-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Nlear7CsCFg0GRvFic+Jl7rfhiH1aowXfM2nQ4qe2STRzOPgqFhVGvZyIu8pfk/d aWKjARyz5p/VK8KamBa2Ig== 0000950144-03-008891.txt : 20030725 0000950144-03-008891.hdr.sgml : 20030725 20030725122038 ACCESSION NUMBER: 0000950144-03-008891 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030724 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030725 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AUTONATION INC /FL CENTRAL INDEX KEY: 0000350698 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500] IRS NUMBER: 731105145 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13107 FILM NUMBER: 03802652 BUSINESS ADDRESS: STREET 1: 110 SE 6TH ST CITY: FT LAUDERDALE STATE: FL ZIP: 33301 BUSINESS PHONE: 9547696000 MAIL ADDRESS: STREET 1: 110 SE 6TH ST CITY: FT LAUDERDALE STATE: FL ZIP: 33301 FORMER COMPANY: FORMER CONFORMED NAME: REPUBLIC INDUSTRIES INC DATE OF NAME CHANGE: 19951215 FORMER COMPANY: FORMER CONFORMED NAME: REPUBLIC WASTE INDUSTRIES INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: REPUBLIC RESOURCES CORP DATE OF NAME CHANGE: 19900226 8-K 1 g83999e8vk.txt AUTONATION INC SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 --------------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date Of Report (Date Of Earliest Event Reported) July 24, 2003 AUTONATION, INC. - -------------------------------------------------------------------------------- (Exact Name Of Registrant As Specified In Its Charter) DELAWARE 1-13107 73-1105145 - ---------------------------- ----------- ------------- (State Or Other Jurisdiction (Commission (IRS Employer Of Incorporation) File Number) Identification No.) 110 S.E. 6th Street Ft. Lauderdale, Florida 33301 - -------------------------------------------------------------------------------- (Address Of Principal Executive Offices, Including Zip Code) Registrant's Telephone Number, Including Area Code (954) 769-6000 - -------------------------------------------------------------------------------- (Former Name Or Former Address, If Changed Since Last Report) ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (c) Exhibits 99.1 Press Release of AutoNation, Inc., dated July 24, 2003. 99.2 AutoNation, Inc. Quarterly Financial Data Supplement for the quarter ended June 30, 2003. Item 9. Information Furnished Under Item 12 (RESULTS OF OPERATIONS AND FINANCIAL CONDITION) On July 24, 2003, AutoNation, Inc. (the "Company") issued a press release announcing its results of operations for the fiscal quarter ended June 30, 2003. Copies of the press release and the Company's Quarterly Financial Data Supplement for the quarter ended June 30, 2003 are attached as exhibits hereto and are incorporated herein by reference. 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. AUTONATION, INC. ------------------------- (Registrant) By: /s/ Jonathan P. Ferrando ------------------------------------- Jonathan P. Ferrando Senior Vice President, General Counsel and Secretary Dated: July 24, 2003 3 INDEX TO EXHIBITS Exhibit Exhibit Number Description - ------ ----------- 99.1 Press Release of AutoNation, Inc., dated July 24, 2003. 99.2 AutoNation, Inc. Quarterly Financial Data Supplement for the quarter ended June 30, 2003. 