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Sonic Automotive, Inc. Reports Quarterly Adjusted Continuing Operations Earnings per Share of $0.46

All-Time Record Gross Profit and Achieved 100 Pre-Owned Retail Unit Sales per Store per Month


News provided by

Sonic Automotive, Inc.

Jul 20, 2015, 07:30 ET

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CHARLOTTE, N.C., July 20, 2015 /PRNewswire/ --

Second Quarter 2015 Results

  • Record Q2 total gross profit of $355.6  million, up 2.5% over the prior year quarter
  • Achieved milestone of retailing 100 pre-owned units per store per month for the quarter on a same store basis
  • All-time record quarterly pre-owned retail sales of 30,301 units, up 6.3% over the prior year quarter
  • All-time record quarterly fixed operations gross profit of $170.2 million, up 6.5% over the prior year quarter
  • Echo Park® stores retail 881 units, up 221 units, or 33.5%, from the prior quarter

Sonic Automotive, Inc. (NYSE: SAH), one of the nation's largest automotive retailers, today reported adjusted net income from continuing operations for the second quarter of 2015 of $23.4 million, or $0.46 per diluted share.  Included in these adjusted amounts are pre-tax expenses of $4.1 million, or $0.05 per diluted share, related to EchoPark® operations.

Adjusted net income from continuing operations for the second quarter of 2014 was $23.5 million, or $0.44 per diluted share. Included in these adjusted amounts are pre-tax expenses of $3.2 million, or $0.04 per diluted share, related to EchoPark® operations.

On a GAAP basis, net income from continuing operations and related diluted earnings per share for the second quarter of 2015 were $15.1 million and $0.30 per share, respectively, and net income from continuing operations and related diluted earnings per share for the second quarter of 2014 were $27.1 million and $0.51 per share, respectively.  See the accompanying tables for a reconciliation of the adjusted balances to GAAP basis amounts and further details of the quarterly adjustments.

B. Scott Smith, Sonic's President, noted, "I'm proud of our operations team for achieving the lofty goal of retailing 100 pre-owned vehicles per store per month.  We have had quarters in the past when we approached achieving this metric and several months where we surpassed this metric, but it had never been achieved on a quarterly basis.  Generating this type of retail activity fuels our fixed operations and F&I areas where we are most profitable."

"We also worked to build our fixed operations business in the quarter.  In addition to the benefits we experienced through the reconditioning work performed to achieve the sale of 100 pre-owned vehicles per store per month, we were able to grow overall same store fixed operations gross profit $13.1 million, or 8.5%, compared to the prior year quarter.  Fixed operations growth was achieved in our customer pay, warranty and internal categories.  This type of internal growth strategy is central to our One Sonic-One Experience (OSOE) initiative which is intended to grow the top-line revenue categories, generate retail activity, and realize benefits over multiple gross profit streams."

Jeff Dyke, Sonic's EVP of Operations, stated, "We had another very busy quarter at Sonic Automotive.  From a franchise store perspective, we executed our playbook and delivered another solid operating performance allowing our team to leverage this performance while we build on our OSOE strategy and our EchoPark® business model.  I am very excited about our pre-owned volume and the continued focus and execution from our team as they achieved 100 units per store per month for the quarter.  Our focus on our fixed operations business, and in particular our customer pay business, is beginning to pay off and the result showed in the quarter.  Warranty business was also robust."

"Our OSOE strategy continues to make progress.  The associated technology's performance is working very well and as a result, we have decided to move ahead with the rollout of several of its technology applications that will benefit our guests and associates.  Our proprietary CRM, desking and appraisal tools will be added to our stores over the next year and a half in the first wave of three planned waves that will ultimately result in the complete rollout of OSOE.  We will roll out our F&I and pricing tools as part of the OSOE strategy once we are comfortable with our performance in the Charlotte test market."

