Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ (541,000) $ 14,624,000
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization of property, plant and equipment 21,152,000 18,468,000
Provision for bad debt expense 399,000 141,000
Other amortization 162,000 162,000
Debt issuance cost amortization 605,000 622,000
Debt discount amortization, net of premium amortization 64,000 73,000
Stock-based compensation expense 2,585,000 2,895,000
Deferred income taxes (789,000) 4,141,000
Net distributions from equity investee 337,000 186,000
Asset impairment charges 510,000 0
Loss (gain) on disposal of dealerships and property and equipment (39,000) (148,000)
Loss (gain) on exit of leased dealerships 614,000 (409,000)
(Gain) loss on retirement of debt 14,607,000  
Changes in assets and liabilities that relate to operations:    
Receivables 132,679,000 101,436,000
Inventories (29,900,000) 5,849,000
Other assets (16,708,000) 44,433,000
Notes payable - floor plan - trade (36,634,000) (82,055,000)
Trade accounts payable and other liabilities (9,628,000) (6,403,000)
Total adjustments 80,016,000 89,391,000
Net cash provided by (used in) operating activities 79,475,000 104,015,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of land, property and equipment (75,686,000) (41,382,000)
Proceeds from sales of property and equipment 170,000 769,000
Net cash provided by (used in) investing activities (75,516,000) (40,613,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net (repayments) borrowings on notes payable - floor plan - non-trade (43,699,000) (16,440,000)
Borrowings on revolving credit facilities 11,513,000 76,777,000
Repayments on revolving credit facilities (11,513,000) (77,290,000)
Proceeds from issuance of long-term debt 269,855,000 33,755,000
Debt issuance costs (4,222,000) (152,000)
Principal payments and repurchase of long-term debt (5,289,000) (4,623,000)
Repurchase of debt securities (210,914,000)  
Purchases of treasury stock (3,996,000) (74,415,000)
Income tax benefit (expense) associated with stock compensation plans   (377,000)
Issuance of shares under stock compensation plans   1,000
Dividends paid (2,237,000) (1,873,000)
Net cash provided by (used in) financing activities (502,000) (64,637,000)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 3,457,000 (1,235,000)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 3,108,000 3,625,000
CASH AND CASH EQUIVALENTS, END OF PERIOD 6,565,000 2,390,000
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:    
Change in fair value of cash flow interest rate swap agreements (net of tax expense of $799 and benefit of $1,853 in the three months ended March 31, 2017 and 2016, respectively) 1,303,000 (3,025,000)
Cash paid (received) during the period for:    
Interest, including amount capitalized 23,295,000 18,219,000
Income taxes $ 103,000 $ 375,000