehicle retail units—same store(1) | 17,032 | 17,174 | (142 | ) | (1 | )% | ||||||||
Fleet vehicles | 566 | 675 | (109 | ) | (16 | )% | ||||||||
Total new vehicle units—same store(1) | 17,598 | 17,849 | (251 | ) | (1 | )% | ||||||||
New vehicle units—acquisitions | 529 | — | ||||||||||||
New vehicle units—actual | 18,127 | 17,849 | 278 | 2 | % |
For the Three Months Ended June 30, | Increase | % Change | ||||||||||||
2011 | 2010 | |||||||||||||
Revenue per new vehicle sold—same store(1) | $ | 31,839 | $ | 30,724 | $ | 1,115 | 4 | % | ||||||
Gross profit per new vehicle sold—same store(1) | $ | 2,284 | $ | 2,006 | $ | 278 | 14 | % | ||||||
New vehicle gross margin—same store(1) | 7.2 | % | 6.5 | % | 0.7 | % | 11 | % |
(1) | Same store amounts consist of information from dealerships for the identical months of each period presented in the comparison, commencing with the first full month in which the dealership was owned by us. |
For the Three Months Ended June 30, | Increase (Decrease) | % Change | ||||||||||||
2011 | 2010 | |||||||||||||
(Dollars in millions, except for per vehicle data) | ||||||||||||||
Revenue: | ||||||||||||||
Used vehicle retail revenues—same store(1) | $ | 263.9 | $ | 224.6 | $ | 39.3 | 17 | % | ||||||
Used vehicle retail revenues—acquisitions | 10.2 | — | ||||||||||||
Total used vehicle retail revenues | 274.1 | 224.6 | 49.5 | 22 | % | |||||||||
Used vehicle wholesale revenues—same store(1) | 47.5 | 55.3 | (7.8 | ) | (14 | )% | ||||||||
Used vehicle wholesale revenues—acquisitions | 1.1 | — | ||||||||||||
Total used vehicle wholesale revenues | 48.6 | 55.3 | (6.7 | ) | (12 | )% | ||||||||
Used vehicle revenue, as reported | $ | 322.7 | $ | 279.9 | $ | 42.8 | 15 | % | ||||||
Gross profit: | ||||||||||||||
Used vehicle retail gross profit—same store(1) | $ | 27.6 | $ | 24.0 | $ | 3.6 | 15 | % | ||||||
Used vehicle retail gross profit—acquisitions | 1.0 | — | ||||||||||||
Total used vehicle retail gross profit | 28.6 | 24.0 | 4.6 | 19 | % | |||||||||
Used vehicle wholesale gross profit—same store(1) | (0.1 | ) | 0.1 | (0.2 | ) | (200 | )% | |||||||
Used vehicle wholesale gross profit—acquisitions | (0.1 | ) | — | |||||||||||
Total used vehicle wholesale gross profit | (0.2 | ) | 0.1 | (0.3 | ) | (300 | )% | |||||||
Used vehicle gross profit, as reported | $ | 28.4 | $ | 24.1 | $ | 4.3 | 18 | % | ||||||
Used vehicle retail units: | ||||||||||||||
Used vehicle retail units—same store(1) | 13,774 | 11,713 | 2,061 | 18 | % | |||||||||
Used vehicle retail units—acquisitions | 506 | — | ||||||||||||
Used vehicle retail units—actual | 14,280 | 11,713 | 2,567 | 22 | % |
For the Three Months Ended June 30, | Decrease | % Change | ||||||||||||
2011 | 2010 | |||||||||||||
Revenue per used vehicle retailed—same store(1) | $ | 19,159 | $ | 19,175 | $ | (16 | ) | — | % | |||||
Gross profit per used vehicle retailed—same store(1) | $ | 2,004 | $ | 2,049 | $ | (45 | ) | (2 | )% | |||||
Used vehicle retail gross margin—same store(1) | 10.5 | % | 10.7 | % | (0.2 | )% | (2 | )% |
