Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

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Discontinued Operations
 6 Months Ended
Jun. 30, 2013
Discontinued Operations [Abstract]  
Discontinued Operations

2. Discontinued Operations

Dispositions – The operating results of disposed dealerships are included in the income (loss) from discontinued operations in the accompanying Unaudited Condensed Consolidated Statements of Income. As of June 30, 2013, there were no dealerships held for sale.

Revenues and other activities associated with dealerships classified as discontinued operations were as follows:

 

                                 
    Second Quarter Ended June 30,     Six Months Ended June 30,  
(In thousands)       2013             2012             2013             2012      

Income (loss) from operations

   $ 1,400     $ (2,827 )    $ 1,366     $ (6,500 ) 

Gain (loss) on disposal

     (341 )      (146 )      (378 )      5,514  

Lease exit accrual adjustments and charges

     (698 )      1,884       (1,365 )      (1,279 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Pre-tax income (loss)

   $ 361     $ (1,089 )    $ (377 )    $ (2,265 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Total revenues

   $ —       $ 63,257     $ —       $ 134,326  
   

 

 

    

 

 

    

 

 

    

 

 

  

Lease exit charges recorded during the second quarter and six-month periods ended June 30, 2013 and 2012 relate to interest charges and the revision of estimates on previously established lease exit accruals. The lease exit accruals represent the present value of the lease payments, net of estimated or actual sublease proceeds, for the remaining life of the operating leases and other accruals necessary to satisfy the lease commitment to the landlord.