"EchoPark® made great strides again this quarter as we ramped up and executed our business plan.  We are meeting our goals and have started the acquisition of properties for our next market. We plan to begin construction in this next market before the end of this year.  We also plan on adding an additional five locations to our Denver market over the next twelve months.  Our associates have created a culture in the stores which allows them to offer our customers an easy, transparent shopping experience and, as a result, our guest feedback is overwhelmingly positive. We expect our initial neighborhood locations in Denver will become cash flow positive prior to the end of this year and we have developed a next generation neighborhood store that further improves our guest experience and operational efficiency."

Second Quarter 2015 Earnings Conference Call

Senior management will host a conference call today at 10:00 A.M. (Eastern) to discuss the quarter's results. To access the live broadcast of the call over the Internet go to: www.sonicautomotive.com, then click on "Our Company," then "Investor Relations," then "Webcasts & Presentations."

Presentation materials for the conference call can be accessed on the Company's website at www.sonicautomotive.com by clicking on the "Investor Relations" tab under "Our Company" and choosing "Webcasts & Presentations."

The conference call will also be available live by dialing in 10 minutes prior to the start of the call at:

Domestic: 1.877.450.3867
International: 1.706.643.0958
Conference ID: 76953618

A conference call replay will be available one hour following the call for seven days and can be accessed by calling:

Domestic: 1.855.859.2056
International: 1.404.537.3406
Conference ID: 76953618

About Sonic Automotive

Sonic Automotive, Inc., a Fortune 500 company based in Charlotte, N.C., is one of the nation's largest automotive retailers. Sonic can be reached on the web at www.sonicautomotive.com.

Included herein are forward-looking statements, including statements with respect to anticipated future success and impacts from the implementation of our planned customer experience and stand-alone pre-owned store initiatives. There are many factors that affect management's views about future events and trends of the Company's business. These factors involve risk and uncertainties that could cause actual results or trends to differ materially from management's view, including without limitation, economic conditions in the markets in which we operate, new and used vehicle industry sales volume, the success of our operational strategies, the rate and timing of overall economic recovery or decline, and the risk factors described in the Company's annual report on Form 10-K for the year ending December 31, 2014. The Company does not undertake any obligation to update forward-looking information.

Sonic Automotive, Inc.

Results of Operations (Unaudited)



This release contains certain non-GAAP financial measures as defined under SEC rules, such as, but not limited to, adjusted income from continuing operations and related earnings per share data.  The Company has reconciled these measures to the most directly comparable GAAP measures in the release.  The Company believes that these non-GAAP financial measures improve the transparency of the Company's disclosure by providing period-to-period comparability of the Company's results from operations.
















Three Months Ended June 30,


Six Months Ended June 30,





2015


2014


2015


2014





(In thousands, except per share and unit data)


Revenues:











New retail vehicles


$               1,285,632


$               1,283,231


$          2,475,847


$          2,395,521



Fleet vehicles


9,656


15,546


21,763


49,876



  Total new vehicles


1,295,288


1,298,777


2,497,610


2,445,397



Used vehicles


658,794


603,868


1,252,536


1,163,684



Wholesale vehicles


41,131


44,765


82,789


86,363



  Total vehicles


1,995,213


1,947,410


3,832,935


3,695,444



Parts, service and collision repair


346,164


329,134


669,358


647,905



Finance, insurance and other, net


82,363


76,736


156,963


146,317



  Total revenues


2,423,740


2,353,280


4,659,256


4,489,666



Gross profit


355,554


346,947


690,513


675,947



Selling, general and administrative expenses


(284,661)


(268,914)


(555,523)


(532,887)



Impairment charges


(10,469)


(4)


(16,661)


(7)



Depreciation and amortization


(17,294)


(14,431)


(33,703)


(28,812)



Operating income (loss)


43,130


63,598


84,626


114,241



Other income (expense):










Interest expense, floor plan


(5,345)


(4,846)


(10,123)


(9,535)



Interest expense, other, net


(13,054)


(13,865)


(26,274)


(27,683)



Other income (expense), net


10


3


100


100



  Total other income (expense)


(18,389)


(18,708)


(36,297)


(37,118)



Income (loss) from continuing operations before taxes


24,741


44,890


48,329


77,123



Provision for income taxes for continuing operations- benefit (expense)


(9,649)


