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8-K - 8-K - SONIC AUTOMOTIVE INC | d352022d8k.htm |
Exhibit 99.1
Sonic Automotive, Inc.
Results of Operations (Unaudited)
Three Months Ended March 31, 2016 | ||||||||||||||||||||||||||||
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: |
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Earnings (loss) and shares |
46,950 | $ | 14,464 | $ | 160 | $ | 14,624 | |||||||||||||||||||||
Effect of participating securities: |
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Non-vested restricted stock |
(6 | ) | | (6 | ) | |||||||||||||||||||||||
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Basic earnings (loss) and shares |
46,950 | $ | 14,458 | $ | 0.31 | $ | 160 | $ | | $ | 14,618 | $ | 0.31 | |||||||||||||||
Effect of dilutive securities: |
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Stock compensation plans |
172 | |||||||||||||||||||||||||||
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Diluted earnings (loss) and shares |
47,122 | $ | 14,458 | $ | 0.31 | $ | 160 | $ | | $ | 14,618 | $ | 0.31 | |||||||||||||||
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Adjustments (net of tax): |
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Storm damage and other |
$ | 3,698 | $ | 0.08 | $ | (320 | ) | $ | (0.01 | ) | $ | 3,378 | $ | 0.07 | ||||||||||||||
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Total adjustments |
$ | 3,698 | $ | 0.08 | $ | (320 | ) | $ | (0.01 | ) | $ | 3,378 | $ | 0.07 | ||||||||||||||
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Adjusted: |
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Earnings (loss) and |
$ | 18,162 | $ | 0.39 | $ | (160 | ) | $ | (0.01 | ) | $ | 18,002 | $ | 0.38 | ||||||||||||||
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(1) | Net loss attributable to EchoPark® operations was $0.05 per fully diluted share in the three months ended March 31, 2016. |
Reported Three Months Ended March 31, 2016 |
Forecast Three Months Ending March 31, 2017 |
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Low | High | |||||||||||
(In thousands, except per share amounts) | ||||||||||||
Diluted earnings per share from continuing operations |
$ | 0.31 | $ | 0.22 | $ | 0.26 | ||||||
Net income |
$ | 14,624 | $ | 9,876 | $ | 11,672 | ||||||
Non-floor plan interest expense |
11,910 | 12,018 | 13,018 | |||||||||
Depreciation and amortization |
22,220 | 24,155 | 25,155 | |||||||||
Income tax expense |
9,271 | 6,381 | 7,541 | |||||||||
(Gain) loss on disposal of dealerships |
48 | | | |||||||||
(Gain) loss on exit of leased dealerships |
(409 | ) | 87 | 287 | ||||||||
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Adjusted EBITDA |
$ | 57,664 | $ | 52,517 | $ | 57,673 | ||||||
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