CHARLOTTE, N.C., Oct. 21, 2014 /PRNewswire/ -- Sonic
Automotive, Inc. (NYSE: SAH), one of the nation's largest
automotive retailers, today reported net income from continuing
operations for the third quarter of 2014 of $24.6 million, or $0.47 per fully diluted share. Net income from
continuing operations for the third quarter of 2013 was
$24.7 million, or $0.46 per fully diluted share. Results for the
third quarter of 2014 include a net pre-tax gain of approximately
$0.8 million, or $0.01 per diluted share, related to a gain on
disposal of franchises, partially offset by severe storm damage and
impairment charges.
Results for the third quarter of 2014 include pre-tax expenses
of approximately $3.1 million, or
$0.04 per diluted share, and
$3.6 million, or $0.05 per diluted share, related to the Company's
One Sonic-One Experience and EchoPark® initiatives,
respectively. Results related to these initiatives for the
third quarter of 2013 include pre-tax expenses of approximately
$1.5 million, or $0.02 per diluted share, for One Sonic-One
Experience, and $1.7 million, or
$0.02 per diluted share, related to
EchoPark®.
Q3 2014 Highlights:
- All-time record new retail unit sales of 36,301 units, up 6.5%
over the prior year quarter
- New retail revenue up $93.1
million, or 7.6%, over the prior year quarter
- Pre-owned revenue up $23.7
million, or 4.2%, over the prior year quarter
- All-time record pre-owned gross profit of $41.2 million, an increase of 5.8% over the prior
year quarter
- Pre-owned unit sales per store per month were 90 units for Q3
2014
- Q3 record fixed operations gross profit in 2014 of $155.3 million, up $6.1
million, or 4.1%, over the prior year quarter
- Total gross profit in Q3 2014 was also a third quarter record
of $341.5 million, up $15.4 million, or 4.7%, over the prior year
quarter
B. Scott Smith, the Company's
President, noted, "Our team worked very hard during the third
quarter and it definitely paid off. We were able to deliver
record-breaking results while still driving forward with our
EchoPark® and One Sonic-One Experience
initiatives. Initial results from our One Sonic-One
Experience test store in Charlotte
met our expectations and we plan to continue the rollout of this
initiative to the entire Charlotte
market in the fourth quarter. The fourth quarter also
involves our grand opening of EchoPark® in Denver which we believe, together with our One
Sonic-One Experience initiative, will transform the retail
automotive buying experience. In addition, during the
quarter, we repurchased approximately 1.2 million Class A common
shares in open market transactions, reinforcing our commitment to
return capital to shareholders. At the end of the third
quarter, we had approximately $93
million of remaining share repurchase authorization."
Jeff Dyke, Sonic's EVP of
Operations, stated, "Our strategy to manage the combination of our
revenue streams in order to maximize overall gross profit dollars
worked well during the quarter. We drove volume in new retail
units that in turn contributed incremental fixed operations and
F&I gross profit dollars. The result yielded overall
gross profit of $341.5 million, a
third quarter record for our Company. We are excited about
how this strategy dovetails nicely into our One Sonic-One
Experience initiative. At our test store in Charlotte, we increased our market share from
approximately 13.1% to 20.8% during the rollout period. We
have utilized our inventory and pricing models to remain
competitive and increase market share and store
profitability. The customer feedback we've received has also
been tremendous, further validating our assertion that we are
fulfilling a customer need that currently is not met in our
space."
Third Quarter Earnings Conference Call
Senior management will host a conference call today at
11:00 A.M. (Eastern) to discuss the
quarter's results. To access the live broadcast of the call over
the Internet go to: www.sonicautomotive.com, then click on "Our
Company," then "Investor Relations," then "Earnings Conference
Calls."
Presentation materials for the conference call can be accessed
on the Company's website at www.sonicautomotive.com by clicking on
the "Investor Relations" tab under "Our Company" and choosing
"Webcasts & Presentations."
The conference call will also be available live by dialing in 10
minutes prior to the start of the call at:
Domestic: 1.877.450.3867
International: 1.706.643.0958
Conference ID: 76537423
A conference call replay will be available one hour following
the call for seven days and can be accessed by calling:
Domestic: 1.855.859.2056
International: 1.404.537.3406
Conference ID: 76537423
About Sonic Automotive
Sonic Automotive, Inc., a Fortune 500 company based in
Charlotte, N.C., is one of the
nation's largest automotive retailers. Sonic can be reached on the
web at www.sonicautomotive.com.
Included herein are forward-looking statements, including
statements with respect to anticipated future success and impacts
from the implementation of our planned customer experience and
stand-alone pre-owned store initiatives. 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 in the markets in which we operate, new and
used vehicle industry sales volume, the success of our operational
strategies, the rate and timing of overall economic recovery or
decline, and the risk factors described in the Company's annual
report on Form 10-K for the year ending December 31, 2013. The Company does not undertake
any obligation to update forward-looking information.
|
Sonic Automotive,
Inc.
