Oregon
|
93-0572810
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
150 N. Bartlett Street, Medford, Oregon
|
97501
|
(Address of principal executive offices)
|
(Zip Code)
|
Class A common stock without par value
|
|
22,789,198
|
Class B common stock without par value
|
2,762,261
|
|
(Class)
|
(Outstanding at October 26, 2012)
|
PART I - FINANCIAL INFORMATION
|
Page
|
||
Item 1.
|
Financial Statements
|
||
Consolidated Balance Sheets (Unaudited) – September 30, 2012 and December 31, 2011
|
2
|
||
Consolidated Statements of Operations (Unaudited) – Three and Nine Months Ended September 30, 2012 and 2011
|
3
|
||
Consolidated Statements of Comprehensive Income (Unaudited) – Three and Nine Months Ended September 30, 2012 and 2011
|
4
|
||
Consolidated Statements of Cash Flows (Unaudited) – Nine Months Ended September 30, 2012 and 2011
|
5
|
||
Condensed Notes to Consolidated Financial Statements (Unaudited)
|
6
|
||
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
22
|
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
37
|
|
Item 4.
|
Controls and Procedures
|
37
|
|
PART II - OTHER INFORMATION
|
|||
Item 1.
|
Legal Proceedings
|
38
|
|
Item 1A.
|
Risk Factors
|
38
|
|
Item 6.
|
Exhibits
|
38
|
|
Signatures
|
39
|
September 30,
2012 |
December 31,
2011 |
|||||||
Assets
|
||||||||
Current Assets:
|
||||||||
Cash and cash equivalents
|
$ | 19,757 | $ | 20,851 | ||||
Accounts receivable, net of allowance for doubtful accounts of $319 and $261
|
128,602 | 99,407 | ||||||
Inventories, net
|
658,694 | 506,484 | ||||||
Deferred income taxes
|
4,532 | 4,730 | ||||||
Other current assets
|
11,240 | 16,719 | ||||||
Assets held for sale
|
14,671 | - | ||||||
Total Current Assets
|
837,496 | 648,191 | ||||||
Property and equipment, net of accumulated depreciation of $95,853 and $99,115
|
397,754 | 373,779 | ||||||
Goodwill
|
25,838 | 18,958 | ||||||
Franchise value
|
61,972 | 59,095 | ||||||
Deferred income taxes
|
23,005 | 29,270 | ||||||
Other non-current assets
|
20,472 | 16,840 | ||||||
Total Assets
|
$ | 1,366,537 | $ | 1,146,133 | ||||
|
||||||||
Liabilities and Stockholders' Equity
|
||||||||
Current Liabilities:
|
||||||||
Floor plan notes payable
|
$ | 14,073 | $ | 114,760 | ||||
Floor plan notes payable: non-trade
|
489,935 | 229,180 | ||||||
Current maturities of long-term debt
|
7,810 | 8,221 | ||||||
Trade payables
|
38,973 | 31,712 | ||||||
Accrued liabilities
|
81,635 | 72,711 | ||||||
Liabilities related to assets held for sale
|
10,065 | - | ||||||
Total Current Liabilities
|
642,491 | 456,584 | ||||||
Long-term debt, less current maturities
|
261,419 | 278,653 | ||||||
Deferred revenue
|
31,857 | 25,146 | ||||||
Other long-term liabilities
|
21,286 | 18,629 | ||||||
Total Liabilities
|
957,053 | 779,012 | ||||||
Stockholders' Equity:
|
||||||||
Preferred stock - no par value; authorized 15,000 shares; none outstanding
|
- | - | ||||||
Class A common stock - no par value; authorized 100,000 shares; issued and outstanding 22,606 and 22,195
|
266,104 | 279,366 | ||||||
Class B common stock - no par value; authorized 25,000 shares; issued and outstanding 2,912 and 3,762
|
362 | 468 | ||||||
Additional paid-in capital
|
11,789 | 10,918 | ||||||
Accumulated other comprehensive loss
|
(3,234 | ) | (4,508 | ) | ||||
Retained earnings
|
134,463 | 80,877 | ||||||
Total Stockholders' Equity
|
409,484 | 367,121 | ||||||
Total Liabilities and Stockholders' Equity
|
$ | 1,366,537 | $ | 1,146,133 |
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Revenues:
|
||||||||||||||||
New vehicle
|
$ | 496,365 | $ | 377,860 | $ | 1,355,463 | $ | 1,015,872 | ||||||||
Used vehicle retail
|
230,278 | 184,632 | 632,361 | 512,006 | ||||||||||||
Used vehicle wholesale
|
35,419 | 35,597 | 104,663 | 93,800 | ||||||||||||
Finance and insurance
|
31,088 | 22,423 | 83,440 | 61,915 | ||||||||||||
Service, body and parts
|
90,626 | 84,592 | 262,589 | 236,216 | ||||||||||||
Fleet and other
|
4,597 | 10,111 | 28,971 | 30,408 | ||||||||||||
Total revenues
|
888,373 | 715,215 | 2,467,487 | 1,950,217 | ||||||||||||
Cost of sales:
|
||||||||||||||||
New vehicle
|
460,754 | 348,495 | 1,255,024 | 936,762 | ||||||||||||
Used vehicle retail
|
196,735 | 157,902 | 539,121 | 436,196 | ||||||||||||
Used vehicle wholesale
|
35,446 | 35,663 | 103,998 | 93,204 | ||||||||||||
Service, body and parts
|
46,866 | 43,478 | 135,545 | 121,173 | ||||||||||||
Fleet and other
|
4,348 | 9,442 | 27,933 | 27,927 | ||||||||||||
Total cost of sales
|
744,149 | 594,980 | 2,061,621 | 1,615,262 | ||||||||||||
Gross profit
|
144,224 | 120,235 | 405,866 | 334,955 | ||||||||||||
Asset impairments
|
- | - | 115 | 872 | ||||||||||||
Selling, general and administrative
|
96,380 | 84,360 | 280,292 | 240,537 | ||||||||||||
Depreciation and amortization
|
4,381 | 4,129 | 12,777 | 12,372 | ||||||||||||
Operating income
|
43,463 | 31,746 | 112,682 | 81,174 | ||||||||||||
Floor plan interest expense
|
(3,397 | ) | (1,977 | ) | (9,402 | ) | (7,723 | ) | ||||||||
Other interest expense
|
(2,131 | ) | (3,067 | ) | (7,398 | ) | (9,353 | ) | ||||||||
Other income, net
|
452 | 213 | 1,771 | 462 | ||||||||||||
Income from continuing operations before income taxes
|
38,387 | 26,915 | 97,653 | 64,560 | ||||||||||||
Income tax provision
|
(15,048 | ) | (10,594 | ) | (37,287 | ) | (25,244 | ) | ||||||||
Income from continuing operations, net of income tax
|
23,339 | 16,321 | 60,366 | 39,316 | ||||||||||||
Income (loss) from discontinued operations, net of income tax
|
(96 | ) | 242 | 164 | 778 | |||||||||||
Net income
|
$ | 23,243 | $ | 16,563 | $ | 60,530 | $ | 40,094 | ||||||||
Basic income per share from continuing operations
|
$ | 0.92 | $ | 0.62 | $ | 2.35 | $ | 1.49 | ||||||||
Basic income (loss) per share from discontinued operations
|
(0.01 | ) | 0.01 | - | 0.03 | |||||||||||
Basic net income per share
|
$ | 0.91 | $ | 0.63 | $ | 2.35 | $ | 1.52 | ||||||||
Shares used in basic per share calculations
|
25,469 | 26,189 | 25,730 | 26,324 | ||||||||||||
Diluted income per share from continuing operations
|
$ | 0.90 | $ | 0.61 | $ | 2.30 | $ | 1.47 | ||||||||
Diluted income (loss) per share from discontinued operations
|
- | 0.01 | 0.01 | 0.03 | ||||||||||||
Diluted net income per share
|
$ | 0.90 | $ | 0.62 | $ | 2.31 | $ | 1.50 | ||||||||
Shares used in diluted per share calculations
|
25,947 | 26,654 | 26,203 | 26,738 |
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Net income
|
$ | 23,243 | $ | 16,563 | $ | 60,530 | $ | 40,094 | ||||||||
Other comprehensive income (loss), net of tax:
|
||||||||||||||||
Gain (loss) on cash flow hedges, net of tax expense (benefit) of $301, ($386), $791 and ($101), respectively
|
484 | (623 | ) | 1,274 | (117 | ) | ||||||||||
Comprehensive income
|
$ | 23,727 | $ | 15,940 | $ | 61,804 | $ | 39,977 |
Nine Months Ended September 30, | ||||||||
2012
|
2011
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$ | 60,530 | $ | 40,094 | ||||
Adjustments to reconcile net income to net cash used in operating activities:
|
||||||||
Asset impairments
|
115 | 872 | ||||||
Depreciation and amortization
|
12,777 | 12,372 | ||||||
Depreciation and amortization within discontinued operations
|
96 | 381 | ||||||
Stock-based compensation
|
2,329 | 1,686 | ||||||
Gain on disposal of other assets
|
(775 | ) | (134 | ) | ||||
(Gain) loss from disposal activities within discontinued operations
|
397 | (116 | ) | |||||
Deferred income taxes
|
6,851 | 3,325 | ||||||
Excess tax benefit from share-based payment arrangements
|
(1,629 | ) | (360 | ) | ||||
(Increase) decrease (net of acquisitions and dispositions):
|
||||||||
Trade receivables, net
|
(29,160 | ) | (7,177 | ) | ||||
Inventories
|
(158,186 | ) | (53,389 | ) | ||||
Other current assets