4 EX-99.1 3 g83999exv99w1.txt PRESS RELEASE DATED JULY 24, 2003 Exhibit 99.1 AutoNation For Immediate Release Contact: Marc Cannon (954) 769-3146 cannonm@autonation.com AUTONATION REPORTS RECORD SECOND-QUARTER EPS OF $0.37, EXCEEDING YEAR-AGO RESULTS BY 16% o Higher revenue and net income o Continued SG&A expense reduction o Sixth consecutive record quarter of EPS from continuing operations o Company raises full-year EPS outlook FORT LAUDERDALE, Fla. (July 24, 2003) --- AutoNation, Inc. (NYSE: AN), America's largest retailer of both new and used vehicles, today reported record second-quarter earnings per share of $0.37, 16% above a year-earlier $0.32 per share, driven by initiatives aimed at maximizing operating efficiencies that allowed the Company to further leverage its cost structure and the continued repurchase of outstanding shares. The Company reported operating income of $207 million and net income of $106 million, increases of 5% and 2%, respectively. Total revenue for the second-quarter ended June 30, 2003 increased to $5.1 billion compared to $5.0 billion a year ago driven by revenue growth of 4% for new vehicles and 6% for finance and insurance. Selling, general and administrative expense (SG&A) was $549 million or 71.1% as a percentage of total gross profit, a 110 basis point improvement compared to a year ago. Commenting on the second-quarter performance AutoNation Chairman and Chief Executive Officer Mike Jackson said, "AutoNation delivered another record quarter of earnings per share coupled with increases in revenue and net income, demonstrating the strength of our operation and the commitment of our team. We benefited from the continued success of our cost containment initiatives and operational improvements, particularly in the area of new and used vehicles and finance and insurance, allowing us to expand our operating margin." Other highlights in the second quarter include: o The repurchase of 10.4 million of the Company's outstanding shares at a cost of $149 million. o Record finance and insurance gross profit per vehicle retailed of $804. o The successful launch of two market brands, Power in Southern California and Champion in Houston, Austin and Corpus Christi; bringing the Company's number of branded markets to 13. o The appointment of two new board members: Alan S. Dawes, vice chairman and chief financial officer of Delphi Corporation, a leading automotive electronics and components supplier; and Frederick J. Schwab, former president and chief executive officer of Porsche Cars North America, Inc., the North American operating unit of Porsche AG. ---More--- For the six-month period ended June 30, 2003, the Company earned net income from continuing operations of $318 million or $1.10 per share. Excluding the benefit of the first quarter 2003 IRS tax settlement, earnings per share from continuing operations was $0.66, a 10% increase versus the prior year. The Company's revenue for the six-month period totaled $9.5 billion, down 2% versus the prior year. AutoNation also announced that it will now report new vehicle days supply utilizing the industry standard of selling days inclusive of fleet. Prior to this change, the Company reported new vehicle days supply using calendar days excluding fleet, which at the end of the second quarter stood at 72 days. Using the industry metric, the Company's new vehicle inventory at the end of the second quarter was 65 days, compared to the industry at 63 days. Looking ahead, Mr. Jackson said, "While we are hopeful that efforts to stimulate the economy will take hold, we believe that the auto retail environment will remain challenging for the remainder of the year. Based on our performance this quarter, we are raising our full-year 2003 outlook for earnings per share from continuing operations by $0.07 to the range of $1.28 to $1.33, excluding the benefit of the first quarter tax settlement, and offer third-quarter earnings per share guidance of $0.34 to $0.36." The Company's earnings outlook for the full year on a GAAP basis is $1.72 to $1.77 per share from continuing operations. The reconciliation of the Company's earnings estimate is set forth in the table below: Revised full-year guidance $1.28 - $1.33 Q1 2003 income tax benefit from IRS settlement $0.44 ------------- Expected 2003 full-year GAAP EPS from continuing operations $1.72 - $1.77 ============= AutoNation will discuss these results, the Company's outlook and supporting assumptions during a conference call and audio webcast this morning at 10:00 a.m. Eastern Time. To listen to the live conference call, dial (800) 288-8968 or listen to the audio webcast via the Internet at www.AutoNation.com by clicking on the "About Us" link, then clicking on "Investors" and then "Webcasts". A playback of the conference call will be available after 1:30 p.m. Eastern Time, through July 31, 2003 by calling (800) 475-6701 (access code #691101) or via the Internet as outlined above. About AutoNation, Inc. AutoNation, Inc., headquartered in Fort Lauderdale, Fla., is America's largest retailer of both new and used vehicles. Ranked No. 93 on the 2003 Fortune 500 and a component of the Standard and Poor's 500 Index, AutoNation employs approximately 28,500 people and owns and operates 370 new vehicle franchises in 17 states. For additional information, please visit http://corp.AutoNation.com or www.AutoNation.com, where more than 100,000 vehicles are available for sale. ---More--- Forward Looking Statements Certain statements and information included in this release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied in such forward-looking statements. Additional discussion of factors that could cause actual results to differ materially from management's projections, estimates and expectations is contained in the Company's SEC filings. The Company undertakes no duty to update its forward-looking statements, including its earnings outlook. This release contains certain non-GAAP financial measures as defined under SEC rules, including net income from continuing operations excluding the first-quarter tax benefit. The Company believes such non-GAAP financial measures improve the transparency of the Company's disclosure, provide a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the Company's ongoing core business operations, and improve the period-to-period comparability of the Company's results from its core business operations. As required by SEC rules, the Company has provided reconciliations of those measures to the most directly comparable GAAP measures, which are set forth in the attachments to this release. ### EX-99.2 4 g83999exv99w2.txt FINANCIAL DATA SUPPLEMENT FOR JUNE 30, 2003 EXHIBIT 99.2 AUTONATION, INC. UNAUDITED CONSOLIDATED INCOME STATEMENTS ($ in millions, except per share data)
Three Months Ended June 30, Six Months Ended June 30, --------------------------- ------------------------- 2003 2002 2003 2002 --------- --------- --------- --------- Revenue: New vehicle $ 3,091.4 $ 2,980.2 $ 5,700.9 $ 5,793.3 Used vehicle 988.1 998.7 1,894.8 1,945.7 Parts and service 621.3 622.6 1,220.7 1,234.5 Finance and insurance 141.1 133.4 263.3 254.5 Other 226.7 280.7 448.2 538.3 --------- --------- --------- --------- Total revenue 5,068.6 5,015.6 9,527.9 9,766.3 --------- --------- --------- --------- Cost of sales: New vehicle 2,867.9 2,744.5 5,280.4 5,335.7 Used vehicle 879.2 893.5 1,682.3 1,732.0 Parts and service 349.7 349.9 688.4 697.0 Other 199.7 258.6 396.6 492.6 --------- --------- --------- --------- Total cost of sales 4,296.5 4,246.5 8,047.7 8,257.3 --------- --------- --------- --------- Gross profit 772.1 769.1 1,480.2 1,509.0 Selling, general and administrative expenses 548.9 555.6 1,071.9 1,103.7 Depreciation 16.9 16.9 33.8 32.6 Amortization 0.4 0.8 1.0 1.4 Loan and lease underwriting income, net (3.1) (2.7) (6.0) (2.9) Other losses 2.1 1.9 2.4 2.3 --------- --------- --------- --------- Operating income 206.9 196.6 377.1 371.9 Floorplan interest expense (19.5) (18.5) (39.0) (36.7) Interest expense - IRS settlement (5.9) -- (7.8) -- Other interest expense (14.7) (12.1) (28.4) (23.8) Interest income 0.9 2.8 2.0 6.1 Other