Lithia Motors Announces Earnings Per Share from Continuing Operations of 53 Cents; Up 4% from the Prior Year
MEDFORD, Ore.--Lithia Motors, Inc. today announced that third quarter 2007 sales increased 3% to $859.7 million as compared to $834.4 million in the same period last year. New vehicle sales increased 1.4%, used vehicle sales increased 2.4%, finance/insurance sales increased 0.2%, and parts/service sales increased 14.7%.
Third quarter 2007 income from continuing operations was $11.3 million as compared to $10.7 million in the third quarter of 2006. Diluted earnings per share from continuing operations were $0.53 as compared to $0.51 in the third quarter of 2006.
Sid DeBoer, Lithia’s Chairman and CEO, commented, “In spite of the current headwinds we face in today’s retail environment, Lithia has been successful in adapting to these conditions while still pursuing our new business initiatives. We continue to redesign operations to not only weather the current economic situation, but prevail in the sector as an innovator.”
“Third quarter sales were steadied by strong parts and service sales and revenues from acquisitions made in the past 12 months. Third quarter total same-store sales declined 5.6%. We believe that we are still seeing a challenging retail environment for automotive sales in our markets that will continue for the rest of this year and well into 2008. This is related to the ripple effects from the struggling housing market, high gas prices and consumer debt pressures. In response to these challenges, we are successfully reducing employee headcount in the stores. Our advertising expenses are down by almost 12% on a same-store basis. Our vehicle inventory levels are being carefully managed, and we have held our new and used vehicle margins steady,” concluded Sid DeBoer.
For the nine month period ending September 30, 2007, total sales increased 7.6% to $2.5 billion as compared to $2.3 billion in the same period last year. New vehicle sales increased 6.4%, used vehicle sales increased 6.6%, finance/insurance sales increased 5.5%, and parts/service sales increased 18%.
For the first nine months, Lithia’s net income from continuing operations was $29.2 million as compared to $33.6 million in 2006. Diluted earnings per share from continuing operations were $1.38 as compared to $1.58 in the first nine months of 2006.
Jeff DeBoer, Senior Vice President and CFO, added, “We have provided fourth quarter EPS guidance and have narrowed the range on our full year 2007 guidance as shown below. For the full year and first quarter of 2008, we have projected the guidance which is also shown below. These projections call for a continuation of difficult economic conditions through 2008, but we expect that our efficiency initiatives and our Assured Selling Program will successfully grow our EPS.”
“Our guidance is based on income from continuing operations and assumes a steady pace of acquisitions, dispositions, and fifteen to twenty cents of development costs associated with L2,” concluded Jeff DeBoer.
|
Earnings per Share |
|||||||||||||||||||||||||
|
From Continuing Operations: |
|||||||||||||||||||||||||
|
Guidance |
Guidance |
Guidance |
Guidance |
||||||||||||||||||||||
|
Q4 2007 |
FY 2007 |
Q1 2008 |
FY 2008 |
||||||||||||||||||||||
|
$ |
0.26 - $0.31 |
$ |
1.65 - $1.70 |
$ |
0.25 - $0.30 |
$ |
1.75 - $1.95 |
||||||||||||||||||
Conference Call Information
Lithia Motors will be providing more detailed information on the results for the third quarter 2007 in its conference call scheduled for today at 2 p.m. PDT and 5 p.m. EDT. The call can be accessed live by calling 973-582-2717; Conference ID #: 9348443. To listen LIVE on our website or for REPLAY: Log-on to www.Lithia.com – Go to Investor Relations – and click on the Conference Call Icon.
About Lithia
Lithia Motors, Inc. is a Fortune 700 and Russell 2000 Company. Lithia sells 30 brands of new and all brands of used vehicles at 109 stores which are located in 46 markets within 15 states. Internet sales are centralized at www.Lithia.com, or through the recently launched www.L2.com. Lithia also sells used vehicles; arranges finance, warranty, and credit insurance contracts; and provides vehicle parts, maintenance, and repair services at all of its locations. Lithia retailed 109,648 new and used vehicles and had $3.17 billion in total revenue in 2006.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the “Safe-Harbor” provisions of the Private Securities Litigation Reform Act of 1995, which management believes are a benefit to shareholders. These statements are necessarily subject to risk and uncertainty and actual results could differ materially due to certain risk factors including, without limitation, economic conditions, acquisition risk factors and others set forth from time to time in the company’s filings with the SEC. Specific risks in this press release include the accuracy of the company’s comments and predictions related to the retail sales environment and its ability to successfully adjust to those conditions and achieve the earnings per share projected.