|
|
Results of
Operations (Unaudited)
|
|
|
|
This release contains
certain non-GAAP financial measures (the "Adjusted" columns) as
defined under SEC rules, such as, but not limited to, adjusted
income from continuing operations and related earnings per share
data. The Company has reconciled these measures to the most
directly comparable GAAP measures (the "Reported" columns) in the
release. The Company believes that these non-GAAP financial
measures improve the transparency of the Company's disclosure by
providing period-to-period comparability of the Company's results
from operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
Ended
September 30, 2014
|
|
Third Quarter
Ended
September 30, 2013
|
|
|
|
Reported
|
|
Adjustments
|
|
Adjusted
|
|
Reported
|
|
Adjustments
|
|
Adjusted
|
|
|
|
(In thousands,
except per share and unit data)
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New retail
vehicles
|
|
$
1,312,592
|
|
$
-
|
|
$
1,312,592
|
|
$
1,219,525
|
|
$
-
|
|
$
1,219,525
|
|
Fleet
vehicles
|
|
15,245
|
|
-
|
|
15,245
|
|
41,745
|
|
-
|
|
41,745
|
|
Total new vehicles
|
|
1,327,837
|
|
-
|
|
1,327,837
|
|
1,261,270
|
|
-
|
|
1,261,270
|
|
Used
vehicles
|
|
583,570
|
|
-
|
|
583,570
|
|
559,848
|
|
-
|
|
559,848
|
|
Wholesale
vehicles
|
|
41,433
|
|
-
|
|
41,433
|
|
42,731
|
|
-
|
|
42,731
|
|
Total vehicles
|
|
1,952,840
|
|
-
|
|
1,952,840
|
|
1,863,849
|
|
-
|
|
1,863,849
|
|
Parts, service
and collision repair
|
|
325,740
|
|
-
|
|
325,740
|
|
309,600
|
|
-
|
|
309,600
|
|
Finance,
insurance and other, net
|
|
77,024
|
|
-
|
|
77,024
|
|
68,747
|
|
-
|
|
68,747
|
|
Total revenues
|
|
2,355,604
|
|
-
|
|
2,355,604
|
|
2,242,196
|
|
-
|
|
2,242,196
|
|
Gross
profit
|
|
341,489
|
|
-
|
|
341,489
|
|
326,081
|
|
-
|
|
326,081
|
|
Selling, general and
administrative expenses
|
|
(270,144)
|
|
(1,044)
|
(1)
|
(271,188)
|
|
(254,564)
|
|
-
|
|
(254,564)
|
|
Impairment
charges
|
|
(208)
|
|
207
|
(2)
|
(1)
|
|
(18)
|
|
-
|
|
(18)
|
|
Depreciation and
amortization
|
|
(14,235)
|
|
-
|
|
(14,235)
|
|
(13,744)
|
|
-
|
|
(13,744)
|
|
Operating income
(loss)
|
|
56,902
|
|
(837)
|
|
56,065
|
|
57,755
|
|
-
|
|
57,755
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, floor plan
|
|
(4,406)
|
|
-
|
|
(4,406)
|
|
(5,463)
|
|
-
|
|
(5,463)
|
|
Interest
expense, other, net
|
|
(12,893)
|
|
-
|
|
(12,893)
|
|
(13,553)
|
|
-
|
|
(13,553)
|
|
Other income
(expense), net
|
|
(1)
|
|
-
|
|
(1)
|
|
29
|
|
-
|
|
29
|
|
Total other income (expense)
|
|
(17,300)
|
|
-
|
|
(17,300)
|
|
(18,987)
|
|
-
|
|
(18,987)
|
|
Income (loss) from
continuing operations before taxes
|
|
39,602
|
|
(837)
|
|
38,765
|
|
38,768
|
|
-
|
|
38,768
|
|
Provision for income
taxes - benefit (expense)
|
|
(15,045)
|
|
327
|
|
(14,718)
|
|
(14,066)
|
|
-
|
|
(14,066)
|
|
Income (loss) from
continuing operations
|
|
24,557
|
|
(510)
|
|
24,047
|
|
24,702
|
|
-
|
|
24,702
|
|
Income (loss) from
discontinued operations
|
|
155
|
|
(845)
|
(3)
|
(690)
|
|
(1,375)
|
|
-
|
|
(1,375)
|
|
Net income
(loss)
|
|
$
24,712
|
|
$
(1,355)
|
|
$
23,357
|
|
$
23,327
|
|
$
-
|
|
$
23,327
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share from continuing
operations
|
|
$
0.47
|
|
$
(0.01)
|
|
$
0.46
|
|
$
0.46
|
|
$
-
|
|
$
0.46
|
|
Earnings (loss) per share from discontinued operations
|
|
-
|
|
(0.02)
|
|
(0.02)
|
|
(0.02)
|
|
-
|
|
(0.02)
|
|
Earnings (loss) per common share
|
|
$
0.47
|
|
$
(0.03)
|
|
$
0.44
|
|
$
0.44
|
|
$
-
|
|
$
0.44
|
|
Weighted average common shares outstanding
|
|
52,553
|
|
|
|
52,553
|
|
52,918
|
|
|
|
52,918
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Margin Data
(Continuing Operations):
|
|
|
|
|
|
|
|
|
|
|
|
|
New retail
vehicles
|
|
5.3%
|
|
|
|
5.3%
|
|
5.9%
|
|
|
|
5.9%
|
|
Fleet
vehicles
|
|
0.6%
|
|
|
|
0.6%
|
|
2.5%
|
|
|
|
2.5%
|
|
Total new vehicles
|
|
5.2%
|
|
|
|
5.2%
|
|
5.7%
|
|
|
|
5.7%
|
|
Used
vehicles
|
|
7.1%
|
|
|
|
7.1%
|
|
7.0%
|
|
|
|
7.0%
|
|
Wholesale
vehicles
|
|
(2.6%)
|
|
|
|
(2.6%)
|
|
(7.5%)
|
|
|
|
(7.5%)
|
|
Parts, service
and collision repair
|
|
47.7%
|
|
|
|
47.7%
|
|
48.2%
|
|
|
|
48.2%
|
|
Finance,
insurance and other
|
|
100.0%
|
|
|
|
100.0%
|
|
100.0%
|
|
|
|
100.0%
|
|
Overall gross margin
|
|
14.5%
|
|
|
|
14.5%
|
|
14.5%
|
|
|
|
14.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A Expenses
(Continuing Operations):
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation
(4)
|
|
$
163,230
|
|
|
|
|
|
$
151,683
|
|
|
|
|
|
Advertising
|
|
14,045
|
|
|
|
|
|
14,132
|
|
|
|
|
|
Rent
|
|
18,145
|
|
|
|
|
|
18,901
|
|
|
|
|
|
Other
(5)
|
|
74,724
|
|
|
|
|
|
69,848
|
|
|
|
|
|
Total SG&A expenses
|
|
$
270,144
|
|
$
1,044
|
|
$
271,188
|
|
$
254,564
|
|
$
-
|
|
$
254,564
|
|
SG&A
expenses as % of gross profit
|
|
79.1%
|
|
|
|
79.4%
|
|
78.1%
|
|
|
|
78.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Margin
%
|
|
2.4%
|
|
|
|
2.4%
|
|
2.6%
|
|
|
|
2.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unit Data (Continuing
Operations):
|
|
|
|
|
|
|
|
|
|
|
|
|
New retail
units
|
|
36,301
|
|
|
|
|
|
34,087
|
|
|
|
|
|
Fleet
units
|
|
473
|
|
|
|
|
|
1,451
|
|
|
|
|
|
Total new units
|
|
36,774
|
|
|
|
|
|
35,538
|
|
|
|
|
|
Used
units
|
|
27,536
|
|
|
|
|
|
27,632
|
|
|
|
|
|
Wholesale
units
|
|
7,916
|
|
|
|
|
|
7,641
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents gain
on disposal of dealerships, offset partially by severe storm damage
charges.
|
|
(2) Represents
property and equipment impairment charges.
|
|
(3) Represents lease
exit adjustments, net of tax.
|
|
(4) Included in
SG&A Compensation expense are amounts attributable to the
EchoPark® initiative of $1.9 million and $0.6 million in the third
quarter of 2014 and 2013, respectively.
|
|
(5) Included in
SG&A Other expense are amounts attributable to the EchoPark®
initiative of $1.7 million and $1.1 million in the third quarter of
2014 and 2013, respectively.
|
Sonic Automotive,
Inc.