(17,829)


(18,848)


(30,078)



Income (loss) from continuing operations


15,092


27,061


29,481


47,045



Income (loss) from discontinued operations


(311)


(68)


(732)


(666)



Net income (loss)


$                    14,781


$                    26,993


$               28,749


$               46,379













Diluted earnings (loss) per common share:










Earnings (loss) per share from continuing operations


$                        0.30


$                        0.51


$                   0.57


$                   0.89



Earnings (loss) per share from discontinued operations


(0.01)


-


(0.01)


(0.02)



Earnings (loss) per common share


$                        0.29


$                        0.51


$                   0.56


$                   0.87



Weighted average common shares outstanding


51,093


52,930


51,247


52,938













Gross Margin Data (Continuing Operations):










New retail vehicles


5.1%


5.8%


5.2%


5.8%



Fleet vehicles


(0.1%)


2.3%


(0.3%)


2.5%



  Total new vehicles


5.0%


5.7%


5.1%


5.8%



Used vehicles


6.2%


6.2%


6.5%


6.7%



Wholesale vehicles


(6.5%)


(2.9%)


(3.5%)


(1.6%)



Parts, service and collision repair


49.2%


48.6%


48.8%


48.2%



Finance, insurance and other 


100.0%


100.0%


100.0%


100.0%



  Overall gross margin 


14.7%


14.7%


14.8%


15.1%













SG&A Expenses (Continuing Operations):










Compensation


$                  167,811


$                  163,109


$             329,669


$             320,263



Advertising


15,358


13,864


30,689


27,982



Rent 


18,246


18,643


36,500


37,178



Other


83,246


73,298


158,665


147,464



  Total SG&A expenses


$                  284,661


$                  268,914


$             555,523


$             532,887



SG&A expenses as % of gross profit


80.1%


77.5%


80.5%


78.8%













Operating Margin % 


1.8%


2.7%


1.8%


2.5%













Unit Data (Continuing Operations):










New retail units 


34,676


34,847


66,010


64,876



Fleet units


287


558


642


1,660



  Total new units 


34,963


35,405


66,652


66,536



Used units 


30,301


28,514


58,436


56,171



Wholesale units 


8,010


7,738


15,787


15,118













Sonic Automotive, Inc.

Results of Operations (Unaudited)




















Per Share Data


































Three Months Ended June 30, 2015






Income (Loss)


Income (Loss)










From Continuing


From Discontinued










Operations


Average


Net Income (Loss)




Weighted




Per




Per




Per




Average




Share




Share




Share




Shares


Amount


Amount


Amount


Amount


Amount


Amount




(In thousands, except per share amounts)


Reported:
















Earnings (loss) and shares


50,784


$     15,092




$       (311)




$     14,781




Effect of participating securities:
















  Non-vested restricted stock
















 and stock units




(7)




-




(7)




Basic earnings (loss) and shares


50,784


$     15,085


$       0.30


$       (311)


$      (0.01)


$     14,774


$       0.29


Effect of dilutive securities:
















  Stock compensation plans


309














Diluted earnings (loss) and shares


51,093


$     15,085


$       0.30


$       (311)


$      (0.01)


$     14,774


$       0.29


















Adjustments (net of tax):
















Gain on disposal




$         (645)


$      (0.01)


$             -


$           -


$         (645)


$      (0.01)


Impairment charges




6,386


0.12


-


-


6,386


0.12


Storm damage and other




2,555


0.05


-


-


2,555


0.05


  Total adjustments




$       8,296


$       0.16


$             -


$           -


$       8,296


$       0.16


















Adjusted:
















Earnings (loss) and 
















  Diluted earnings (loss) per share (1)




$     23,388


$       0.46


$       (311)


$      (0.01)


$     23,077


$       0.45


















(1) Expenses attributable to EchoPark® operations were $0.05 per fully diluted share in the three months ended June 30, 2015. 





































