Total Revenue Increases 10.5% to $3.0 Billion
Revenue for All Categories Increases Compared to Third Quarter Last
Year
Income From Continuing Operations of $56.7 Million, Related EPS of
$0.62,Representing Increases of 63%
SG&A to Gross Profit Improves by 70 Basis Points
Acquires 1.8 Million Shares of Common Stock
BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--
Penske Automotive Group, Inc. (NYSE:PAG), an international automotive
retailer, today reported record third quarter results including the
highest quarterly profit in company history. For the third quarter of
2011, income from continuing operations attributable to common
shareholders was $56.7 million, or $0.62 per share, which compares to
income from continuing operations attributable to common shareholders of
$34.8 million, or $0.38 per share for the third quarter last year.
During the quarter, the Company recognized a net income tax benefit of
$11.0 million, or $0.12 per share, reflecting a positive adjustment from
the resolution of certain tax items in the U.K. of $17.0 million, or
$0.19 per share, partially offset by a reduction in deferred tax assets
of $6.0 million, or $0.07 per share. After adjusting for these items,
adjusted income from continuing operations attributable to common
shareholders was a record $45.7 million, or $0.50 per share,
representing an increase of 31.3% compared to the third quarter last
year.
Total revenue increased by 10.5%, to $3.0 billion as total retail unit
sales increased 6.2%. The increase in retail unit sales was highlighted
by a 16.0% increase in used retail unit sales, which drove the Company’s
used-to-new ratio to 0.88 to 1. During the quarter, higher average
transaction prices on both new and used vehicles also contributed to the
revenue increase, including an 8.8% increase in same-store retail
revenue from the Company’s premium/luxury brands. The parts and service
business remained strong, increasing 8.6% in the quarter and 4.1% on a
same-store basis.
Highlights of the Third Quarter
-
Total retail unit sales increased 6.2% to 72,204
-
+5.9% in the United States; +6.8% Internationally
-
New unit retail sales (1.2%)
-
Used unit retail sales +16.0%
-
Same-store retail revenue increased 6.4%
-
New +2.2%; Used +15.0%; Finance & Insurance +9.3%; Service and
Parts +4.1%
-
+5.1% in the United States; +8.7% Internationally
-
Average Transaction Price Per Unit
-
New $38,236, +8.4%
-
Used $26,404, +2.2%
-
Average Gross Profit Per Unit
-
New $3,238/unit, +14.8%; Gross Margin 8.5% +50 bps
-
Used $1,978/unit, +2.8%; Gross Margin 7.5% +10 bps
-
Inventory Days’ Supply
-
New 43 days; Used 47 days
Commenting on the Company’s performance in the third quarter, Chairman
Roger Penske said, “Our business produced another outstanding quarter of
results in both the United States and Internationally. Although we faced
a challenging new vehicle inventory situation throughout the quarter as
a result of the earthquake and tsunami that struck Japan, the Company
generated same-store retail revenue increases in each area of the
business and leveraged our cost structure by 70 basis points, improving
operating income by 17.6%. Going forward, we believe the inventory
supply of new vehicles for the affected brands is improving and should
normalize in the first quarter of 2012.”
Penske added, “Our U.K. business performed well in the third quarter. We
continue to realize the benefit from the premium/luxury brand mix of our
business in that market and generated a 3.3% increase in same-store new
retail unit sales, outperforming the overall U.K. market, which declined
nearly 1% in the third quarter. Further, same-store used retail unit
sales increased 8.2% in the U.K. during the quarter.”
Total revenue for the nine months ended September 30, 2011, increased
12.0% to $8.6 billion and income from continuing operations attributable
to common shareholders was $134.9 million, or $1.46 per share, which
compares to $90.1 million, or $0.98 per share in the same period last
year. Excluding the impact of the net tax benefit noted above, adjusted
income from continuing operations attributable to common shareholders
increased 37.5%, to $123.9 million or $1.34 per share.