|
Results of Operations
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
September 30, 2014
|
|
Nine Months
Ended
September 30, 2013
|
|
|
Reported
|
|
Adjustments
|
|
Adjusted
|
|
Reported
|
|
Adjustments
|
|
Adjusted
|
|
|
(In thousands,
except per share and unit data)
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New retail
vehicles
|
|
$
3,708,114
|
|
$
-
|
|
$
3,708,114
|
|
$
3,520,343
|
|
$
-
|
|
$
3,520,343
|
Fleet
vehicles
|
|
65,120
|
|
-
|
|
65,120
|
|
131,143
|
|
-
|
|
131,143
|
Total new vehicles
|
|
3,773,234
|
|
-
|
|
3,773,234
|
|
3,651,486
|
|
-
|
|
3,651,486
|
Used
vehicles
|
|
1,747,254
|
|
-
|
|
1,747,254
|
|
1,625,006
|
|
-
|
|
1,625,006
|
Wholesale
vehicles
|
|
127,797
|
|
-
|
|
127,797
|
|
134,556
|
|
-
|
|
134,556
|
Total
vehicles
|
|
5,648,285
|
|
-
|
|
5,648,285
|
|
5,411,048
|
|
-
|
|
5,411,048
|
Parts, service
and collision repair
|
|
973,646
|
|
-
|
|
973,646
|
|
913,290
|
|
-
|
|
913,290
|
Finance,
insurance and other, net
|
|
223,340
|
|
-
|
|
223,340
|
|
203,461
|
|
-
|
|
203,461
|
Total
revenues
|
|
6,845,271
|
|
-
|
|
6,845,271
|
|
6,527,799
|
|
-
|
|
6,527,799
|
Gross
profit
|
|
1,017,436
|
|
-
|
|
1,017,436
|
|
962,907
|
|
-
|
|
962,907
|
Selling, general and
administrative expenses
|
|
(803,031)
|
|
(6,954)
|
(1)
|
(809,985)
|
|
(748,479)
|
|
-
|
|
(748,479)
|
Impairment
charges
|
|
(215)
|
|
207
|
(2)
|
(8)
|
|
(69)
|
|
-
|
|
(69)
|
Depreciation and
amortization
|
|
(43,047)
|
|
-
|
|
(43,047)
|
|
(39,020)
|
|
-
|
|
(39,020)
|
Operating income
(loss)
|
|
171,143
|
|
(6,747)
|
|
164,396
|
|
175,339
|
|
-
|
|
175,339
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, floor plan
|
|
(13,941)
|
|
-
|
|
(13,941)
|
|
(16,267)
|
|
-
|
|
(16,267)
|
Interest
expense, other, net
|
|
(40,576)
|
|
-
|
|
(40,576)
|
|
(42,302)
|
|
788
|
(4)
|
(41,514)
|
Other income
(expense), net
|
|
98
|
|
-
|
|
98
|
|
(28,143)
|
|
28,235
|
(5)
|
92
|
Total other income (expense)
|
|
(54,419)
|
|
-
|
|
(54,419)
|
|
(86,712)
|
|
29,023
|
|
(57,689)
|
Income (loss) from
continuing operations before taxes
|
|
116,724
|
|
(6,747)
|
|
109,977
|
|
88,627
|
|
29,023
|
|
117,650
|
Provision for income
taxes - benefit (expense)
|
|
(45,122)
|
|
2,631
|
|
(42,491)
|
|
(33,510)
|
|
(11,320)
|
|
(44,830)
|
Income (loss) from
continuing operations
|
|
71,602
|
|
(4,116)
|
|
67,486
|
|
55,117
|
|
17,703
|
|
72,820
|
Income (loss) from
discontinued operations
|
|
(511)
|
|
(845)
|
(3)
|
(1,356)
|
|
(1,582)
|
|
-
|
|
(1,582)
|
Net income
(loss)
|
|
$
71,091
|
|
$
(4,961)
|
|
$
66,130
|
|
$
53,535
|
|
$
17,703
|
|
$
71,238
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per common share:
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share from continuing
operations
|
|
$
1.35
|
|
$
(0.08)
|
|
$
1.27
|
|
$
1.03
|
|
$
0.34
|
|
$
1.37
|
Earnings (loss) per share from discontinued operations
|
|
(0.01)
|
|
(0.01)
|
|
(0.02)
|
|
(0.03)
|
|
-
|
|
(0.03)
|
Earnings (loss) per common share
|
|
$
1.34
|
|
$
(0.09)
|
|
$
1.25
|
|
$
1.00
|
|
$
0.34
|
|
$
1.34
|
Weighted average common shares outstanding
|
|
52,808
|
|
|
|
52,808
|
|
52,930
|
|
|
|
52,930
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Margin Data
(Continuing Operations):
|
|
|
|
|
|
|
|
|
|
|
|
New retail
vehicles
|
|
5.6%
|
|
|
|
5.6%
|
|
5.8%
|
|
|
|
5.8%
|
Fleet
vehicles
|
|
2.1%
|
|
|
|
2.1%
|
|
2.7%
|
|
|
|
2.7%
|
Total
new vehicles
|
|
5.6%
|
|
|
|
5.6%
|
|
5.7%
|
|
|
|
5.7%
|
Used
vehicles
|
|
6.8%
|
|
|
|
6.8%
|
|
7.1%
|
|
|
|
7.1%
|
Wholesale
vehicles
|
|
(2.0%)
|
|
|
|
(2.0%)
|
|
(4.7%)
|
|
|
|
(4.7%)
|
Parts, service
and collision repair
|
|
48.0%
|
|
|
|
48.0%
|
|
48.7%
|
|
|
|
48.7%
|
Finance,
insurance and other
|
|
100.0%
|
|
|
|
100.0%
|
|
100.0%
|
|
|
|
100.0%
|
Overall gross margin
|
|
14.9%
|
|
|
|
14.9%
|
|
14.8%
|
|
|
|
14.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A Expenses
(Continuing Operations):
|
|
|
|
|
|
|
|
|
|
|
|
Compensation
(6)
|
|
$
483,493
|
|
|
|
|
|
$
449,791
|
|
|
|
|
Advertising
|
|
42,027
|
|
|
|
|
|
41,282
|
|
|
|
|
Rent
|
|
55,324
|
|
|
|
|
|
56,344
|
|
|
|
|
Other
(7)
|
|
222,187
|
|
|
|
|
|
201,062
|
|
|
|
|
Total
SG&A expenses
|
|
$
803,031
|
|
$
6,954
|
|
$
809,985
|
|
$
748,479
|
|
$
-
|
|
$
748,479
|
SG&A
expenses as % of gross profit
|
|
78.9%
|
|
|
|
79.6%
|
|
77.7%
|
|
|
|
77.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Margin
%
|
|
2.5%
|
|
|
|
2.4%
|
|
2.7%
|
|
|
|
2.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
Unit Data (Continuing
Operations):
|
|
|
|
|
|
|
|
|
|
|
|
New retail
units
|
|
101,177
|
|
|
|
|
|
98,362
|
|
|
|
|
Fleet
units
|
|
2,133
|
|
|
|
|
|
4,661
|
|
|
|
|
Total new units
|
|
103,310
|
|
|
|
|
|
103,023
|
|
|
|
|
Used
units
|
|
83,707
|
|
|
|
|
|
80,700
|
|
|
|
|
Wholesale
units
|
|
23,034
|
|
|
|
|
|
23,291
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents gain
on disposal of dealerships, offset partially by severe storm damage
charges and legal expenses.
