Sonic Automotive – SAH – Declares Quarterly Cash Dividend
Sonic Automotive, Inc. (NYSE: SAH), one of the nation’s largest automotive retailers, today reported 2012 second quarter earnings from continuing operations of $27.5 million for an 20% increase over the prior year results. Earnings from continuing operations per diluted share increased 21% to $0.46 compared to $0.38 in the prior year quarter.
SAH Q2 2012 Highlights
- Record Quarterly Used Unit Volume;
- Continued to Improve Same Store Revenue through Investments in the Base Business;
- Improvements Realized Across All Revenue Streams
- Total Q2 revenues up 12.3% over prior year quarter
- New vehicle retail revenue up 21.3%
- Used vehicle revenue up 4.0%
- Parts and Service revenue up 3.2%
- SG&A to gross profit % up slightly to 77.8% from 77.5% in the prior year quarter
Second quarter 2012 results include 1) the unfavorable effect of approximately $0.03 per fully diluted share related to a loss recorded on the repurchase of $20.2 million principal amount of Sonic’s 5% Convertible Senior Notes and 2) the favorable effect of approximately $0.06 per fully diluted share related to the settlement of certain tax matters.
B. Scott Smith, the Company’s President, noted, “We continue to make progress improving all aspects of our business. During the second quarter, we have taken actions to improve our capital structure through the issuance of low-cost, long-term debt and the associated outstanding tender offer for our remaining 5% Convertible Senior Notes. We have also settled an outstanding tax matter on terms favorable and acceptable to us. All the while, we have continued to lay the foundation to become one of America’s best places to work and shop. Our dedication to customers we serve and our associates led to the results achieved this quarter.”
Sonic Automotive, Inc. (SAH), a leader in automotive retailing, announced that its Board of Directors approved a quarterly dividend of $0.025 per share payable in cash for stockholders of record on September 15, 2012. The dividend will be payable on October 15, 2012. SAH a Fortune 500 company based in Charlotte, N.C., is one of the nation’s largest automotive retailers.
About Sonic Automotive – SAH
Sonic Automotive, Inc. (SAH), a Fortune 500 company based in Charlotte, N.C., is one of the nation’s largest automotive retailers.