Lithia Motors Reports Adjusted Continuing Operations EPS of $0.60 for First Quarter 2012; Increases 2012 Outlook
(firmenpresse) - MEDFORD, OR -- (Marketwire) -- 04/25/12 -- Lithia Motors, Inc. (NYSE: LAD) today reported 2012 first quarter adjusted income from continuing operations was $15.8 million, or $0.60 per diluted share. This compares to a 2011 first quarter adjusted income from continuing operations of $8.8 million, or $0.33 per diluted share. Unadjusted net income from continuing operations for the first quarter of 2012 was $16.8 million or $0.63 per diluted share, compared to $8.4 million or $0.31 per diluted share for 2011.
As shown in the attached non-GAAP reconciliation table, the 2012 first quarter adjusted income from continuing operations is reduced to exclude a benefit of $0.03 per share for the gain on the disposal of assets, an adjustment to an investment and a non-core tax attribute. The 2011 first quarter adjusted results from continuing operations exclude a charge of $0.02 per share on asset impairments and a stock based compensation tax shortfall.
First quarter 2012 revenue from continuing operations increased $176.0 million, or 30% to $758.9 million, compared to $582.9 million in the first quarter of 2011.
New vehicle same store sales increased 25%
Used vehicle retail same store sales increased 18%
Service, body and parts same store sales increased 5%
Adjusted SG&A expense as a percentage of gross profit reduced 370 basis points, to 72.2%
Adjusted income from continuing operations increased 79%
"We remain focused on consistent execution of our operational strategies," said Bryan DeBoer, President and COO. "Our first quarter results build on our momentum from 2011. Our team continues to expand market share by understanding customers and meeting their needs. Store-specific strategies that are optimized for local market conditions focus on increasing revenue while maintaining expense discipline. This unique approach for each of our stores is the foundation of our success today and in the future."
On March 27, 2012, Lithia completed the sale of an 80% interest in our Nissan, Volkswagen and BMW stores in Medford, Oregon, to Dick Heimann, Vice Chairman. The remaining 20% ownership interest will be accounted for as an equity investment.
Lithia ended the first quarter with $9 million in cash, $17 million in available credit on our credit facility and $76 million in unfinanced new vehicle inventory. In total, this represents approximately $102 million in available liquidity.
On April 18, 2012, Lithia entered into a new five-year $650 million credit facility with 10 financial institutions. The revolving facility will provide $500 million for new vehicle inventory floor plan financing, $100 million for used vehicle inventory financing and $50 million for general corporate purposes including working capital and acquisitions, and can be expanded to $800 million in total availability.
Chris Holzshu, SVP and Chief Financial Officer, commented, "Our partner banks and manufacturer-affiliated finance companies have made a significant vote of confidence in Lithia. In addition to increasing the liquidity we can utilize for corporate development, this facility reduces our borrowing costs and provides for a five-year commitment. Continuing to strengthen our balance sheet through more favorable debt financing has been a key focus area."
As previously announced, effective May 1, 2012, Bryan DeBoer, President and COO, will be promoted to Chief Executive Officer. Sid DeBoer, Founder, Chairman and CEO, will assume the role of Executive Chairman and remain Chairman of the Board.
Commenting on Lithia's outlook for the future, Sid DeBoer, Chairman and CEO, stated, "The first quarter of 2012 supports our belief that a multi-year recovery in new vehicle sales is ahead of us. Consumers have proven resilient to increases in gas prices and improved safety and technology features are creating additional demand. We still remain conservative in our estimate of how quickly demand will return to normalized levels, and anticipate a new vehicle Seasonally Adjusted Annualized Rate (SAAR) of sales between 14.0 and 14.5 million for the full year 2012."