Three Months Ended June 30, 2014






Income (Loss)


Income (Loss)










From Continuing


From Discontinued










Operations


Operations


Net Income (Loss)




Weighted




Per




Per




Per




Average




Share




Share




Share




Shares


Amount


Amount


Amount


Amount


Amount


Amount




(In thousands, except per share amounts)


Reported:
















Earnings (loss) and shares


52,514


$     27,061




$         (68)




$     26,993




Effect of participating securities:
















  Non-vested restricted stock
















 and stock units




(87)




-




(87)




Basic earnings (loss) and shares


52,514


$     26,974


$       0.51


$         (68)


$           -


$     26,906


$       0.51


Effect of dilutive securities:
















  Stock compensation plans


416














Diluted earnings (loss) and shares


52,930


$     26,974


$       0.51


$         (68)


$           -


$     26,906


$       0.51


















Adjustments (net of tax):
















Gain on disposal




$      (4,446)


$      (0.08)


$             -


$           -


$      (4,446)


$      (0.08)


Storm damage and other




840


0.01


-


-


840


0.01


  Total adjustments




$      (3,606)


$      (0.07)


$             -


$           -


$      (3,606)


$      (0.07)


















Adjusted:
















Earnings (loss) and 
















  Diluted earnings (loss) per share (2)




$     23,455


$       0.44


$         (68)


$           -


$     23,387


$       0.44


















(2) Expenses attributable to EchoPark® operations were $0.04 per fully diluted share in the three months ended June 30, 2014. 




















































Sonic Automotive, Inc.

Results of Operations (Unaudited)


















Per Share Data


































Six Months Ended June 30, 2015






Income (Loss)


Income (Loss)










From Continuing


From Discontinued










Operations


Operations


Net Income (Loss)




Weighted




Per




Per




Per




Average




Share




Share




Share




Shares


Amount


Amount


Amount


Amount


Amount


Amount




(In thousands, except per share amounts)


Reported:
















Earnings (loss) and shares


50,819


$     29,481




$       (732)




$     28,749




Effect of participating securities:
















  Non-vested restricted stock
















 and stock units




(14)




-




(14)




Basic earnings (loss) and shares


50,819


$     29,467


$       0.58


$       (732)


$      (0.01)


$     28,735


$       0.57


Effect of dilutive securities:
















  Stock compensation plans


428














Diluted earnings (loss) and shares


51,247


$     29,467


$       0.57


$       (732)


$      (0.01)


$     28,735


$       0.56


















Adjustments (net of tax):
















Gain on disposal




$         (583)


$      (0.01)


$             -


$           -


$         (583)


$      (0.01)


Impairment charges




10,166


0.20


-


-


10,166


0.20


Storm damage and other




3,132


0.06


-


-


3,132


0.06


  Total adjustments




$     12,715


$       0.25


$             -


$           -


$     12,715


$       0.25


















Adjusted:
















Earnings (loss) and 
















  Diluted earnings (loss) per share (3)




$     42,196


$       0.82


$       (732)


$      (0.01)


$     41,464


$       0.81


















(3) Expenses attributable to EchoPark® operations were $0.11 per fully diluted share in the six months ended June 30, 2015. 





































Six Months Ended June 30, 2014






Income (Loss)


Income (Loss)










From Continuing


From Discontinued










Operations


Operations


Net Income (Loss)




Weighted




Per




Per




Per




Average




Share




Share




Share




Shares


Amount


Amount


Amount


Amount


Amount


Amount




(In thousands, except per share amounts)


Reported:
















Earnings (loss) and shares


52,466


$     47,045




$       (666)




$     46,379




Effect of participating securities:
















  Non-vested restricted stock
















 and stock units




(151)




-




(151)




Basic earnings (loss) and shares


52,466


$     46,894


$       0.89


$       (666)


$      (0.01)


$     46,228


$       0.88


Effect of dilutive securities:
















  Stock compensation plans


472














Diluted earnings (loss) and shares


52,938


$     46,894


$       0.89


$       (666)


$      (0.02)


$     46,228


$       0.87


















Adjustments (net of tax):
















Gain on disposal




$      (4,446)


$      (0.08)


$             -


$           -


$      (4,446)


$      (0.08)


Storm damage and other




840


0.01


-


-


840


0.01


Effect of two-class method & rounding




-


-


-


0.01


-


0.01


  Total adjustments




$      (3,606)


$      (0.07)


$             -


$       0.01


$      (3,606)


$      (0.06)


















Adjusted:
















Earnings (loss) and 
















  Diluted earnings (loss) per share (4)




$     43,439


$       0.82


$       (666)


$      (0.01)


$     42,773


$       0.81


















(4) Expenses attributable to EchoPark® operations were $0.06 per fully diluted share in the six months ended June 30, 2014. 



















