| 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 Consolidated Statements of Income
by quarter for the years ended December 31, 2011 and 2010:
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First
Quarter |
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Second
Quarter |
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Third
Quarter |
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Fourth
Quarter |
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(In thousands, except per share data) |
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Year Ended December 31, 2011
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Total revenues(1)
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$ |
1,839,376 |
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$ |
1,968,252 |
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$ |
1,992,849 |
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$ |
2,070,797 |
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Gross profit(1)
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$ |
291,168 |
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$ |
309,732 |
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$ |
302,924 |
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$ |
305,295 |
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Net income (loss)(2)
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$ |
14,964 |
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$ |
21,351 |
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$ |
19,401 |
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$ |
20,538 |
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Earnings (loss) per common share — Basic(2)(3)
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$ |
0.28 |
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$ |
0.40 |
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$ |
0.37 |
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$ |
0.39 |
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Earnings (loss) per common share — Diluted(2)(3)
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$ |
0.26 |
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$ |
0.35 |
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$ |
0.33 |
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$ |
0.35 |
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Year Ended December 31, 2010
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Total revenues(1)
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$ |
1,543,665 |
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$ |
1,722,026 |
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$ |
1,770,260 |
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$ |
1,844,893 |
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Gross profit(1)
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$ |
265,878 |
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$ |
282,476 |
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$ |
281,799 |
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$ |
284,525 |
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Net income (loss)(2)
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$ |
4,154 |
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$ |
8,436 |
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$ |
12,985 |
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$ |
64,354 |
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Earnings (loss) per common share — Basic(2)(3)
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$ |
0.08 |
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$ |
0.16 |
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$ |
0.25 |
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$ |
1.22 |
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Earnings (loss) per common share — Diluted(2)(3)
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$ |
0.08 |
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$ |
0.16 |
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$ |
0.23 |
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$ |
1.00 |
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| 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 in the second quarter ended June 30, 2010 includes a pre-tax loss of $7.3 million
on the repurchase of $200.0 million in aggregate principal amount of the 8.625% Senior Subordinated Notes.
Net income in the
fourth quarter ended December 31, 2010 includes income tax valuation allowance benefits related to state net operating loss carryforwards and other deferred income tax assets of $48.2 million.
Net income in the fourth quarter ended December 31, 2011 includes impairment of property and equipment of approximately $1.0 million
and lease adjustments and other charges of approximately $6.8 million.
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