Additional Information
For additional information on Lithia Motors, contact the Investor Relations Department: 541-618-5770 or log on to: www.lithia.com – go to Investor Relations.
|
LITHIA MOTORS, INC. |
||||||||||||||||
|
(In Thousands except per share data) |
||||||||||||||||
| Three Months Ended | % | |||||||||||||||
| September 30, | Increase | Increase | ||||||||||||||
| 2007 | 2006 | (Decrease) | (Decrease) | |||||||||||||
| New vehicle sales | $ | 494,882 | $ | 488,113 | $ | 6,769 | 1.4 | % | ||||||||
| Used vehicle sales | 231,868 | 226,468 | 5,400 | 2.4 | ||||||||||||
| Finance and insurance | 32,701 | 32,644 | 57 | 0.2 | ||||||||||||
| Service, body and parts | 97,913 | 85,360 | 12,553 | 14.7 | ||||||||||||
| Fleet and other revenues | 2,343 | 1,832 | 511 | 27.9 | ||||||||||||
| Total revenues | 859,707 | 834,417 | 25,290 | 3.0 | ||||||||||||
| Cost of sales | 715,016 | 695,657 | 19,359 | 2.8 | ||||||||||||
| Gross Profit | 144,691 | 138,760 | 5,931 | 4.3 | ||||||||||||
| SG&A expense | 107,387 | 102,225 | 5,162 | 5.0 | ||||||||||||
| Depreciation and amortization | 5,289 | 4,204 | 1,085 | 25.8 | ||||||||||||
| Income from operations | 32,015 | 32,331 | (316 | ) | (1.0 | ) | ||||||||||
| Floorplan interest expense | (8,236 | ) | (12,358 | ) | (4,122 | ) | (33.4 | ) | ||||||||
| Other interest expense | (4,900 | ) | (3,482 | ) | 1,418 | 40.7 | ||||||||||
| Other income, net | 144 | 128 | 16 | 12.5 | ||||||||||||
| Income from continuing operations before income taxes | 19,023 | 16,619 | 2,404 | 14.5 | ||||||||||||
| Income tax expense | 7,713 | 5,933 | 1,780 | 30.0 | ||||||||||||
| Income Tax Rate | 40.5 | % | 35.7 | % | ||||||||||||
| Income from continuing operations | 11,310 | 10,686 | 624 | 5.8 | % | |||||||||||
| Discontinued Operations: | ||||||||||||||||
| Loss from operations | (336 | ) | (170 | ) | 166 | 97.6 | ||||||||||
| Gain (Loss) from sale | 263 | - | 263 | |||||||||||||
| Net income | $ | 11,237 | $ | 10,516 | 721 | 6.9 | % | |||||||||
| Diluted net income per share: | ||||||||||||||||
| Continuing Operations | $ | 0.53 | $ | 0.51 | $ | 0.02 | 3.9 | |||||||||
| Discontinued Operations: | ||||||||||||||||
| Loss from operations, net of income tax | (0.01 | ) | (0.01 | ) | ||||||||||||
| Gain from sale, net of income tax | 0.01 | - | ||||||||||||||
| Net income per share | $ | 0.53 | $ | 0.50 | $ | 0.03 | 6.0 | |||||||||
| Diluted shares outstanding | 22,058 | 22,128 | (70 | ) | (0.3 | ) | % | |||||||||
|
LITHIA MOTORS, INC. |
||||||||||||||
|
(Continuing Operations) |
||||||||||||||
| Three Months Ended | % | |||||||||||||
| September 30, | Increase | Increase | ||||||||||||
| 2007 | 2006 | (Decrease) | (Decrease) | |||||||||||
|
Unit Sales: |
||||||||||||||
| New Vehicle | 16,884 | 17,860 | (976 | ) | (5.5 | ) | % | |||||||
