Asbury Automotive Group Reports Second Quarter Financial Results
Income from Continuing Operations Increases 14%
SG&A as a Percent of Gross Profit Improves 140 Basis Points
NEW YORK, July 27 -- Asbury Automotive Group, Inc. , one of the largest automotive retail and service companies in the U.S., today reported financial results for the second quarter and six months ended June 30, 2006.
Income from continuing operations for the second quarter increased 14% to $19.4 million, or $0.58 per diluted share, from $17.1 million, or $0.52 per diluted share, in last year's second quarter. Results for this year's second quarter include non-operating one-time items that added $0.04 per diluted share. This year's second quarter also includes a stock-based compensation charge of approximately $0.02 per diluted share. Excluding these items, second quarter income from continuing operations improved 10% to $18.8 million, or $0.56 per diluted share.
For the first six months of 2006, income from continuing operations was $33.0 million, or $0.98 per diluted share, up 23% from $26.9 million, or $0.82 per diluted share, in the corresponding period last year. Results for the 2006 period include non-operating one-time items that added $0.03 per diluted share. This year's results also include a stock-based compensation charge of approximately $0.04 per diluted share. Results for the first half of 2005 include after-tax costs of approximately $0.07 per diluted share related to the Company's regional restructuring. Excluding these items from our 2006 and 2005 results, income from continuing operations improved 15% for the first half of 2006 to $33.3 million, or $0.99 per diluted share.
Additional financial highlights for the second quarter of 2006, as compared to last year's second quarter, included:
- Total revenue for the quarter was approximately $1.5 billion, up 7%.
Total gross profit was $228.8 million, up 9%.
- Same-store retail revenue and gross profit (excluding fleet and
wholesale businesses) were up 7% and 9%, respectively.
- New vehicle retail revenue increased 6% (5% same-store), and unit sales
increased 3% (2% same-store). New vehicle retail gross profit rose 6%
(4% same-store).
- Used vehicle retail revenue (total and same-store) increased 11% and
unit sales (total and same-store) increased 6%. Used vehicle retail
gross profit (total and same-store) increased 20%.
- Parts, service and collision repair (fixed operations) revenue increased
9% (8% same-store), and gross profit increased 8% (total and same-
store).
- Net finance and insurance (F&I) revenue was up 11% (10% same-store).
Excluding a one-time gain on the sale of the remaining interest in
variable profits on a pool of extended service contracts, net F&I
revenue rose 2% (1% same-store). F&I per vehicle retailed (PVR)
increased 6% to $966, while dealership-generated F&I PVR was flat at
$875.
- Selling, general and administrative (SG&A) expenses as a percentage of
gross profit were 75.1% for the quarter, a 140 basis point improvement
compared with 76.5% a year ago.
President and CEO Kenneth B. Gilman said, "I am pleased to report that Asbury delivered solid financial results again in the second quarter, despite the lackluster industry environment for new car sales. Our used vehicle and fixed operations continue to benefit from the focused investments we've made in those businesses over the last few years. We also again outperformed the industry in new vehicle unit sales, thanks to our strong brand mix. In addition, our ongoing cost-reduction efforts are helping to offset some of the impact of higher interest rates."
J. Gordon Smith, Senior Vice President and CFO, said, "Asbury's SG&A expenses for the second quarter improved by 140 basis points as a percentage of gross profit. Asbury's overall results include an after-tax gain of $2.1 million on the sale of Asbury's remaining interest in variable profits on a pool of extended service contracts, and an after-tax charge of $0.9 million related to the Company's recent abandonment of strategic projects. We continue to realize cost savings from our regional reorganization in 2005 and benefited from the further leveraging of our fixed cost structure. Our more strategic approach to advertising is also delivering substantial savings, as advertising expense again declined, approximately 10% on a PVR basis. In addition, we have identified cost reduction opportunities as we continue to standardize our back office systems. For example, we are in the process of consolidating Asbury's three dealer management systems (DMS) to a single technology vendor."
Mr. Gilman continued, "I am particularly pleased to report the standout performance of our West region during the quarter, which delivered growth across all four of their business lines. Of particular note, our investments in two new Honda stores in Texas and Southern California are beginning to pay dividends. In my view, a significant amount of potential remains in our West region, with an expectation of continued improvements over the next two years."