|
(2) Represents
property and equipment impairment charges.
|
(3) Represents lease
exit adjustments, net of tax.
|
(4) Represents
double-carry interest on 9.0% Notes.
|
(5) Represents loss
on extinguishment of 9.0% Notes.
|
(6) Included in
SG&A Compensation expense are amounts attributable to the
EchoPark® initiative of $4.6 million and $1.7 million in the nine
months ended September 30, 2014 and 2013, respectively.
|
(7) Included in
SG&A Other expense are amounts attributable to the EchoPark®
initiative of $4.0 million and $1.6 million in the nine months
ended September 30, 2014 and 2013, respectively.
|
Sonic Automotive,
Inc.
|
Results of
Operations (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
Ended September 30, 2014
|
|
|
|
|
Income
(Loss)
|
|
Income
(Loss)
|
|
|
|
|
|
|
|
|
From
Continuing
|
|
From
Discontinued
|
|
|
|
|
|
|
|
|
Operations
|
|
Average
|
|
Net Income
(Loss)
|
|
|
Weighted
|
|
|
|
Per
|
|
|
|
Per
|
|
|
|
Per
|
|
|
Average
|
|
|
|
Share
|
|
|
|
Share
|
|
|
|
Share
|
|
|
Shares
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
|
(In thousands,
except per share amounts)
|
Reported:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
(loss) and shares
|
|
52,070
|
|
$ 24,557
|
|
|
|
$ 155
|
|
|
|
$ 24,712
|
|
|
Effect of
participating securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-vested restricted stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and
stock units
|
|
|
|
(79)
|
|
|
|
-
|
|
|
|
(79)
|
|
|
Basic earnings
(loss) and shares
|
|
52,070
|
|
$ 24,478
|
|
$ 0.47
|
|
$ 155
|
|
$
-
|
|
$ 24,633
|
|
$ 0.47
|
Effect of
dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock compensation plans
|
|
483
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings (loss) and shares
|
|
52,553
|
|
$ 24,478
|
|
$ 0.47
|
|
$ 155
|
|
$
-
|
|
$ 24,633
|
|
$ 0.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments (net of
tax):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Severe storm
damage
|
|
|
|
$ 1,317
|
|
$ 0.03
|
|
$
-
|
|
$
-
|
|
$ 1,317
|
|
$ 0.03
|
Gain on
disposal of franchises
|
|
|
|
(1,953)
|
|
(0.04)
|
|
-
|
|
-
|
|
(1,953)
|
|
(0.04)
|
Impairment
charges
|
|
|
|
126
|
|
-
|
|
-
|
|
-
|
|
126
|
|
-
|
Lease exit
adjustments
|
|
|
|
-
|
|
-
|
|
(845)
|
|
(0.02)
|
|
(845)
|
|
(0.02)
|
Total adjustments
|
|
|
|
$ (510)
|
|
$ (0.01)
|
|
$ (845)
|
|
$ (0.02)
|
|
$ (1,355)
|
|
$ (0.03)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings (loss) per share (1)
|
|
|
|
|
|
$ 0.46
|
|
|
|
$ (0.02)
|
|
|
|
$ 0.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Expenses
attributable to the EchoPark® initiative were $0.05 per fully
diluted share in the third quarter of 2014.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
Ended September 30, 2013
|
|
|
|
|
Income
(Loss)
|
|
Income
(Loss)
|
|
|
|
|
|
|
|
|
From
Continuing
|
|
From
Discontinued
|
|
|
|
|
|
|
|
|
Operations
|
|
Operations
|
|
Net Income
(Loss)
|
|
|
Weighted
|
|
|
|
Per
|
|
|
|
Per
|
|
|
|
Per
|
|
|
Average
|
|
|
|
Share
|
|
|
|
Share
|
|
|
|
Share
|
|
|
Shares
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
|
(In thousands,
except per share amounts)
|
Reported:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
(loss) and shares
|
|
52,553
|
|
$ 24,702
|
|
|
|
$ (1,375)
|
|
|
|
$ 23,327
|
|
|
Effect of
participating securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-vested restricted stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and
stock units
|
|
|
|
(172)
|
|
|
|
-
|
|
|
|
(172)
|
|
|
Basic earnings
(loss) and shares
|
|
52,553
|
|
$ 24,530
|
|
$ 0.47
|
|
$ (1,375)
|
|
$ (0.03)
|
|
$ 23,155
|
|
$ 0.44
|
Effect of
dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock compensation plans
|
|
365
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings (loss) and shares
|
|
52,918
|
|
$ 24,530
|
|
$ 0.46
|
|
$ (1,375)
|
|
$ (0.02)
|
|
$ 23,155
|
|
$ 0.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings (loss) per share (2)
|
|
|
|
|
|
$ 0.46
|
|
|
|
$ (0.02)
|
|
|
|
$ 0.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Expenses
attributable to the EchoPark® initiative were $0.02 per fully
diluted share in the third quarter of 2013.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sonic Automotive,
Inc.
