Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v2.4.0.6
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 21,291 $ 20,498
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization of property, plant and equipment 12,133 11,133
Provision for bad debt expense 19 91
Other amortization 390 390
Debt issuance cost amortization 794 765
Debt discount amortization, net of premium amortization (26) 1,309
Stock - based compensation expense   107
Amortization of restricted stock, net of forfeitures 1,127 1,023
Deferred income taxes 6,811 (429)
Equity interest in earnings of investee (79) (101)
Asset impairment charges 15 1
Loss (gain) on disposal of dealerships and property and equipment (12) (5,644)
Loss on exit of leased dealerships 788 3,321
Non-cash adjustments - cash flow swaps (195) (22)
Changes in assets and liabilities that relate to operations:    
Receivables 64,355 48,562
Inventories 35,992 (130,766)
Other assets 34,885 (4,736)
Notes payable - floor plan - trade (42,117) 20,552
Trade accounts payable and other liabilities (47,334) (5,222)
Total adjustments 67,546 (59,666)
Net cash provided by (used in) operating activities 88,837 (39,168)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of land, property and equipment (59,337) (11,958)
Proceeds from sales of property and equipment 172 459
Proceeds from sales of dealerships   19,963
Distributions from equity investee   700
Net cash provided by (used in) investing activities (59,165) 9,164
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net (repayments) borrowings on notes payable floor plan - non-trade (30,548) 23,090
Borrowings on revolving credit facilities 45,819 62,392
Repayments on revolving credit facilities (51,995) (62,392)
Proceeds from issuance of long-term debt 19,200 10,700
Principal payments on long-term debt (3,084) (2,547)
Purchases of treasury stock (9,120) (1,799)
Income tax benefit (expense) associated with stock compensation plans 204 1,341
Issuance of shares under stock compensation plans 728 1,000
Dividends paid   (1,334)
Net cash provided by (used in) financing activities (28,796) 30,451
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 876 447
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 3,371 1,913
CASH AND CASH EQUIVALENTS, END OF YEAR 4,247 2,360
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:    
Change in fair value of cash flow hedging instruments (net of tax expense of $1,094 and 1,066 in the first quarters ended March 31, 2013 and 2012 respectively) 1,787 1,741
Cash paid (received) during the year for:    
Interest, including amount capitalized 29,608 23,172
Income taxes $ 10,685 $ 6,243