Commenting on earnings guidance for 2006, the Company increased its guidance to a range of $1.82 and $1.87 for diluted earnings per share from continuing operations, including the expected $0.10 per share impact of the new accounting rules governing the expensing of stock-based compensation.
About Asbury Automotive Group
Asbury Automotive Group, Inc., headquartered in New York City, is one of the largest automobile retailers in the U.S., with 2005 revenue of approximately $5.5 billion. Built through a combination of organic growth and a series of strategic acquisitions, the Company currently operates 87 retail auto stores, encompassing 120 franchises for the sale and servicing of 33 different brands of American, European and Asian automobiles. Asbury believes that its product mix contains a higher proportion of the more desirable luxury and mid-line import brands than most public automotive retailers. The Company offers customers an extensive range of automotive products and services, including new and used vehicle sales and related financing and insurance, vehicle maintenance and repair services, replacement parts and service contracts.
Asbury Automotive Group, Inc.
Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)
For the Three For the Six
Months Ended Months Ended
June 30, June 30,
2006 2005 2006 2005
REVENUES:
New vehicle $ 918,116 $ 872,308 $1,739,153 $1,643,577
Used vehicle 384,561 348,416 742,667 668,872
Parts, service and
collision repair 172,036 157,999 341,924 309,672
Finance and insurance, net 43,224 39,064 78,844 74,554
Total revenues 1,517,937 1,417,787 2,902,588 2,696,675
COST OF SALES:
New vehicle 854,390 812,339 1,617,630 1,530,845
Used vehicle 349,923 318,479 675,102 610,233
Parts, service and
collision repair 84,842 77,510 169,744 151,641
Total cost of sales 1,289,155 1,208,328 2,462,476 2,292,719
GROSS PROFIT 228,782 209,459 440,112 403,956
OPERATING EXPENSES:
Selling, general and
administrative 171,715 160,185 337,364 318,552
Depreciation and
amortization 5,113 4,768 10,088 9,460
Income from operations 51,954 44,506 92,660 75,944
OTHER INCOME (EXPENSE):
Floor plan interest expense (11,239) (7,458) (20,401) (13,988)
Other interest expense (11,139) (10,269) (22,043) (19,869)
Interest income 1,021 171 1,748 435
Other income, net 481 332 825 441
Total other expense,
net (20,876) (17,224) (39,871) (32,981)
Income before income
taxes 31,078 27,282 52,789 42,963
INCOME TAX EXPENSE 11,654 10,231 19,796 16,111
INCOME FROM CONTINUING
OPERATIONS 19,424 17,051 32,993 26,852
DISCONTINUED OPERATIONS,
net of tax (420) (1,065) (1,436) (1,225)
NET INCOME $ 19,004 $ 15,986 $ 31,557 $ 25,627
BASIC EARNINGS PER COMMON
SHARE:
Continuing operations $ 0.59 $ 0.52 $ 1.00 $ 0.82
Discontinued operations (0.02) (0.03) (0.04) (0.03)
Net income $ 0.57 $ 0.49 $ 0.96 $ 0.79
DILUTED EARNINGS PER COMMON
SHARE:
Continuing operations $ 0.58 $ 0.52 $ 0.98 $ 0.82
Discontinued operations (0.02) (0.03) (0.04) (0.04)
Net income $ 0.56 $ 0.49 $ 0.94 $ 0.78
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING:
Basic 33,077 32,604 33,000 32,596
Diluted 33,709 32,725 33,680 32,753
Asbury Automotive Group, Inc.