|
Results of
Operations (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2014
|
|
|
|
|
Income
(Loss)
|
|
Income
(Loss)
|
|
|
|
|
|
|
|
|
From
Continuing
|
|
From
Discontinued
|
|
|
|
|
|
|
|
|
Operations
|
|
Operations
|
|
Net Income
(Loss)
|
|
|
Weighted
|
|
|
|
Per
|
|
|
|
Per
|
|
|
|
Per
|
|
|
Average
|
|
|
|
Share
|
|
|
|
Share
|
|
|
|
Share
|
|
|
Shares
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
|
(In thousands,
except per share amounts)
|
Reported:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
(loss) and shares
|
|
52,333
|
|
$ 71,602
|
|
|
|
$ (511)
|
|
|
|
$ 71,091
|
|
|
Effect of
participating securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-vested restricted stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and
stock units
|
|
|
|
(229)
|
|
|
|
-
|
|
|
|
(229)
|
|
|
Basic earnings
(loss) and shares
|
|
52,333
|
|
$ 71,373
|
|
$ 1.36
|
|
$ (511)
|
|
$ (0.01)
|
|
$ 70,862
|
|
$ 1.35
|
Effect of
dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock compensation plans
|
|
475
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings (loss) and shares
|
|
52,808
|
|
$ 71,373
|
|
$ 1.35
|
|
$ (511)
|
|
$ (0.01)
|
|
$ 70,862
|
|
$ 1.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments (net of
tax):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Severe storm
damage and legal
|
|
|
|
$ 2,157
|
|
$ 0.04
|
|
$
-
|
|
$
-
|
|
$ 2,157
|
|
$ 0.04
|
Gain on
disposal of franchises
|
|
|
|
(6,399)
|
|
(0.12)
|
|
-
|
|
-
|
|
(6,399)
|
|
(0.12)
|
Impairment
charges
|
|
|
|
126
|
|
-
|
|
-
|
|
-
|
|
126
|
|
-
|
Lease exit
adjustments
|
|
|
|
-
|
|
-
|
|
(845)
|
|
(0.01)
|
|
(845)
|
|
(0.01)
|
Total adjustments
|
|
|
|
$ (4,116)
|
|
$ (0.08)
|
|
$ (845)
|
|
$ (0.01)
|
|
$ (4,961)
|
|
$ (0.09)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings (loss) per share (3)
|
|
|
|
|
|
$ 1.27
|
|
|
|
$ (0.02)
|
|
|
|
$ 1.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Expenses
attributable to the EchoPark® initiative were $0.10 per fully
diluted share in the nine months ended September 30,
2014.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2013
|
|
|
|
|
Income
(Loss)
|
|
Income
(Loss)
|
|
|
|
|
|
|
|
|
From
Continuing
|
|
From
Discontinued
|
|
|
|
|
|
|
|
|
Operations
|
|
Operations
|
|
Net Income
(Loss)
|
|
|
Weighted
|
|
|
|
Per
|
|
|
|
Per
|
|
|
|
Per
|
|
|
Average
|
|
|
|
Share
|
|
|
|
Share
|
|
|
|
Share
|
|
|
Shares
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
|
(In thousands,
except per share amounts)
|
Reported:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
(loss) and shares
|
|
52,578
|
|
$ 55,117
|
|
|
|
$ (1,582)
|
|
|
|
$ 53,535
|
|
|
Effect of
participating securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-vested restricted stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and
stock units
|
|
|
|
(393)
|
|
|
|
-
|
|
|
|
(393)
|
|
|
Basic earnings
(loss) and shares
|
|
52,578
|
|
$ 54,724
|
|
$ 1.04
|
|
$ (1,582)
|
|
$ (0.03)
|
|
$ 53,142
|
|
$ 1.01
|
Effect of
dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock
compensation plans
|
|
352
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings (loss) and shares
|
|
52,930
|
|
$ 54,724
|
|
$ 1.03
|
|
$ (1,582)
|
|
$ (0.03)
|
|
$ 53,142
|
|
$ 1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments (net of
tax):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Double-carry
interest
|
|
|
|
$
480
|
|
$ 0.01
|
|
$
-
|
|
$
-
|
|
$
480
|
|
$ 0.01
|
Debt
extinguishment charges
|
|
|
|
17,223
|
|
0.33
|
|
-
|
|
-
|
|
17,223
|
|
0.33
|
Total adjustments
|
|
|
|
$ 17,703
|
|
$ 0.34
|
|
$
-
|
|
$
-
|
|
$ 17,703
|
|
$ 0.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings (loss) per share (4)
|
|
|
|
|
|
$ 1.37
|
|
|
|
$ (0.03)
|
|
|
|
$ 1.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) Expenses
attributable to the EchoPark® initiative were $0.04 per fully
diluted share in the nine months ended September 30,
2013.
|
|
|
Sonic Automotive,
Inc.
|
Results of
Operations (Unaudited)
|
|
|
|
|
|
|
|
|
|
New
Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
Ended September 30,
|
|
Better /
(Worse)
|
|
|
2014
|
|
2013
|
|
Change
|
|
%
Change
|
|
|
(In thousands,
except units and per unit data)
|
Reported:
|
|
|
|
|
|
|
|
Revenue
|
|
$
1,327,837
|
|
$
1,261,270
|
|
$ 66,567
|
|
5.3%
|
Gross
profit
|
|
$
69,026
|
|
$
72,408
|
|
$ (3,382)
|
|
(4.7%)
|
Unit
sales
|
|
36,774
|
|
35,538
|
|
1,236
|
|
3.5%
|
Revenue per
unit
|
|
$
36,108
|
|
$
35,491
|
|
$
617
|
|
1.7%
|
Gross profit
per unit
|
|
$
1,877
|
|
$
2,037
|
|
$
(160)
|
|
(7.9%)
|
Gross profit
as a % of revenue
|
|
5.2%
|
|
5.7%
|
|
(50)
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
Better /
(Worse)
|
|
|
2014
|
|
2013
|
|
Change
|
|
%
Change
|
|
|
(In thousands,
except units and per unit data)
|
Reported:
|
|
|
|
|
|
|
|
Revenue
|
|
$
3,773,234
|
|
$
3,651,486
|
|
$ 121,748
|
|
3.3%
|
Gross
profit
|
|
$
209,892
|
|
$
206,668
|
|
$ 3,224
|
|
1.6%
|
Unit
sales
|
|
103,310
|
|
103,023
|
|
287
|
|
0.3%
|
Revenue per
unit
|
|
$
36,523
|
|
$
35,443
|
|
$ 1,080
|
|
3.0%
|
Gross profit
per unit
|
|
$
2,032
|
|
$
2,006
|
|
$
26
|
|
1.3%
|
Gross profit
as a % of revenue
|
|
5.6%
|
|
5.7%
|
|
(10)
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
Ended September 30,
|
|
Better /
(Worse)
|
|
|
2014
|
|
2013
|
|
Change
|
|
%
Change
|
|
|
(In thousands,
except units and per unit data)
|
Same
Store:
|
|
|
|
|
|
|
|
Revenue
|
|
$
1,310,138
|
|
$
1,235,089
|
|
$ 75,049
|
|
6.1%
|
Gross
profit
|
|
$
67,766
|
|
$
70,602
|
|
$ (2,836)
|
|
(4.0%)
|
Unit
sales
|
|
36,443
|
|
34,992
|
|
1,451
|
|
4.1%
|
Revenue per
unit
|
|
$
35,950
|
|
$
35,296
|
|
$
654
|
|
1.9%
|
Gross profit
per unit
|
|
$
1,860
|
|
$
2,018
|
|
$
(158)
|
|
(7.8%)
|
Gross profit
as a % of revenue
|
|
5.2%
|
|
5.7%
|
|
(50)
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
Better /
(Worse)
|
|
|
2014
|
|
2013
|
|
Change
|
|
%
Change
|
|
|
(In thousands,
except units and per unit data)
|
Same
Store:
|
|
|
|
|
|
|
|
Revenue
|
|
$
3,673,608
|
|
$
3,586,365
|
|
$ 87,243
|
|
2.4%
|
Gross
profit
|
|
$
203,132
|
|
$
202,181
|
|
$
951
|
|
0.5%
|
Unit
sales
|
|
101,392
|
|
101,663
|
|
(271)
|
|
(0.3%)
|
Revenue per
unit
|
|
$
36,232
|
|
$
35,277
|
|
$
955
|
|
2.7%
|
Gross profit
per unit
|
|
$
2,003
|
|
$
1,989
|
|
$
14
|
|
0.7%
|
Gross profit
as a % of revenue
|
|
5.5%
|
|
5.6%
|
|
(10)
|
|
bps
|
Sonic Automotive,
Inc.