(1) | Same store amounts consist of information from dealerships for the identical months of each period presented in the comparison, commencing with the first full month in which the dealership was owned by us. |
For the Three Months Ended June 30, | Increase (Decrease) | % Change | ||||||||||||
2011 | 2010 | |||||||||||||
(Dollars in millions) | ||||||||||||||
Revenue: | ||||||||||||||
Parts and service revenue—same store(1) | $ | 143.9 | $ | 141.0 | $ | 2.9 | 2 | % | ||||||
Parts and service revenues—acquisitions | 5.3 | — | ||||||||||||
Parts and service revenue, as reported | $ | 149.2 | $ | 141.0 | $ | 8.2 | 6 | % | ||||||
Gross profit: | ||||||||||||||
Parts and service gross profit—same store(1): | ||||||||||||||
Customer pay | $ | 49.5 | $ | 48.9 | $ | 0.6 | 1 | % | ||||||
Reconditioning and preparation | 13.9 | 11.2 | 2.7 | 24 | % | |||||||||
Warranty | 11.3 | 11.1 | 0.2 | 2 | % | |||||||||
Wholesale parts | 5.2 | 5.3 | (0.1 | ) | (2 | )% | ||||||||
Total parts and service gross profit—same store(1) | 79.9 | 76.5 | 3.4 | 4 | % | |||||||||
Parts and service gross profit—acquisitions | 3.0 | — | ||||||||||||
Parts and service gross profit, as reported | $ | 82.9 | $ | 76.5 | $ | 6.4 | 8 | % | ||||||
Parts and service gross margin—same store(1) | 55.5 | % | 54.3 | % | 1.2 | % | 2 | % |
(1) | Same store amounts consist of information from dealerships for the identical months of each period presented in the comparison, commencing with the first full month in which the dealership was owned by us. |
For the Three Months Ended June 30, | Increase | % Change | ||||||||||||
2011 | 2010 | |||||||||||||
(Dollar in millions, except for per vehicle data) | ||||||||||||||
Finance and insurance, net—same store(1) | $ | 34.9 | $ | 30.0 | $ | 4.9 | 16 | % | ||||||
Finance and insurance, net—acquisitions | 1.1 | — | ||||||||||||
Finance and insurance, net as reported | $ | 36.0 | $ | 30.0 | $ | 6.0 | 20 | % | ||||||
Finance and insurance, net per vehicle sold—same store(1) | $ | 1,112 | $ | 1,015 | $ | 97 | 10 | % |
(1) | Same store amounts consist of information from dealerships for the identical months of each period presented in the comparison, commencing with the first full month in which the dealership was owned by us. |
For the Three Months Ended June 30, | |||||
2011 | 2010 | ||||
REVENUE MIX PERCENTAGES: | |||||
New vehicles | 53.2 | % | 54.9 | % | |
Used retail vehicles | 25.3 | % | 22.5 | % | |
Used vehicle wholesale | 4.5 | % | 5.5 | % | |
Parts and service | 13.7 | % | 14.1 | % | |
Finance and insurance, net | 3.3 | % | 3.0 | % | |
Total revenue | 100.0 | % | 100.0 | % | |
GROSS PROFIT MIX PERCENTAGES: | |||||
New vehicles | 22.0 | % | 21.5 | % | |
Used retail vehicles | 15.1 | % | 14.4 | % | |
Used vehicle wholesale | (0.1 | )% | 0.1 | % | |
Parts and service | 43.9 | % | 46.0 | % | |
Finance and insurance, net | 19.1 | % | 18.0 | % | |
Total gross profit | 100.0 | % | 100.0 | % | |
SG&A EXPENSES AS A PERCENTAGE OF GROSS PROFIT | 75.6 | % | 76.4 | % |
For the Six Months Ended June 30, | Increase (Decrease) | % Change | ||||||||||||
2011 | 2010 | |||||||||||||
(Dollars in millions, except for per vehicle data) | ||||||||||||||
Revenue: | ||||||||||||||