Sonic Automotive, Inc.
 Results of Operations (Unaudited)
 
















New Vehicles


























Three Months Ended June 30,


Better / (Worse)






2015


2014


Change


% Change






(In thousands, except units and per unit data)




Reported:











Revenue


$          1,295,288


$          1,298,777


$               (3,489)


(0.3%)




Gross profit


$               64,936


$               74,193


$               (9,257)


(12.5%)




Unit sales


34,963


35,405


(442)


(1.2%)




Revenue per unit


$               37,047


$               36,683


$                  364


1.0%




Gross profit per unit


$                 1,857


$                 2,096


$                 (239)


(11.4%)




Gross profit as a % of revenue


5.0%


5.7%


(70)


bps

















Six Months Ended June 30,


Better / (Worse)






2015


2014


Change


% Change






(In thousands, except units and per unit data)




Reported:











Revenue


$          2,497,610


$          2,445,397


$              52,213


2.1%




Gross profit


$             128,285


$             140,866


$             (12,581)


(8.9%)




Unit sales


66,652


66,536


116


0.2%




Revenue per unit


$               37,472


$               36,753


$                  719


2.0%




Gross profit per unit


$                 1,925


$                 2,117


$                 (192)


(9.1%)




Gross profit as a % of revenue


5.1%


5.8%


(70)


bps

















Three Months Ended June 30,


Better / (Worse)






2015


2014


Change


% Change






(In thousands, except units and per unit data)




Same Store:











Revenue


$          1,282,668


$          1,252,870


$             29,798


2.4%




Gross profit


$               64,789


$               71,765


$              (6,976)


(9.7%)




Unit sales


34,575


34,125


450


1.3%




Revenue per unit


$               37,098


$               36,714


$                  384


1.0%




Gross profit per unit


$                 1,874


$                 2,103


$                 (229)


(10.9%)




Gross profit as a % of revenue


5.1%


5.7%


(60)


bps

















Six Months Ended June 30,


Better / (Worse)






2015


2014


Change


% Change






(In thousands, except units and per unit data)




Same Store:











Revenue


$          2,472,920


$          2,362,936


$           109,984


4.7%




Gross profit


$             127,227


$             136,397


$              (9,170)


(6.7%)




Unit sales


65,911


64,207


1,704


2.7%




Revenue per unit


$               37,519


$               36,802


$                  717


1.9%




Gross profit per unit


$                 1,930


$                 2,124


$                 (194)


(9.1%)




Gross profit as a % of revenue


5.1%


5.8%


(70)


bps















Sonic Automotive, Inc.
 Results of Operations (Unaudited)












Used Vehicles






















Three Months Ended June 30,


Better / (Worse)




2015


2014


Change


% Change




(In thousands, except units and per unit data)


Reported:









Revenue


$             658,794


$             603,868


$               54,926


9.1%


Gross profit


$               40,696


$               37,473


$                 3,223


8.6%


Unit sales


30,301


28,514


1,787


6.3%


Revenue per unit


$               21,742


$               21,178


$                    564


2.7%


Gross profit per unit


$                 1,343


$                 1,314


$                      29


2.2%


Gross profit as a % of revenue


6.2%


6.2%


0


bps













Six Months Ended June 30,


Better / (Worse)




2015


2014


 Change


% Change




(In thousands, except units and per unit data)


Reported:









Revenue


$          1,252,536


$          1,163,684


$               88,852


7.6%


Gross profit


$               81,540


$               78,167


$                 3,373


4.3%


Unit sales


58,436


56,171


2,265


4.0%


Revenue per unit


$               21,434


$               20,717


$                    717


3.5%


Gross profit per unit


$                 1,395


$                 1,392


$                        3


0.2%


Gross profit as a % of revenue


6.5%


6.7%


(20)


bps













Three Months Ended June 30,


Better / (Worse)




2015


2014


 Change


% Change




(In thousands, except units and per unit data)


Same Store:









Revenue


$             632,838


$             581,024


$               51,814


8.9%


Gross profit


$               38,884


$               36,647


$                 2,237


6.1%


Unit sales


28,973


27,397


1,576


5.8%


Revenue per unit


$               21,842


$               21,208


$                    634


3.0%


Gross profit per unit


$                 1,342


$                 1,338


$                        4


0.3%


Gross profit as a % of revenue


6.1%


6.3%


(20)


bps













Six Months Ended June 30,


Better / (Worse)




2015


2014


 Change


% Change




(In thousands, except units and per unit data)


Same Store:









Revenue


$          1,205,597


$          1,118,663


$               86,934


7.8%


Gross profit


$               78,897


$               75,933


$                 2,964


3.9%


Unit sales


56,052


53,998


2,054


3.8%


Revenue per unit


$               21,509


$               20,717


$                    792


3.8%


Gross profit per unit


$                 1,408


$                 1,406


$                        2


0.1%


Gross profit as a % of revenue


6.5%


6.8%


(30)


bps











Sonic Automotive, Inc.
 Results of Operations (Unaudited)












Wholesale Vehicles






















Three Months Ended June 30,


Better / (Worse)




2015


2014


Change


% Change




(In thousands, except units and per unit data)


Reported:










Revenue


$             41,131


$              44,765


$               (3,634)


(8.1%)


Gross profit (loss)


$             (2,676)


$              (1,314)


$               (1,362)


(103.7%)


Unit sales


8,010


7,738


272


3.5%


Revenue per unit


$              5,135


$                5,785


$                  (650)


(11.2%)


Gross profit (loss) per unit


$               (334)


$                 (170)


$                  (164)


(96.5%)


Gross profit (loss) as a % of revenue


(6.5%)


(2.9%)


(360)


bps














Six Months Ended June 30,


Better / (Worse)




2015


2014


Change


% Change




(In thousands, except units and per unit data)


Reported:










Revenue


$              82,789


$              86,363


$               (3,574)


(4.1%)


Gross profit (loss)


$              (2,884)


$              (1,409)


$               (1,475)


(104.7%)


Unit sales


15,787


15,118


669


4.4%


Revenue per unit


$                5,244


$                5,713


$                  (469)


(8.2%)


Gross profit (loss) per unit


$                 (183)


$                   (93)


$                    (90)


(96.8%)


Gross profit (loss) as a % of revenue


(3.5%)


(1.6%)


(190)


bps














Three Months Ended June 30,


Better / (Worse)




2015


2014


Change


% Change




(In thousands, except units and per unit data)


Same Store:










Revenue


$              39,497


$              43,326


$               (3,829)


(8.8%)


Gross profit (loss)


$              (2,344)


$               (1,307)


$               (1,037)


(79.3%)


Unit sales


7,637


7,476


161


2.2%


Revenue per unit


$                5,172


$                5,795


$                  (623)


(10.8%)


Gross profit (loss) per unit


$                 (307)


$                  (175)


$                  (132)


(75.4%)


Gross profit (loss) as a % of revenue


(5.9%)


(3.0%)


(290)


bps














Six Months Ended June 30,


Better / (Worse)




2015


2014


Change


% Change




(In thousands, except units and per unit data)


Same Store:










Revenue


$              80,270


$              83,573


$               (3,303)


(4.0%)


Gross profit (loss)


$              (2,530)


$              (1,331)


$               (1,199)


(90.1%)


Unit sales


15,160


14,621


539


3.7%


Revenue per unit


$                5,295


$                5,716


$                  (421)


(7.4%)


Gross profit (loss) per unit


$                 (167)


$                   (91)


$                    (76)


(83.5%)