|
3,169 | (1,078 | ) | |||||
Other non-current assets
|
(4,346 | ) | (4,079 | ) | ||||
Increase (decrease) (net of acquisitions and dispositions):
|
||||||||
Floor plan notes payable
|
(93,975 | ) | (10,637 | ) | ||||
Trade payables
|
5,381 | 3,759 | ||||||
Accrued liabilities
|
10,164 | 9,890 | ||||||
Other long-term liabilities and deferred revenue
|
9,927 | 8,018 | ||||||
Net cash provided by (used in) operating activities
|
(176,335 | ) | 3,427 | |||||
Cash flows from investing activities:
|
||||||||
Principal payments received on notes receivable
|
79 | 97 | ||||||
Capital expenditures
|
(34,966 | ) | (22,996 | ) | ||||
Proceeds from sales of assets
|
6,025 | 11,217 | ||||||
Cash paid for acquisitions, net of cash acquired
|
(31,376 | ) | (58,420 | ) | ||||
Payments for life insurance policies
|
(1,908 | ) | (900 | ) | ||||
Proceeds from sales of stores
|
2,901 | 6,517 | ||||||
Net cash used in investing activities
|
(59,245 | ) | (64,485 | ) | ||||
Cash flows from financing activities:
|
||||||||
Borrowings on floor plan notes payable: non-trade
|
272,760 | 67,402 | ||||||
Borrowings on lines of credit
|
365,623 | 38,000 | ||||||
Repayments on lines of credit
|
(356,791 | ) | (9,000 | ) | ||||
Principal payments on long-term debt, scheduled
|
(5,889 | ) | (6,175 | ) | ||||
Principal payments on long-term debt and capital leases, other
|
(37,366 | ) | (28,679 | ) | ||||
Proceeds from issuance of long-term debt
|
14,169 | 22,674 | ||||||
Proceeds from issuance of common stock
|
4,600 | 2,848 | ||||||
Repurchase of common stock
|
(20,606 | ) | (11,436 | ) | ||||
Excess tax benefit from share-based payment arrangements
|
1,629 | 360 | ||||||
Decrease (Increase) in restricted cash
|
3,300 | (3,300 | ) | |||||
Dividends paid
|
(6,943 | ) | (5,006 | ) | ||||
Net cash provided by financing activities
|
234,486 | 67,688 | ||||||
Increase (decrease) in cash and cash equivalents
|
(1,094 | ) | 6,630 | |||||
Cash and cash equivalents at beginning of period
|
20,851 | 9,306 | ||||||
Cash and cash equivalents at end of period
|
$ | 19,757 | $ | 15,936 | ||||
Supplemental disclosure of cash flow information:
|
||||||||
Cash paid during the period for interest
|
$ | 17,316 | $ | 18,485 | ||||
Cash paid during the period for income taxes, net
|
25,814 | 20,210 | ||||||
Supplemental schedule of non-cash activities:
|
||||||||
Floor plan debt acquired in connection with acquisitions
|
- | 18,553 | ||||||
Acquisition of assets with capital leases
|
2,609 | - | ||||||
Floor plan debt paid in connection with store disposals
|
6,712 | - |
September 30,
2012
|
December 31,
2011
|
|||||||
New vehicles
|
$ | 503,915 | $ | 372,838 | ||||
Used vehicles
|
125,623 | 106,622 | ||||||
Parts and accessories
|
29,156 | 27,024 | ||||||
Total inventories
|
$ | 658,694 | $ | 506,484 |
Goodwill
|
||||
Balance as of December, 31, 2010, gross
|
$ | 305,452 | ||
Accumulated impairment loss
|
(299,266 | ) | ||
Balance as of December 31, 2010, net
|
6,186 | |||
Additions through acquisitions
|
12,869 | |||
Goodwill allocated to dispositions
|
(97 | ) | ||
Balance as of December 31, 2011, net
|
18,958 | |||
Additions through acquisitions
|
7,161 | |||
Goodwill allocated to dispositions
|
(281 | ) | ||
Balance as of September 30, 2012, net
|
$ | 25,838 |
Quarter declared:
|
Dividend
amount per
share
|
Total amount of
dividend (in
thousands)
|
||||||
First quarter
|
$ | 0.07 | $ | 1,815 | ||||
Second quarter
|
0.10 | 2,583 | ||||||
Third quarter
|
0.10 | 2,545 |
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Long-lived assets
|
$ | - | $ | - | $ | 115 | $ | 872 |
|
·
|
Level 1 – quoted prices in active markets for identical securities;
|
|
·
|
Level 2 – other significant observable inputs, including quoted prices for similar securities, interest rates, prepayment spreads and credit risk; and
|
|
·
|
Level 3 – significant unobservable inputs, including our own assumptions in determining fair value.
|
Fair Value at September 30, 2012
|
Level 1
|
Level 2
|
Level 3
|
|||||||||
Measured on a recurring basis:
|
||||||||||||
Derivative contracts, net
|
$ | - | $ | (5,643 | ) | $ | - | |||||
Measured on a non-recurring basis:
|
||||||||||||
Assets held for sale
|
$ | - | $ | - | $ | 14,671 |
Fair Value at December 31, 2011
|
Level 1
|
Level 2
|
Level 3
|
|||||||||
Measured on a recurring basis:
|
||||||||||||
Derivative contracts, net
|
$ | - | $ | (7,530 | ) | $ | - | |||||
Measured on a non-recurring basis:
|
||||||||||||
Long-lived assets held and used:
|
||||||||||||
Certain buildings and improvements
|
$ | - | $ | - | $ | 2,500 |
September 30,
2012
|
December 31,
2011
|
|||||||
Carrying value
|
$ | 103,684 | $ | 64,463 | ||||
Fair value
|
108,702 | 73,551 |
|
·
|
$25 million interest rate swap at a fixed rate of 4.495% per annum, variable rate adjusted on the 26th of each month, matures January 25, 2013;
|
|
·
|
$25 million interest rate swap at a fixed rate of 3.495% per annum, variable rate adjusted on the 1st and 16th of each month, matures April 30, 2013;
|
|
·
|
$25 million interest rate swap at a fixed rate of 3.495% per annum, variable rate adjusted on the 1st and 16th of each month, matures April 30, 2013 and
|
|
·
|
$25 million interest rate swap at a fixed rate of 5.587% per annum, variable rate adjusted on the 1st and 16th of each month, matures June 15, 2016.
|
Balance Sheet Information
|
Fair Value of Liability Derivatives
|
|||||
Location in Balance
Sheet
|
September 30,
2012
|
|||||
Derivatives Designated as Hedging Instruments
|
||||||
Interest Rate Swap Contracts
|
Accrued liabilities
|
$ | 2,520 | |||
Other long-term liabilities
|
3,123 | |||||
$ | 5,643 |
Balance Sheet Information
|
Fair Value of Liability Derivatives
|
|||||
Location in Balance
Sheet
|
December 31,
2011
|
|||||
Derivatives Designated as Hedging Instruments
|
||||||
Interest Rate Swap Contracts
|
Accrued liabilities
|
$ | 3,522 | |||
Other long-term liabilities
|
4,008 | |||||
$ | 7,530 |
Derivatives in Cash Flow Hedging Relationships
|
Amount of Gain (Loss) Recognized in Accumulated OCI (Effective Portion)
|
Location of Loss Reclassified from Accumulated OCI into Income (Effective Portion)
|
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion)
|
Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
|
Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
|
|||||||||
Three Months Ended
September 30, 2012
|
||||||||||||||
Interest Rate Swap Contracts
|
$ | 476 |
Floor plan
interest expense
|
$ | (309 | ) |
Floor plan
interest expense
|
$ | (788 | ) | ||||
Three Months Ended
September 30, 2011
|
||||||||||||||
Interest Rate Swap Contracts
|
$ | (1,544 | ) |
Floor plan
interest expense
|
$ | (535 | ) |
Floor plan
interest expense
|
$ | 271 |
Derivatives in Cash Flow Hedging Relationships
|
Amount of Gain (Loss) Recognized in Accumulated OCI (Effective Portion)
|
Location of Loss Reclassified from Accumulated OCI into Income (Effective Portion)
|
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion)
|
Location of Loss Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
|
Amount of Loss Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
|
|||||||||
Nine Months Ended
September 30, 2012
|
||||||||||||||
Interest Rate Swap Contracts
|
$ | 998 |
Floor plan
interest expense |
$ | (1,067 | ) |
Floor plan
interest expense |
$ | (2,172 | ) | ||||
Nine Months Ended
September 30, 2011
|
||||||||||||||
Interest Rate Swap Contracts
|
$ | (1,664 | ) |
Floor plan
interest expense |
$ | (1,446 | ) |
Floor plan
interest expense |
$ | (1,002 | ) |
|
·
|
On April 30, 2012, we acquired the inventory, equipment and intangible assets and assumed certain liabilities of Bellingham Chevrolet and Cadillac in Bellingham, Washington from Jerry Chambers Chevrolet.