Acquisition Activity
As previously announced, the Company has acquired seven franchises in
2011, which are expected to generate approximately $525 million of
annual revenue. Additionally, the Company has either sold, or is in the
process of disposing dealerships, which represent approximately $300
million in annualized revenue.
U.S. Credit Agreement
During the third quarter, the Company amended its credit agreement with
Mercedes-Benz Financial Services USA LLC and Toyota Motor Credit
Corporation (the “U.S. Credit Agreement”) to increase the revolving loan
availability by $75 million, from $300 million to $375 million.
Additionally, the term of the U.S. Credit Agreement was extended by one
year through September 30, 2014, pursuant to its evergreen provision.
Securities Repurchase Activity
During the third quarter of 2011, the Company acquired 1,831,559 shares
of its common stock for an aggregate purchase price of $31.9 million, or
an average price of $17.39 per share. For the nine months ended
September 30, 2011, the Company acquired 2,449,768 shares of its common
stock for an aggregate purchase price of $44.3 million, or an average
price of $18.07 per share. The Company currently has remaining
authorization from its Board of Directors to repurchase up to $106.8
million of its outstanding common stock, debt or convertible debt.
Securities may be acquired from time to time either through open market
purchases, negotiated transactions or other means.
Conference Call
Penske Automotive will host a conference call discussing financial
results relating to the third quarter of 2011 on November 2, 2011,
at 2:00 p.m.Eastern Daylight Time. To listen to the
conference call, participants must dial (800) 230-1085
[International, please dial (612) 234-9960]. The call will also be
simultaneously broadcast over the Internet through the Investors
Relations section of the Penske Automotive Group website at www.penskeautomotive.com.
About Penske Automotive
Penske
Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan,
operates 325 retail automotive franchises, representing 42 different
brands and 28 collision repair centers. Penske Automotive, which sells
new and previously owned vehicles, finance and insurance products and
replacement parts, and offers maintenance and repair services on all
brands it represents, has 170 franchises in 17 states and Puerto Rico
and 155 franchises located outside the United States, primarily in the United
Kingdom. Penske Automotive is a member of the Fortune 500 and
Russell 2000 and has approximately 15,000 employees.
Non-GAAP Financial Measures
This release contains certain non-GAAP financial measures as defined
under SEC rules, such as adjusted income from continuing operations,
adjusted income from continuing operations per share and earnings before
interest, taxes, depreciation and amortization (“EBITDA”). The Company
has reconciled these measures to the most directly comparable GAAP
measures in the release. The Company believes that these widely accepted
measures of operating profitability improve the transparency of the
Company's disclosures. These non-GAAP financial measures are not
substitutes for GAAP financial results, and should only be considered in
conjunction with the Company’s financial information that is presented
in accordance with GAAP.
Caution Concerning Forward Looking Statements
Statements in this press release may involve forward-looking statements,
including forward-looking statements regarding Penske Automotive Group,
Inc.’s future sales potential. Actual results may vary materially
because of risks and uncertainties as well as external factors such as
consumer credit conditions; adverse conditions affecting a particular
manufacturer, including the adverse impact to the vehicle and parts
supply chain due to natural disasters such as the earthquake and tsunami
that struck Japan in March 2011; macro-economic factors; 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 Penske Automotive’s
business, markets, conditions and other uncertainties, which could
affect Penske Automotive’s future performance. These risks and
uncertainties are addressed in Penske Automotive’s Form 10-K for the
year ended December 31, 2010, and its other filings with the Securities
and Exchange Commission (“SEC”). This press release speaks only as of
its date, and Penske Automotive disclaims any duty to update the
information herein.