Lithia projects its 2012 second quarter earnings within a range of $0.60 to $0.62 per diluted share. Full-year 2012 earnings are projected within a range of $2.45 to $2.53 per diluted share. Both projections are based on the following annual assumptions:
Total revenues in range of $2.9 to $3.1 billion
New vehicle same store sales increasing 16.0%
New vehicle gross margin ranging from 7.6% to 7.8%
Used vehicle same store sales increasing 13.0%
Used vehicle gross margin ranging from 14.4% to 14.6%
Service body and parts same store sales increasing 2.5%
Service body and parts gross margin ranging from 48.0% to 48.2%
Finance and insurance gross profit of $1,000 per unit
Tax rate of 40%
Average diluted shares outstanding of 26.6 million
Capital expenditures of $43 million
Guidance excludes the impact of future acquisitions, dispositions, and any potential non-core items
The first quarter conference call may be accessed at 10:00 a.m. ET today by telephone at 877-407-8029. An updated presentation highlighting the first quarter results has been added to Investor Relations on .
To listen live on our website or for replay, visit Investor Relations on and click on webcasts. A playback of the conference call will be available after 1:00 p.m. ET on April 25, 2012 through May 9, 2012 by calling 877-660-6853 (Conference ID: 392149, Account: 305).
Lithia Motors, Inc. is the ninth largest automotive retailer in the United States. Lithia sells 25 brands of new and all brands of used vehicles at 83 stores, which are located in 11 states. Lithia also arranges finance, warranty, and credit insurance contracts; and provides vehicle parts, maintenance, and repair services at all of its locations.
For additional information on Lithia Motors, contact John North, VP Finance and Controller at (541) 618-5748.
Lithia Motors on Facebook
Lithia Motors on Twitter
This press release includes "forward-looking statements" within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995, which management believes are a benefit to shareholders. Forward-looking statements in this press release include our guidance regarding second quarter and full year 2012 results, the impact of gas prices and consumer demand on vehicle sales levels and the sustainability of future incremental operating leverage. Forward-looking statements include statements regarding our goals, plans, projections and guidance regarding our financial position, results of operations, market position, pending and potential future acquisitions and business strategy, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks" or "will." These statements are necessarily subject to risk and uncertainty and actual results could differ materially due to certain risk factors, including without limitation, future economic conditions and others set forth from time to time in the company's filings with the SEC. We urge you to carefully consider this information. We undertake no duty to update our forward-looking statements, including our earnings outlook, which are made as of the date of this release.
This press release and the attached financial tables contain certain non-GAAP financial measures as defined under SEC rules, such as adjusted net income and diluted earnings per share from continuing operations, adjusted SG&A as a percentage of revenues and gross profit, adjusted operating margin, adjusted operating profit as a percentage of gross profit, and adjusted pre-tax margin. These measures exclude certain items disclosed in the attached financial tables. Cash flows from operations were adjusted to include the change in non-trade floor plan debt to improve the visibility of cash flows related to vehicle financing. As required by SEC rules, the Company has provided reconciliations of these measures to the most directly comparable GAAP measures, which are set forth in the attachments to this release. The Company believes that each of the foregoing non-GAAP financial measures improves the transparency of the Company's disclosure, provides a meaningful presentation of the Company's results from its core business operations excluding adjustments for items not related to the Company's ongoing core business operations or other non-cash adjustments, and improves the period-to-period comparability of the Company's results from its core business operations. These presentations are not intended to provide net income, cash flows from operations, operating income, or selling, general and administrative costs in accordance with GAAP and should not be considered an alternative to GAAP measures.
John North
541-618-5748
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 25.04.2012 - 05:29 Uhr
Sprache: Deutsch
News-ID 1106922
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
MEDFORD, OR
Phone:
Kategorie:
Motorcycles
Anmerkungen:
Diese Pressemitteilung wurde bisher 158 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Lithia Motors Reports Adjusted Continuing Operations EPS of $0.60 for First Quarter 2012; Increases 2012 Outlook
"
steht unter der journalistisch-redaktionellen Verantwortung von
Lithia Motors (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
