Current report filing

Consolidated Statements of Cash Flows

v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 76,254 $ 89,929 $ 31,548
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization of property, plant and equipment 40,607 35,292 36,091
Provision for bad debt expense 863 1,449 1,491
Other amortization 2,878 1,656 1,656
Debt issuance cost amortization 3,725 3,685 13,435
Debt discount amortization, net of premium amortization 5,158 5,195 11,755
Stock - based compensation expense 438 513 603
Amortization of restricted stock, net of forfeitures 3,260 2,301 1,329
Deferred income taxes 28,916 22,057 23,153
Valuation allowance - deferred income taxes   (50,388) (53,743)
Equity interest in earnings of investees (603) (752) (713)
Asset impairment charges 1,151 249 30,038
Loss (gain) on disposal of dealerships and property and equipment 256 (1,249) (804)
Loss on exit of leased dealerships 4,384 4,266 33,013
(Gain) loss on retirement of debt 1,107 7,665 6,745
Derivative liability fair value adjustments     (11,300)
Non-cash adjustments - cash flow swaps 760 4,883 11,769
Changes in assets and liabilities that relate to operations:      
Receivables (64,858) (8,114) 23,424
Inventories 40,201 (121,935) 307,803
Other assets (5,117) (21,315) (1,393)
Notes payable - floor plan - trade (9,807) 263,963 (58,972)
Trade accounts payable and other liabilities 24,057 15,689 (3,347)
Total adjustments 77,376 165,110 372,033
Net cash provided by (used in) operating activities 153,630 255,039 403,581
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of land, property and equipment (158,716) (85,194) (43,277)
Proceeds from sales of property and equipment 965 1,214 6,018
Proceeds from sale of dealerships 129 24,720 27,276
Distributions from equity investees 600 600 300
Net cash provided by (used in) investing activities (157,022) (58,660) (9,683)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net (repayments) borrowings on notes payable floor plan - non-trade 16,163 (168,688) (294,823)
Borrowings on revolving credit facilities 248,018 40,000 558,011
Repayments on revolving credit facilities (248,018) (40,000) (628,853)
Proceeds from issuance of long-term debt 66,150 229,775 178,751
Debt issuance costs   (10,962) (18,387)
Principal payments on long-term debt (20,418) (6,362) (5,458)
Settlement of cash flow swaps     (16,454)
Repurchase of debt securities (64,576) (249,190) (244,258)
Purchases of treasury stock (10,987) (1,113) (61)
Income tax benefit (expense) associated with stock compensation plans 1,772 (12)  
Income tax benefit associated with convertible hedge   239 4,293
Issuance of shares under stock compensation plans 645 1,741  
Issuance of common stock     101,265
Dividends paid (5,286)   (4,860)
Net cash provided by (used in) financing activities (16,537) (204,572) (370,834)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (19,929) (8,193) 23,064
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 21,842 30,035 6,971
CASH AND CASH EQUIVALENTS, END OF YEAR 1,913 21,842 30,035
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:      
Change in fair value of cash flow hedging instruments (net of tax benefit of $1,527, and tax expense of $2,247 and $7,045 in 2011, 2010 and 2009, respectively) (2,492) 3,667 11,494
Cash paid (received) during the year for:      
Interest, including amount capitalized 87,652 93,598 110,420
Income taxes $ 20,371 $ (17,098) $ (23,507)