Selected Data
(Dollars in thousands, except per vehicle data)
(Unaudited)
As Reported for the
Three Months Ended June 30,
2006 2005
RETAIL VEHICLES SOLD:
New retail units 28,329 63.3% 27,449 64.0%
Used retail units 16,414 36.7% 15,425 36.0%
Total retail units 44,743 100.0% 42,874 100.0%
REVENUE:
New retail $ 887,068 58.4% $ 838,985 59.2%
Used retail 295,268 19.5% 265,220 18.7%
Parts, service and collision
repair 172,036 11.3% 157,999 11.1%
Finance and insurance, net 43,224 2.8% 39,064 2.8%
Total retail revenue 1,397,596 1,301,268
Fleet 31,048 2.0% 33,323 2.4%
Wholesale 89,293 6.0% 83,196 5.8%
Total revenue $1,517,937 100.0% $1,417,787 100.0%
GROSS PROFIT:
New retail $ 62,466 27.3% $ 59,140 28.2%
Used retail 35,897 15.7% 29,818 14.2%
Parts, service and collision
repair 87,194 38.1% 80,489 38.4%
Finance and insurance, net 43,224 18.9% 39,064 18.6%
Total retail gross profit 228,781 208,511
Fleet 1,260 0.6% 829 0.4%
Wholesale (1,259) (0.6%) 119 0.2%
Total gross profit $ 228,782 100.0% $ 209,459 100.0%
Adjusted gross profit $ 225,382 $ 209,459
Adjusted SG&A expenses $ 169,371 $ 160,185
Adjusted SG&A expenses as a
percentage of adjusted gross
profit 75.1% 76.5%
REVENUE PER VEHICLE RETAILED:
New retail $ 31,313 $ 30,565
Used retail 17,989 17,194
GROSS PROFIT PER VEHICLE RETAILED:
New retail $ 2,205 $ 2,155
Used retail 2,187 1,933
Finance and insurance, net 966 911
Dealership generated finance and
insurance, net 875 879
GROSS PROFIT MARGIN:
New retail 7.0% 7.0%
Used retail 12.2% 11.2%
Parts, service and collision
repair 50.7% 50.9%
Same Store for the
Three Months Ended June 30,
2006 2005
RETAIL VEHICLES SOLD:
New retail units 27,986 63.0% 27,449 64.0%
Used retail units 16,414 37.0% 15,425 36.0%
Total retail units 44,400 100.0% 42,874 100.0%
REVENUE:
New retail $ 876,954 58.2% $ 838,985 59.2%
Used retail 295,268 19.6% 265,220 18.7%
Parts, service and collision
repair 170,753 11.3% 157,999 11.1%
Finance and insurance, net 42,932 2.9% 39,064 2.8%
Total retail revenue 1,385,907 1,301,268
Fleet 30,639 2.0% 33,323 2.4%
Wholesale 89,293 6.0% 83,196 5.8%
Total revenue $1,505,839 100.0% $1,417,787 100.0%
GROSS PROFIT:
New retail $ 61,762 27.2% $ 59,140 28.2%
Used retail 35,897 15.8% 29,818 14.2%
Parts, service and collision
repair 86,527 38.1% 80,489 38.4%
Finance and insurance, net 42,932 18.9% 39,064 18.6%
Total retail gross profit 227,118 208,511
Fleet 1,240 0.5% 829 0.4%
Wholesale (1,259) (0.5%) 119 0.2%
Total gross profit $ 227,099 100.0% $ 209,459 100.0%
Adjusted gross profit $ 223,699 $ 209,459
Adjusted SG&A expenses $ 168,537 $ 160,185
Adjusted SG&A expenses as a
percentage of adjusted gross
profit 75.3% 76.5%
REVENUE PER VEHICLE RETAILED:
New retail $ 31,335 $ 30,565
Used retail 17,989 17,194
GROSS PROFIT PER VEHICLE
RETAILED:
New retail $ 2,207 $ 2,155
Used retail 2,187 1,933
Finance and insurance, net 967 911
Dealership generated finance and
insurance, net 875 879
GROSS PROFIT MARGIN:
New retail 7.0% 7.0%
Used retail 12.2% 11.2%
Parts, service and collision
repair 50.7% 50.9%
Asbury Automotive Group, Inc.
