CHARLOTTE, N.C., April 21, 2015 /PRNewswire/ --
First Quarter 2015 Results
- Record Q1 new retail units of 31,334, up 4.3%, over the prior
year quarter
- Record Q1 pre-owned units and gross profit of 28,135 and
$40.8 million, respectively
- Record Q1 fixed operations gross profit of $156.4 million, up 2.8% over the prior year
quarter
- Record Q1 total gross profit of $335.0
million, up 1.8% over the prior year quarter
- EchoPark® stores retail 660 units
Sonic Automotive, Inc. (NYSE: SAH), one of the nation's largest
automotive retailers, today reported adjusted net income from
continuing operations for the first quarter of 2015 of $18.8 million, or $0.37 per diluted share. Included in these
adjusted amounts are pre-tax expenses of $4.9 million, or $0.06 per diluted share, related to the Company's
EchoPark® initiative and $3.8
million, or $0.05 per diluted
share, related to its One Sonic-One Experience initiative.
Net income from continuing operations for the first quarter of
2014 was $20.0 million, or
$0.38 per diluted share. Included in
these amounts are pre-tax expenses of $1.7
million, or $0.02 per diluted
share, related to the Company's EchoPark® initiative and
$2.1 million, or $0.02 per diluted share, related to its One
Sonic-One Experience initiative.
On a GAAP basis, net income from continuing operations and
related diluted earnings per share for the first quarter 2015 were
$14.4 million and $0.28 per share, respectively. There were
no adjustments in the first quarter of 2014. See the
accompanying tables for details of quarterly adjustments.
Jeff Dyke, Sonic's EVP of
Operations, stated, "We had another solid record setting
quarter! Our One Sonic-One Experience stores are making great
progress. Our first store that adopted the process, Town
& Country Toyota, has gained more than 600 basis points of
market share in each of the last two months year-over-year, is
tracking to do the same again in April, and has experienced steady
growth in profitability. More exciting is the remaining
Charlotte stores are following in
the same path giving us great confidence that we are on the right
track. While the change has been significant, the results
from a share and guest satisfaction perspective are adding to our
resolve that the decisions we have made to enhance our guest
experience are right on target. We are also equally excited about
EchoPark®! We sold 660 units for the quarter, just
under 300 units in the month of March, and have grown the business
rapidly. These results are a direct reflection of our
business plan, our team's depth of experience, our unmatched guest
experience and a response from our customer base that confirms what
we were trying to accomplish. As these two strategies come to
life, we look for the Sonic Brand to become a household name in the
retail world beyond automotive driven by an unmatched customer
experience. None of this would be possible without the
extraordinary effort of our remarkable team – many thanks to them!
We look forward to continued success in the coming years."
B. Scott Smith, Sonic's
President, remarked, "We have made a lot of progress in the first
quarter of the year. Our Charlotte stores have migrated to
our One Sonic-One Experience platform and we now have three
EchoPark® retail operating locations in Denver, with progress made to open an
additional location by the end of 2015. We are very pleased
with how our associates and customers are embracing the
technologies and improved transaction processes. Although
there is still a lot of work to be done to ensure the long-term
sustainability of these initiatives, the cornerstones have been set
and we look forward to building upon these in the future."
First Quarter Earnings Conference Call
Senior management will host a conference call today at
11:00 A.M. (Eastern) to discuss the
quarter's results. To access the live broadcast of the call over
the Internet go to: www.sonicautomotive.com, then click on "Our
Company," then "Investor Relations," then "Webcasts &
Presentations."
Presentation materials for the conference call can be accessed
on the Company's website at www.sonicautomotive.com by clicking on
the "Investor Relations" tab under "Our Company" and choosing
"Webcasts & Presentations."
The conference call will also be available live by dialing in 10
minutes prior to the start of the call at:
Domestic: 1.877.450.3867
International: 1.706.643.0958
Conference ID: 20767539
A conference call replay will be available one hour following
the call for seven days and can be accessed by calling:
Domestic: 1.855.859.2056
International: 1.404.537.3406
Conference ID: 20767539
About Sonic Automotive
Sonic Automotive, Inc., a Fortune 500 company based in
Charlotte, N.C., is one of the
nation's largest automotive retailers. Sonic can be reached on the
web at www.sonicautomotive.com.