| Used - Retail Vehicle | 10,928 | 11,395 | (467 | ) | (4.1 | ) | ||||||||
| Used - Wholesale | 7,364 | 7,218 | 146 | 2.0 | ||||||||||
| Total Units Sold | 35,176 | 36,473 | (1,297 | ) | (3.6 | ) | ||||||||
|
Average Selling Price: |
||||||||||||||
| New Vehicle | $ | 29,311 | $ | 27,330 | $ | 1,981 | 7.2 | % | ||||||
| Used - Retail Vehicle | 16,867 | 16,110 | $ | 757 | 4.7 | |||||||||
| Used - Wholesale | 6,457 | 5,943 | $ | 514 | 8.6 | |||||||||
|
Key Financial Data: |
||||||||||||||
| Gross Profit Margin | 16.8 | % | 16.6 | % | 20 bps | |||||||||
| SG&A as a % of Gross Profit | 74.2 | % | 73.7 | % | 50 bps | |||||||||
| Operating Margin | 3.7 | % | 3.9 | % | -20 bps | |||||||||
| Pre-Tax Margin | 2.2 | % | 2.0 | % | 20 bps | |||||||||
|
Gross Margin/Profit Data |
||||||||||||||
| New Vehicle Retail | 7.6 | % | 7.6 | % | 0 bps | |||||||||
| Used Vehicle Retail | 14.9 | % | 14.4 | % | 50 bps | |||||||||
| Used Vehicle Wholesale | 0.5 | % | 1.1 | % | -60 bps | |||||||||
| Service, Body & Parts | 47.3 | % | 48.6 | % | -130 bps | |||||||||
| Finance & Insurance | 100.0 | % | 100.0 | % | 0 bps | |||||||||
| New Retail Gross Profit/Unit | $ | 2,237 | $ | 2,088 | $ | 149 | ||||||||
| Used Retail Gross Profit/Unit | $ | 2,505 | $ | 2,325 | $ | 180 | ||||||||
| Used Wholesale Gross Profit/Unit | $ | 33 | $ | 66 | -$33 | |||||||||
| Finance & Insurance/Retail Unit | $ | 1,176 | $ | 1,116 | $ | 60 | ||||||||
|
Revenue Mix: |
||||||||||||||
| New Vehicles | 57.6 | % | 58.5 | % | ||||||||||
| Used Retail Vehicles | 21.4 | % | 22.0 | % | ||||||||||
| Used Wholesale Vehicles | 5.5 | % | 5.2 | % | ||||||||||
| Finance and Insurance, Net | 3.8 | % | 3.9 | % | ||||||||||
| Service and Parts | 11.4 | % | 10.2 | % | ||||||||||
| Fleet and other | 0.3 | % | 0.2 | % | ||||||||||
|
New Vehicle Unit Sales Brand Mix: |
||||||||||||||
| Chrysler Brands | 40.0 | % | 40.3 | % | ||||||||||
| General Motors & Saturn | 16.9 | % | 17.6 | % | ||||||||||
| Toyota | 13.1 | % | 12.9 | % | ||||||||||
| Honda | 6.8 | % | 5.3 | % | ||||||||||
| Ford | 5.5 | % | 7.8 | % | ||||||||||
| Hyundai | 4.1 | % | 4.3 | % | ||||||||||
| Nissan | 3.5 | % | 3.2 | % | ||||||||||
| BMW | 3.4 | % | 1.6 | % | ||||||||||
| Subaru | 2.1 | % | 3.2 | % | ||||||||||
| Volkswagen, Audi | 2.0 | % | 1.8 | % | ||||||||||
| Mercedes | 1.0 | % | 0.5 | % | ||||||||||
| Other | 1.6 | % | 1.5 | % | ||||||||||
| LITHIA MOTORS, INC. | ||||||||||||||||
| (Selected Same Store Data) | ||||||||||||||||
| Three Months Ended | % | |||||||||||||||
| September 30, | Increase | Increase | ||||||||||||||
| 2007 | 2006 | (Decrease) | (Decrease) | |||||||||||||
|
Same Store Unit Sales: |
||||||||||||||||
| New Vehicle | 15,801 | 17,882 |
(2,081 |
) |
(11.6 |
) |
% | |||||||||
| Used - Retail Vehicle | 10,093 | 11,410 |
(1,317 |
) |
(11.5 |
) |
||||||||||
| Used - Wholesale | 6,822 | 7,226 |
