Lithia Motors, Inc. Corporate Profile
10 June 1999
Lithia Motors, Inc. Corporate Profile
MEDFORD, Ore.--June 10, 1999--Company Name: Lithia Motors, Inc.
Address: 360 E. Jackson Street
Medford, Oregon 97501
Main Telephone Number: 541/776-6401
Home Page (URL): www.lithia.com
Chief Executive Officer: Sidney B. DeBoer
Chief Financial Officer: Brian R. Neill
Investor Relations Contact: Jeffrey B. DeBoer Business Number: 541/776-6868 E-Mail Address: jdeboer@lithia.com
Public Relations Contact: Same as above
Industry: Automotive retailer
Trading Symbol/ Exchange: LAD (NYSE)
Lithia Motors is one of the largest full-service auto retailers in the West with 35 outlets in: Oregon (9), California (14), Washington (2), Nevada (4), and Colorado (6).
Lithia offers 24 brands of new domestic and imported vehicles, all makes of used vehicles, service and parts, and finance/insurance. Internet sales are centralized in the "Lithia.com" division. Lithia's annualized revenue run-rate currently totals over $1.2 billion.
Lithia went public in December 1996 at $11/share and has exceeded Wall Street consensus estimates for all ten quarters since its IPO. Lithia achieved Earnings Per Share (EPS) growth of 58% in 1997 and 39% in 1998. The common stock trades on the NYSE under the ticker "LAD" and closed trading on June 9, 1999 at $18.63. Lithia has attracted analyst coverage from ten brokerage firms, all of whom have given the company high investment ratings.
For the first quarter of 1999 (March ended), total revenues increased by 53% to $224 million and net profits increased by 99% to $3.03 million or 29 cents per fully diluted shares. Same store sales increased 12.9% in the same quarter.
The automotive retail industry is the largest retail sector in the U.S. with over $650 billion in sales and remains poised to consolidate its ranks. Increasing capital requirements, growing competition, and manufacturer consolidation plans are fueling the consolidation. Lithia has positioned itself to take advantage of the trend by continuing to raise acquisition capital, by hiring and training the best employees, and by working to refine its operations and systems to lower costs, maximize profitability, and better serve its customers.