income (expense) 5.2 (0.7) 6.3 (0.9) --------- --------- --------- --------- Income from continuing operations before income taxes 172.9 168.1 310.2 316.6 Provision for income taxes 66.6 64.3 119.5 121.1 Income tax benefit from IRS settlement -- -- (127.5) -- --------- --------- --------- --------- Net tax provision (benefit) - continuing operations 66.6 64.3 (8.0) 121.1 --------- --------- --------- --------- Net income from continuing operations 106.3 103.8 318.2 195.5 Loss from discontinued operations, net of income taxes -- -- (12.3) -- --------- --------- --------- --------- Net income before cumulative effect of accounting change 106.3 103.8 305.9 195.5 Cumulative effect of accounting change, net of income taxes -- -- (14.6) -- --------- --------- --------- --------- Net income $ 106.3 $ 103.8 $ 291.3 $ 195.5 ========= ========= ========= ========= Diluted earnings per share: Continuing operations $ 0.37 $ 0.32 $ 1.10 $ 0.60 Discontinued operations -- -- (0.04) -- Cumulative effect of accounting change -- -- (0.05) -- --------- --------- --------- --------- Net income $ 0.37 $ 0.32 $ 1.01 $ 0.60 ========= ========= ========= ========= Weighted average common and common equivalent shares outstanding 285.2 328.8 289.6 327.4 ========= ========= ========= ========= Common shares outstanding 274.6 318.5 274.6 318.5 ========= ========= ========= =========
AUTONATION, INC. UNAUDITED SUPPLEMENTARY DATA ($ in millions, except gross profit per vehicle data)
Three Months Ended June 30, Six Months Ended June 30, ------------------------------------------------- ---------------------------------------------------- OPERATING HIGHLIGHTS 2003 2002 $ Variance % Variance 2003 2002 $ Variance % Variance - -------------------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Revenue: New vehicle $ 3,091.4 $ 2,980.2 $ 111.2 3.7 $ 5,700.9 $ 5,793.3 $ (92.4) (1.6) Used vehicle 988.1 998.7 (10.6) (1.1) 1,894.8 1,945.7 (50.9) (2.6) Parts and service 621.3 622.6 (1.3) (0.2) 1,220.7 1,234.5 (13.8) (1.1) Finance and insurance 141.1 133.4 7.7 5.8 263.3 254.5 8.8 3.5 Other 226.7 280.7 (54.0) (19.2) 448.2 538.3 (90.1) (16.7) ---------- ---------- ---------- ---------- ---------- ---------- $ 5,068.6 $ 5,015.6 $ 53.0 1.1 $ 9,527.9 $ 9,766.3 $ (238.4) (2.4) ========== ========== ========== ========== ========== ========== Gross profit: New vehicle $ 223.5 $ 235.7 $ (12.2) (5.2) $ 420.5 $ 457.6 $ (37.1) (8.1) Used vehicle 108.9 105.2 3.7 3.5 212.5 213.7 (1.2) (0.6) Parts and service 271.6 272.7 (1.1) (0.4) 532.3 537.5 (5.2) (1.0) Finance and insurance 141.1 133.4 7.7 5.8 263.3 254.5 8.8 3.5 Other 27.0 22.1 4.9 22.2 51.6 45.7 5.9 12.9 ---------- ---------- ---------- ---------- ---------- ---------- 772.1 769.1 3.0 0.4 1,480.2 1,509.0 (28.8) (1.9) Selling, general and administrative expenses 548.9 555.6 6.7 1.2 1,071.9 1,103.7 31.8 2.9 Depreciation 16.9 16.9 -- 33.8 32.6 (1.2) Amortization 0.4 0.8 0.4 1.0 1.4 0.4 Loan and lease underwriting income, net (3.1) (2.7) 0.4 (6.0) (2.9) 3.1 Other losses 2.1 1.9 (0.2) 2.4 2.3 (0.1) ---------- ---------- ---------- ---------- ---------- ---------- Operating income 206.9 196.6 10.3 5.2 377.1 371.9 5.2 1.4 Floorplan interest expense (19.5) (18.5) (1.0) (5.4) (39.0) (36.7) (2.3) 6.3 Interest expense - IRS settlement (5.9) -- (5.9) (7.8) -- (7.8) Other interest expense (14.7) (12.1) (2.6) (21.5) (28.4) (23.8) (4.6) 19.3 Interest income 0.9 2.8 (1.9) (67.9) 2.0 6.1 (4.1) (67.2) Other income (expense) 5.2 (0.7) 5.9 6.3 (0.9) 7.2 ---------- ---------- ---------- ---------- ---------- ---------- Income from continuing operations before income taxes $ 172.9 $ 168.1 $ 4.8 2.9 $ 310.2 $ 316.6 $ (6.4) ((2.0) ========== ========== ========== ========== ========== ========== Retail vehicle sales: New 109,684 110,138 (454) (0.4) 203,466 213,945 (10,479) (4.9) Used 65,857 64,745 1,112 1.7 125,573 127,570 (1,997) (1.6) ---------- ---------- ---------- ---------- ---------- ---------- 175,541 174,883 658 0.4 329,039 341,515 (12,476) (3.7) ========== ========== ========== ========== ========== ========== Revenue per vehicle retailed: New $ 28,185 $ 27,059 $ 1,126 4.2 $ 28,019 $ 27,078 $ 940 3.5 Used $ 15,004 $ 15,425 $ (421) (2.7) $ 15,089 $ 15,252 $ (163) (1.1) Gross profit per vehicle retailed: New $ 2,038 $ 2,140 $ (102) (4.8) $ 2,067 $ 2,139 $ (72) (3.4) Used $ 1,654 $ 1,625 $ 29 1.8 $ 1,692 $ 1,675 $ 17 1.0 Finance and insurance $ 804 $ 763 $ 41 5.4 $ 800 $ 745 $ 55 7.4
OPERATING PERCENTAGES Three Months Ended June 30, Six Months Ended June 30, --------------------- --------------------------- ------------------------- % 2003 % 2002 % 2003 % 2002 ----- ----- ----- ----- Revenue mix percentages: New vehicle 61.0 59.4 59.8 59.3 Used vehicle 19.5 19.9 19.9 19.9 Parts and service 12.3 12.4 12.8 12.6 Finance and insurance 2.8 2.7 2.8 2.6 Other 4.4 5.6 4.7 5.6 ----- ----- ----- ----- 100.0 100.0 100.0 100.0 ===== ===== ===== ===== Operating items as a percentage of revenue: Gross profit: New vehicle 7.2 7.9 7.4 7.9 Used vehicle 11.0 10.5 11.2 11.0 Parts and service 43.7 43.8 43.6 43.5 Finance and insurance 100.0 100.0 100.0 100.0 Other 11.9 7.9 11.5 8.5 Total 15.2 15.3 15.5 15.5 Selling, general and administrative expenses 10.8 11.1 11.3 11.3 Operating income 4.1 3.9 4.0 3.8 Operating items as a percentage of total gross profit: Selling, general and administrative expenses 71.1 72.2 72.4 73.1 Operating income 26.8 25.6 25.5 24.6
AUTONATION, INC. UNAUDITED SUPPLEMENTARY DATA, Continued ($ in millions, except per share data)
Cash Flow Information Three Months Ended June 30, Six Months Ended June 30, --------------------- --------------------------- ------------------------- 2003 2002 2003 2002 ------- ------ ------- ------- Capital expenditures, excluding property operating lease buy-outs $ 25.4 $ 31.3 $ 49.3 $ 60.0 Property operating lease buy-outs $ 1.0 $ -- $ 9.8 $ 5.4 Stock repurchases $ 148.8 $115.2 $ 353.4 $ 151.1 Acquisitions $ -- $ 3.9 $ 45.1 $ 131.6 Proceeds from exercises of stock options $ 25.8 $ 54.5 $ 38.7 $ 74.7
Floorplan Assistance and Expense Three Months Ended June 30, Six Months Ended June 30, -------------------------------- ----------------------------------------- --------------------------------- 2003 2002 Variance 2003 2002 Variance ------ ------ -------- ------ ------ -------- Floorplan assistance (included in cost of operations) $ 30.6 $ 33.5 $ (2.9) $(59.0) $ 63.0 $ (4.0) Floorplan interest expense (19.5) (18.5) (1.0) (39.0) (36.7) (2.3) ------ ------ ------ ------ ------ ------ Net inventory carrying benefit (cost) $ 11.1 $ 15.0 $ (3.9) $(20.0) $ 26.3 $ (6.3) ====== ====== ====== ====== ====== ======
Balance Sheet and Other Highlights ---------------------------------- June 30, 2003 December 31, 2002 June 30, 2002 ------------- ----------------- ------------- Cash and cash equivalents $ 235.4 $ 176.2 $ 100.2 Inventory $ 2,809.3 $ 2,598.4 $ 2,507.3 Floorplan notes payable $ 2,603.2 $ 2,302.5 $ 2,142.3 Non-vehicle debt $ 740.9 $ 651.3 $ 649.4 Equity $ 3,885.5 $ 3,910.2 $ 3,958.9 Days supply (industry standard of selling, days, including fleet): New 65 days 63 days 56 days Days supply (trailing 30 days): New 72 days 79 days 66 days Used 34 days 40 days 38 days
Comparable Basis Reconciliation Net Income Diluted Earnings Per Share ------------------------------- ------------------------- -------------------------- Six Months Ended June 30, Six Months Ended June 30, ------------------------- ------------------------- 2003 2002 2003 2002 ------- ------- ------ ------ Net income, as reported $ 291.3 $ 195.5 $ 1.01 0.60 Discontinued operations 12.3 -- 0.04 -- Cumulative effect of accounting change 14.6 -- 0.05 -- ------- ------- ------ ------ Net income from continuing operations, as reported 318.2 195.5 1.10 0.60 Income tax benefit from IRS settlement (127.5) -- (0.44) -- ------- ------- ------ ------ Net income, excluding income tax benefit from IRS Settlement $ 190.7 $ 195.5 $ 0.66 $ 0.60 ======= ======= ====== ======