(404 |
) |
(5.6 |
) |
||||||||||
| Total Units Sold | 32,716 | 36,518 |
(3,802 |
) |
(10.4 |
) |
||||||||||
|
Same Store Average Selling Price: |
||||||||||||||||
| New Vehicle | $ | 28,899 | $ | 27,330 | $ | 1,569 | 5.7 | % | ||||||||
| Used - Retail Vehicle | 16,637 | 16,110 | 527 | 3.3 | ||||||||||||
| Used - Wholesale | 6,396 | 5,943 |
453 |
7.6 | ||||||||||||
|
Same Store Revenue: |
||||||||||||||||
| New Vehicle Retail Sales |
(6.6 |
) |
% |
(4.8 |
) |
% | ||||||||||
| Used Vehicle Retail Sales |
(8.6 |
) |
% |
(2.4 |
) |
% | ||||||||||
| Used Wholesale Sales | 1.6 | % | 12.3 | % | ||||||||||||
| Total Vehicle Sales (excluding Fleet) |
(6.6 |
) |
% |
(3.3 |
) |
% | ||||||||||
| Finance & Insurance Sales |
(5.9 |
) |
% |
(2.0 |
) |
% | ||||||||||
| Service, Body and Parts Sales | 3.3 | % | 4.3 | % | ||||||||||||
| Total Sales (excluding Fleet) |
(5.6 |
) |
% |
(2.6 |
) |
% | ||||||||||
| Total Gross Profit (excluding Fleet) |
(4.4 |
) |
% |
(3.0 |
) |
% | ||||||||||
|
Same Store Average Gross Profit Data: |
||||||||||||||||
| New Retail Gross Profit/Unit | $ | 2,198 | $ | 2,087 | $ | 111 | ||||||||||
| Used Retail Gross Profit/Unit | $ | 2,475 | $ | 2,286 | $ | 189 | ||||||||||
| Used Wholesale Gross Profit/Unit | $ | 37 | $ | 66 |
$ |
(29 |
) |
|||||||||
|
Same Store Total Sales Geographic Mix: |
||||||||||||||||
| Texas | 23.2 | % |
18.9 |
% | ||||||||||||
| Oregon |
15.2 |
% |
17.1 |
% | ||||||||||||
| California | 11.9 | % |
13.8 |
% | ||||||||||||
| Washington | 11.1 | % |
11.2 |
% | ||||||||||||
| Montana |
7.2 |
% |
6.0 |
% | ||||||||||||
| Alaska | 7.1 | % |
7.6 |
% | ||||||||||||
| Colorado | 6.7 | % |
6.9 |
% | ||||||||||||
| Idaho |
6.4 |
% |
7.1 |
% | ||||||||||||
| Nevada |
3.9 |
% |
5.0 |
% | ||||||||||||
| Nebraska | 2.7 | % | 2.5 | % | ||||||||||||
| South Dakota |
2.4 |
% |
1.9 |
% | ||||||||||||
| New Mexico |
1.3 |
% | 1.2 | % | ||||||||||||
| Wisconsin | 0.6 | % | 0.5 | % | ||||||||||||
|
LITHIA MOTORS, INC. |
||||||||||||||||
|
(In Thousands except per share data) |
||||||||||||||||
| Nine Months Ended | % | |||||||||||||||
| September 30, | Increase | Increase | ||||||||||||||
| 2007 | 2006 | (Decrease) | (Decrease) | |||||||||||||
| New vehicle sales | $ | 1,447,623 | $ | 1,360,912 | $ | 86,711 | 6.4 | % | ||||||||
| Used vehicle sales | 683,838 | 641,737 | 42,101 | 6.6 | ||||||||||||
| Finance and insurance | 95,488 | 90,549 | 4,939 | 5.5 | ||||||||||||
| Service, body and parts | 288,020 | 244,045 | 43,975 | 18.0 | ||||||||||||
| Fleet and other revenues | 4,339 | 3,781 | 558 | 14.8 | ||||||||||||
| Total revenues | 2,519,308 | 2,341,024 | 178,284 | 7.6 | ||||||||||||
| Cost of sales | 2,090,893 | 1,943,164 | 147,729 | 7.6 | ||||||||||||
| Gross Profit | 428,415 | 397,860 | 30,555 | 7.7 | ||||||||||||
