Annual report pursuant to Section 13 and 15(d)

Summary of Quarterly Financial Data (Unaudited)

v3.3.1.900
Summary of Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]  
Summary of Quarterly Financial Data (Unaudited)

16. 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, 2015 and 2014:  

 

 

 

 

First

Quarter

 

 

Second

Quarter

 

 

Third

Quarter

 

 

Fourth

Quarter

 

 

 

(In thousands, except per share data)

 

Year Ended December 31, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues (1)

 

$

2,235,516

 

 

$

2,423,740

 

 

$

2,494,408

 

 

$

2,470,635

 

Gross profit (1)

 

$

334,959

 

 

$

355,554

 

 

$

360,251

 

 

$

363,848

 

Net income (loss) (2)

 

$

13,967

 

 

$

14,781

 

 

$

26,505

 

 

$

31,058

 

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

 

$

0.27

 

 

$

0.29

 

 

$

0.53

 

 

$

0.62

 

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

 

$

0.27

 

 

$

0.29

 

 

$

0.52

 

 

$

0.62

 

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

 

 

 

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.

 

 

(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, 2015 includes approximately $2.3 million of pre-tax gain from the sale of dealership franchises, offset partially by approximately $1.3 million of pre-tax impairment charges.

Net income for the second quarter ended June 30, 2015 includes a pre-tax gain of approximately $1.1 million from the sale of dealership franchises, offset by approximately $10.5 million of pre-tax impairment charges and approximately $4.2 million due to pre-tax storm damage and legal settlements.

Net income for the first quarter ended March 31, 2015 includes approximately $6.2 million of pre-tax impairment charges and approximately $0.9 million of pre-tax severance expense.

Net income for the fourth quarter ended December 31, 2014 includes approximately $6.4 million of pre-tax impairment charges, pre-tax 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 pre-tax gain of approximately $3.2 million from the sale of dealership franchises, offset partially by pre-tax charges of approximately $2.0 million due to flood and hail damage and pre-tax impairment charges of approximately $0.2 million.

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