Selected Data
(Dollars in thousands, except per vehicle data)
(Unaudited)
As Reported for the
Six Months Ended June 30,
2006 2005
RETAIL VEHICLES SOLD:
New retail units 52,887 62.4% 50,934 63.0%
Used retail units 31,904 37.6% 29,926 37.0%
Total retail units 84,791 100.0% 80,860 100.0%
REVENUE:
New retail $1,658,049 57.1% $1,563,516 58.0%
Used retail 565,414 19.5% 503,825 18.7%
Parts, service and collision
repair 341,924 11.8% 309,672 11.5%
Finance and insurance, net 78,844 2.7% 74,554 2.8%
Total retail revenue 2,644,231 2,451,567
Fleet 81,104 2.8% 80,061 3.0%
Wholesale 177,253 6.1% 165,047 6.0%
Total revenue $2,902,588 100.0% $2,696,675 100.0%
GROSS PROFIT:
New retail $ 119,441 27.1% $ 111,344 27.6%
Used retail 68,415 15.5% 57,429 14.2%
Parts, service and collision
repair 172,180 39.1% 158,031 39.1%
Finance and insurance, net 78,844 17.9% 74,554 18.5%
Total retail gross profit 438,880 401,358
Fleet 2,082 0.5% 1,388 0.3%
Wholesale (850) (0.1%) 1,210 0.3%
Total gross profit $ 440,112 100.0% $ 403,956 100.0%
Adjusted gross profit $ 436,712 $ 403,956
Adjusted SG&A expenses $ 333,410 $ 314,986
Adjusted SG&A expenses as a
percentage of adjusted gross profit 76.3% 78.0%
REVENUE PER VEHICLE RETAILED:
New retail $ 31,351 $ 30,697
Used retail 17,722 16,836
GROSS PROFIT PER VEHICLE RETAILED:
New retail $ 2,258 $ 2,186
Used retail 2,144 1,919
Finance and insurance, net 930 922
Dealership generated finance and
insurance, net 870 890
GROSS PROFIT MARGIN:
New retail 7.2% 7.1%
Used retail 12.1% 11.4%
Parts, service and collision
repair 50.4% 51.0%
Same Store for the
Six Months Ended June 30,
2006 2005
RETAIL VEHICLES SOLD:
New retail units 51,911 62.1% 50,934 63.0%
Used retail units 31,675 37.9% 29,926 37.0%
Total retail units 83,586 100.0% 80,860 100.0%
REVENUE:
New retail $1,630,973 56.9% $1,563,516 58.0%
Used retail 561,891 19.6% 503,825 18.7%
Parts, service and collision
repair 338,566 11.8% 309,672 11.5%
Finance and insurance, net 77,785 2.7% 74,554 2.8%
Total retail revenue 2,609,215 2,451,567
Fleet 80,285 2.8% 80,061 3.0%
Wholesale 176,373 6.2% 165,047 6.0%
Total revenue $2,865,873 100.0% $2,696,675 100.0%
GROSS PROFIT:
New retail $ 117,604 27.0% $ 111,344 27.6%
Used retail 67,922 15.6% 57,429 14.2%
Parts, service and collision
repair 170,456 39.2% 158,031 39.1%
Finance and insurance, net 77,785 17.9% 74,554 18.5%
Total retail gross profit 433,767 401,358
Fleet 2,069 0.5% 1,388 0.3%
Wholesale (883) (0.2%) 1,210 0.3%
Total gross profit $ 434,953 100.0% $ 403,956 100.0%
Adjusted gross profit $ 431,553 $ 403,956
Adjusted SG&A expenses $ 330,574 $ 314,986
Adjusted SG&A expenses as a
percentage of adjusted gross
profit 76.6% 78.0%
REVENUE PER VEHICLE RETAILED:
New retail $ 31,419 $ 30,697
Used retail 17,739 16,836
GROSS PROFIT PER VEHICLE
RETAILED:
New retail $ 2,265 $ 2,186
Used retail 2,144 1,919
Finance and insurance, net 931 922
Dealership generated finance and
insurance, net 870 890
GROSS PROFIT MARGIN:
New retail 7.2% 7.1%
Used retail 12.1% 11.4%
Parts, service and collision
repair 50.3% 51.0%
Asbury Automotive Group, Inc.
Selected Data
(In thousands)
As of As of
June 30, 2006 December 31, 2005
(Unaudited)
BALANCE SHEET HIGHLIGHTS:
Cash and cash equivalents $ 89,097 $ 57,194
Inventories 779,817 709,791
Total current assets 1,230,970 1,185,180
Floor plan notes payable 657,328 614,382
Total current liabilities 841,092 838,226
CAPITALIZATION:
Long-term debt
(including current portion) $ 497,000 $ 496,949
Stockholders' equity 587,630 547,766
Total $1,084,630 $1,044,715
ASBURY AUTOMOTIVE GROUP, INC.
SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION
(In thousands, except vehicle and per vehicle data)
(Unaudited)
The Company evaluates F&I gross profit performance on a per vehicle retailed ("PVR") basis by dividing total F&I gross profit by the number of retail vehicles sold. During 2003, the Company renegotiated a contract with a third party finance and insurance product provider, which resulted in the recognition of income in 2006 and 2005 that was not attributable to retail vehicles sold during 2006 and 2005 (referred to as "corporate generated F&I gross profit"). During the second quarter of 2006, the Company decided to sell its remaining interest in the pool of extended service contracts which had been the source of its corporate generated F&I gross profit, which resulted in the recognition of a $3.4 million gain on the sale ("corporate generated F&I gain"). The Company believes that dealership generated F&I PVR, which excludes the additional amounts derived from contracts negotiated by the corporate office, provides a more accurate measure of the Company's finance and insurance operating performance. The following table reconciles F&I gross profit to dealership generated F&I gross profit, and provides the necessary components to calculate dealership generated F&I gross profit PVR.
As Reported for Same Store for
the Three Months the Three Months
Ended June 30, Ended June 30,
2006 2005 2006 2005
RECONCILIATION OF FINANCE AND
INSURANCE GROSS PROFIT TO
DEALERSHIP GENERATED FINANCE
AND INSURANCE GROSS PROFIT:
F&I gross profit $43,224 $39,064 $42,932 $39,064
Less: corporate generated
F&I gross profit (692) (1,367) (692) (1,367)
Less: corporate generated
F&I gain (3,400) - (3,400) -
Dealership generated F&I
gross profit $39,132 $37,697 $38,840 $37,697
RETAIL VEHICLES SOLD:
New retail units 28,329 27,449 27,986 27,449
Used retail units 16,414 15,425 16,414 15,425
Total retail units 44,743 42,874 44,400 42,874
F&I gross profit PVR $ 966 $ 911 $ 967 $ 911
Dealership generated F&I
gross profit PVR $ 875 $ 879 $ 875 $ 879
As Reported for Same Store for
the Six Months the Six Months
Ended June 30, Ended June 30,
2006 2005 2006 2005
RECONCILIATION OF FINANCE AND
INSURANCE GROSS PROFIT TO
DEALERSHIP GENERATED FINANCE
AND INSURANCE GROSS PROFIT:
F&I gross profit $78,844 $74,554 $77,785 $74,554
Less: corporate generated F&I
gross profit (1,685) (2,570) (1,685) (2,570)
Less: corporate generated F&I
gain (3,400) - (3,400) -
Dealership generated F&I gross
profit $73,759 $71,984 $72,700 $71,984
RETAIL VEHICLES SOLD:
New retail units 52,887 50,934 51,911 50,934
Used retail units 31,904 29,926 31,675 29,926
Total retail units 84,791 80,860 83,586 80,860
F&I gross profit PVR $ 930 $ 922 $ 931 $ 922
Dealership generated F&I gross
profit PVR $ 870 $ 890 $ 870 $ 890
The Company's operating income was impacted by (i) the adoption of Statement of Financial Accounting Standards No. 123R ("SFAS 123R"), (ii) its decision to issue restricted stock units instead of stock options, (iii) the sale of its remaining interest in a pool of extended service contracts, and (iv) its decision to abandon certain strategic projects during the three and six months ended June 30, 2006; and expenses related to our regional reorganization during the six months ended June 30, 2005. Effective January 1, 2006, The Company has adopted SFAS 123R under the modified prospective transition method and therefore has recorded stock compensation expense under the fair value method for the three and six months ended June 30, 2006. Prior to January 1, 2006, stock compensation expense was recorded under the intrinsic value method.