New vehicle revenue—same store(1) | ||||||||||||||
Luxury | $ | 396.0 | $ | 367.3 | $ | 28.7 | 8 | % | ||||||
Mid-line import | 554.2 | 512.3 | 41.9 | 8 | % | |||||||||
Mid-line domestic | 163.9 | 145.8 | 18.1 | 12 | % | |||||||||
Total new vehicle revenue—same store(1) | 1,114.1 | 1,025.4 | 88.7 | 9 | % | |||||||||
New vehicle revenue—acquisitions | 35.4 | — | ||||||||||||
New vehicle revenue, as reported | $ | 1,149.5 | $ | 1,025.4 | $ | 124.1 | 12 | % | ||||||
Gross profit: | ||||||||||||||
New vehicle gross profit—same store(1) | ||||||||||||||
Luxury | $ | 29.3 | $ | 28.1 | $ | 1.2 | 4 | % | ||||||
Mid-line import | 33.3 | 30.1 | 3.2 | 11 | % | |||||||||
Mid-line domestic | 10.9 | 10.5 | 0.4 | 4 | % | |||||||||
Total new vehicle gross profit—same store(1) | 73.5 | 68.7 | 4.8 | 7 | % | |||||||||
New vehicle gross profit—acquisitions | 2.2 | — | ||||||||||||
New vehicle gross profit, as reported | $ | 75.7 | $ | 68.7 | $ | 7.0 | 10 | % | ||||||
For the Six Months Ended June 30, | Increase | % Change | ||||||||||||
2011 | 2010 | |||||||||||||
New vehicle units: | ||||||||||||||
New vehicle retail units—same store(1) | ||||||||||||||
Luxury | 8,009 | 7,686 | 323 | 4 | % | |||||||||
Mid-line import | 21,717 | 20,494 | 1,223 | 6 | % | |||||||||
Mid-line domestic | 4,531 | 3,843 | 688 | 18 | % | |||||||||
Total new vehicle retail units—same store(1) | 34,257 | 32,023 | 2,234 | 7 | % | |||||||||
Fleet vehicles | 1,272 | 1,156 | 116 | 10 | % | |||||||||
Total new vehicle units—same store(1) | 35,529 | 33,179 | 2,350 | 7 | % | |||||||||
New vehicle units—acquisitions | 1,085 | — | ||||||||||||
New vehicle units—actual | 36,614 | 33,179 | 3,435 | 10 | % |
For the Six Months Ended June 30, | Increase (Decrease) | % Change | ||||||||||||
2011 | 2010 | |||||||||||||
Revenue per new vehicle sold—same store(1) | $ | 31,357 | $ | 30,905 | $ | 452 | 1 | % | ||||||
Gross profit per new vehicle sold—same store(1) | $ | 2,069 | $ | 2,071 | $ | (2 | ) | — | % | |||||
New vehicle gross margin—same store(1) | 6.6 | % | 6.7 | % | (0.1 | )% | (1 | )% |
(1) | Same store information consists of amounts from dealerships for the identical months of each period presented in the comparison, commencing with the first full month in which the dealership was owned by us. |
For the Six Months Ended June 30, | Increase (Decrease) | % Change | ||||||||||||
2011 | 2010 | |||||||||||||
(Dollars in millions, except for per vehicle data) | ||||||||||||||
Revenue: | ||||||||||||||
Used vehicle retail revenues—same store(1) | $ | 503.7 | $ | 428.6 | $ | 75.1 | 18 | % | ||||||
Used vehicle retail revenues—acquisitions | 18.9 | — | ||||||||||||
Total used vehicle retail revenues | 522.6 | 428.6 | 94.0 | 22 | % | |||||||||
Used vehicle wholesale revenues—same store(1) | 99.4 | 100.1 | (0.7 | ) | (1 | )% | ||||||||
Used vehicle wholesale revenues—acquisitions | 2.1 | — | ||||||||||||
Total used vehicle wholesale revenues | 101.5 | 100.1 | 1.4 | 1 | % | |||||||||
Used vehicle revenue, as reported | $ | 624.1 | $ | 528.7 | $ | 95.4 | 18 | % | ||||||
Gross profit: | ||||||||||||||