|
|
·
|
On June 12, 2012, we acquired the inventory, equipment and intangible assets and assumed certain liabilities of Fairbanks GMC Buick from Gene’s GMC, LLC.
|
|
·
|
On August 27, 2012, we acquired the inventory, equipment and intangible assets and assumed certain liabilities of Killeen Chevrolet in Killeen, Texas from Connell Chevrolet, Inc.
|
Three Months Ended September 30,
|
2012
|
2011
|
||||||
Revenue
|
$ | 895,813 | $ | 734,638 | ||||
Income from continuing operations, net of tax
|
23,492 | 16,542 | ||||||
Basic income per share from continuing operations, net of tax
|
0.92 | 0.63 | ||||||
Diluted income per share from continuing operations, net of tax
|
0.91 | 0.62 |
Nine Months Ended September 30,
|
2012
|
2011
|
||||||
Revenue
|
$ | 2,512,479 | $ | 2,003,178 | ||||
Income from continuing operations, net of tax
|
60,987 | 39,848 | ||||||
Basic income per share from continuing operations, net of tax
|
2.37 | 1.51 | ||||||
Diluted income per share from continuing operations, net of tax
|
2.33 | 1.49 |
Consideration
|
||||
Cash paid, net of cash acquired
|
$ | 31,376 |
Assets Acquired and Liabilities Assumed
|
||||
Inventories
|
$ | 15,648 | ||
Franchise value
|
2,877 | |||
Property, plant and equipment
|
8,484 | |||
Other assets
|
94 | |||
Capital lease obligations
|
(2,609 | ) | ||
Other liabilities
|
(279 | ) | ||
24,215 | ||||
Goodwill
|
7,161 | |||
$ | 31,376 |
|
·
|
our management team, possessing the necessary authority, commits to a plan to sell the store;
|
|
·
|
the store is available for immediate sale in its present condition;
|
|
·
|
an active program to locate buyers and other actions that are required to sell the store are initiated;
|
|
·
|
a market for the store exists and we believe its sale is likely within one year;
|
|
·
|
active marketing of the store commences at a price that is reasonable in relation to the estimated fair market value; and
|
|
·
|
our management team believes it is unlikely changes will be made to the plan or the plan to dispose of the store will be withdrawn.
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Revenue
|
$ | 14,562 | $ | 28,800 | $ | 41,465 | $ | 89,423 | ||||||||
Pre-tax gain from discontinued operations
|
$ | 256 | $ | 227 | $ | 672 | $ | 1,153 | ||||||||
Gain (loss) on disposal activities
|
(397 | ) | 169 | (397 | ) | 116 | ||||||||||
(141 | ) | 396 | 275 | 1,269 | ||||||||||||
Income tax benefit (expense)
|
45 | (154 | ) | (111 | ) | (491 | ) | |||||||||
Income (loss) from discontinued operations, net of income tax benefit (expense)
|
$ | (96 | ) | $ | 242 | $ | 164 | $ | 778 | |||||||
Cash generated from disposal activities
|
$ | - | $ | 6,105 | $ | 2,901 | $ | 6,517 | ||||||||
Floor plan debt paid in connection with disposal activities
|
$ | - | $ | - | $ | 6,712 | $ | - |
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Goodwill
|
$ | (50 | ) | $ | - | $ | (50 | ) | $ | - | ||||||
Property, plant and equipment
|
(347 | ) | - | (347 | ) | - | ||||||||||
Other
|
- | 169 | - | 116 | ||||||||||||
$ | (397 | ) | $ | 169 | $ | (397 | ) | $ | 116 |
September 30, 2012
|
||||
Inventories
|
$ | 11,671 | ||
Property, plant and equipment
|
3,000 | |||
$ | 14,671 |
September 30, 2012
|
||||
Floor plan notes payable
|
$ | 10,065 |
Three Months Ended September 30,
|
2012
|
2011
|
||||||||||||||
Basic EPS from Continuing Operations
|
Class A
|
Class B
|
Class A
|
Class B
|
||||||||||||
Numerator:
|
||||||||||||||||
Income from continuing operations applicable to common stockholders
|
$ | 20,287 | $ | 3,052 | $ | 13,976 | $ | 2,344 | ||||||||
Distributed income applicable to common stockholders
|
(2,212 | ) | (333 | ) | (1,574 | ) | (264 | ) | ||||||||
Basic undistributed income from continuing operations applicable to common stockholders
|
$ | 18,075 | $ | 2,719 | $ | 12,402 | $ | 2,080 | ||||||||
Denominator:
|
||||||||||||||||
Weighted average number of shares outstanding used to calculate basic income per share
|
22,139 | 3,330 | 22,427 | 3,762 | ||||||||||||
Basic income per share from continuing operations applicable to common stockholders
|
$ | 0.92 | $ | 0.92 | $ | 0.62 | $ | 0.62 | ||||||||
Basic distributed income per share from continuing operations applicable to common stockholders
|
(0.10 | ) | (0.10 | ) | (0.07 | ) | (0.07 | ) | ||||||||
Basic undistributed income per share from continuing operations applicable to common stockholders
|
$ | 0.82 | $ | 0.82 | $ | 0.55 | $ | 0.55 |
Three Months Ended September 30,
|
2012
|
2011
|
||||||||||||||
Diluted EPS from Continuing Operations
|
Class A
|
Class B
|
Class A
|
Class B
|
||||||||||||
Numerator:
|
||||||||||||||||
Distributed income applicable to common stockholders
|
$ | 2,212 | $ | 333 | $ | 1,574 | $ | 264 | ||||||||
Reallocation of distributed income as a result of conversion of dilutive stock options
|
6 | (6 | ) | (5 | ) | 5 | ||||||||||
Reallocation of distributed income due to conversion of Class B to Class A common shares outstanding
|
327 | - | 269 | - | ||||||||||||
Diluted distributed income applicable to common stockholders
|
$ | 2,545 | $ | 327 | $ | 1,838 | $ | 269 | ||||||||
Undistributed income from continuing operations applicable to common stockholders
|
$ | 18,075 | $ | 2,719 | $ | 12,402 | $ | 2,080 | ||||||||
Reallocation of undistributed income as a result of conversion of dilutive stock options
|
50 | (50 | ) | 36 | (36 | ) | ||||||||||
Reallocation of undistributed income due to conversion of Class B to Class A
|
2,669 | - | 2,044 | - | ||||||||||||
Diluted undistributed income from continuing operations applicable to common stockholders
|
$ | 20,794 | $ | 2,669 | $ | 14,482 | $ | 2,044 | ||||||||
Denominator:
|
||||||||||||||||
Weighted average number of shares outstanding used to calculate basic income per share from continuing operations
|
22,139 | 3,330 | 22,427 | 3,762 | ||||||||||||
Weighted average number of shares from stock options
|
478 | - | 465 | - | ||||||||||||
Conversion of Class B to Class A common shares outstanding
|
3,330 | - | 3,762 | - | ||||||||||||
Weighted average number of shares outstanding used to calculate diluted income per share from continuing operations
|
25,947 | 3,330 | 26,654 | 3,762 | ||||||||||||
Diluted income per share from continuing operations applicable to common stockholders
|
$ | 0.90 | $ | 0.90 | $ | 0.61 | $ | 0.61 | ||||||||
Diluted distributed income per share from continuing operations applicable to common stockholders
|
(0.10 | ) | (0.10 | ) | (0.07 | ) | (0.07 | ) | ||||||||
Diluted undistributed income per share from continuing operations applicable to common stockholders
|
$ | 0.80 | $ | 0.80 | $ | 0.54 | $ | 0.54 |
Three Months Ended September 30,
|
2012
|
2011
|
||||||||||||||
Diluted EPS
|
Class A
