Asbury Autogroup - Investor Relations - Press Releasephx.corporate-ir.net
[cached]Kevin Brown
RF|Binder Partners
(212) 994-7537
Kevin.Brown@RFBinder.com
Asbury Automotive Group, Inc.
Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)
For the Three Months Ended For the Nine Months Ended
September 30, September 30,
2006 2005 2006 2005
REVENUES:
New vehicle $913,194 $891,491 $2,652,347 $2,535,068
Used vehicle 394,402 360,029 1,137,069 1,028,901
Parts, service and
collision repair 171,652 165,126 513,576 474,798
Finance and
insurance, net 41,198 40,133 120,042 114,687
Total revenues 1,520,446 1,456,779 4,423,034 4,153,454
COST OF SALES:
New vehicle 848,979 830,005 2,466,609 2,360,850
Used vehicle 357,864 327,670 1,032,966 937,903
Parts, service and
collision repair 83,843 81,780 253,587 233,421
Total cost of
sales 1,290,686 1,239,455 3,753,162 3,532,174
GROSS PROFIT 229,760 217,324 669,872 621,280
OPERATING EXPENSES:
Selling, general
and administrative 174,996 168,395 512,360 486,947
Depreciation and
amortization 5,076 4,930 15,164 14,390
Income from
operations 49,688 43,999 142,348 119,943
OTHER INCOME (EXPENSE):
Floor plan interest
expense (10,311) (6,533) (30,712) (20,521)
Other interest
expense (11,225) (10,314) (33,268) (30,183)
Interest income 1,523 163 3,271 598
Loss on
extinguishment of
long-term debt, net (914) - (914) -
Other income, net 400 14 1,225 455
Total other
expense, net (20,527) (16,670) (60,398) (49,651)
Income before
income taxes 29,161 27,329 81,950 70,292
INCOME TAX EXPENSE 10,935 10,248 30,731 26,359
INCOME FROM CONTINUING
OPERATIONS 18,226 17,081 51,219 43,933
DISCONTINUED
OPERATIONS,
net of tax (1,047) (2,128) (2,483) (3,354)
NET INCOME $17,179 $14,953 $48,736 $40,579
BASIC EARNINGS PER
COMMON SHARE:
Continuing
operations $0.55 $0.52 $1.55 $1.35
Discontinued
operations (0.03) (0.06) (0.08) (0.11)
Net income $0.52 $0.46 $1.47 $1.24
DILUTED EARNINGS
PER COMMON SHARE:
Continuing operations $0.54 $0.52 $1.51 $1.34
Discontinued
operations (0.03) (0.07) (0.07) (0.10)
Net income $0.51 $0.45 $1.44 $1.24
WEIGHTED AVERAGE
COMMON SHARES
OUTSTANDING:
Basic 33,258 32,737 33,087 32,644
Diluted 33,841 33,032 33,853 32,847
Asbury Automotive Group, Inc.
Selected Data
(Dollars in thousands, except per vehicle data)
(Unaudited)
As Reported for the
Three Months Ended September 30,
2006 2005
RETAIL VEHICLES SOLD:
New retail units 28,294 62.2 % 29,096 63.9 %
Used retail units 17,205 37.8 % 16,428 36.1 %
Total retail units 45,499 100.0 % 45,524 100.0 %
REVENUE:
New retail $874,184 57.5 % $861,640 59.2 %
Used retail 304,186 20.0 % 272,505 18.7 %
Parts, service and
collision repair 171,652 11.3 % 165,126 11.3 %
Finance and insurance, net 41,198 2.7 % 40,133 2.8 %
Total retail revenue 1,391,220 1,339,404
Fleet 39,010 2.6 % 29,851 2.0 %
Wholesale 90,216 5.9 % 87,524 6.0 %
Total revenue $1,520,446 100.0 % $1,456,779 100.0 %
GROSS PROFIT:
New retail $63,207 27.5 % $60,776 28.0 %
Used retail 36,728 16.0 % 33,204 15.3 %
Parts, service and
collision repair 87,809 38.2 % 83,346 38.3 %
Finance and insurance, net 41,198 17.9 % 40,133 18.5 %
Total retail gross
profit 228,942 217,459
Fleet 1,008 0.5 % 710 0.3 %
Wholesale (190) (0.1)% (845) (0.4)%
Total gross profit $229,760 100.0 % $217,324 100.0 %
Adjusted SG&A expenses $173,188 $167,804
Adjusted SG&A expenses as a
percentage of gross profit 75.4 % 77.2 %
REVENUE PER VEHICLE RETAILED:
New retail $30,896 $29,614
Used retail 17,680 16,588
GROSS PROFIT PER VEHICLE
RETAILED:
New retail $2,234 $2,089
Used retail 2,135 2,021
Finance and insurance, net 905 882