| SG&A expense | 326,500 | 296,241 | 30,259 | 10.2 | ||||||||||||
| Depreciation and amortization | 15,149 | 12,052 | 3,097 | 25.7 | ||||||||||||
| Income from operations | 86,766 | 89,567 | (2,801 | ) | (3.1 | ) | ||||||||||
| Floorplan interest expense |
(24,070 |
) | (25,219 | ) | (1,149 | ) | (4.6 | ) | ||||||||
| Other interest expense | (14,567 | ) | (9,817 | ) | 4,750 | 48.4 | ||||||||||
| Other income, net | 469 | 765 | (296 | ) | (38.7 | ) | ||||||||||
| Income from continuing operations before income taxes | 48,598 | 55,296 | (6,698 | ) | (12.1 | ) | ||||||||||
| Income tax expense | 19,411 | 21,670 | (2,259 | ) | (10.4 | ) | ||||||||||
| Income Tax Rate | 39.9 | % | 39.2 | % | ||||||||||||
| Income from continuing operations | 29,187 | 33,626 | (4,439 | ) | (13.2 | ) | % | |||||||||
| Discontinued Operations: | ||||||||||||||||
| Loss from operations, net of income tax | (714 | ) | (1,851 | ) | (1,137 | ) | (61.4 | ) | ||||||||
| Loss from sale, net of income tax | (2,218 | ) | - | 2,218 | ||||||||||||
| Net income | $ | 26,255 | $ | 31,775 | (5,520 | ) | (17.4 | ) | % | |||||||
| Diluted net income per share: | ||||||||||||||||
| Continuing Operations | $ | 1.38 | $ | 1.58 | $ | (0.20 | ) | (12.7 | ) | % | ||||||
| Discontinued Operations: | ||||||||||||||||
| Loss from operations | (0.03 | ) | (0.08 | ) | ||||||||||||
| Gain (Loss) from sale | (0.10 | ) | - | |||||||||||||
| Net income per share | $ | 1.25 | $ | 1.50 | $ | (0.25 | ) | (16.7 | ) | |||||||
| Diluted shares outstanding | 22,102 | 22,120 | (18 | ) | (0.1 | ) | % | |||||||||
|
LITHIA MOTORS, INC. |
||||||||||||||
|
(Continuing Operations) |
||||||||||||||
| Nine Months Ended | % | |||||||||||||
| September 30, | Increase | Increase | ||||||||||||
| 2007 | 2006 | (Decrease) | (Decrease) | |||||||||||
|
Unit Sales: |
||||||||||||||
| New Vehicle | 50,049 | 49,658 | 391 | 0.8 | % | |||||||||
| Used - Retail Vehicle | 33,375 | 32,939 | 436 | 1.3 | ||||||||||
| Used - Wholesale | 20,051 | 18,392 | 1,659 | 9.0 | ||||||||||
| Total Units Sold | 103,475 | 100,989 | 2,486 | 2.5 | ||||||||||
|
Average Selling Price: |
||||||||||||||
| New Vehicle | $ | 28,924 | $ | 27,406 | $ | 1,518 | 5.5 | % | ||||||
| Used - Retail Vehicle | 16,591 | 16,102 | $ | 489 | 3.0 | |||||||||
| Used - Wholesale | 6,490 | 6,054 | $ | 436 | 7.2 | |||||||||
|
Key Financial Data: |
||||||||||||||
| Gross Profit Margin | 17.0 | % | 17.0 | % | 0 bps | |||||||||
| SG&A as a % of Gross Profit | 76.2 | % | 74.5 | % | 170 bps | |||||||||
| Operating Margin | 3.4 | % | 3.8 | % | -40 bps | |||||||||
| Pre-Tax Margin | 1.9 | % | 2.4 | % | -50 bps | |||||||||
|
Gross Margin/Profit Data |
||||||||||||||
| New Vehicle Retail | 7.5 | % | 7.6 | % | -10 bps | |||||||||
| Used Vehicle Retail | 15.0 | % | 15.2 | % | -20 bps | |||||||||
| Used Vehicle Wholesale | 2.3 | % | 2.9 | % | -60 bps | |||||||||