Gross profit (loss) as a % of revenue


(3.2%)


(1.6%)


(160)


bps


Sonic Automotive, Inc.
 Results of Operations (Unaudited)














Parts, Service and Collision Repair ("Fixed Operations") 


















Three Months Ended June 30,


Better / (Worse)




2015


2014


 Change


% Change


Reported:


(In thousands)


Revenue










  Customer pay


$             146,548


$             145,040


$                 1,508


1.0%


  Warranty


57,150


47,050


10,100


21.5%


  Wholesale parts


45,850


47,145


(1,295)


(2.7%)


  Internal, sublet and other


96,616


89,899


6,717


7.5%


 Total


$             346,164


$             329,134


$               17,030


5.2%


Gross profit










  Customer pay


$               80,286


$               79,606


$                    680


0.9%


  Warranty


32,679


25,671


7,008


27.3%


  Wholesale parts


8,148


8,308


(160)


(1.9%)


  Internal, sublet and other


49,122


46,274


2,848


6.2%


 Total


$             170,235


$             159,859


$               10,376


6.5%


Gross profit as a % of revenue










  Customer pay


54.8%


54.9%


(10)


bps


  Warranty


57.2%


54.6%


260


bps


  Wholesale parts


17.8%


17.6%


20


bps


  Internal, sublet and other 


50.8%


51.5%


(70)


bps


 Total


49.2%


48.6%


60


bps














Six Months Ended June 30,


Better / (Worse)




2015


2014


 Change


% Change


Reported:


(In thousands)


Revenue










  Customer pay


$             284,171


$             286,162


$               (1,991)


(0.7%)


  Warranty


110,648


93,641


17,007


18.2%


  Wholesale parts


90,862


95,089


(4,227)


(4.4%)


  Internal, sublet and other


183,677


173,013


10,664


6.2%


 Total


$             669,358


$             647,905


$               21,453


3.3%


Gross profit










  Customer pay


$             155,963


$             157,605


$               (1,642)


(1.0%)


  Warranty


62,440


50,909


11,531


22.7%


  Wholesale parts


16,287


16,469


(182)


(1.1%)


  Internal, sublet and other


91,919


87,023


4,896


5.6%


 Total


$             326,609


$             312,006


$               14,603


4.7%


Gross profit as a % of revenue










  Customer pay


54.9%


55.1%


(20)


bps


  Warranty


56.4%


54.4%


200


bps


  Wholesale parts


17.9%


17.3%


60


bps


  Internal, sublet and other


50.0%


50.3%


(30)


bps


 Total


48.8%


48.2%


60


bps


Sonic Automotive, Inc.
 Results of Operations (Unaudited)












Parts, Service and Collision Repair ("Fixed Operations") 



















Three Months Ended June 30,


Better / (Worse)




2015


2014


 Change


% Change


Same Store:


(In thousands)


Revenue










  Customer pay


$             145,235


$             140,701


$                 4,534


3.2%


  Warranty


56,672


45,065


11,607


25.8%


  Wholesale parts


45,502


45,855


(353)


(0.8%)


  Internal, sublet and other


93,761


87,105


6,656


7.6%


 Total


$             341,170


$             318,726


$               22,444


7.0%


Gross profit










  Customer pay


$               79,537


$               77,320


$                 2,217


2.9%


  Warranty


32,435


24,631


7,804


31.7%


  Wholesale parts


8,082


8,064


18


0.2%


  Internal, sublet and other


47,764


44,676


3,088


6.9%


 Total


$             167,818


$             154,691


$               13,127


8.5%


Gross profit as a % of revenue










  Customer pay


54.8%


55.0%


(20)


bps


  Warranty


57.2%


54.7%


250


bps


  Wholesale parts


17.8%


17.6%


20


bps


  Internal, sublet and other


50.9%


51.3%


(40)


bps


 Total


49.2%


48.5%


70


bps














Six Months Ended June 30,


Better / (Worse)




2015


2014


 Change


% Change


Same Store:


(In thousands)