|
Class B
|
Class A
|
Class B
|
||||||||||||
Antidilutive Securities
|
||||||||||||||||
Shares issuable pursuant to stock options not included since they were antidilutive
|
- | - | 93 | - |
Nine Months Ended September 30,
|
2012
|
2011
|
||||||||||||||
Basic EPS from Continuing Operations
|
Class A
|
Class B
|
Class A
|
Class B
|
||||||||||||
Numerator:
|
||||||||||||||||
Income from continuing operations applicable to common stockholders
|
$ | 52,072 | $ | 8,294 | $ | 33,697 | $ | 5,619 | ||||||||
Distributed income applicable to common stockholders
|
(5,989 | ) | (954 | ) | (4,291 | ) | (715 | ) | ||||||||
Basic undistributed income from continuing operations applicable to common stockholders
|
$ | 46,083 | $ | 7,340 | $ | 29,406 | $ | 4,904 | ||||||||
Denominator:
|
||||||||||||||||
Weighted average number of shares outstanding used to calculate basic income per share
|
22,195 | 3,535 | 22,562 | 3,762 | ||||||||||||
Basic income per share from continuing operations applicable to common stockholders
|
$ | 2.35 | $ | 2.35 | $ | 1.49 | $ | 1.49 | ||||||||
Basic distributed income per share from continuing operations applicable to common stockholders
|
(0.27 | ) | (0.27 | ) | (0.19 | ) | (0.19 | ) | ||||||||
Basic undistributed income per share from continuing operations applicable to common stockholders
|
$ | 2.08 | $ | 2.08 | $ | 1.30 | $ | 1.30 |
Nine Months Ended September 30,
|
2012
|
2011
|
||||||||||||||
Diluted EPS from Continuing Operations
|
Class A
|
Class B
|
Class A
|
Class B
|
||||||||||||
Numerator:
|
||||||||||||||||
Distributed income applicable to common stockholders
|
$ | 5,989 | $ | 954 | $ | 4,291 | $ | 715 | ||||||||
Reallocation of distributed income as a result of conversion of dilutive stock options
|
17 | (17 | ) | 11 | (11 | ) | ||||||||||
Reallocation of distributed income due to conversion of Class B to Class A common shares outstanding
|
937 | - | 704 | - | ||||||||||||
Diluted distributed income applicable to common stockholders
|
$ | 6,943 | $ | 937 | $ | 5,006 | $ | 704 | ||||||||
Undistributed income from continuing operations applicable to common stockholders
|
$ | 46,083 | $ | 7,340 | $ | 29,406 | $ | 4,904 | ||||||||
Reallocation of undistributed income as a result of conversion of dilutive stock options
|
133 | (133 | ) | 77 | (77 | ) | ||||||||||
Reallocation of undistributed income due to conversion of Class B to Class A
|
7,207 | - | 4,827 | - | ||||||||||||
Diluted undistributed income from continuing operations applicable to common stockholders
|
$ | 53,423 | $ | 7,207 | $ | 34,310 | $ | 4,827 | ||||||||
Denominator:
|
||||||||||||||||
Weighted average number of shares outstanding used to calculate basic income per share from continuing operations
|
22,195 | 3,535 | 22,562 | 3,762 | ||||||||||||
Weighted average number of shares from stock options
|
473 | - | 414 | - | ||||||||||||
Conversion of Class B to Class A common shares outstanding
|
3,535 | - | 3,762 | - | ||||||||||||
Weighted average number of shares outstanding used to calculate diluted income per share from continuing operations
|
26,203 | 3,535 | 26,738 | 3,762 | ||||||||||||
Diluted income per share from continuing operations applicable to common stockholders
|
$ | 2.30 | $ | 2.30 | $ | 1.47 | $ | 1.47 | ||||||||
Diluted distributed income per share from continuing operations applicable to common stockholders
|
(0.27 | ) | (0.27 | ) | (0.19 | ) | (0.19 | ) | ||||||||
Diluted undistributed income per share from continuing operations applicable to common stockholders
|
$ | 2.03 | $ | 2.03 | $ | 1.28 | $ | 1.28 |
Nine Months Ended September 30,
|
2012
|
2011
|
||||||||||||||
Diluted EPS
|
Class A
|
Class B
|
Class A
|
Class B
|
||||||||||||
Antidilutive Securities
|
||||||||||||||||
Shares issuable pursuant to stock options not included since they were antidilutive
|
90 | - | 314 | - |
Three months ended
September 30, 2012
|
Revenues
|
Percent of
Total Revenues
|
Gross Profit
|
Gross Profit
Margin
|
Percent of Total
Gross Profit
|
|||||||||||||||
New vehicle
|
$ | 496,365 | 55.9 | % | $ | 35,611 | 7.2 | % | 24.7 | % | ||||||||||
Used vehicle retail
|
230,278 | 25.9 | 33,543 | 14.6 | 23.3 | |||||||||||||||
Used vehicle wholesale
|
35,419 | 4.0 | (27 | ) | (0.1 | ) | (0.1 | ) | ||||||||||||
Finance and insurance(1)
|
31,088 | 3.5 | 31,088 | 100.0 | 21.6 | |||||||||||||||
Service, body and parts
|
90,626 | 10.2 | 43,760 | 48.3 | 30.3 | |||||||||||||||
Fleet and other
|
4,597 | 0.5 | 249 | 5.4 | 0.2 | |||||||||||||||
$ | 888,373 | 100.0 | % | $ | 144,224 | 16.2 | % | 100.0 | % |
Three months ended
September 30, 2011
|
Revenues
|
Percent of
Total Revenues
|
Gross Profit
|
Gross Profit
Margin
|
Percent of Total
Gross Profit
|
|||||||||||||||
New vehicle
|
$ | 377,860 | 52.8 | % | $ | 29,365 | 7.8 | % | 24.4 | % | ||||||||||
Used vehicle retail
|
184,632 | 25.8 | 26,730 | 14.5 | 22.2 | |||||||||||||||
Used vehicle wholesale
|
35,597 | 5.1 | (66 | ) | (0.2 | ) | 0.0 | |||||||||||||
Finance and insurance(1)
|
22,423 | 3.1 | 22,423 | 100.0 | 18.6 | |||||||||||||||
Service, body and parts
|
84,592 | 11.8 | 41,114 | 48.6 | 34.2 | |||||||||||||||
Fleet and other
|
10,111 | 1.4 | 669 | 6.6 | 0.6 | |||||||||||||||
$ | 715,215 | 100.0 | % | $ | 120,235 | 16.8 | % | 100.0 | % |
Nine months ended
September 30, 2012
|
Revenues
|
Percent of
Total Revenues
|
Gross Profit
|
Gross Profit
Margin
|
Percent of Total
Gross Profit
|
|||||||||||||||
New vehicle
|
$ | 1,355,463 | 54.9 | % | $ | 100,439 | 7.4 | % | 24.7 | % | ||||||||||
Used vehicle retail
|
632,361 | 25.6 | 93,240 | 14.7 | 23.0 | |||||||||||||||
Used vehicle wholesale
|
104,663 | 4.3 | 665 | 0.6 | 0.1 | |||||||||||||||
Finance and insurance(1)
|
83,440 | 3.4 | 83,440 | 100.0 | 20.6 | |||||||||||||||
Service, body and parts
|
262,589 | 10.6 | 127,044 | 48.4 | 31.3 | |||||||||||||||
Fleet and other
|
28,971 | 1.2 | 1,038 | 3.6 | 0.3 | |||||||||||||||
$ | 2,467,487 | 100.0 | % | $ | 405,866 | 16.4 | % | 100.0 | % |
Nine months ended
September 30, 2011
|
Revenues
|
Percent of
Total Revenues
|
Gross Profit
|
Gross Profit
Margin
|
Percent of Total
Gross Profit
|
|||||||||||||||
New vehicle
|
$ | 1,015,872 | 52.1 | % | $ | 79,110 | 7.8 | % | 23.6 | % | ||||||||||
Used vehicle retail
|
512,006 | 26.3 | 75,810 | 14.8 | 22.6 | |||||||||||||||
Used vehicle wholesale
|
93,800 | 4.7 | 596 | 0.6 | 0.3 | |||||||||||||||
Finance and insurance(1)
|
61,915 | 3.2 | 61,915 | 100.0 | 18.5 | |||||||||||||||
Service, body and parts
|
236,216 | 12.1 | 115,043 | 48.7 | 34.3 | |||||||||||||||
Fleet and other
|
30,408 | 1.6 | 2,481 | 8.2 | 0.7 | |||||||||||||||
$ | 1,950,217 | 100.0 | % | $ | 334,955 | 17.2 | % | 100.0 | % |
|
(1)
|
Commissions reported net of anticipated cancellations.
