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
 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 30,207 $ 48,677
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization of property, plant and equipment 25,275 22,542
Provision for bad debt expense 66 301
Other amortization 780 780
Debt issuance cost amortization 1,527 1,519
Debt discount amortization, net of premium amortization (60) 2,441
Stock - based compensation expense 3,256 2,587
Deferred income taxes 9,394 13,671
Equity interest in earnings of investee (203) (227)
Asset impairment charges 51 34
Loss (gain) on disposal of dealerships and property and equipment 278 (5,577)
Loss on exit of leased dealerships 1,605 1,450
(Gain) loss on retirement of debt 28,235 2,578
Changes in assets and liabilities that relate to operations:    
Receivables 57,671 39,245
Inventories (71,772) (180,750)
Other assets (5,181) (7,269)
Notes payable - floor plan - trade 12,132 34,126
Trade accounts payable and other liabilities (62,935) (24,028)
Total adjustments 119 (96,577)
Net cash provided by (used in) operating activities 30,326 (47,900)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of land, property and equipment (89,147) (34,504)
Proceeds from sales of property and equipment 257 660
Proceeds from sales of dealerships   23,620
Distributions from equity investee 500 700
Net cash provided by (used in) investing activities (88,390) (9,524)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net (repayments) borrowings on notes payable floor plan - non-trade (2,574) 88,324
Borrowings on revolving credit facilities 83,783 105,246
Repayments on revolving credit facilities (89,959) (105,246)
Proceeds from issuance of long-term debt 325,760 10,700
Debt issuance costs (5,157)  
Principal payments on long-term debt (6,471) (5,162)
Repurchase of debt securities (233,566) (29,995)
Purchases of treasury stock (14,161) (1,830)
Income tax benefit (expense) associated with stock compensation plans 562 1,573
Issuance of shares under stock compensation plans 1,018 482
Dividends paid (1,352) (2,673)
Net cash provided by (used in) financing activities 57,883 61,419
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (181) 3,995
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 3,371 1,913
CASH AND CASH EQUIVALENTS, END OF YEAR 3,190 5,908
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:    
Change in fair value of cash flow hedging instruments (net of tax expense of $4,950 and $22 in the six-month periods ended June 30,2013 and 2012, respectively) 8,077 39
Cash paid (received) during the year for:    
Interest, including amount capitalized 46,450 40,408
Income taxes $ 28,305 $ 24,755