| Service, Body & Parts | 47.6 | % | 48.6 | % | -100 bps | |||||||||
| Finance & Insurance | 100.0 | % | 100.0 | % | 0 bps | |||||||||
| New Retail Gross Profit/Unit | $ | 2,174 | $ | 2,087 | $ | 87 | ||||||||
| Used Retail Gross Profit/Unit | $ | 2,481 | $ | 2,451 | $ | 30 | ||||||||
| Used Wholesale Gross Profit/Unit | $ | 151 | $ | 174 | -$23 | |||||||||
| Finance & Insurance/Retail Unit | $ | 1,145 | $ | 1,096 | $ | 49 | ||||||||
|
Revenue Mix: |
||||||||||||||
| New Vehicles | 57.5 | % | 58.1 | % | ||||||||||
| Used Retail Vehicles | 22.0 | % | 22.7 | % | ||||||||||
| Used Wholesale Vehicles | 5.1 | % | 4.7 | % | ||||||||||
| Finance and Insurance, Net | 3.8 | % | 3.9 | % | ||||||||||
| Service and Parts | 11.4 | % | 10.4 | % | ||||||||||
| Fleet and other | 0.2 | % | 0.2 | % | ||||||||||
|
New Vehicle Unit Sales Brand Mix: |
||||||||||||||
| Chrysler Brands | 40.0 | % | 40.8 | % | ||||||||||
| General Motors & Saturn | 16.4 | % | 16.8 | % | ||||||||||
| Toyota | 13.4 | % | 12.6 | % | ||||||||||
| Honda | 6.5 | % | 5.4 | % | ||||||||||
| Ford | 5.9 | % | 7.6 | % | ||||||||||
| Hyundai | 3.8 | % | 4.4 | % | ||||||||||
| BMW | 3.7 | % | 2.1 | % | ||||||||||
| Nissan | 3.5 | % | 3.5 | % | ||||||||||
| Subaru | 2.1 | % | 3.0 | % | ||||||||||
| Volkswagen, Audi | 2.0 | % | 1.7 | % | ||||||||||
| Mercedes | 1.1 | % | 0.6 | % | ||||||||||
| Other | 1.5 | % | 1.5 | % | ||||||||||
| LITHIA MOTORS, INC. | ||||||||||||||||||||
| (Selected Same Store Data) | ||||||||||||||||||||
| Nine Months Ended | % | |||||||||||||||||||
| September 30, | Increase | Increase | ||||||||||||||||||
| 2007 | 2006 | (Decrease) | (Decrease) | |||||||||||||||||
|
Same Store Unit Sales: |
||||||||||||||||||||
| New Vehicle | 45,631 | 49,558 | (3,927 | ) | (7.9 | ) | % | |||||||||||||
| Used - Retail Vehicle | 30,476 | 32,923 | (2,447 | ) | (7.4 | ) | ||||||||||||||
| Used - Wholesale | 18,310 | 18,399 | (89 | ) | (0.5 | ) | ||||||||||||||
| Total Units Sold | 94,417 | 100,880 | (6,463 | ) | (6.4 | ) | ||||||||||||||
|
Same Store Average Selling Price: |
||||||||||||||||||||
| New Vehicle | $ | 28,477 | $ | 27,403 | $ |
1,074 |
3.9 | % | ||||||||||||
| Used - Retail Vehicle | 16,377 | 16,102 |
275 |
1.7 | ||||||||||||||||
| Used - Wholesale | 6,479 | 6,052 | 427 |
7.0 |
||||||||||||||||
|
Same Store Revenue: |
||||||||||||||||||||
| New Vehicle Retail Sales | (4.3 | ) | % | 4.4 | % | |||||||||||||||
| Used Vehicle Retail Sales | (5.8 | ) | % | 3.3 | % | |||||||||||||||
| Used Wholesale Sales | 6.5 | % | 8.3 | % | ||||||||||||||||
| Total Vehicle Sales (excluding Fleet) | (4.1 | ) | % | 4.3 | % | |||||||||||||||
| Finance & Insurance Sales | (1.7 | ) | % | 5.9 | % | |||||||||||||||
| Service, Body and Parts Sales | 4.5 | % | 5.8 | % | ||||||||||||||||