Included herein are forward-looking statements, including
statements with respect to anticipated future success and impacts
from the implementation of our planned customer experience and
stand-alone pre-owned store initiatives. There are many factors
that affect management's views about future events and trends of
the Company's business. These factors involve risk and
uncertainties that could cause actual results or trends to differ
materially from management's view, including without limitation,
economic conditions in the markets in which we operate, new and
used vehicle industry sales volume, the success of our operational
strategies, the rate and timing of overall economic recovery or
decline, and the risk factors described in the Company's annual
report on Form 10-K for the year ending December 31, 2014. The Company does not undertake
any obligation to update forward-looking information.
Sonic Automotive,
Inc.
|
Results of
Operations (Unaudited)
|
|
This release contains
certain non-GAAP financial measures as defined under SEC rules,
such as, but not limited to, adjusted income from continuing
operations and related earnings per share data. The Company has
reconciled these measures to the most directly comparable GAAP
measures in the release. The Company believes that these non-GAAP
financial measures improve the transparency of the Company's
disclosure by providing period-to-period comparability of the
Company's results from operations.
|
|
|
|
Three Months Ended
March 31,
|
|
|
2015
|
|
2014
|
|
|
(In thousands,
except per share and unit data)
|
Revenues:
|
|
|
|
|
New retail
vehicles
|
|
$
1,190,215
|
|
$
1,112,291
|
Fleet
vehicles
|
|
12,108
|
|
34,329
|
Total new
vehicles
|
|
1,202,323
|
|
1,146,620
|
Used
vehicles
|
|
593,742
|
|
559,816
|
Wholesale
vehicles
|
|
41,656
|
|
41,598
|
Total
vehicles
|
|
1,837,721
|
|
1,748,034
|
Parts, service and
collision repair
|
|
323,194
|
|
318,771
|
Finance, insurance
and other, net
|
|
74,600
|
|
69,581
|
Total
revenues
|
|
2,235,515
|
|
2,136,386
|
Gross
profit
|
|
334,959
|
|
329,000
|
Selling, general and
administrative expenses
|
|
(270,862)
|
|
(263,973)
|
Impairment
charges
|
|
(6,192)
|
|
(3)
|
Depreciation and
amortization
|
|
(16,409)
|
|
(14,381)
|
Operating income
(loss)
|
|
41,496
|
|
50,643
|
Other income
(expense):
|
|
|
|
Interest expense,
floor plan
|
|
(4,778)
|
|
(4,689)
|
Interest expense,
other, net
|
|
(13,219)
|
|
(13,818)
|
Other income
(expense), net
|
|
90
|
|
97
|
Total other income
(expense)
|
|
(17,907)
|
|
(18,410)
|
Income (loss) from
continuing operations before taxes
|
|
23,589
|
|
32,233
|
Provision for income
taxes - benefit (expense)
|
|
(9,200)
|
|
(12,249)
|
Income (loss) from
continuing operations
|
|
14,389
|
|
19,984
|
Income (loss) from
discontinued operations
|
|
(422)
|
|
(598)
|
Net income
(loss)
|
|
$
13,967
|
|
$
19,386
|
|
|
|
|
Diluted earnings
(loss) per common share:
|
|
|
|
Earnings (loss) per
share from continuing operations
|
|
$
0.28
|
|
$
0.38
|
Earnings (loss) per
share from discontinued operations
|
|
(0.01)
|
|
(0.02)
|
Earnings (loss) per
common share
|
|
$
0.27
|
|
$
0.36
|
Weighted average
common shares outstanding
|
|
51,403
|
|
52,946
|
|
|
|
|
Gross Margin Data
(Continuing Operations):
|
|
|
|
New retail
vehicles
|
|
5.3%
|
|
5.9%
|
Fleet
vehicles
|
|
(0.6%)
|
|
2.6%
|
Total new
vehicles
|
|
5.3%
|
|
5.8%
|
Used
vehicles
|
|
6.9%
|
|
7.3%
|
Wholesale
vehicles
|
|
(0.5%)
|
|
(0.2%)
|
Parts, service and
collision repair
|
|
48.4%
|
|
47.7%
|
Finance, insurance
and other
|
|
100.0%
|
|
100.0%
|
Overall gross
margin
|
|
15.0%
|
|
15.4%
|
|
|
|
|
SG&A Expenses
(Continuing Operations):
|
|
|
|
Compensation
|
|
$
161,858
|
|
$
157,154
|
Advertising
|
|
15,332
|
|
14,119
|
Rent
|
|
18,254
|
|
18,535
|
Other
|
|
75,418
|
|
74,165
|
Total SG&A
expenses
|
|
$
270,862
|
|
$
263,973
|
SG&A expenses as
% of gross profit
|
|
80.9%
|
|
80.2%
|
|
|
|
|
Operating Margin
%
|
|
1.9%
|
|
2.4%
|
|
|
|
|
Unit Data (Continuing
Operations):
|
|
|
|
New retail
units
|
|
31,334
|
|
30,029
|
Fleet
units
|
|
355
|
|
1,102
|
Total new
units
|
|
31,689
|
|
31,131
|
Used units
|
|
28,135
|
|
27,657
|
Wholesale
units
|
|
7,777
|
|
7,380
|
Sonic Automotive,
Inc.