RECONCILIATION OF ADJUSTED SG&A
EXPENSES AS A PERCENTAGE As Reported for the Increase
OF ADJUSTED GROSS PROFIT Three Months Ended (Decrease) % Change
June 30,
2006 2005
SG&A expenses $171,715 $160,185 $11,530 7%
Abandoned strategic project
expenses (1,417) --
Stock compensation expense (927) --
Adjusted SG&A expenses $169,371 $160,185 $ 9,186 6%
Gross profit $228,782 $209,459 $19,323 9%
Corporate generated F&I gain (3,400) --
Adjusted gross profit $225,382 $209,459 $15,923 8%
Adjusted SG&A expenses as a
percentage of adjusted gross
profit 75.1% 76.5%
RECONCILIATION OF ADJUSTED SG&A
EXPENSES AS A PERCENTAGE Same Store for the Increase
OF ADJUSTED GROSS PROFIT Three Months Ended (Decrease) % Change
June 30,
2006 2005
SG&A expenses $170,881 $160,185 $10,696 7%
Abandoned strategic project
expenses (1,417) --
Stock compensation expense (927) --
Adjusted SG&A expenses $168,537 $160,185 $ 8,352 5%
Gross profit $227,099 $209,459 $17,640 8%
Corporate generated F&I gain (3,400) --
Adjusted gross profit $223,699 $209,459 $14,240 7%
Adjusted SG&A expenses as a
percentage of adjusted gross
profit 75.3% 76.5%
RECONCILIATION OF ADJUSTED SG&A
EXPENSES AS A PERCENTAGE As Reported for the Increase
OF ADJUSTED GROSS PROFIT Six Months Ended (Decrease) % Change
June 30,
2006 2005
SG&A expenses $337,364 $318,552 $18,812 6%
Reorganization expenses -- (3,566)
Abandoned strategic project
expenses (1,658) --
Stock compensation expense (2,296) --
Adjusted SG&A expenses $333,410 $314,986 $18,424 6%
Gross profit $440,112 $403,956 $36,156 9%
Corporate generated F&I gain (3,400) --
Adjusted gross profit $436,712 $403,956 $32,756 8%
Adjusted SG&A expenses as a
percentage of adjusted gross
profit 76.3% 78.0%
RECONCILIATION OF ADJUSTED SG&A
EXPENSES AS A PERCENTAGE Same Store for the Increase
OF ADJUSTED GROSS PROFIT Six Months Ended (Decrease) % Change
June 30,
2006 2005
SG&A expenses $334,528 $318,552 $15,976 5%
Reorganization expenses -- (3,566)
Abandoned strategic project
expenses (1,658) --
Stock compensation expense (2,296) --
Adjusted SG&A expenses $330,574 $314,986 $15,588 5%
Gross profit $434,953 $403,956 $30,997 8%
Corporate generated F&I gain (3,400) --
Adjusted gross profit $431,553 $403,956 $27,597 7%
Adjusted SG&A expenses as a
percentage of adjusted gross
profit 76.6% 78.0%
RECONCILIATION OF ADJUSTED
INCOME FROM CONTINUING As Reported for the Increase
OPERATIONS Three Months Ended (Decrease) % Change
June 30,
2006 2005
Net income $19,004 $15,986 $3,018 19%
Discontinued operations,
net of tax 420 1,065
Income from continuing
operations 19,424 17,051 2,373 14%
Corporate generated F&I gain,
net of tax (2,125) --
Abandoned strategic project
expenses, net of tax 886 --
Stock compensation expense,
net of tax 579 --
Adjusted income from continuing
operations $18,764 $17,051 $1,713 10%
Net income $ 0.56 $ 0.49 $ 0.07 14%
Discontinued operations,
net of tax 0.02 0.03
Income from continuing
operations 0.58 0.52 0.06 12%
Corporate generated F&I gain,
net of tax (0.06) --
Abandoned strategic project
expenses, net of tax 0.02 --
Stock compensation expense,
net of tax 0.02 --
Adjusted income from continuing
operations $ 0.56 $ 0.52 $ 0.04 8%
Weighted average common shares
outstanding (diluted): 33,709 32,725
RECONCILIATION OF ADJUSTED
INCOME FROM CONTINUING As Reported for the Increase
OPERATIONS Six Months Ended (Decrease) % Change
June 30,
2006 2005
Net income $31,557 $25,627 $5,930 23%
Discontinued operations,
net of tax 1,436 1,225
Income from continuing
operations 32,993 26,852 6,141 23%
Reorganization expense,
net of tax -- 2,229
Corporate generated F&I gain,
net of tax (2,125) --
Abandoned strategic project
expenses, net of tax 1,036 --
Stock compensation expense,
net of tax 1,435 --
Adjusted income from
continuing operations $33,339 $29,081 $4,258 15%
Net income $ 0.94 $ 0.78 $ 0.16 21%
Discontinued operations,
net of tax 0.04 0.04
Income from continuing
operations 0.98 0.82 0.16 20%
Reorganization expense,
net of tax -- 0.07
Corporate generated F&I gain,
net of tax (0.06) --
Abandoned strategic project
expenses, net of tax 0.03 --
Stock compensation expense,
net of tax 0.04 --
Adjusted income from
continuing operations $ 0.99 $ 0.89 $ 0.10 11%
Weighted average common shares
outstanding (diluted): 33,680 32,753