| Total Sales (excluding Fleet) | (3.1 | ) | % | 4.5 | % | |||||||||||||||
| Total Gross Profit (excluding Fleet) | (2.9 | ) | % | 3.1 | % | |||||||||||||||
|
Same Store Average Gross Profit Data: |
||||||||||||||||||||
| New Retail Gross Profit/Unit | $ | 2,140 | $ | 2,087 | $ |
53 |
||||||||||||||
| Used Retail Gross Profit/Unit | $ | 2,439 | $ | 2,417 | $ |
22 |
||||||||||||||
| Used Wholesale Gross Profit/Unit | $ | 147 | $ | 181 | $ |
(34 |
) | |||||||||||||
|
Same Store Total Sales Geographic Mix: |
||||||||||||||||||||
| Texas | 21.8 | % |
18.4 |
|
% |
|||||||||||||||
| Oregon | 16.1 | % |
17.7 |
|
% |
|||||||||||||||
| California |
12.0 |
% |
13.6 |
|
% |
|||||||||||||||
| Washington | 11.6 | % |
11.4 |
|
% |
|||||||||||||||
| Montana | 6.9 | % | 6.1 |
|
% |
|||||||||||||||
| Alaska | 7.2 | % | 7.4 |
|
% |
|||||||||||||||
| Colorado |
7.0 |
% | 7.3 |
|
% |
|||||||||||||||
| Idaho | 6.2 | % | 6.6 |
|
% |
|||||||||||||||
| Nevada | 4.4 | % | 5.1 |
|
% |
|||||||||||||||
| Nebraska | 2.9 | % |
3.0 |
|
% |
|||||||||||||||
| South Dakota | 2.4 | % | 2.1 |
|
% |
|||||||||||||||
| New Mexico | 1.3 | % | 1.1 |
|
% |
|||||||||||||||
| Wisconsin | 0.2 | % | 0.2 |
|
% |
|||||||||||||||
| Balance Sheet Highlights (Dollars in Thousands) | ||||||||
| September 31, 2007 | December 31, 2006 | |||||||
| Cash & Cash Equivalents | $ | 15,749 | $ | 26,600 | ||||
|
Trade Receivables(a) |
112,508 | 118,528 | ||||||
| Inventory | 559,267 | 603,306 | ||||||
| Assets held for sale | 23,825 | 15,485 | ||||||
| Other Current Assets | 16,644 | 15,721 | ||||||
| Total Current Assets | 727,993 | 779,640 | ||||||
| Real Estate, net | 348,413 | 327,890 | ||||||
| Equipment & Leases, net | 96,709 | 89,213 | ||||||
| Goodwill, net | 311,467 | 307,424 | ||||||
| Other Assets | 76,946 | 75,190 | ||||||
| Total Assets | $ | 1,561,528 | $ | 1,579,357 | ||||
| Flooring Notes Payable | $ | 437,607 | $ | 499,679 | ||||
| Liabilities held for sale | 18,373 | 11,610 | ||||||
| Other Current Liabilities | 115,391 | 118,650 | ||||||
| Total Current Liabilities | 571,371 | 629,939 | ||||||
| Used Vehicle Flooring | 109,160 | 95,614 | ||||||
| Real Estate Debt | 171,789 | 155,890 | ||||||
| Other Long-Term Debt | 120,022 | 140,879 | ||||||
| Other Liabilities | 74,177 | 63,642 | ||||||
| Total Liabilities | $ | 1,046,519 | $ | 1,085,964 | ||||
| Shareholders' Equity | 515,009 | 493,393 | ||||||
| Total Liabilities & Shareholders' Equity | $ | 1,561,528 | $ | 1,579,357 | ||||
|
(a) Note: Includes contracts-in-transit of $48,593 and $56,211 for 2007 and 2006 |
||||||||
| Other Balance Sheet Data (Dollars in Thousands) | ||||||||
| Current Ratio | 1.3x | 1.2x | ||||||
|
LT Debt/Total Cap. (Excludes Real Estate) |
31 | % | 32 | % | ||||
| Working Capital | $ | 156,622 | $ | 149,701 | ||||
| Book Value per Basic Share | 26.40 | 25.32 | ||||||