|
Results of
Operations (Unaudited)
|
|
Per Share
Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2015
|
|
|
|
|
Income
(Loss)
|
|
Income
(Loss)
|
|
|
|
|
|
|
|
|
From
Continuing
|
|
From
Discontinued
|
|
|
|
|
|
|
|
|
Operations
|
|
Average
|
|
Net Income
(Loss)
|
|
|
Weighted
|
|
|
|
Per
|
|
|
|
Per
|
|
|
|
Per
|
|
|
Average
|
|
|
|
Share
|
|
|
|
Share
|
|
|
|
Share
|
|
|
Shares
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
|
(In thousands,
except per share amounts)
|
Reported:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) and
shares
|
|
50,854
|
|
$ 14,389
|
|
|
|
$ (422)
|
|
|
|
$ 13,967
|
|
|
Effect of
participating securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-vested restricted
stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and stock
units
|
|
|
|
(5)
|
|
|
|
-
|
|
|
|
(5)
|
|
|
Basic earnings (loss)
and shares
|
|
50,854
|
|
$ 14,384
|
|
$ 0.28
|
|
$ (422)
|
|
$ (0.01)
|
|
$ 13,962
|
|
$ 0.27
|
Effect of dilutive
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock compensation
plans
|
|
549
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) and shares
|
|
51,403
|
|
$ 14,384
|
|
$ 0.28
|
|
$ (422)
|
|
$ (0.01)
|
|
$ 13,962
|
|
$ 0.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments (net of
tax):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment
charges
|
|
|
|
$ 3,777
|
|
$ 0.07
|
|
-
|
|
$
-
|
|
$ 3,777
|
|
$ 0.07
|
Other
|
|
|
|
634
|
|
0.02
|
|
-
|
|
-
|
|
634
|
|
0.02
|
Total
adjustments
|
|
|
|
$ 4,411
|
|
$ 0.09
|
|
$
-
|
|
$
-
|
|
$ 4,411
|
|
$ 0.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per share (1)
|
|
|
|
$ 18,800
|
|
$ 0.37
|
|
$ (422)
|
|
$ (0.01)
|
|
$ 18,378
|
|
$ 0.36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Expenses
attributable to the EchoPark® initiative were $0.06 per fully
diluted share in the three months ended March 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2014
|
|
|
|
|
Income
(Loss)
|
|
Income
(Loss)
|
|
|
|
|
|
|
|
|
From
Continuing
|
|
From
Discontinued
|
|
|
|
|
|
|
|
|
Operations
|
|
Operations
|
|
Net Income
(Loss)
|
|
|
Weighted
|
|
|
|
Per
|
|
|
|
Per
|
|
|
|
Per
|
|
|
Average
|
|
|
|
Share
|
|
|
|
Share
|
|
|
|
Share
|
|
|
Shares
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
|
(In thousands,
except per share amounts)
|
Reported:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) and
shares
|
|
52,418
|
|
$ 19,984
|
|
|
|
$ (598)
|
|
|
|
$ 19,386
|
|
|
Effect of
participating securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-vested restricted
stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and stock
units
|
|
|
|
(63)
|
|
|
|
-
|
|
|
|
(63)
|
|
|
Basic earnings (loss)
and shares
|
|
52,418
|
|
$ 19,921
|
|
$ 0.38
|
|
$ (598)
|
|
$ (0.01)
|
|
$ 19,323
|
|
$ 0.37
|
Effect of dilutive
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock compensation
plans
|
|
528
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) and shares (2)
|
|
52,946
|
|
$ 19,921
|
|
$ 0.38
|
|
$ (598)
|
|
$ (0.02)
|
|
$ 19,323
|
|
$ 0.36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Expenses
attributable to the EchoPark® initiative were $0.02 per fully
diluted share in the three months ended March 31, 2014
|
|
|
Sonic Automotive,
Inc.
