| Summary of Quarterly Financial Data (Unaudited) |
| 14. |
Summary of Quarterly Financial Data
(Unaudited) |
The following
table summarizes Sonic’s results of operations as presented
in the accompanying Consolidated Statements of Income by quarter
for the years ended December 31, 2013 and 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
First
Quarter |
|
|
Second
Quarter |
|
|
Third
Quarter |
|
|
Fourth
Quarter |
|
| |
|
(In thousands, except
per share data) |
|
|
Year Ended
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues(1)
|
|
$ |
2,083,166 |
|
|
$ |
2,202,436 |
|
|
$ |
2,242,197 |
|
|
$ |
2,315,369 |
|
|
Gross profit(1)
|
|
$ |
313,020 |
|
|
$ |
323,806 |
|
|
$ |
326,081 |
|
|
$ |
338,700 |
|
|
Net income
(loss)(2)
|
|
$ |
21,291 |
|
|
$ |
8,916 |
|
|
$ |
23,327 |
|
|
$ |
28,084 |
|
|
Earnings (loss) per common
share — Basic(2)(3)
|
|
$ |
0.40 |
|
|
$ |
0.17 |
|
|
$ |
0.44 |
|
|
$ |
0.53 |
|
|
Earnings (loss) per common
share — Diluted(2)(3)
|
|
$ |
0.40 |
|
|
$ |
0.17 |
|
|
$ |
0.44 |
|
|
$ |
0.53 |
|
|
Year Ended
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues(1)
|
|
$ |
1,927,066 |
|
|
$ |
2,121,946 |
|
|
$ |
2,127,721 |
|
|
$ |
2,188,735 |
|
|
Gross profit(1)
|
|
$ |
303,754 |
|
|
$ |
312,852 |
|
|
$ |
304,428 |
|
|
$ |
314,119 |
|
|
Net income
(loss)(2)
|
|
$ |
20,498 |
|
|
$ |
28,179 |
|
|
$ |
10,042 |
|
|
$ |
30,382 |
|
|
Earnings (loss) per common
share — Basic(2)(3)
|
|
$ |
0.39 |
|
|
$ |
0.53 |
|
|
$ |
0.18 |
|
|
$ |
0.55 |
|
|
Earnings (loss) per common
share — Diluted(2)(3)
|
|
$ |
0.35 |
|
|
$ |
0.47 |
|
|
$ |
0.18 |
|
|
$ |
0.55 |
|
| Note: |
Operations are subject to seasonal variations. The first
quarter generally contributes less operating profits than the
second, third and fourth quarters. Parts and service demand remains
more stable throughout the year. Amounts presented may differ from
amounts previously reported on Form 10-Q due to the classification
of certain franchises in discontinued and continuing operations in
accordance with “Presentation of Financial Statements”
in the ASC (see Note 2).
|
| (1) |
Results are for continuing
operations. |
| (2) |
Results include both
continuing operations and discontinued operations. |
| (3) |
The sum of net income per
common share for the quarters may not equal the full year amount
due to weighted average common shares being calculated on a
quarterly versus annual basis. |
Net income for
the second quarter ended June 30, 2012 includes loss on
extinguishment of debt of approximately $2.6 million.
Net income for
the third quarter ended September 30, 2012 includes loss on
extinguishment of debt of approximately $17.1 million and a charge
of approximately $1.2 million related to incremental interest
incurred while both the 5.0% Convertible Notes and 7.0% Notes were
outstanding.
Net income for
the second quarter ended June 30, 2013 includes loss on
extinguishment of debt of approximately $28.2 million and a charge
of approximately $0.8 million related to incremental interest
incurred while both the 9.0% Notes and 5.0% Notes were
outstanding.
Net income for
the fourth quarter ended December 31, 2013 includes impairment
charges of approximately $9.9 million.
|