|
Three Months Ended
September 30,
|
Increase
|
% Increase
|
||||||||||||||
(Dollars in thousands, except per unit amounts)
|
2012
|
2011
|
(Decrease)
|
(Decrease)
|
||||||||||||
Reported
|
||||||||||||||||
Revenue
|
$ | 496,365 | $ | 377,860 | $ | 118,505 | 31.4 | % | ||||||||
Retail units sold
|
14,923 | 11,262 | 3,661 | 32.5 | ||||||||||||
Average selling price per retail unit
|
$ | 33,262 | $ | 33,552 | $ | (290 | ) | (0.9 | ) | |||||||
Same store
|
||||||||||||||||
Revenue
|
$ | 484,527 | $ | 372,858 | $ | 111,669 | 29.9 | % | ||||||||
Retail units sold
|
14,528 | 11,106 | 3,422 | 30.8 | ||||||||||||
Average selling price per retail unit
|
$ | 33,351 | $ | 33,573 | $ | (222 | ) | (0.7 | ) |
Nine Months Ended
September 30,
|
%
|
|||||||||||||||
(Dollars in thousands, except per unit amounts)
|
2012
|
2011
|
Increase
|
Increase
|
||||||||||||
Reported
|
||||||||||||||||
Revenue
|
$ | 1,355,463 | $ | 1,015,872 | $ | 339,591 | 33.4 | % | ||||||||
Retail units sold
|
41,217 | 31,097 | 10,120 | 32.5 | ||||||||||||
Average selling price per retail unit
|
$ | 32,886 | $ | 32,668 | $ | 218 | 0.7 | |||||||||
Same store
|
||||||||||||||||
Revenue
|
$ | 1,294,861 | $ | 998,609 | $ | 296,252 | 29.7 | % | ||||||||
Retail units sold
|
39,517 | 30,568 | 8,949 | 29.3 | ||||||||||||
Average selling price per retail unit
|
$ | 32,767 | $ | 32,668 | $ | 99 | 0.3 |
Three Months Ended
September 30,
|
Increase
|
% Increase
|
||||||||||||||
(Dollars in thousands, except per unit amounts)
|
2012
|
2011
|
(Decrease)
|
(Decrease)
|
||||||||||||
Reported
|
||||||||||||||||
Retail revenue
|
$ | 230,278 | $ | 184,632 | $ | 45,646 | 24.7 | % | ||||||||
Retail units sold
|
13,320 | 10,567 | 2,753 | 26.1 | ||||||||||||
Average selling price per retail unit
|
$ | 17,288 | $ | 17,473 | $ | (185 | ) | (1.1 | ) |
Same store
|
||||||||||||||||
Retail revenue
|
$ | 223,890 | $ | 180,691 | $ | 43,199 | 23.9 | % | ||||||||
Retail units sold
|
12,926 | 10,345 | 2,581 | 24.9 | ||||||||||||
Average selling price per retail unit
|
$ | 17,321 | $ | 17,467 | $ | (146 | ) | (0.8 | ) |
Nine Months Ended
September 30,
|
%
|
|||||||||||||||
(Dollars in thousands, except per unit amounts)
|
2012
|
2011
|
Increase
|
Increase
|
||||||||||||
Reported
|
||||||||||||||||
Retail revenue
|
$ | 632,361 | $ | 512,006 | $ | 120,355 | 23.5 | % | ||||||||
Retail units sold
|
36,286 | 29,750 | 6,536 | 22.0 | ||||||||||||
Average selling price per retail unit
|
$ | 17,427 | $ | 17,210 | $ | 217 | 1.3 |
Same store
|
||||||||||||||||
Retail revenue
|
$ | 606,556 | $ | 500,671 | $ | 105,885 | 21.1 | % | ||||||||
Retail units sold
|
34,864 | 29,134 | 5,730 | 19.7 | ||||||||||||
Average selling price per retail unit
|
$ | 17,398 | $ | 17,185 | $ | 213 | 1.2 |
|
·
|
Same store unit sales for manufacturer certified pre-owned used vehicles increased 33.6% and 24.6%, respectively, for the three- and nine-month periods ended September 30, 2012. This category has higher average sale prices and experiences a lower gross margin than the other categories.
|
|
·
|
Same store unit sales for the late model, lower mileage vehicle category increased 12.7% and 11.2%, respectively, for the three- and nine-month periods ended September 30, 2012. Our performance in this category is still below management’s expectation and we continue to focus on improving our results.
|
|
·
|
Same store unit sales for the value auto category increased 48.6% and 36.9%, respectively, for the three- and nine-month periods ended September 30, 2012. Value auto vehicles have lower average selling prices and experience a higher gross margin than our other used vehicle categories. Additionally, value autos provide an organic opportunity to convert vehicles acquired via trade-in to retail used vehicle sales.
|
Three Months Ended
September 30,
|
Increase
|
% Increase
|
||||||||||||||
(Dollars in thousands, except per unit amounts)
|
2012
|
2011
|
(Decrease)
|
(Decrease)
|
||||||||||||
Reported
|
||||||||||||||||
Wholesale revenue
|
$ | 35,419 | $ | 35,597 | $ | (178 | ) | (0.5 | )% | |||||||
Wholesale units sold
|
5,173 | 4,452 | 721 | 16.2 | ||||||||||||
Average selling price per wholesale unit
|
$ | 6,847 | $ | 7,996 | $ | (1,149 | ) | (14.4 | ) | |||||||
Same store
|
||||||||||||||||
Wholesale revenue
|
$ | 34,566 | $ | 34,269 | $ | 297 | 0.9 | % | ||||||||
Wholesale units sold
|
5,054 | 4,329 | 725 | 16.7 | ||||||||||||
Average selling price per wholesale unit
|
$ | 6,839 | $ | 7,916 | $ | (1,077 | ) | (13.6 | ) |
Nine Months Ended
September 30,
|
Increase
|
% Increase
|
||||||||||||||
(Dollars in thousands, except per unit amounts)
|
2012
|
2011
|
(Decrease)
|
(Decrease)
|
||||||||||||
Reported
|
||||||||||||||||
Wholesale revenue
|
$ | 104,663 | $ | 93,800 | $ | 10,863 | 11.6 | % | ||||||||
Wholesale units sold
|
14,206 | 11,834 | 2,372 | 20.0 | ||||||||||||
Average selling price per wholesale unit
|
$ | 7,368 | $ | 7,926 | $ | (558 | ) | (7.0 | ) | |||||||
Same store
|
||||||||||||||||
Wholesale revenue
|
$ | 100,180 | $ | 90,726 | $ | 9,454 | 10.4 | % | ||||||||
Wholesale units sold
|
13,682 | 11,556 | 2,126 | 18.4 | ||||||||||||
Average selling price per wholesale unit
|
$ | 7,322 | $ | 7,851 | $ | (529 | ) | (6.7 | ) |
Three Months Ended
September 30,
|
%
|
|||||||||||||||
(Dollars in thousands, except per unit amounts)
|
2012
|
2011
|
Increase
|
Increase
|
||||||||||||
Reported
|
||||||||||||||||
Revenue
|
$ | 31,088 | $ | 22,423 | $ | 8,665 | 38.6 | % | ||||||||
Revenue per retail unit
|
||||||||||||||||
Finance reserves
|
$ | 429 | $ | 397 | $ | 32 | 8.1 | % | ||||||||
Maintenance contracts
|
549 | 517 | 32 | 6.2 | ||||||||||||
Insurance and other
|
123 | 113 | 10 | 8.8 | ||||||||||||
Revenue per retail unit
|
$ | 1,101 | $ | 1,027 | $ | 74 | 7.2 | % |
Same store
|
||||||||||||||||
Revenue
|
$ | 29,430 | $ | 21,585 | $ | 7,845 | 36.3 | % | ||||||||
Revenue per retail unit
|
||||||||||||||||
Finance reserves
|
$ | 416 | $ | 393 | $ | 23 | 5.9 | % | ||||||||
Maintenance contracts
|
540 | 507 | 33 | 6.5 | ||||||||||||
Insurance and other
|
116 | 106 | 10 | 9.4 | ||||||||||||
Revenue per retail unit
|
$ | 1,072 | $ | 1,006 | $ | 66 | 6.6 | % |
Nine Months Ended
September 30,
|
%
|
|||||||||||||||
(Dollars in thousands, except per unit amounts)
|
2012
|
2011
|
Increase
|
Increase
|
||||||||||||
Reported
|
||||||||||||||||
Revenue
|