|
Results of
Operations (Unaudited)
|
|
New
Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
Better /
(Worse)
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
(In thousands,
except units and per unit data)
|
Reported:
|
|
|
|
|
|
|
|
Revenue
|
|
$
1,202,323
|
|
$
1,146,620
|
|
$
55,703
|
|
4.9%
|
Gross
profit
|
|
$
63,350
|
|
$
66,673
|
|
$
(3,323)
|
|
(5.0%)
|
Unit sales
|
|
31,689
|
|
31,131
|
|
558
|
|
1.8%
|
Revenue per
unit
|
|
$
37,941
|
|
$
36,832
|
|
$
1,109
|
|
3.0%
|
Gross profit per
unit
|
|
$
1,999
|
|
$
2,142
|
|
$
(143)
|
|
(6.7%)
|
Gross profit as a %
of revenue
|
|
5.3%
|
|
5.8%
|
|
(50)
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
Better /
(Worse)
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
(In thousands,
except units and per unit data)
|
Same
Store:
|
|
|
|
|
|
|
|
Revenue
|
|
$
1,190,252
|
|
$
1,110,066
|
|
$
80,186
|
|
7.2%
|
Gross
profit
|
|
$
62,438
|
|
$
64,632
|
|
$
(2,194)
|
|
(3.4%)
|
Unit sales
|
|
31,336
|
|
30,082
|
|
1,254
|
|
4.2%
|
Revenue per
unit
|
|
$
37,984
|
|
$
36,901
|
|
$
1,083
|
|
2.9%
|
Gross profit per
unit
|
|
$
1,993
|
|
$
2,149
|
|
$
(156)
|
|
(7.3%)
|
Gross profit as a %
of revenue
|
|
5.2%
|
|
5.8%
|
|
(60)
|
bps
|
|
Sonic Automotive,
Inc.
|
Results of
Operations (Unaudited)
|
|
Used
Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
Better /
(Worse)
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
(In thousands,
except units and per unit data)
|
Reported:
|
|
|
|
|
|
|
|
Revenue
|
|
$
593,742
|
|
$
559,816
|
|
$
33,926
|
|
6.1%
|
Gross
profit
|
|
$
40,844
|
|
$
40,693
|
|
$
151
|
|
0.4%
|
Unit sales
|
|
28,135
|
|
27,657
|
|
478
|
|
1.7%
|
Revenue per
unit
|
|
$
21,103
|
|
$
20,241
|
|
$
862
|
|
4.3%
|
Gross profit per
unit
|
|
$
1,452
|
|
$
1,471
|
|
$
(19)
|
|
(1.3%)
|
Gross profit as a %
of revenue
|
|
6.9%
|
|
7.3%
|
|
(40)
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
Better /
(Worse)
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
(In thousands,
except units and per unit data)
|
Same
Store:
|
|
|
|
|
|
|
|
Revenue
|
|
$
572,759
|
|
$
537,639
|
|
$
35,120
|
|
6.5%
|
Gross
profit
|
|
$
40,013
|
|
$
39,286
|
|
$
727
|
|
1.9%
|
Unit sales
|
|
27,079
|
|
26,601
|
|
478
|
|
1.8%
|
Revenue per
unit
|
|
$
21,151
|
|
$
20,211
|
|
$
940
|
|
4.7%
|
Gross profit per
unit
|
|
$
1,478
|
|
$
1,477
|
|
$
1
|
|
0.1%
|
Gross profit as a %
of revenue
|
|
7.0%
|
|
7.3%
|
|
(30)
|
bps
|
|
Sonic Automotive,
Inc.
