Lithia Motors Reports Record Adjusted EPS of $0.74 for Fourth Quarter and $2.96 for Full Year 2012
(firmenpresse) - MEDFORD, OR -- (Marketwire) -- 02/20/13 -- Lithia Motors, Inc. (NYSE: LAD) today reported the highest fourth quarter adjusted net income in Company history, and increased earnings 52% for the fourth quarter 2012 over the prior year period.
2012 fourth quarter adjusted income from continuing operations was $19.3 million, or $0.74 per diluted share. This compares to a 2011 fourth quarter adjusted income from continuing operations of $12.7 million, or $0.48 per diluted share.
Unadjusted net income from continuing operations for the fourth quarter of 2012 was $19.7 million or $0.76 per diluted share, compared to $16.0 million or $0.61 per diluted share for 2011. As shown in the attached non-GAAP reconciliation tables, the 2012 fourth quarter adjusted income from continuing operations is reduced to exclude a benefit of $0.02 per share for a non-core tax attribute. The 2011 fourth quarter adjusted results from continuing operations exclude a benefit of $0.15 per share gain on the sale of real estate offset by a non-core reserve adjustment charge of $0.02 per share.
New vehicle same store sales increased 31%
Used vehicle retail same store sales increased 20%
Service, body and parts same store sales increased 8%
SG&A expense as a percentage of gross profit was 70%
Fourth quarter 2012 revenue from continuing operations increased $182.0 million, or 26%, to $877.4 million from $695.4 million in the fourth quarter of 2011.
New vehicle same store sales increased 30%
Used vehicle retail same store sales increased 21%
Service, body and parts same store sales increased 7%
Adjusted SG&A expense as a percentage of gross profit was 69%
For the full year of 2012, revenue from continuing operations increased 26% to $3.3 billion from $2.6 billion in 2011.
"We grew total same store revenue 23% in 2012," said Bryan DeBoer, President and CEO. "This is on top of total same store revenue increases of 22% in 2011 and 18% in 2010. Most automotive analysts believe a multi-year recovery in auto sales remains ahead of us, and many of the western markets we do business in are still significantly below peak registration levels experienced in 2005 and 2006. Our store leaders continue to challenge their teams and remain driven to improve store performance in 2013 and beyond."
For the full year of 2012, adjusted net income from continuing operations increased 52% to $2.96 per diluted share compared to $1.95 per diluted share for the full year 2011. Unadjusted, for the full year of 2012, net income from continuing operations was $3.03 per diluted share, compared to $2.07 per diluted share for the full year of 2011.
Chris Holzshu, SVP and CFO, said, "We finished 2012 with full year adjusted SG&A expense as a percentage of gross profit of 69.4%. This is a record result and finishing below 70% is a milestone we have been pursuing for the past two years. For the full year, incremental throughput, or the percentage of additional same store gross profit dollars that we retain after deducting selling costs, was 51%. Our stores remain focused on maintaining incremental throughput above 50%, which will reduce our SG&A expense as a percentage of gross profit in 2013. We believe SG&A expense as a percentage of gross profit can be in the high 60 percent range with improved sales."
For the full year 2012, we purchased four stores and were granted two new stores, contributing estimated annualized revenues of $260 million.
Bryan DeBoer, President and CEO, stated, "We continue to emphasize acquisitions as one of the long term drivers of growth for Lithia. We remain focused on increasing our store count through acquisitions in 2013, and believe that compelling opportunities currently exist in the marketplace."
We ended the fourth quarter with $43 million in cash and $120 million in available credit on our credit facilities. Additionally, approximately $102 million of operating real estate is currently unfinanced, which could provide up to an additional $77 million in available liquidity, for total liquidity of $240 million.
During the fourth quarter, we increased the capacity on our syndicated credit facility by $150 million to $800 million in total availability. The facility allocates $575 million to new vehicle floorplan financing, $80 million to used vehicle floorplan financing, and $145 million to our revolving line of credit, and matures in April 2017.
As previously announced, we declared and paid a dividend of $0.10 per share in December 2012 for the fourth quarter of 2012. The dividend was in lieu of the dividend typically declared and paid each year in March.
We project 2013 first quarter earnings of $0.69 to $0.71 per diluted share and full-year 2013 earnings of $3.25 to $3.35 per diluted share. Both projections are based on the following annual assumptions:
Total revenues of $3.7 to $3.8 billion
New vehicle same store sales increasing 11.5%
New vehicle gross margin of 7.1% to 7.3%
Used vehicle same store sales increasing 9.0%
Used vehicle gross margin of 14.3% to 14.5%
Service body and parts same store sales increasing 5.0%
Service body and parts gross margin of 48.0% to 48.2%
Finance and insurance gross profit of $1,100 per unit
Tax rate of 39.5%
Average diluted shares outstanding of 26.5 million
Capital expenditures of $55 million
Guidance excludes the impact of future acquisitions, dispositions, and any potential non-core items
The fourth quarter conference call may be accessed at 10:00 a.m. ET today by telephone at 877-407-8029. An updated presentation highlighting the fourth 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 on February 22, 2013 through March 6, 2013 by calling 877-660-6853 (Conference ID: 401506).
Lithia Motors, Inc. is the ninth largest automotive retailer in the United States. Lithia sells 27 brands of new vehicles and all brands of used vehicles at 87 stores 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.
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This press release includes "forward-looking statements" within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995. 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," "estimates," "may," "seeks," "would," "should," "likely," or "will" and similar references to future periods. Examples of forward-looking statements in this press release include, among others, (1) statements regarding our belief about whether there will be a multi-year recovery in auto sales and (2) statements regarding our future SG&A expense as a percentage of gross profit.
By their nature, forward-looking statements involve risks and uncertainties because they relate to events that depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industries in which we operate may differ materially from those made in or suggested by the forward-looking statements in this press release. The risks and uncertainties that could cause actual results to differ materially from estimated or projected results include without limitation, future economic and financial conditions (both nationally and locally), changes in customer demand, our relationship with, and the financial and operational stability of, vehicle manufacturers and other suppliers, risks associated with our indebtedness (including available borrowing capacity, compliance with financial covenants and ability to refinance or repay indebtedness on favorable terms), government regulations, legislation and others set forth from time to time in our filings with the SEC. We urge you to carefully consider this information and not place undue reliance on forward-looking statements. 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 non-GAAP financial measures 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. Non-GAAP measures do not have definitions under GAAP and may be defined differently by and not comparable to similarly titled measures used by other companies. As a result, we review any non-GAAP financial measures in connection with a review of the most directly comparable measures calculated in accordance with GAAP. We caution you not to place undue reliance on such non-GAAP measures, but also to consider them with the most directly comparable GAAP measures. We present cash flows from operations in the attached tables, 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, we have reconciled these measures to the most directly comparable GAAP measures in the attachments to this release. We believe the non-GAAP financial measures we present improve the transparency of our disclosures; provide a meaningful presentation of our results from core business operations, because they exclude items not related to core business operations and other non-cash items; and improve the period-to-period comparability of our results from core business operations. These presentations should not be considered an alternative to GAAP measures.
Contact:
John North
VP Finance and Controller
(541) 618-5748
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