Quarterly report pursuant to Section 13 or 15(d)

Business Acquisitions and Dispositions

v3.5.0.2
Business Acquisitions and Dispositions
 6 Months Ended
Jun. 30, 2016
Business Combinations [Abstract]  
Business Acquisitions and Dispositions

2. Business Acquisitions and Dispositions

Acquisitions – Sonic did not acquire any franchises during the six months ended June 30, 2016 or 2015.

Dispositions – Revenues and other activities associated with dealerships classified as discontinued operations were as follows:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

 

 

 

(In thousands)

 

 

Income (loss) from operations

 

$

(133

)

 

$

(393

)

 

$

(327

)

 

$

(645

)

 

Lease exit accrual adjustments and charges

 

 

(229

)

 

 

(116

)

 

 

227

 

 

 

(555

)

 

Pre-tax income (loss)

 

$

(362

)

 

$

(509

)

 

$

(100

)

 

$

(1,200

)

 

Total revenues

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

 

Sonic did not dispose of any franchises during the six months ended June 30, 2016. Sonic disposed of one franchise during the three and six months ended June 30, 2015 that generated net cash of approximately $1.3 million. Revenues and other activities associated with disposed dealerships that remain in continuing operations were as follows:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

 

 

 

(In thousands)

 

 

Income (loss) from operations

 

$

(241

)

 

$

(1,610

)

 

$

(273

)

 

$

(2,556

)

 

Gain (loss) on disposal

 

 

(11

)

 

 

1,057

 

 

 

(58

)

 

 

955

 

 

Property and equipment impairment charges

 

 

-

 

 

 

(10,096

)

 

 

-

 

 

 

(10,096

)

 

Pre-tax income (loss)

 

$

(252

)

 

$

(10,649

)

 

$

(331

)

 

$

(11,697

)

 

Total revenues

 

$

-

 

 

$

28,949

 

 

$

-

 

 

$

57,569