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|UnitedAuto Reports Record Income For First Quarter 2001; Net Income Increased 16.5% to $6.6 Million from $5.6 Million in Q1 2000; Earnings Per Share Increased 10.5% to $0.21 Per Share Compared to $0.19 Per Share in Q1 2000; Same Store Retail Revenue and G|
Net Income Increased 16.5% to $6.6 Million from $5.6 Million in Q1 2000
Earnings Per Share Increased 10.5% to $0.21 Per Share Compared to $0.19 Per Share in Q1 2000
Same Store Retail Revenue and Gross Profit Increased 3.5% and 4.2%, Respectively
DETROIT, MI, April 23, 2001 - United Auto Group, Inc. (NYSE: UAG), a leading automotive retailer, announced record results for first quarter 2001. First quarter revenues increased 25.6% to $1.4 billion from $1.1 billion in 2000. Net income in the quarter amounted to $6.6 million, which represents a 16.5% increase over the $5.6 million in the comparable prior year period. Earnings per share amounted to $0.21 per share, which represents a 10.5% increase over the $0.19 reported in first quarter 2000. Earnings per share reflects a 6.0% increase in weighted average shares outstanding from 30,074,000 to 31,843,000 in the first quarter 2001. First quarter 2001 includes pre-tax losses of $1.4 million related to dealerships which were sold or closed during the quarter. The Company retailed 31,035 and 16,486 new and used retail units, representing increases of 21.9% and 16.1%, respectively, versus first quarter 2000.
Roger Penske, Chairman, said, "This was an outstanding quarter for UnitedAuto. In this challenging operating environment, the strength of our business is evidenced by the continued growth of our same store operations and the excellent performance of our 2000 acquisitions. It is especially satisfying to see that the Company's first quarter 2001 same store results reflect: 2.7% increases in new and used retail vehicle revenues; a 12.4% increase in finance and insurance revenues; and a 6.2% increase in service and parts revenues, over the comparable prior year period. Our outlook remains positive, and we are comfortable the Company will meet or exceed the First Call Analysts' consensus estimate of $1.07 per share for 2001." Sam DiFeo Jr., President, added, "The impact of our continued focus on operations is evidenced by the excellent performance of our dealerships during the first quarter, especially the improvement of same store dealership operating results which generated a 4.2% increase in retail gross profit versus the corresponding period in 2000."
UnitedAuto, which pursues a strategy based on internal growth from its existing dealerships, as well as from strategic acquisitions, operates 121 franchises in 18 states, Puerto Rico and Brazil. UnitedAuto dealerships sell new and used vehicles and market a complete line of aftermarket automotive products and services.
UnitedAuto will host a conference call discussing financial results relating to first quarter 2001 on Monday, April 23, 2001 at 2 P.M. Eastern time. Advance registration is not required. Participants must call (888)-452-0455 (International, please call (415)-228-4733). Calls need to be made shortly before the call is to commence. Please provide the leader's name - Roger Penske - as well as the code UAG1Q. The conference call cannot be accessed without this information. The call will also be simultaneously broadcast live over the Internet through the UnitedAuto website at www.unitedauto.com.
Statements in this press release may involve forward-looking statements, including forward-looking statements regarding UnitedAuto's future reportable sales and earnings growth potential. Actual results may vary materially because of external factors such as interest rate fluctuations, changes in consumer spending and other factors over which management has no control. These forward-looking statements should be evaluated together with additional information about UnitedAuto's business, markets, conditions and other uncertainties which could effect UnitedAuto's future performance, which are contained in UnitedAuto's filings with the Securities and Exchange Commission and which are incorporated into this press release by reference.
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