$ | 83,440 | $ | 61,915 | $ | 21,525 | 34.8 | % | ||||||||
Revenue per retail unit
|
||||||||||||||||
Finance reserves
|
$ | 412 | $ | 381 | $ | 31 | 8.1 | % | ||||||||
Maintenance contracts
|
545 | 528 | 17 | 3.2 | ||||||||||||
Insurance and other
|
120 | 109 | 11 | 10.1 | ||||||||||||
Revenue per retail unit
|
$ | 1,077 | $ | 1,018 | $ | 59 | 5.8 | % |
Same store
|
||||||||||||||||
Revenue
|
$ | 79,316 | $ | 59,519 | $ | 19,797 | 33.3 | % | ||||||||
Revenue per retail unit
|
||||||||||||||||
Finance reserves
|
$ | 406 | $ | 377 | $ | 29 | 7.7 | % | ||||||||
Maintenance contracts
|
546 | 518 | 28 | 5.4 | ||||||||||||
Insurance and other
|
114 | 102 | 12 | 11.8 | ||||||||||||
Revenue per retail unit
|
$ | 1,066 | $ | 997 | $ | 69 | 6.9 | % |
Three Months Ended September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Finance and insurance
|
76 | % | 73 | % | 75 | % | 72 | % | ||||||||
Service contracts
|
41 | 41 | 41 | 41 | ||||||||||||
Lifetime oil change and filter
|
35 | 36 | 36 | 37 |
Three Months Ended
September 30,
|
Increase
|
% Increase
|
||||||||||||||
(Dollars in thousands)
|
2012
|
2011
|
(Decrease)
|
(Decrease)
|
||||||||||||
Reported
|
||||||||||||||||
Customer pay
|
$ | 51,827 | $ | 48,460 | $ | 3,367 | 6.9 | % | ||||||||
Warranty
|
13,687 | 13,819 | (132 | ) | (1.0 | ) | ||||||||||
Wholesale parts
|
16,402 | 14,919 | 1,483 | 9.9 | ||||||||||||
Body shop
|
8,710 | 7,394 | 1,316 | 17.8 | ||||||||||||
Total service, body and parts
|
$ | 90,626 | $ | 84,592 | $ | 6,034 | 7.1 | % | ||||||||
Same store
|
||||||||||||||||
Customer pay
|
$ | 50,402 | $ | 47,642 | $ | 2,760 | 5.8 | % | ||||||||
Warranty
|
13,295 | 13,519 | (224 | ) | (1.7 | ) | ||||||||||
Wholesale parts
|
16,035 | 14,775 | 1,260 | 8.5 | ||||||||||||
Body shop
|
8,710 | 7,394 | 1,316 | 17.8 | ||||||||||||
Total service, body and parts
|
$ | 88,442 | $ | 83,330 | $ | 5,112 | 6.1 | % |
Nine Months Ended
September 30,
|
Increase
|
% Increase
|
||||||||||||||
(Dollars in thousands)
|
2012
|
2011
|
(Decrease)
|
(Decrease)
|
||||||||||||
Reported
|
||||||||||||||||
Customer pay
|
$ | 148,774 | $ | 132,085 | $ | 16,689 | 12.6 | % | ||||||||
Warranty
|
39,690 | 40,257 | (567 | ) | (1.4 | ) | ||||||||||
Wholesale parts
|
48,630 | 41,778 | 6,852 | 16.4 | ||||||||||||
Body shop
|
25,495 | 22,096 | 3,399 | 15.4 | ||||||||||||
Total service, body and parts
|
$ | 262,589 | $ | 236,216 | $ | 26,373 | 11.2 | % | ||||||||
Same store
|
||||||||||||||||
Customer pay
|
$ | 138,027 | $ | 129,115 | $ | 8,912 | 6.9 | % | ||||||||
Warranty
|
36,271 | 38,952 | (2,681 | ) | (6.9 | ) | ||||||||||
Wholesale parts
|
45,527 | 41,215 | 4,312 | 10.5 | ||||||||||||
Body shop
|
25,490 | 22,096 | 3,394 | 15.4 | ||||||||||||
Total service, body and parts
|
$ | 245,315 | $ | 231,378 | $ | 13,937 | 6.0 | % |
Three Months Ended
September 30,
|
Basis
Point Change* |
|||||||||||
2012
|
2011
|
|||||||||||
New vehicle
|
7.2 | % | 7.8 | % | (60 | ) bp | ||||||
Used vehicle retail
|
14.6 | 14.5 | 10 | |||||||||
Used vehicle wholesale
|
(0.1 | ) | (0.2 | ) | 10 | |||||||
Finance and insurance
|
100.0 | 100.0 | - | |||||||||
Service, body and parts
|
48.3 | 48.6 | (30 | ) | ||||||||
Fleet and other
|
5.4 | 6.6 | (120 | ) | ||||||||
Overall
|
16.2 | % | 16.8 | % | (60 | ) |
Nine Months Ended
September 30,
|
Basis
Point Change* |
|||||||||||
2012
|
2011
|
|||||||||||
New vehicle
|
7.4 | % | 7.8 | % | (40 | ) bp | ||||||
Used vehicle retail
|
14.7 | 14.8 | (10 | ) | ||||||||
Used vehicle wholesale
|
0.6 | 0.6 | - | |||||||||
Finance and insurance
|
100.0 | 100.0 | - | |||||||||
Service, body and parts
|
48.4 | 48.7 | (30 | ) | ||||||||
Fleet and other
|
3.6 | 8.2 | (460 | ) | ||||||||
Overall
|
16.4 | % | 17.2 | % | (80 | ) |
*
|
One basis point is equal to 1/100th of one percent.
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Long-lived assets
|
$ | - | $ | - | $ | 115 | $ | 872 |
Three Months Ended
September 30,
|
%
|
|||||||||||||||
(Dollars in thousands)
|
2012
|
2011
|
Increase
|
Increase
|
||||||||||||
Personnel
|
$ | 62,919 | $ | 54,658 | $ | 8,261 | 15.1 | % | ||||||||
Advertising
|
8,950 | 6,282 | 2,668 | 42.5 | ||||||||||||
Rent
|
3,869 | 3,504 | 365 | 10.4 | ||||||||||||
Facility costs
|
6,102 | 5,749 | 353 | 6.1 | ||||||||||||
Other
|
14,540 | 14,167 | 373 | 2.6 | ||||||||||||
Total SG&A
|
$ | 96,380 | $ | 84,360 | $ | 12,020 | 14.2 | % |
Nine Months Ended
September 30,
|
%
|
|||||||||||||||
(Dollars in thousands)
|
2012 | 2011 |
Increase
|
Increase
|
||||||||||||
Personnel
|
$ | 183,710 | $ | 157,014 | $ | 26,696 | 17.0 | % | ||||||||
Advertising
|
23,220 | 17,867 | 5,353 | 30.0 | ||||||||||||
Rent
|
12,050 | 9,889 | 2,161 | 21.9 | ||||||||||||
Facility costs
|
18,160 | 17,716 | 444 | 2.5 | ||||||||||||
Other
|
43,152 | 38,051 | 5,101 | 13.4 | ||||||||||||
Total SG&A
|
$ | 280,292 | $ | 240,537 | $ | 39,755 | 16.5 | % |
Three Months Ended
September 30,
|
% of Change in
|
|||||||||||||||
(Dollars in thousands)
|
2012
|
2011
|
Change
|
Gross Profit
|
||||||||||||
Gross profit
|
$ | 144,224 | $ | 120,235 | $ | 23,989 | 100.0 | % | ||||||||
SG&A expense
|
(96,380 | ) | (84,360 | ) | (12,020 | ) | (50.1 | ) | ||||||||
Throughput contribution
|
$ | 11,969 | 49.9 | % |
Three Months Ended
September 30,
|
% of Change in
|
|||||||||||||||
(Dollars in thousands)
|
2011 | 2010 |
Change
|
Gross Profit
|
||||||||||||
Gross profit
|
$ | 120,235 | $ | 99,835 | $ | 20,400 | 100.0 | % | ||||||||
SG&A expense
|
(84,360 | ) | (73,139 | ) | (11,221 | ) | (55.0 | ) | ||||||||
Throughput contribution
|
$ | 9,179 | 45.0 | % |
Nine Months Ended
September 30,
|
% of Change in
|
|||||||||||||||
(Dollars in thousands)
|
2012 | 2011 |
Change
|
Gross Profit
|
||||||||||||
Gross profit
|
$ | 405,866 | $ | 334,955 | $ | 70,911 | 100.0 | % | ||||||||
SG&A expense
|
(280,292 | ) | (240,537 | ) | (39,755 | ) | (56.1 | ) | ||||||||
Throughput contribution
|
$ | 31,156 | 43.9 | % |
Nine Months Ended
September 30,
|
% of Change in
|
|||||||||||||||
(Dollars in thousands)
|
2011 | 2010 |
Change
|
Gross Profit
|
||||||||||||
Gross profit
|
$ | 334,955 | $ | 272,684 | $ | 62,271 | 100.0 | % | ||||||||
SG&A expense
|
(240,537 | ) | (210,974 | ) | (29,563 | ) | (47.5 | ) | ||||||||
Throughput contribution
|
$ | 32,708 | 52.5 | % |
Three Months Ended
September 30,
|
%
|
|||||||||||||||
(Dollars in thousands)
|
2012
|
2011
|
Increase
|
Increase
|
||||||||||||