AUTONATION, INC. UNAUDITED SAME STORE DATA ($ in millions, except gross profit per vehicle data)
Three Months Ended June 30, Six Month Ended June 30, ---------------------------------------------------- --------------------------------------------------- OPERATING HIGHLIGHTS 2003 2002 $ Variance % Variance 2003 2002 $ Variance % Variance - -------------------- ---------- ---------- ---------- ---------- ---------- ---------- ----------- ----------- Revenue: New vehicle $ 3,038.1 $ 2,958.4 $ 79.7 2.7 $ 5,585.6 $ 5,749.7 (164.1) (2.9) Used vehicle 973.5 985.7 (12.2) (1.2) 1,858.7 1,922.5 (63.8) (3.3) Parts and service 612.7 614.4 (1.7) (0.3) 1,195.9 1,216.8 (20.9) (1.7) Finance and insurance 138.7 131.8 6.9 5.2 258.3 251.4 6.9 2.7 Other 203.0 273.1 (70.1) (25.7) 411.6 522.8 (111.2) (21.3) ---------- ---------- ---------- ---------- ---------- ------ $ 4,966.0 $ 4,963.4 $ 2.6 0.1 $ 9,310.1 $ 9,663.2 (353.1) (3.7) ========== ========== ========== ========== ========== ====== Gross profit: New vehicle $ 220.4 $ 234.0 $ (13.6) (5.8) $ 412.9 $ 454.2 $ (41.3) (9.1) Used vehicle 107.7 104.0 3.7 3.6 209.3 211.6 (2.3) (1.1) Parts and service 267.7 269.0 (1.3) (0.5) 520.8 529.6 (8.8) (1.7) Finance and insurance 138.7 131.8 6.9 5.2 258.3 251.4 6.9 2.7 Other 22.2 19.4 2.8 14.4 42.0 40.5 1.5 3.7 ---------- ---------- ---------- ---------- ---------- ------ $ 756.7 $ 758.2 $ (1.5) (0.2) $ 1,443.3 $ 1,487.3 $ (44.0) (3.0) ========== ========== ========== ========== ========== ====== Store selling, general and administrative expenses, excluding depreciation and amortization $ 506.3 $ 510.3 $ 4.0 0.8 $ 977.9 $ 1,013.7 $ 35.8 3.5 ========== ========== ========== ========== ========== ====== Retail vehicle sales: New 107,796 109,238 (1,442) (1.3) 199,780 212,181 (12,401) (5.8) Used 64,737 63,702 1,035 1.6 123,293 125,683 (2,390) (1.9) ---------- ---------- ---------- ---------- ---------- ------ 172,533 172,940 (407) (0.2) 323,073 337,864 (14,791) (4.4) ========== ========== ========== ========== ========== ====== Revenue per vehicle retailed: New $ 28,184 $ 27,082 $ 1,102 4.1 $ 27,959 $ 27,098 $ 861 3.2 Used $ 15,038 $ 15,474 $ (436) (2.8) $ 15,075 $ 15,296 $ (221) (1.4) Gross profit per vehicle retailed: New $ 2,045 $ 2,142 $ (97) (4.5) $ 2,067 $ 2,141 $ (74) (3.5) Used $ 1,664 $ 1,633 $ 31 1.9 $ 1,698 $ 1,684 $ 14 0.8 Finance and insurance $ 804 $ 762 $ 42 5.5 $ 800 $ 744 $ 56 7.5
Three Months Ended June 30, Six Months Ended June 30, --------------------------- ------------------------- OPERATING PERCENTAGES % 2003 % 2002 % 2003 % 2002 - --------------------- ----- ----- ----- ----- Revenue mix percentages: New vehicle 61.2 59.6 60.0 59.5 Used vehicle 19.6 19.9 20.0 19.9 Parts and service 12.3 12.4 12.8 12.6 Finance and insurance 2.8 2.7 2.8 2.6 Other 4.1 5.4 4.4 5.4 ----- ----- ----- ----- 100.0 100.0 100.0 100.0 ===== ===== ===== ===== Operating items as a percentage of revenue: Gross Profit: New vehicle 7.3 7.9 7.4 7.9 Used vehicle 11.1 10.6 11.3 11.0 Parts and service 43.7 43.8 43.5 43.5 Finance and insurance 100.0 100.0 100.0 100.0 Other 10.9 7.1 10.2 7.7 Total 15.2 15.3 15.5 15.4 Store selling, general and administrative expenses, excluding depreciation and amortization 10.2 10.3 10.5 10.5 Operating items as a percentage of total gross profit: Store selling, general and administrative expenses, excluding depreciation and amortization 66.9 67.3 67.8 68.2
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