Used vehicle retail gross profit—same store(1) | $ | 53.0 | $ | 46.7 | $ | 6.3 | 13 | % | ||||||
Used vehicle retail gross profit—acquisitions | 2.0 | — | ||||||||||||
Total used vehicle retail gross profit | 55.0 | 46.7 | 8.3 | 18 | % | |||||||||
Used vehicle wholesale gross profit—same store(1) | 0.8 | 0.5 | 0.3 | 60 | % | |||||||||
Used vehicle wholesale gross profit—acquisitions | — | — | ||||||||||||
Total used vehicle wholesale gross profit | 0.8 | 0.5 | 0.3 | 60 | % | |||||||||
Used vehicle gross profit, as reported | $ | 55.8 | $ | 47.2 | $ | 8.6 | 18 | % | ||||||
Used vehicle retail units: | ||||||||||||||
Used vehicle retail units—same store(1) | 26,853 | 22,600 | 4,253 | 19 | % | |||||||||
Used vehicle retail units—acquisitions | 946 | — | ||||||||||||
Used vehicle retail units—actual | 27,799 | 22,600 | 5,199 | 23 | % |
For the Six Months Ended June 30, | Decrease | % Change | ||||||||||||
2011 | 2010 | |||||||||||||
Revenue per used vehicle retailed—same store(1) | $ | 18,758 | $ | 18,965 | $ | (207 | ) | (1 | )% | |||||
Gross profit per used vehicle retailed—same store(1) | $ | 1,974 | $ | 2,066 | $ | (92 | ) | (4 | )% | |||||
Used vehicle retail gross margin—same store(1) | 10.5 | % | 10.9 | % | (0.4 | )% | (4 | )% |
(1) | Same store information consists of amounts from dealerships for the identical months of each period presented in the comparison, commencing with the first full month in which the dealership was owned by us. |
For the Six Months Ended June 30, | Increase (Decrease) | % Change | ||||||||||||
2011 | 2010 | |||||||||||||
(Dollars in millions) | ||||||||||||||
Revenue: | ||||||||||||||
Parts and service revenue—same store(1) | $ | 283.0 | $ | 278.5 | $ | 4.5 | 2 | % | ||||||
Parts and service revenues—acquisitions | 10.8 | — | ||||||||||||
Parts and service revenue, as reported | $ | 293.8 | $ | 278.5 | $ | 15.3 | 5 | % | ||||||
Gross profit: | ||||||||||||||
Parts and service gross profit—same store(1): | ||||||||||||||
Customer pay | $ | 95.7 | $ | 95.1 | $ | 0.6 | 1 | % | ||||||
Reconditioning and preparation | 26.6 | 21.4 | 5.2 | 24 | % | |||||||||
Warranty | 23.3 | 22.8 | 0.5 | 2 | % | |||||||||
Wholesale parts | 10.2 | 10.6 | (0.4 | ) | (4 | )% | ||||||||
Total parts and service gross profit—same store(1) | $ | 155.8 | $ | 149.9 | $ | 5.9 | 4 | % | ||||||
Parts and service gross profit—acquisitions | 6.1 | — | ||||||||||||
Parts and service gross profit, as reported | $ | 161.9 | $ | 149.9 | $ | 12.0 | 8 | % | ||||||
Parts and service gross margin—same store(1) | 55.1 | % | 53.8 | % | 1.3 | % | 2 | % |
(1) | Same store information consists of amounts from dealerships for the identical months of each period presented in the comparison, commencing with the first full month in which the dealership was owned by us. |
For the Six Months Ended June 30, | Increase | % Change | ||||||||||||
2011 | 2010 | |||||||||||||
(Dollars in millions, except for per vehicle data) | ||||||||||||||
Finance and insurance, net—same store(1) | $ | 66.6 | $ | 55.2 | $ | 11.4 | 21 | % | ||||||
Finance and insurance, net—acquisitions | 1.8 | — | ||||||||||||