|
Results of
Operations (Unaudited)
|
|
Used
Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
Ended September 30,
|
|
Better /
(Worse)
|
|
|
2014
|
|
2013
|
|
Change
|
|
%
Change
|
|
|
(In thousands,
except units and per unit data)
|
Reported:
|
|
|
|
|
|
|
|
Revenue
|
|
$
583,570
|
|
$
559,848
|
|
$ 23,722
|
|
4.2%
|
Gross
profit
|
|
$
41,245
|
|
$
38,976
|
|
$ 2,269
|
|
5.8%
|
Unit
sales
|
|
27,536
|
|
27,632
|
|
(96)
|
|
(0.3%)
|
Revenue per
unit
|
|
$
21,193
|
|
$
20,261
|
|
$
932
|
|
4.6%
|
Gross profit
per unit
|
|
$
1,498
|
|
$
1,411
|
|
$
87
|
|
6.2%
|
Gross profit
as a % of revenue
|
|
7.1%
|
|
7.0%
|
|
10
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
Better /
(Worse)
|
|
|
2014
|
|
2013
|
|
Change
|
|
%
Change
|
|
|
(In thousands,
except units and per unit data)
|
Reported:
|
|
|
|
|
|
|
|
Revenue
|
|
$
1,747,254
|
|
$
1,625,006
|
|
$ 122,248
|
|
7.5%
|
Gross
profit
|
|
$
119,412
|
|
$
114,615
|
|
$ 4,797
|
|
4.2%
|
Unit
sales
|
|
83,707
|
|
80,700
|
|
3,007
|
|
3.7%
|
Revenue per
unit
|
|
$
20,873
|
|
$
20,136
|
|
$
737
|
|
3.7%
|
Gross profit
per unit
|
|
$
1,427
|
|
$
1,420
|
|
$
7
|
|
0.5%
|
Gross profit
as a % of revenue
|
|
6.8%
|
|
7.1%
|
|
(30)
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
Ended September 30,
|
|
Better /
(Worse)
|
|
|
2014
|
|
2013
|
|
Change
|
|
%
Change
|
|
|
(In thousands,
except units and per unit data)
|
Same
Store:
|
|
|
|
|
|
|
|
Revenue
|
|
$
569,226
|
|
$
544,018
|
|
$ 25,208
|
|
4.6%
|
Gross
profit
|
|
$
40,617
|
|
$
38,074
|
|
$ 2,543
|
|
6.7%
|
Unit
sales
|
|
27,000
|
|
26,953
|
|
47
|
|
0.2%
|
Revenue per
unit
|
|
$
21,082
|
|
$
20,184
|
|
$
898
|
|
4.4%
|
Gross profit
per unit
|
|
$
1,504
|
|
$
1,413
|
|
$
91
|
|
6.4%
|
Gross profit
as a % of revenue
|
|
7.1%
|
|
7.0%
|
|
10
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
Better /
(Worse)
|
|
|
2014
|
|
2013
|
|
Change
|
|
%
Change
|
|
|
(In thousands,
except units and per unit data)
|
Same
Store:
|
|
|
|
|
|
|
|
Revenue
|
|
$
1,677,794
|
|
$
1,580,336
|
|
$ 97,458
|
|
6.2%
|
Gross
profit
|
|
$
115,743
|
|
$
111,673
|
|
$ 4,070
|
|
3.6%
|
Unit
sales
|
|
80,928
|
|
78,785
|
|
2,143
|
|
2.7%
|
Revenue per
unit
|
|
$
20,732
|
|
$
20,059
|
|
$
673
|
|
3.4%
|
Gross profit
per unit
|
|
$
1,430
|
|
$
1,417
|
|
$
13
|
|
0.9%
|
Gross profit
as a % of revenue
|
|
6.9%
|
|
7.1%
|
|
(20)
|
|
bps
|
Sonic Automotive,
Inc.
|
Results of
Operations (Unaudited)
|
|
Wholesale
Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
Ended September 30,
|
|
Better /
(Worse)
|
|
|
2014
|
|
2013
|
|
Change
|
|
%
Change
|
|
|
(In thousands,
except units and per unit data)
|
Reported:
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
41,433
|
|
$ 42,731
|
|
$ (1,298)
|
|
(3.0%)
|
Gross profit
(loss)
|
|
$
(1,086)
|
|
$
(3,197)
|
|
$ 2,111
|
|
66.0%
|
Unit
sales
|
|
7,916
|
|
7,641
|
|
275
|
|
3.6%
|
Revenue per
unit
|
|
$
5,234
|
|
$
5,592
|
|
$ (358)
|
|
(6.4%)
|
Gross profit
(loss) per unit
|
|
$
(137)
|
|
$
(418)
|
|
$ 281
|
|
67.2%
|
Gross profit
(loss) as a % of revenue
|
|
(2.6%)
|
|
(7.5%)
|
|
490
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
Better /
(Worse)
|
|
|
2014
|
|
2013
|
|
Change
|
|
%
Change
|
|
|
(In thousands,
except units and per unit data)
|
Reported:
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
127,797
|
|
$
134,556
|
|
$ (6,759)
|
|
(5.0%)
|
Gross profit
(loss)
|
|
$
(2,493)
|
|
$
(6,343)
|
|
$ 3,850
|
|
60.7%
|
Unit
sales
|
|
23,034
|
|
23,291
|
|
(257)
|
|
(1.1%)
|
Revenue per
unit
|
|
$
5,548
|
|
$
5,777
|
|
$ (229)
|
|
(4.0%)
|
Gross profit
(loss) per unit
|
|
$
(108)
|
|
$
(272)
|
|
$ 164
|
|
60.3%
|
Gross profit
(loss) as a % of revenue
|
|
(2.0%)
|
|
(4.7%)
|
|
270
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
Ended September 30,
|
|
Better /
(Worse)
|
|
|
2014
|
|
2013
|
|
Change
|
|
%
Change
|
|
|
(In thousands,
except units and per unit data)
|
Same
Store:
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
40,894
|
|
$
42,141
|
|
$ (1,247)
|
|
(3.0%)
|
Gross profit
(loss)
|
|
$
(1,043)
|
|
$
(3,105)
|
|
$ 2,062
|
|
66.4%
|
Unit
sales
|
|
7,829
|
|
7,545
|
|
284
|
|
3.8%
|
Revenue per
unit
|
|
$
5,223
|
|
$
5,585
|
|
$ (362)
|
|
(6.5%)
|
Gross profit
(loss) per unit
|
|
$
(133)
|
|
$
(412)
|
|
$ 279
|
|
67.7%
|
Gross profit
(loss) as a % of revenue
|
|
(2.6%)
|
|
(7.4%)
|
|
480
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
Better /
(Worse)
|
|
|
2014
|
|
2013
|
|
Change
|
|
%
Change
|
|
|
(In thousands,
except units and per unit data)
|
Same
Store:
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
123,962
|
|
$
132,528
|
|
$ (8,566)
|
|
(6.5%)
|
Gross profit
(loss)
|
|
$
(2,262)
|
|
$
(6,019)
|
|
$ 3,757
|
|
62.4%
|
Unit
sales
|
|
22,509
|
|
22,987
|
|
(478)
|
|
(2.1%)
|
Revenue per
unit
|
|
$
5,507
|
|
$
5,765
|
|
$ (258)
|
|
(4.5%)
|
Gross profit
(loss) per unit
|
|
$
(100)
|
|
$
(262)
|
|
$
162
|
|
61.8%
|
Gross profit
(loss) as a % of revenue
|
|
(1.8%)
|
|
(4.5%)
|
|
270
|
|
bps
|
Sonic Automotive,
Inc.