Revenue










  Customer pay


$             281,002


$             277,187


$                 3,815


1.4%


  Warranty


109,644


89,838


19,806


22.0%


  Wholesale parts


90,082


92,522


(2,440)


(2.6%)


  Internal, sublet and other


178,717


167,665


11,052


6.6%


 Total


$             659,445


$             627,212


$               32,233


5.1%


Gross profit










  Customer pay


$             154,225


$             152,877


$                 1,348


0.9%


  Warranty


61,892


48,901


12,991


26.6%


  Wholesale parts


16,135


15,971


164


1.0%


  Internal, sublet and other


89,573


83,821


5,752


6.9%


 Total


$             321,825


$             301,570


$               20,255


6.7%


Gross profit as a % of revenue










  Customer pay


54.9%


55.2%


(30)


bps


  Warranty


56.4%


54.4%


200


bps


  Wholesale parts


17.9%


17.3%


60


bps


  Internal, sublet and other


50.1%


50.0%


10


bps


 Total


48.8%


48.1%


70


bps












Sonic Automotive, Inc.
 Results of Operations (Unaudited)












Finance, Insurance and Other, Net ("F&I")



















Three Months Ended June 30,


Better / (Worse)




2015


2014


Change


% Change




(In thousands, except per unit data)


Reported:










Revenue


$               82,363


$               76,736


$                 5,627


7.3%


Gross profit per retail unit (excludes fleet)


$                 1,268


$                 1,211


$                      57


4.7%
























Six Months Ended June 30,


Better / (Worse)




2015


2014


Change


% Change




(In thousands, except per unit data)


Reported:










Revenue


$             156,963


$             146,317


$               10,646


7.3%


Gross profit per retail unit (excludes fleet)


$                 1,261


$                 1,209


$                      52


4.3%














Three Months Ended June 30,


Better / (Worse)




2015


2014


Change


% Change




(In thousands, except per unit data)


Same Store:










Revenue


$               80,573


$               74,237


$                 6,336


8.5%


Gross profit per retail unit (excludes fleet)


$                 1,274


$                 1,218


$                      56


4.6%
























Six Months Ended June 30,


Better / (Worse)




2015


2014


Change


% Change




(In thousands, except per unit data)


Same Store:










Revenue


$             153,702


$             141,419


$               12,283


8.7%


Gross profit per retail unit (excludes fleet)


$                 1,267


$                 1,213


$                      54


4.5%


 

Sonic Automotive, Inc.
 Results of Operations (Unaudited)












Selling, General and Administrative ("SG&A") Expenses



















Three Months Ended June 30,


Better / (Worse)




2015


2014


 Change


% Change




(In thousands)


Reported:










Compensation


$             167,811


$             163,109


$               (4,702)


(2.9%)


Advertising


15,358


13,864


(1,494)


(10.8%)


Rent


18,246


18,643


397


2.1%


Other


83,246


73,298


(9,948)


(13.6%)


Total


$             284,661


$             268,914


$             (15,747)


(5.9%)


SG&A expenses as a % of gross profit









Compensation


47.2%


47.0%


(20)


bps


Advertising


4.3%


4.0%


(30)


bps


Rent


5.1%


5.4%


30


bps


Other


23.5%


21.1%


(240)


bps


Total


80.1%


77.5%


(260)


bps













Six Months Ended June 30,


Better / (Worse)




2015


2014


 Change


% Change




(In thousands)


Reported:









Compensation


$             329,669


$             320,263


$               (9,406)


(2.9%)


Advertising


30,689


27,982


(2,707)


(9.7%)


Rent


36,500


37,178


678


1.8%


Other


158,665


147,464


(11,201)


(7.6%)


Total


$             555,523


$             532,887


$             (22,636)


(4.2%)


SG&A expenses as a % of gross profit









Compensation


47.7%


47.4%


(30)


bps


Advertising


4.4%


4.1%


(30)


bps


Rent


5.3%


5.5%


20


bps


Other


23.1%


21.8%


(130)


bps


Total


80.5%


78.8%


(170)


bps










SOURCE Sonic Automotive, Inc.

Related Links

http://www.sonicautomotive.com

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