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 $)
In Thousands
 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 36,315 $ 12,590
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of property, plant and equipment 19,724 17,233
Provision for bad debt expense 265 602
Other amortization 831 828
Debt issuance cost amortization 1,990 1,636
Debt discount amortization, net of premium amortization 2,575 2,673
Stock - based compensation expense 217 300
Amortization of restricted stock 1,405 1,239
Deferred income taxes (616) (463)
Equity interest in earnings of invested (366) (414)
Asset impairment charges 58 45
Loss (gain) on disposal of franchises and property and equipment 135 (596)
Loss on exit of leased dealerships 4,417 2,766
Loss on retirement of debt   7,259
Non-cash adjustments - cash flow swaps 286 3,918
Changes in assets and liabilities that relate to operations:    
Receivables 40,432 38,525
Inventories 41,589 (77,900)
Other assets (5,047) (17,611)
Notes payable - floor plan - trade (40,590) 232,838
Trade accounts payable and other liabilities 27,750 (20,768)
Total adjustments 95,055 192,110
Net cash provided by operating activities 131,370 204,700
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of land, property and equipment (112,661) (20,424)
Proceeds from sales of property and equipment 214 86
Proceeds from sale of franchises 129 10,728
Distributions from equity investees 600  
Net cash used in investing activities (111,718) (9,610)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net repayments on notes payable floor plan - non-trade (74,672) (199,572)
Borrowings on revolving credit facilities 164,487 40,000
Repayments on revolving credit facilities (164,487) (40,000)
Proceeds from issuance of long-term debt 53,950 209,983
Principal payments on long-term debt (4,212) (3,080)
Repurchase of debt securities   (213,190)
Purchases of treasury stock (3,902) (1,049)
Income tax benefit associated with stock compensation plans 663 595
Income tax benefit associated with convertible hedge   134
Issuance of shares under stock compensation plans 336 1,176
Dividends paid (2,644)  
Net cash used in financing activities (30,481) (205,003)
NET DECREASE IN CASH AND CASH EQUIVALENTS (10,829) (9,913)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 21,842 30,035
CASH AND CASH EQUIVALENTS, END OF PERIOD 11,013 20,122
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:    
Change in fair value of cash flow hedging instruments (net of tax benefit of $632 in 2011 and net of tax expense of $7 in 2010) (1,031) 12
Cash paid (received) during the period for:    
Interest, including amount capitalized 44,791 48,473
Income taxes $ 6,874 $ (16,441)