|
Results of
Operations (Unaudited)
|
|
Parts, Service
and Collision Repair ("Fixed Operations")
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
Ended September 30,
|
|
Better /
(Worse)
|
|
|
2014
|
|
2013
|
|
Change
|
|
%
Change
|
Reported:
|
|
(In
thousands)
|
Revenue
|
|
|
|
|
|
|
|
|
Customer pay
|
|
$ 141,458
|
|
$ 137,106
|
|
$ 4,352
|
|
3.2%
|
Warranty
|
|
48,431
|
|
45,405
|
|
3,026
|
|
6.7%
|
Wholesale parts
|
|
46,983
|
|
43,349
|
|
3,634
|
|
8.4%
|
Internal, sublet and other
|
|
88,868
|
|
83,740
|
|
5,128
|
|
6.1%
|
Total
|
|
$ 325,740
|
|
$ 309,600
|
|
$ 16,140
|
|
5.2%
|
Gross
profit
|
|
|
|
|
|
|
|
|
Customer pay
|
|
$ 77,546
|
|
$ 75,203
|
|
$ 2,343
|
|
3.1%
|
Warranty
|
|
26,254
|
|
24,374
|
|
1,880
|
|
7.7%
|
Wholesale parts
|
|
8,122
|
|
7,881
|
|
241
|
|
3.1%
|
Internal, sublet and other
|
|
43,358
|
|
41,689
|
|
1,669
|
|
4.0%
|
Total
|
|
$ 155,280
|
|
$ 149,147
|
|
$ 6,133
|
|
4.1%
|
Gross profit
as a % of revenue
|
|
|
|
|
|
|
|
|
Customer pay
|
|
54.8%
|
|
54.9%
|
|
(10)
|
|
bps
|
Warranty
|
|
54.2%
|
|
53.7%
|
|
50
|
|
bps
|
Wholesale parts
|
|
17.3%
|
|
18.2%
|
|
(90)
|
|
bps
|
Internal, sublet and other
|
|
48.8%
|
|
49.8%
|
|
(100)
|
|
bps
|
Total
|
|
47.7%
|
|
48.2%
|
|
(50)
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
Better /
(Worse)
|
|
|
2014
|
|
2013
|
|
Change
|
|
%
Change
|
Reported:
|
|
(In
thousands)
|
Revenue
|
|
|
|
|
|
|
|
|
Customer pay
|
|
$ 427,620
|
|
$ 407,252
|
|
$ 20,368
|
|
5.0%
|
Warranty
|
|
142,072
|
|
137,489
|
|
4,583
|
|
3.3%
|
Wholesale parts
|
|
142,071
|
|
124,870
|
|
17,201
|
|
13.8%
|
Internal, sublet and other
|
|
261,883
|
|
243,679
|
|
18,204
|
|
7.5%
|
Total
|
|
$ 973,646
|
|
$ 913,290
|
|
$ 60,356
|
|
6.6%
|
Gross
profit
|
|
|
|
|
|
|
|
|
Customer pay
|
|
$ 235,151
|
|
$ 224,485
|
|
$ 10,666
|
|
4.8%
|
Warranty
|
|
77,163
|
|
74,657
|
|
2,506
|
|
3.4%
|
Wholesale parts
|
|
24,590
|
|
23,158
|
|
1,432
|
|
6.2%
|
Internal, sublet and other
|
|
130,381
|
|
122,206
|
|
8,175
|
|
6.7%
|
Total
|
|
$ 467,285
|
|
$ 444,506
|
|
$ 22,779
|
|
5.1%
|
Gross profit
as a % of revenue
|
|
|
|
|
|
|
|
|
Customer pay
|
|
55.0%
|
|
55.1%
|
|
(10)
|
|
bps
|
Warranty
|
|
54.3%
|
|
54.3%
|
|
0
|
|
bps
|
Wholesale parts
|
|
17.3%
|
|
18.5%
|
|
(120)
|
|
bps
|
Internal, sublet and other
|
|
49.8%
|
|
50.2%
|
|
(40)
|
|
bps
|
Total
|
|
48.0%
|
|
48.7%
|
|
(70)
|
|
bps
|
Sonic Automotive,
Inc.