|
Results of
Operations (Unaudited)
|
|
Wholesale
Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
Better /
(Worse)
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
(In thousands,
except units and per unit data)
|
Reported:
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
41,656
|
|
$
41,598
|
|
$
58
|
|
0.1%
|
Gross profit
(loss)
|
|
$
(210)
|
|
$
(93)
|
|
$
(117)
|
|
(125.8%)
|
Unit sales
|
|
7,777
|
|
7,380
|
|
397
|
|
5.4%
|
Revenue per
unit
|
|
$
5,356
|
|
$
5,637
|
|
$
(281)
|
|
(5.0%)
|
Gross profit (loss)
per unit
|
|
$
(27)
|
|
$
(13)
|
|
$
(14)
|
|
(107.7%)
|
Gross profit (loss)
as a % of revenue
|
|
(0.5%)
|
|
(0.2%)
|
|
(30)
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
Better /
(Worse)
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
(In thousands,
except units and per unit data)
|
Same
Store:
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
40,773
|
|
$
40,246
|
|
$
527
|
|
1.3%
|
Gross profit
(loss)
|
|
$
(186)
|
|
$
(23)
|
|
$
(163)
|
|
(708.7%)
|
Unit sales
|
|
7,523
|
|
7,145
|
|
378
|
|
5.3%
|
Revenue per
unit
|
|
$
5,420
|
|
$
5,633
|
|
$
(213)
|
|
(3.8%)
|
Gross profit (loss)
per unit
|
|
$
(25)
|
|
$
(3)
|
|
$
(22)
|
|
(733.3%)
|
Gross profit (loss)
as a % of revenue
|
|
(0.5%)
|
|
(0.1%)
|
|
(40)
|
bps
|
|
Sonic Automotive,
Inc.
|
Results of
Operations (Unaudited)
|
|
Parts, Service
and Collision Repair ("Fixed Operations")
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
Better /
(Worse)
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
Reported:
|
|
(In
thousands)
|
Revenue
|
|
|
|
|
|
|
|
|
Customer
pay
|
|
$
137,623
|
|
$
141,121
|
|
$
(3,498)
|
|
(2.5%)
|
Warranty
|
|
53,498
|
|
46,591
|
|
6,907
|
|
14.8%
|
Wholesale
parts
|
|
45,012
|
|
47,944
|
|
(2,932)
|
|
(6.1%)
|
Internal, sublet and
other
|
|
87,061
|
|
83,115
|
|
3,946
|
|
4.7%
|
Total
|
|
$
323,194
|
|
$
318,771
|
|
$
4,423
|
|
1.4%
|
Gross
profit
|
|
|
|
|
|
|
|
|
Customer
pay
|
|
$
75,678
|
|
$
77,999
|
|
$
(2,321)
|
|
(3.0%)
|
Warranty
|
|
29,760
|
|
25,238
|
|
4,522
|
|
17.9%
|
Wholesale
parts
|
|
8,138
|
|
8,161
|
|
(23)
|
|
(0.3%)
|
Internal, sublet and
other
|
|
42,799
|
|
40,748
|
|
2,051
|
|
5.0%
|
Total
|
|
$
156,375
|
|
$
152,146
|
|
$
4,229
|
|
2.8%
|
Gross profit as a %
of revenue
|
|
|
|
|
|
|
|
|
Customer
pay
|
|
55.0%
|
|
55.3%
|
|
(30)
|
|
bps
|
Warranty
|
|
55.6%
|
|
54.2%
|
|
140
|
|
bps
|
Wholesale
parts
|
|
18.1%
|
|
17.0%
|
|
110
|
|
bps
|
Internal, sublet and
other
|
|
49.2%
|
|
49.0%
|
|
20
|
|
bps
|
Total
|
|
48.4%
|
|
47.7%
|
|
70
|
|
bps
|
Sonic Automotive,
Inc.