Finance and insurance, net as reported | $ | 68.4 | $ | 55.2 | $ | 13.2 | 24 | % | ||||||
F&I per vehicle sold—same store(1) | $ | 1,068 | $ | 990 | $ | 78 | 8 | % |
(1) | Same store information consists of amounts from dealerships for the identical months of each period presented in the comparison, commencing with the first full month in which the dealership was owned by us. |
For the Six Months Ended June 30, | |||||
2011 | 2010 | ||||
REVENUE MIX PERCENTAGES: | |||||
New vehicles | 53.8 | % | 54.3 | % | |
Used retail vehicles | 24.4 | % | 22.7 | % | |
Used vehicle wholesale | 4.8 | % | 5.3 | % | |
Parts and service | 13.8 | % | 14.8 | % | |
Finance and insurance, net | 3.2 | % | 2.9 | % | |
Total revenue | 100.0 | % | 100.0 | % | |
GROSS PROFIT MIX PERCENTAGES: | |||||
New vehicles | 20.9 | % | 21.4 | % | |
Used retail vehicles | 15.3 | % | 14.5 | % | |
Used vehicle wholesale | 0.2 | % | 0.2 | % | |
Parts and service | 44.7 | % | 46.7 | % | |
Finance and insurance, net | 18.9 | % | 17.2 | % | |
Total gross profit | 100.0 | % | 100.0 | % | |
SG&A EXPENSES AS A PERCENTAGE OF GROSS PROFIT | 76.7 | % | 77.5 | % |
June 30, 2011 | December 31, 2010 | Increase (Decrease) | % Change | |||||||||||
SELECTED BALANCE SHEET DATA | ||||||||||||||
Cash and cash equivalents | $ | 23.2 | $ | 21.3 | $ | 1.9 | 9 | % | ||||||
New vehicle inventory | 349.0 | 436.1 | (87.1 | ) | (20 | )% | ||||||||
Used vehicle inventory | 96.3 | 74.8 | 21.5 | 29 | % | |||||||||
Parts inventory | 37.6 | 36.5 | 1.1 | 3 | % | |||||||||
Total current assets | 710.3 | 876.8 | (166.5 | ) | (19 | )% | ||||||||
Floor plan notes payable | 271.4 | 424.6 | (153.2 | ) | (36 | )% | ||||||||
Total current liabilities | 472.2 | 635.8 | (163.6 | ) | (26 | )% | ||||||||
CAPITALIZATION: | ||||||||||||||
Long-term debt (including current portion) | $ | 543.8 | $ | 543.8 | $ | — | — | % | ||||||
Shareholders' equity | 311.2 | 287.1 | 24.1 | 8 | % | |||||||||
Total | $ | 855.0 | $ | 830.9 | $ | 24.1 | 3 | % |
For the Six Months Ended June 30, | |||||
2011 | 2010 | ||||
Luxury | |||||
BMW | 9 | % | 8 | % | |
Mercedes-Benz | 7 | % | 7 | % | |
Lexus | 5 | % | 6 | % | |
Infiniti | 4 | % | 5 | % | |
Acura | 5 | % | 5 | % | |
Other luxury | 6 | % | 5 | % | |
Total luxury | 36 | % | 36 | % | |
Mid-Line Imports: | |||||
Honda | 23 | % | 23 | % | |
Nissan | 13 | % | 13 | % | |
Toyota | 10 | % | 10 | % | |
Other imports | 4 | % | 4 | % | |
Total imports | 50 | % | 50 | % | |
Mid-Line Domestic: | |||||
Ford | 8 | % | 9 | % | |
Chevrolet | 3 | % | 2 | % | |
Other domestics | 3 | % | 3 | % | |
Total domestic | 14 | % | 14 | % | |
Total New Vehicle Revenue | 100 | % | 100 | % |
As of July 31, 2011 (EST) | As of March 31, 2011 | Increase (Decrease) | % Change | |||||||||||
Honda | $ | 20 | $ | 79 | $ | (59 | ) | (75 | )% | |||||
Nissan | 52 | 67 | (15 | ) | (22 | )% | ||||||||
Toyota | 23 | 49 | (26 | ) | (53 | )% | ||||||||
Infiniti | 15 | 26 | (11 | ) | (42 | )% | ||||||||
Lexus | 6 | 16 | (10 | ) | (63 | )% | ||||||||
Acura | 7 | 17 | (10 | ) | (59 | )% | ||||||||
Total | $ | 123 | $ | 254 | $ | (131 | ) | (52 | )% |