Depreciation and amortization
|
$ | 4,381 | $ | 4,129 | $ | 252 | 6.1 | % |
Nine Months Ended
September 30,
|
%
|
|||||||||||||||
(Dollars in thousands)
|
2012
|
2011
|
Increase
|
Increase
|
||||||||||||
Depreciation and amortization
|
$ | 12,777 | $ | 12,372 | $ | 405 | 3.3 | % |
Three Months Ended
September 30,
|
%
|
|||||||||||||||
(Dollars in thousands)
|
2012
|
2011
|
Change
|
Change
|
||||||||||||
Floor plan interest expense (new vehicles)
|
$ | 3,397 | $ | 1,977 | $ | 1,420 | 71.8 | % | ||||||||
Floor plan assistance (included as an offset to cost of sales)
|
(4,401 | ) | (3,426 | ) | 975 | 28.5 | ||||||||||
Net new vehicle carrying costs
|
$ | (1,004 | ) | $ | (1,449 | ) | $ | (445 | ) | (30.7 | )% |
Nine Months Ended
September 30,
|
%
|
|||||||||||||||
(Dollars in thousands)
|
2012
|
2011
|
Change
|
Change
|
||||||||||||
Floor plan interest expense (new vehicles)
|
$ | 9,402 | $ | 7,723 | $ | 1,679 | 21.7 | % | ||||||||
Floor plan assistance (included as an offset to cost of sales)
|
(12,231 | ) | (9,316 | ) | 2,915 | 31.3 | ||||||||||
Net new vehicle carrying costs
|
$ | (2,829 | ) | $ | (1,593 | ) | $ | 1,236 | 77.6 | % |
Three Months Ended
September 30,
|
Increase
|
%
Increase
|
||||||||||||||
(Dollars in thousands)
|
2012
|
2011
|
(Decrease)
|
(Decrease)
|
||||||||||||
Mortgage interest
|
$ | 1,869 | $ | 2,712 | $ | (843 | ) | (31.1 | )% | |||||||
Other interest
|
325 | 399 | (74 | ) | (18.5 | ) | ||||||||||
Capitalized interest
|
(63 | ) | (44 | ) | 19 | 43.2 | ||||||||||
Total other interest expense
|
$ | 2,131 | $ | 3,067 | $ | (936 | ) | (30.5 | )% |
Nine Months Ended
September 30,
|
Increase
|
%
Increase
|
||||||||||||||
(Dollars in thousands)
|
2012
|
2011
|
(Decrease)
|
(Decrease)
|
||||||||||||
Mortgage interest
|
$ | 6,330 | $ | 8,339 | $ | (2,009 | ) | (24.1 | )% | |||||||
Other interest
|
1,323 | 1,107 | 216 | 19.5 | ||||||||||||
Capitalized interest
|
(255 | ) | (93 | ) | 162 | 174.2 | ||||||||||
Total other interest expense
|
$ | 7,398 | $ | 9,353 | $ | (1,955 | ) | (20.9 | )% |
Nine Months Ended September 30, 2012
|
||||||||||||||||||||
As reported
|
Asset impairment and disposal gain
|
Equity investment
|
Tax attribute
|
Adjusted
|
||||||||||||||||
Asset impairments
|
$ | 115 | $ | (115 | ) | $ | - | $ | - | $ | - | |||||||||
Selling, general and administrative
|
$ | 280,292 | $ | 739 | $ | - | $ | - | $ | 281,031 | ||||||||||
Operating income
|
$ | 112,682 | $ | (624 | ) | $ | - | $ | - | $ | 112,058 | |||||||||
Other income, net
|
$ | 1,771 | $ | - | $ | (244 | ) | $ | - | $ | 1,527 | |||||||||
Income from continuing operations before income taxes
|
$ | 97,653 | $ | (624 | ) | $ | (244 | ) | $ | - | $ | 96,785 | ||||||||
Income tax provision
|
(37,287 | ) | 244 | 95 | (1,072 | ) | (38,020 | ) | ||||||||||||
Income from continuing operations, net of income tax
|
$ | 60,366 | $ | (380 | ) | $ | (149 | ) | $ | (1,072 | ) | $ | 58,765 | |||||||
Diluted income (loss) per share from continuing operations
|
$ | 2.30 | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.04 | ) | $ | 2.24 | |||||||
Diluted share count
|
26,203 |
Nine Months Ended September 30, 2011
|
||||||||||||
As reported
|
Asset impairment and disposal gain
|
Adjusted
|
||||||||||
Asset impairments
|
$ | 872 | $ | (872 | ) | $ | - | |||||
Selling, general and administrative
|
$ | 240,537 | $ | 580 | $ | 241,117 | ||||||
Operating income
|
$ | 81,174 | $ | 292 | $ | 81,466 | ||||||
Income from continuing operations before income taxes
|
$ | 64,560 | $ | 292 | $ | 64,852 | ||||||
Income tax provision
|
(25,244 | ) | (116 | ) | (25,360 | ) | ||||||
Income from continuing operations, net of income tax
|
$ | 39,316 | $ | 176 | $ | 39,492 | ||||||
Diluted income per share from continuing operations
|
$ | 1.47 | $ | 0.01 | $ | 1.48 | ||||||
Diluted share count
|
26,738 |
As of
September 30,
2012 |
As of
December 31,
2011 |
Increase
(Decrease) |
%
Increase
(Decrease) |
|||||||||||||
Cash and cash equivalents
|
$ | 19,757 | $ | 20,851 | $ | (1,094 | ) | (5.2 | )% | |||||||
Available credit on the revolving line of credit
|
29,016 | 10,449 | 18,567 | 177.7 | ||||||||||||
Unfinanced new vehicles
|
- | 65,857 | (65,857 | ) | (100.0 | ) | ||||||||||
Total available funds
|
$ | 48,773 | $ | 97,157 | $ | (48,384 | ) | (49.8 | )% |
Outstanding as of September 30, 2012
|
Remaining Available as of September 30, 2012
|
||||||||
New vehicle floor plan commitment
|
$ | 489,935 | $ | - | (1),(4) | ||||
Floor plan notes payable
|
14,073 | - | |||||||
Used vehicle inventory financing facility
|
77,948 | - | (3) | ||||||
Revolving line of credit
|
17,883 | 29,016 | (2),(3) | ||||||
Real estate mortgages
|
168,027 | - | |||||||
Other debt
|
5,371 | - | |||||||
Liabilities associated with assets held for sale
|
10,065 | (4) | |||||||
Total debt
|
$ | 783,302 | $ | 29,016 |
(1)
|
We have a $500 million new vehicle floor plan commitment as part of our credit facility.
|
(2)
|
Available credit reduced by $3.1 million for outstanding letters of credit.
|
(3)
|
The amount available on the credit facility is limited based on a borrowing base calculation and fluctuates monthly.
|
(4)
|
An additional $10.1 million of floor plan notes payable outstanding on our new vehicle floor plan commitment is recorded as liabilities related to assets held for sale.
|
Debt Covenant Ratio
|
Requirement
|
As of September 30, 2012
|
||
Current ratio
|
Not less than 1.20 to 1
|
1.35 to 1
|
||
Fixed charge coverage ratio
|
Not less than 1.20 to 1
|
1.95 to 1
|
||
Leverage ratio
|
Not more than 5.00 to 1
|
2.11 to 1
|
||
Funded debt restriction
|
Not to exceed $375 million
|
$173.4 million
|
3.1
|
Restated Articles of Incorporation of Lithia Motors, Inc., as amended May 13, 1999 (filed as Exhibit 3.1 to Form 10-K filed March 30, 2000 and incorporated herein by reference).
|
|
3.2
|
Amended and Restated Bylaws of Lithia Motors, Inc. − Corrected (filed as Exhibit 3.2 to Form 10-K filed March 16, 2009 and incorporated herein by reference).
|
|
31.1
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934.
|
|
31.2
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934.
|
|
32.1
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350.
|
|
32.2
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350.
|
|
101.INS
|
XBRL Instance Document.
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document.