|
Results of
Operations (Unaudited)
|
|
Parts, Service
and Collision Repair ("Fixed Operations")
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
Better /
(Worse)
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
Same
Store:
|
|
(In
thousands)
|
Revenue
|
|
|
|
|
|
|
|
|
Customer
pay
|
|
$
135,768
|
|
$
136,486
|
|
$
(718)
|
|
(0.5%)
|
Warranty
|
|
52,971
|
|
44,774
|
|
8,197
|
|
18.3%
|
Wholesale
parts
|
|
44,580
|
|
46,667
|
|
(2,087)
|
|
(4.5%)
|
Internal, sublet and
other
|
|
84,956
|
|
80,559
|
|
4,397
|
|
5.5%
|
Total
|
|
$
318,275
|
|
$
308,486
|
|
$
9,789
|
|
3.2%
|
Gross
profit
|
|
|
|
|
|
|
|
|
Customer
pay
|
|
$
74,689
|
|
$
75,558
|
|
$
(869)
|
|
(1.2%)
|
Warranty
|
|
29,457
|
|
24,269
|
|
5,188
|
|
21.4%
|
Wholesale
parts
|
|
8,052
|
|
7,907
|
|
145
|
|
1.8%
|
Internal, sublet and
other
|
|
41,809
|
|
39,145
|
|
2,664
|
|
6.8%
|
Total
|
|
$
154,007
|
|
$
146,879
|
|
$
7,128
|
|
4.9%
|
Gross profit as a %
of revenue
|
|
|
|
|
|
|
|
|
Customer
pay
|
|
55.0%
|
|
55.4%
|
|
(40)
|
|
bps
|
Warranty
|
|
55.6%
|
|
54.2%
|
|
140
|
|
bps
|
Wholesale
parts
|
|
18.1%
|
|
16.9%
|
|
120
|
|
bps
|
Internal, sublet and
other
|
|
49.2%
|
|
48.6%
|
|
60
|
|
bps
|
Total
|
|
48.4%
|
|
47.6%
|
|
80
|
|
bps
|
Sonic Automotive,
Inc.
|
Results of
Operations (Unaudited)
|
|
Finance,
Insurance and Other, Net ("F&I")
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
Better /
(Worse)
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
(In thousands,
except per unit data)
|
Reported:
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
74,600
|
|
$
69,581
|
|
$
5,019
|
|
7.2%
|
Gross profit per
retail unit (excludes fleet)
|
|
$
1,254
|
|
$
1,206
|
|
$
48
|
|
4.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
Better /
(Worse)
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
(In thousands,
except per unit data)
|
Same
Store:
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
73,129
|
|
$
67,182
|
|
$
5,947
|
|
8.9%
|
Gross profit per
retail unit (excludes fleet)
|
|
$
1,260
|
|
$
1,209
|
|
$
51
|
|
4.2%
|
Sonic Automotive,
Inc.
|
Results of
Operations (Unaudited)
|
|
Selling,
General and Administrative ("SG&A") Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
Better /
(Worse)
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
(In
thousands)
|
Reported:
|
|
|
|
|
|
|
|
|
Compensation
|
|
$
161,858
|
|
$
157,154
|
|
$
(4,704)
|
|
(3.0%)
|
Advertising
|
|
15,332
|
|
14,119
|
|
(1,213)
|
|
(8.6%)
|
Rent
|
|
18,254
|
|
18,535
|
|
281
|
|
1.5%
|
Other
|
|
75,418
|
|
74,165
|
|
(1,253)
|
|
(1.7%)
|
Total
|
|
$
270,862
|
|
$
263,973
|
|
$
(6,889)
|
|
(2.6%)
|
SG&A expenses as
a % of gross profit
|
|
|
|
|
|
|
|
Compensation
|
|
48.3%
|
|
47.8%
|
|
(50)
|
|
bps
|
Advertising
|
|
4.6%
|
|
4.3%
|
|
(30)
|
|
bps
|
Rent
|
|
5.4%
|
|
5.6%
|
|
20
|
|
bps
|
Other
|
|
22.6%
|
|
22.5%
|
|
(10)
|
|
bps
|
Total
|
|
80.9%
|
|
80.2%
|
|
(70)
|
|
bps
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/sonic-automotive-inc-reports-record-gross-profit-300068992.html
SOURCE Sonic Automotive, Inc.