Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 19,386 $ 21,291
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization of property, plant and equipment 14,379 12,133
Provision for bad debt expense 80 19
Other amortization 390 390
Debt issuance cost amortization 663 794
Debt discount amortization, net of premium amortization 24 (26)
Stock - based compensation expense 2,187 1,127
Deferred income taxes 5,758 6,811
Equity interest in earnings of investee (49) (79)
Asset impairment charges 3 15
Loss (gain) on disposal of dealerships and property and equipment (807) (12)
Loss on exit of leased dealerships 421 788
Changes in assets and liabilities that relate to operations:    
Receivables 50,259 64,355
Inventories 12,095 35,992
Other assets (16,304) 34,885
Notes payable - floor plan - trade (49,439) (42,117)
Trade accounts payable and other liabilities (24,782) (47,529)
Total adjustments (5,122) 67,546
Net cash provided by (used in) operating activities 14,264 88,837
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of businesses, net of cash acquired (2,573)  
Purchases of land, property and equipment (21,549) (59,337)
Proceeds from sales of property and equipment 2,572 172
Proceeds from sales of dealerships 3,117  
Net cash provided by (used in) investing activities (18,433) (59,165)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net (repayments) borrowings on notes payable - floor plan - non-trade (24,592) (30,548)
Borrowings on revolving credit facilities 48,509 45,819
Repayments on revolving credit facilities (48,509) (51,995)
Proceeds from issuance of long-term debt 40,422 19,200
Principal payments on long-term debt (3,768) (3,084)
Purchases of treasury stock (8,388) (9,120)
Income tax benefit (expense) associated with stock compensation plans 56 204
Issuance of shares under stock compensation plans 879 728
Dividends paid (1,317)  
Net cash provided by (used in) financing activities 3,292 (28,796)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (877) 876
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 3,016 3,371
CASH AND CASH EQUIVALENTS, END OF PERIOD 2,139 4,247
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:    
Change in fair value of cash flow hedging instruments (net of tax expense of $636 and $1,094 in the first quarters ended March 31, 2014 and 2013, respectively) 1,037 1,787
Cash paid (received) during the period for:    
Interest, including amount capitalized 18,111 28,057
Income taxes $ 2,688 $ 10,685