|
Results of
Operations (Unaudited)
|
|
Parts, Service
and Collision Repair ("Fixed Operations")
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
Ended September 30,
|
|
Better /
(Worse)
|
|
|
2014
|
|
2013
|
|
Change
|
|
%
Change
|
Same
Store:
|
|
(In
thousands)
|
Revenue
|
|
|
|
|
|
|
|
|
Customer pay
|
|
$
137,639
|
|
$
133,451
|
|
$ 4,188
|
|
3.1%
|
Warranty
|
|
47,383
|
|
44,118
|
|
3,265
|
|
7.4%
|
Wholesale parts
|
|
45,945
|
|
42,649
|
|
3,296
|
|
7.7%
|
Internal, sublet and other
|
|
87,166
|
|
81,964
|
|
5,202
|
|
6.3%
|
Total
|
|
$
318,133
|
|
$
302,182
|
|
$ 15,951
|
|
5.3%
|
Gross
profit
|
|
|
|
|
|
|
|
|
Customer pay
|
|
$
75,546
|
|
$
73,255
|
|
$ 2,291
|
|
3.1%
|
Warranty
|
|
25,766
|
|
23,660
|
|
2,106
|
|
8.9%
|
Wholesale parts
|
|
7,859
|
|
7,717
|
|
142
|
|
1.8%
|
Internal, sublet and other
|
|
42,411
|
|
40,498
|
|
1,913
|
|
4.7%
|
Total
|
|
$
151,582
|
|
$
145,130
|
|
$ 6,452
|
|
4.4%
|
Gross profit
as a % of revenue
|
|
|
|
|
|
|
|
|
Customer pay
|
|
54.9%
|
|
54.9%
|
|
0
|
|
bps
|
Warranty
|
|
54.4%
|
|
53.6%
|
|
80
|
|
bps
|
Wholesale parts
|
|
17.1%
|
|
18.1%
|
|
(100)
|
|
bps
|
Internal, sublet and
other
|
|
48.7%
|
|
49.4%
|
|
(70)
|
|
bps
|
Total
|
|
47.6%
|
|
48.0%
|
|
(40)
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
Better /
(Worse)
|
|
|
2014
|
|
2013
|
|
Change
|
|
%
Change
|
Same
Store:
|
|
(In
thousands)
|
Revenue
|
|
|
|
|
|
|
|
|
Customer pay
|
|
$
408,504
|
|
$
398,444
|
|
$ 10,060
|
|
2.5%
|
Warranty
|
|
136,337
|
|
133,952
|
|
2,385
|
|
1.8%
|
Wholesale parts
|
|
137,461
|
|
123,360
|
|
14,101
|
|
11.4%
|
Internal, sublet and other
|
|
253,720
|
|
238,881
|
|
14,839
|
|
6.2%
|
Total
|
|
$
936,022
|
|
$
894,637
|
|
$ 41,385
|
|
4.6%
|
Gross
profit
|
|
|
|
|
|
|
|
|
Customer pay
|
|
$
225,232
|
|
$
219,888
|
|
$ 5,344
|
|
2.4%
|
Warranty
|
|
74,190
|
|
73,048
|
|
1,142
|
|
1.6%
|
Wholesale parts
|
|
23,343
|
|
22,808
|
|
535
|
|
2.3%
|
Internal, sublet and other
|
|
125,740
|
|
119,252
|
|
6,488
|
|
5.4%
|
Total
|
|
$
448,505
|
|
$
434,996
|
|
$ 13,509
|
|
3.1%
|
Gross profit
as a % of revenue
|
|
|
|
|
|
|
|
|
Customer pay
|
|
55.1%
|
|
55.2%
|
|
(10)
|
|
bps
|
Warranty
|
|
54.4%
|
|
54.5%
|
|
(10)
|
|
bps
|
Wholesale parts
|
|
17.0%
|
|
18.5%
|
|
(150)
|
|
bps
|
Internal, sublet and other
|
|
49.6%
|
|
49.9%
|
|
(30)
|
|
bps
|
Total
|
|
47.9%
|
|
48.6%
|
|
(70)
|
|
bps
|
Sonic Automotive,
Inc.
|
Results of
Operations (Unaudited)
|
|
Finance,
Insurance and Other, Net ("F&I")
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
Ended September 30,
|
|
Better /
(Worse)
|
|
|
2014
|
|
2013
|
|
Change
|
|
%
Change
|
|
|
(In thousands,
except per unit data)
|
Reported:
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
77,024
|
|
$
68,747
|
|
$ 8,277
|
|
12.0%
|
Gross profit
per retail unit (excludes fleet)
|
|
$
1,207
|
|
$
1,114
|
|
$
93
|
|
8.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
Better /
(Worse)
|
|
|
2014
|
|
2013
|
|
Change
|
|
%
Change
|
|
|
(In thousands,
except per unit data)
|
Reported:
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
223,340
|
|
$
203,461
|
|
$ 19,879
|
|
9.8%
|
Gross profit
per retail unit (excludes fleet)
|
|
$
1,208
|
|
$
1,136
|
|
$
72
|
|
6.3%
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
Ended September 30,
|
|
Better /
(Worse)
|
|
|
2014
|
|
2013
|
|
Change
|
|
%
Change
|
|
|
(In thousands,
except per unit data)
|
Same
Store:
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
76,386
|
|
$
67,611
|
|
$ 8,775
|
|
13.0%
|
Gross profit
per retail unit (excludes fleet)
|
|
$
1,213
|
|
$
1,118
|
|
$
95
|
|
8.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
Better /
(Worse)
|
|
|
2014
|
|
2013
|
|
Change
|
|
%
Change
|
|
|
(In thousands,
except per unit data)
|
Same
Store:
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
218,160
|
|
$
200,589
|
|
$ 17,571
|
|
8.8%
|
Gross profit
per retail unit (excludes fleet)
|
|
$
1,211
|
|
$
1,141
|
|
$
70
|
|
6.1%
|
Sonic Automotive,
Inc.
|
Results of
Operations (Unaudited)
|
|
Selling,
General and Administrative ("SG&A") Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
Ended September 30,
|
|
Better /
(Worse)
|
|
|
2014
|
|
2013
|
|
Change
|
|
%
Change
|
|
|
(In
thousands)
|
Reported:
|
|
|
|
|
|
|
|
|
Compensation
|
|
$
163,230
|
|
$
151,683
|
|
$ (11,547)
|
|
(7.6%)
|
Advertising
|
|
14,045
|
|
14,132
|
|
87
|
|
0.6%
|
Rent
|
|
18,145
|
|
18,901
|
|
756
|
|
4.0%
|
Other
|
|
74,724
|
|
69,848
|
|
(4,876)
|
|
(7.0%)
|
Total
|
|
$
270,144
|
|
$
254,564
|
|
$ (15,580)
|
|
(6.1%)
|
SG&A
expenses as a % of gross profit
|
|
|
|
|
|
|
|
Compensation
|
|
47.8%
|
|
46.5%
|
|
(130)
|
|
bps
|
Advertising
|
|
4.1%
|
|
4.3%
|
|
20
|
|
bps
|
Rent
|
|
5.3%
|
|
5.8%
|
|
50
|
|
bps
|
Other
|
|
21.9%
|
|
21.5%
|
|
(40)
|
|
bps
|
Total
|
|
79.1%
|
|
78.1%
|
|
(100)
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
Better /
(Worse)
|
|
|
2014
|
|
2013
|
|
Change
|
|
%
Change
|
|
|
(In
thousands)
|
Reported:
|
|
|
|
|
|
|
|
Compensation
|
|
$
483,493
|
|
$
449,791
|
|
$ (33,702)
|
|
(7.5%)
|
Advertising
|
|
42,027
|
|
41,282
|
|
(745)
|
|
(1.8%)
|
Rent
|
|
55,324
|
|
56,344
|
|
1,020
|
|
1.8%
|
Other
|
|
222,187
|
|
201,062
|
|
(21,125)
|
|
(10.5%)
|
Total
|
|
$
803,031
|
|
$
748,479
|
|
$ (54,552)
|
|
(7.3%)
|
SG&A
expenses as a % of gross profit
|
|
|
|
|
|
|
|
Compensation
|
|
47.5%
|
|
46.7%
|
|
(80)
|
|
bps
|
Advertising
|
|
4.1%
|
|
4.3%
|
|
20
|
|
bps
|
Rent
|
|
5.4%
|
|
5.9%
|
|
50
|
|
bps
|
Other
|
|
21.9%
|
|
20.8%
|
|
(110)
|
|
bps
|
Total
|
|
78.9%
|
|
77.7%
|
|
(120)
|
|
bps
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/sonic-automotive-inc-reports-all-time-record-new-retail-unit-sales-and-q3-total-gross-profit-221950569.html
SOURCE Sonic Automotive, Inc.