Annual report pursuant to Section 13 and 15(d)

Summary of Quarterly Financial Data (Unaudited)

v2.4.1.9
Summary of Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]  
Summary of Quarterly Financial Data (Unaudited)

15. Summary of Quarterly Financial Data (Unaudited)

The following table summarizes Sonic’s results of operations as presented in the accompanying Consolidated Statements of Income by quarter for the years ended December 31, 2014 and 2013:  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First

 

 

Second

 

 

Third

 

 

Fourth

 

 

 

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

 

 

 

 

(In thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues (1)

 

$

2,136,387

 

 

$

2,353,280

 

 

$

2,355,604

 

 

$

2,351,828

 

 

 

Gross profit (1)

 

$

329,000

 

 

$

346,947

 

 

$

341,489

 

 

$

348,464

 

 

 

Net income (loss) (2)

 

$

19,386

 

 

$

26,993

 

 

$

24,712

 

 

$

26,126

 

 

 

Earnings (loss) per common share - Basic (2) (3)

 

$

0.37

 

 

$

0.51

 

 

$

0.47

 

 

$

0.51

 

 

 

Earnings (loss) per common share - Diluted (2) (3)

 

$

0.36

 

 

$

0.51

 

 

$

0.47

 

 

$

0.50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues (1)

 

$

2,083,166

 

 

$

2,202,436

 

 

$

2,242,197

 

 

$

2,315,369

 

 

 

Gross profit (1)

 

$

313,020

 

 

$

323,806

 

 

$

326,081

 

 

$

338,700

 

 

 

Net income (loss) (2)

 

$

21,291

 

 

$

8,916

 

 

$

23,327

 

 

$

28,084

 

 

 

Earnings (loss) per common share - Basic (2) (3)

 

$

0.40

 

 

$

0.17

 

 

$

0.44

 

 

$

0.53

 

 

 

Earnings (loss) per common share - Diluted (2) (3)

 

$

0.40

 

 

$

0.17

 

 

$

0.44

 

 

$

0.53

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note: Operations are subject to seasonal variations. The first quarter generally contributes less operating profits than the second,

 

 

 

third and fourth quarters. Parts and service demand remains more stable throughout the year. Amounts presented may differ from

 

 

 

amounts previously reported on Form 10-Q due to the classification of certain franchises in discontinued and continuing operations

 

 

 

in accordance with "Presentation of Financial Statements" in the ASC (see Note 2).

 

 

 

(1)   Results are for continuing operations.

 

 

 

(2)   Results include both continuing operations and discontinued operations.

 

 

 

(3)   The sum of net income per common share for the quarters may not equal the full year amount due to weighted average

 

 

 

common shares being calculated on a quarterly versus annual basis.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income for the fourth quarter ended December 31, 2014 includes approximately $6.4 million of impairment charges, charges of approximately $1.0 million related to fire and storm damage and a $0.9 million tax expense item related to the disposition of dealership franchises.

Net income for the third quarter ended September 30, 2014 includes a gain of approximately $3.2 million from the sale of dealership franchises, offset partially by charges of approximately $2.0 million due to flood and hail damage and impairment charges of approximately $0.2 million.

Net income for the second quarter ended June 30, 2014 includes a gain of approximately $7.3 million from the sale of two dealership franchises, offset partially by charges of approximately $1.0 million due to hail damage and an approximately $0.3 million legal settlement reserve accrual.

Net income for the fourth quarter ended December 31, 2013 includes impairment charges of approximately $9.9 million.

Net income for the second quarter ended June 30, 2013 includes a loss on extinguishment of debt of approximately $28.2 million and a charge of approximately $0.8 million related to incremental interest incurred while both the 9.0% Notes and 5.0% Notes were outstanding.