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, unless otherwise specified
 3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 20,498 $ 14,964
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization of property, plant and equipment 11,133 9,966
Provision for bad debt expense 91 111
Other amortization 390 414
Debt issuance cost amortization 765 987
Debt discount amortization, net of premium amortization 1,309 1,274
Stock - based compensation expense 107 107
Amortization of restricted stock, net of forfeitures 1,023 551
Deferred income taxes (429) (251)
Equity interest in earnings of investees (101) (143)
Asset impairment charges 1 17
Loss (gain) on disposal of dealerships and property and equipment (5,644) 11
Loss on exit of leased dealerships 3,321 1,045
Non - cash adjustments - cash flow swaps (22) (178)
Changes in assets and liabilities that relate to operations:    
Receivables 48,562 23,977
Inventories (130,766) (28,105)
Other assets (4,736) (6,754)
Notes payable - floor plan - trade 20,552 (17,047)
Trade accounts payable and other liabilities (5,222) 17,474
Total adjustments (59,666) 3,456
Net cash provided by (used in) operating activities (39,168) 18,420
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of land, property and equipment (11,958) (90,587)
Proceeds from sales of property and equipment 459 284
Proceeds from sale of dealerships 19,963 134
Distributions from equity investees 700 600
Net cash provided by (used in) investing activities 9,164 (89,569)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net (repayments) borrowings on notes payable floor plan - non-trade 23,090 3,673
Borrowings on revolving credit facilities 62,392 122,735
Repayments on revolving credit facilities (62,392) (122,735)
Proceeds from issuance of long-term debt 10,700 53,950
Principal payments on long-term debt (2,547) (1,844)
Purchases of treasury stock (1,799) (3,903)
Income tax benefit (expense) associated with stock compensation plans 1,341 498
Issuance of shares under stock compensation plans 1,000 648
Dividends paid (1,334) (1,320)
Net cash provided by (used in) financing activities 30,451 51,702
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 447 (19,447)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 1,913 21,842
CASH AND CASH EQUIVALENTS, END OF YEAR 2,360 2,395
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:    
Change in fair value of cash flow hedging instruments (net of tax expense of $1,066 and $1,247 in the first quarters ended March 31, 2012 and 2011, respectively) 1,741 2,034
Cash paid (received) during the year for:    
Interest, including amount capitalized 23,172 25,801
Income taxes $ 6,243 $ 1,097