Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Income (Unaudited)

 v2.3.0.11
Condensed Consolidated Statements of Income (Unaudited) (USD $)
In Thousands, except Per Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Revenues:        
New vehicles $ 1,035,272 $ 896,034 $ 2,016,018 $ 1,674,279
Used vehicles 536,196 466,659 1,018,228 885,508
Wholesale vehicles 41,480 29,934 76,839 60,739
Total vehicles 1,612,948 1,392,627 3,111,085 2,620,526
Parts, service and collision repair 299,523 283,785 591,293 558,957
Finance, insurance and other 55,781 45,614 105,249 86,208
Total revenues 1,968,252 1,722,026 3,807,627 3,265,691
Cost of Sales:        
New vehicles (966,760) (836,742) (1,887,447) (1,562,406)
Used vehicles (496,636) (429,073) (940,424) (813,145)
Wholesale vehicles (43,386) (31,754) (79,202) (63,216)
Total vehicles (1,506,782) (1,297,569) (2,907,073) (2,438,767)
Parts, service and collision repair (151,738) (141,981) (299,653) (278,570)
Total cost of sales (1,658,520) (1,439,550) (3,206,726) (2,717,337)
Gross profit 309,732 282,476 600,901 548,354
Selling, general and administrative expenses (240,439) (225,558) (472,953) (446,211)
Impairment charges (41) (1) (58) (45)
Depreciation and amortization (9,767) (8,581) (19,760) (16,998)
Operating income 59,485 48,336 108,130 85,100
Other income (expense):        
Interest expense, floor plan (4,983) (5,387) (10,418) (10,185)
Interest expense, other, net (15,422) (15,647) (30,869) (32,798)
Interest expense, non-cash, convertible debt (1,715) (1,730) (3,409) (3,406)
Interest expense / amortization, non-cash, cash flow swaps (464) (2,235) (286) (3,918)
Other income (expense), net 17 (7,235) 89 (7,173)
Total other expense (22,567) (32,234) (44,893) (57,480)
Income from continuing operations before taxes 36,918 16,102 63,237 27,620
Provision for income taxes (14,767) (6,510) (25,295) (11,462)
Income from continuing operations 22,151 9,592 37,942 16,158
Discontinued operations:        
Loss from operations and the sale of discontinued franchises (1,229) (1,536) (2,503) (5,516)
Income tax benefit 429 380 876 1,948
Loss from discontinued operations (800) (1,156) (1,627) (3,568)
Net income $ 21,351 $ 8,436 $ 36,315 $ 12,590
Basic earnings (loss) per common share:        
Earnings per share from continuing operations $ 0.42 $ 0.18 $ 0.71 $ 0.31
Loss per share from discontinued operations $ (0.02) $ (0.02) $ (0.03) $ (0.07)
Earnings per common share $ 0.40 $ 0.16 $ 0.68 $ 0.24
Weighted average common shares outstanding 52,461 52,249 52,438 52,070
Diluted earnings (loss) per common share:        
Earnings per share from continuing operations $ 0.37 $ 0.18 $ 0.64 $ 0.30
Loss per share from discontinued operations $ (0.02) $ (0.02) $ (0.03) $ (0.06)
Earnings per common share $ 0.35 $ 0.16 $ 0.61 $ 0.24
Weighted average common shares outstanding 65,936 65,807 65,943 52,749
Dividends declared per common share $ 0.025   $ 0.05