For the Three Months Ended June 30, | Increase | % of Gross Profit Decrease | ||||||||||||||||||
2011 | % of Gross Profit | 2010 | % of Gross Profit | |||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
SG&A, as reported | $ | 142.8 | 75.6 | % | $ | 127.2 | 76.4 | % | $ | 15.6 | (0.8 | )% | ||||||||
Less: lease termination charge | (1.0 | ) | (0.5 | )% | — | — | % | |||||||||||||
Adjusted SG&A | $ | 141.8 | 75.1 | % | $ | 127.2 | 76.4 | % | $ | 14.6 | (1.3 | )% | ||||||||
Gross profit | $ | 188.9 | $ | 166.4 | ||||||||||||||||
For the Six Months Ended June 30, | Increase | % of Gross Profit Decrease | ||||||||||||||||||
2011 | % of Gross Profit | 2010 | % of Gross Profit | |||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
SG&A, as reported | $ | 277.6 | 76.7 | % | $ | 248.9 | 77.5 | % | $ | 28.7 | (0.8 | )% | ||||||||
Less: lease termination charge | (1.0 | ) | (0.2 | )% | — | — | % | |||||||||||||
Adjusted SG&A | $ | 276.6 | 76.5 | % | $ | 248.9 | 77.5 | % | $ | 27.7 | (1.0 | )% | ||||||||
Gross profit | $ | 361.8 | $ | 321.0 |
For the Three Months Ended June 30, | |||||||
2011 | 2010 | ||||||
(In millions, except per share data) | |||||||
Adjusted income from continuing operations: | |||||||
Net income | $ | 14.2 | $ | 12.8 | |||
Discontinued operations, net of tax | — | 0.3 | |||||
Income from continuing operations | $ | 14.2 | $ | 13.1 | |||
Non-core items - expense (income): | |||||||
Executive separation costs | $ | 2.7 | $ | — | |||
Real estate-related charges | 1.5 | — | |||||
Tax benefit on non-core items above | (1.6 | ) | — | ||||
Total non-core items | $ | 2.6 | $ | — | |||
Adjusted income from continuing operations | $ | 16.8 | $ | 13.1 | |||
Adjusted earnings per common share - diluted: | |||||||
Net income | $ | 0.43 | $ | 0.39 | |||
Discontinued operation, net of tax | — | 0.01 | |||||
Income from continuing operations | 0.43 | 0.40 | |||||
Total non-core items | 0.08 | — | |||||
Adjusted income from continuing operations | $ | 0.51 | $ | 0.40 | |||
Weighted average common share outstanding - diluted | 32.9 | 33.0 |
For the Six Months Ended June 30, | |||||||
2011 | 2010 | ||||||
(In millions, except per share data) | |||||||
Adjusted income from continuing operations: | |||||||
Net income | $ | 34.1 | $ | 20.2 | |||
Discontinued operations, net of tax | (15.2 | ) | 1.9 | ||||
Income from continuing operations | $ | 18.9 | $ | 22.1 | |||
Non-core items - expense (income): | |||||||
Litigation related expense | $ | 9.0 | $ | — | |||
Executive separation costs | 5.0 | — | |||||
Real estate-related charges | 1.5 | — | |||||
Tax benefit on non-core items above | (6.0 | ) | — | ||||
Total non-core items | $ | 9.5 | $ | — | |||
Adjusted income from continuing operations | $ | 28.4 | $ | 22.1 | |||
Adjusted earnings per common share - diluted: | |||||||
Net income | $ | 1.03 | $ | 0.62 | |||
Discontinued operation, net of tax | (0.46 | ) | 0.05 | ||||
Income from continuing operations | 0.57 | 0.67 | |||||
Total non-core items | 0.29 | — | |||||
Adjusted income from continuing operations | $ | 0.86 | $ | 0.67 | |||
Weighted average common share outstanding - diluted | 33.2 | 32.8 |