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
Date: October 26, 2012
|
LITHIA MOTORS, INC. |
By:
|
/s/ Christopher S. Holzshu | ||
Christopher S. Holzshu
|
|||
Senior Vice President and
|
|||
Chief Financial Officer
|
|||
(Principal Financial Officer)
|
By:
|
/s/ John F. North III | ||
John F. North III
|
|||
Vice President and
|
|||
Corporate Controller
|
|||
(Principal Accounting Officer)
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Lithia Motors, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Lithia Motors, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Note 6 - Stockholders' Equity (Detail) (Common Class A [Member], USD $)
|
1 Months Ended | 9 Months Ended | 14 Months Ended | |
---|---|---|---|---|
Jul. 31, 2012
|
Aug. 31, 2011
|
Sep. 30, 2012
|
Sep. 30, 2012
|
|
Common Class A [Member]
|
||||
Stock Repurchase Program, Authorized Amount (in Dollars) | $ 1,000,000 | $ 2,000,000 | ||
Stock Repurchased During Period, Shares | 823,092 | 1,120,147 | ||
Treasury Stock Acquired, Average Cost Per Share (in Dollars per share) | $ 24.17 | |||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 1,879,853 | 1,879,853 |
Note 14 - Discontinued Operations (Detail) - Financial Information of Discontinued Operations (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
|
Revenue | $ 14,562 | $ 28,800 | $ 41,465 | $ 89,423 |
Pre-tax gain from discontinued operations | 256 | 227 | 672 | 1,153 |
Gain (loss) on disposal activities | (397) | 169 | (397) | 116 |
(141) | 396 | 275 | 1,269 | |
Income tax benefit (expense) | 45 | (154) | (111) | (491) |
Income (loss) from discontinued operations, net of income tax benefit (expense) | (96) | 242 | 164 | 778 |
Cash generated from disposal activities | 6,105 | 2,901 | 6,517 | |
Floor plan debt paid in connection with disposal activities | 6,712 | |||
Goodwill [Member]
|
||||
Gain (loss) on disposal activities | (50) | (50) | ||
Property, Plant and Equipment [Member]
|
||||
Gain (loss) on disposal activities | (347) | (347) | ||
Other [Member]
|
||||
Gain (loss) on disposal activities | $ 169 | $ 116 |
Note 11 - Derivative Instruments (Detail) - Fair Value of Derivative Instruments (USD $)
In Thousands, unless otherwise specified |
Sep. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Interest Rate Swap Contracts | $ 5,643 | $ 7,530 |
Accrued Liabilities [Member]
|
||
Interest Rate Swap Contracts | 2,520 | 3,522 |
Other Long-Term Liabilities [Member]
|
||
Interest Rate Swap Contracts | $ 3,123 | $ 4,008 |
Note 14 - Discontinued Operations (Detail) - Assets Held For Sale (USD $)
In Thousands, unless otherwise specified |
Sep. 30, 2012
|
---|---|
Assets held for sale | $ 14,671 |
Floor plan notes payable | 10,065 |
Inventories [Member]
|
|
Assets held for sale | 11,671 |
Property, Plant and Equipment [Member]
|
|
Assets held for sale | $ 3,000 |
Note 10 - Fair Value Measurements (Detail) - Long-term Fixed Interest Rate Debt (USD $)
In Thousands, unless otherwise specified |
Sep. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Carrying value | $ 103,684 | $ 64,463 |
Fixed Interest [Member]
|
||
Fair value | $ 108,702 | $ 73,551 |
Note 14 - Discontinued Operations (Tables)
|
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2012
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] |
|
Note 17 - Subsequent Events (Detail) (USD $)
|
1 Months Ended | ||
---|---|---|---|
Sep. 30, 2012
|
Nov. 30, 2012
Subsequent Event [Member]
|
Oct. 31, 2012
Subsequent Event [Member]
|
|
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | $ 56,300,000 | ||
Business Acquisition, Cost of Acquired Entity, Purchase Price | 31,376,000 | 13,300,000 | |
Proceeds from Divestiture of Businesses | 3,700,000 | ||
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share) | $ 0.10 | ||
Dividends, Common Stock, Cash | $ 2,600,000 |
Accounting Policies, by Policy (Policies)
|
9 Months Ended |
---|---|
Sep. 30, 2012
|
|
Basis of Accounting, Policy [Policy Text Block] | Basis
of Presentation
These
condensed Consolidated Financial Statements contain unaudited
information as of September 30, 2012 and for the three- and
nine-month periods ended September 30, 2012 and 2011. The
unaudited interim financial statements have been prepared
pursuant to the rules and regulations for reporting on Form
10-Q. Accordingly, certain disclosures required by accounting
principles generally accepted in the United States of America
for annual financial statements are not included herein. In
management’s opinion, these unaudited financial
statements reflect all adjustments (which include only normal
recurring adjustments) necessary for a fair presentation of
the information when read in conjunction with our 2011
audited Consolidated Financial Statements and the related
notes thereto. The financial information as of December 31,
2011 is derived from our 2011 Annual Report on Form 10-K. The
interim condensed Consolidated Financial Statements should be
read in conjunction with the Consolidated Financial
Statements and the notes thereto included in our 2011 Annual
Report on Form 10-K. The results of operations for the
interim periods presented are not necessarily indicative of
the results to be expected for the full year. |
Reclassification, Policy [Policy Text Block] | Reclassifications
Certain
reclassifications of amounts previously reported have been
made to the accompanying consolidated financial statements to
maintain consistency and comparability between periods
presented. The results of operations of stores classified as
discontinued operations have been presented on a comparable
basis for all periods presented in the accompanying
consolidated statements of operations. See also
Note 14.
These
reclassifications had no impact on previously reported net
income. |
Note 12 - Related Party Transactions (Detail) (USD $)
|
9 Months Ended | 9 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
Mar. 27, 2012
|
Sep. 30, 2012
Related Party [Member]
|
Sep. 30, 2012
Sold [Member]
|
Sep. 30, 2012
Remaining 20% Interest [Member]
|
Mar. 31, 2012
Remaining 20% Interest [Member]
|
|
Related Party Transaction, Sale, Ownership Percentage | 80.00% | ||||||
Related Party Transaction, Sale, Proceeds | $ 9,600,000 | ||||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | 2,901,000 | 6,517,000 | 2,900,000 | ||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | 6,712,000 | 6,700,000 | |||||
Gain (Loss) on Sale of Business | 700,000 | ||||||
Related Party Transaction, Intangible Asset Value | 1,200,000 | ||||||
Equity Method Investment, Ownership Percentage | 20.00% | ||||||
Equity Method Investments | 1,000,000 | 800,000 | |||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | 200,000 | ||||||
Income (Loss) from Equity Method Investments | $ 200,000 |
Note 8 - Stock-Based Compensation (Detail) (Restricted Stock Units (RSUs) [Member], Common Class A [Member], USD $)
In Millions, except Share data, unless otherwise specified |
3 Months Ended | 3 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Mar. 31, 2012
Potential Increase [Member]
Executives and Other Key Employees [Member]
|
Jun. 30, 2012
Expected to be Recognized in 2012 [Member]
Board of Directors Members [Member]
|
Mar. 31, 2012
Expected to be Recognized in 2012 [Member]
|
Mar. 31, 2012
Executives and Other Key Employees [Member]
Minimum [Member]
|
Mar. 31, 2012
Executives and Other Key Employees [Member]
Maximum [Member]
|
Mar. 31, 2012
Executives and Other Key Employees [Member]
|
Jun. 30, 2012
Board of Directors Members [Member]
|
Mar. 31, 2012
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 44,500 | 133,500 | 89,000 | 12,870 | 168,000 | |||
Share-based Compensation, Earnings Per Share, Threshold Attainment Level | 75.00% | 150.00% | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized (in Dollars) | $ 0.3 | $ 0.9 | $ 0.4 | $ 4.2 | ||||
Share-based Compensation, Percent Vested | 25.00% |
Note 13 - Acquisitions (Detail) - Pro Forma (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
|
Revenue (in Dollars) | $ 895,813 | $ 734,638 | $ 2,512,479 | $ 2,003,178 |
Income from continuing operations, net of tax (in Dollars) | $ 23,492 | $ 16,542 | $ 60,987 | $ 39,848 |
Basic income per share from continuing operations, net of tax | $ 0.92 | $ 0.63 | $ 2.37 | $ 1.51 |
Diluted income per share from continuing operations, net of tax | $ 0.91 | $ 0.62 | $ 2.33 | $ 1.49 |
Note 11 - Derivative Instruments (Detail) (USD $)
|
9 Months Ended | |
---|---|---|
Sep. 30, 2012
|
Dec. 31, 2011
|
|
Interest Rate Derivative Liabilities, at Fair Value | $ 5,643,000 | $ 7,530,000 |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 2,700,000 | |
Derivative, Variable Interest Rate | 0.23% | |
Derivative Number 1 [Member]
|
||
Derivative, Notional Amount | 25,000,000 | |
Derivative, Fixed Interest Rate | 4.495% | |
Derivative Number 2 [Member]
|
||
Derivative, Notional Amount | 25,000,000 | |
Derivative, Fixed Interest Rate | 3.495% | |
Derivative Number 3 [Member]
|
||
Derivative, Notional Amount | 25,000,000 | |
Derivative, Fixed Interest Rate | 3.495% | |
Derivative Number 4 [Member]
|
||
Derivative, Notional Amount | $ 25,000,000 | |
Derivative, Fixed Interest Rate | 5.587% |
Note 2 - Inventories
|
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2012
|
||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Text Block] |
Note 2.
Inventories
The
components of inventory consisted of the following (in
thousands):
|
6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[($Q)3D4M2$5)1TA4.B`Q+C(U.R!4
M15A4+4E.1$5.5#H@,'!T.R!$25-03$%9.B!B;&]C:SL@34%21TE.+4Q%1E0Z
M(#!P=#L@34%21TE.+5))1TA4.B`P<'0G/@T*("`@(`T*("`@("`@("`@("`@
M("`\9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9
M.B!T:6UE "<^#0H@("`@(`T*("`@("`@("`@("`@
M/&9O;G0@