Find a vehicle: http://www.penskecars.com
Engage
Penske Automotive: http://www.penskesocial.com
Like
Penske Automotive on Facebook: https://facebook.com/PenskeCars
Follow
Penske Automotive on Twitter: https://twitter.com/#!/Penskecarscorp
Visit
Penske Automotive on YouTube: http://www.youtube.com/penskecars
|
| |
| |
| PENSKE AUTOMOTIVE GROUP, INC. |
|
Consolidated Statements of Income
|
|
(Amounts In Thousands, Except Per Share Data)
|
|
(Unaudited)
|
| | | |
|
| | Three Months Ended | | Nine Months Ended |
| | September 30, | | September 30, |
| |
| 2011 |
|
|
| 2010 |
| |
| 2011 |
|
|
| 2010 |
|
|
Revenues:
| | | | | | | | |
|
New Vehicle
| |
$
|
1,471,606
| | |
$
|
1,373,240
| | |
$
|
4,288,746
| | |
$
|
3,882,945
| |
|
Used Vehicle
| | |
890,251
| | | |
750,720
| | | |
2,580,261
| | | |
2,170,006
| |
|
Finance and Insurance, Net
| | |
73,289
| | | |
65,185
| | | |
208,765
| | | |
184,577
| |
|
Service and Parts
| | |
354,616
| | | |
326,494
| | | |
1,049,467
| | | |
974,913
| |
|
Fleet and Wholesale Vehicle
| |
|
161,284
|
| |
|
154,134
|
| |
|
496,471
|
| |
|
485,329
|
|
|
Total Revenues
| |
|
2,951,046
|
| |
|
2,669,773
|
| |
|
8,623,710
|
| |
|
7,697,770
|
|
|
Cost of Sales:
| | | | | | | | |
|
New Vehicle
| | |
1,346,995
| | | |
1,263,386
| | | |
3,932,360
| | | |
3,565,684
| |
|
Used Vehicle
| | |
823,562
| | | |
694,806
| | | |
2,375,508
| | | |
1,999,446
| |
|
Service and Parts
| | |
153,153
| | | |
139,906
| | | |
451,600
| | | |
420,552
| |
|
Fleet and Wholesale Vehicle
| |
|
160,229
|
| |
|
153,506
|
| |
|
490,170
|
| |
|
478,712
|
|
|
Total Cost of Sales
| | |
2,483,939
| | | |
2,251,604
| | | |
7,249,638
| | | |
6,464,394
| |
|
Gross Profit
| | |
467,107
| | | |
418,169
| | | |
1,374,072
| | | |
1,233,376
| |
|
SG&A Expenses
| | |
375,432
| | | |
339,120
| | | |
1,111,812
| | | |
1,003,151
| |
|
Depreciation
| |
|
12,590
|
| |
|
11,820
|
| |
|
36,578
|
| |
|
35,123
|
|
|
Operating Income
| | |
79,085
| | | |
67,229
| | | |
225,682
| | | |
195,102
| |
|
Floor Plan Interest Expense
| | |
(7,020
|
)
| | |
(8,805
|
)
| | |
(21,131
|
)
| | |
(24,907
|
)
|
|
Other Interest Expense
| | |
(11,288
|
)
| | |
(12,229
|
)
| | |
(33,264
|
)
| | |
(37,491
|
)
|
|
Debt Discount Amortization
| | |
-
| | | |
(1,647
|
)
| | |
(1,718
|
)
| | |
(6,990
|
)
|
|
Equity in Earnings of Affiliates
| | |
9,623
| | | |
7,370
| | | |
17,527
| | | |
11,725
| |
|
Gain on Debt Repurchase
| |
|
-
|
| |
|
607
|
| |
|
-
|
| |
|
1,634
|
|
|
Income from Continuing Operations Before Income Taxes
| | |
70,400
| | | |
52,525
| | | |
187,096
| | | |
139,073
| |
|
Income Taxes
| |
|
(13,355
|
)
| |
|
(17,428
|
)
| |
|
(51,293
|
)
| |
|
(48,485
|
)
|
|
Income from Continuing Operations
| | |
57,045
| | | |
35,097
| | | |
135,803
| | | |
90,588
| |
|
Loss from Discontinued Operations, Net of Tax
| |
|
(1,000
|
)
| |
|
(4,837
|
)
| |
|
(5,702
|
)
| |
|
(10,312
|
)
|
|
Net Income
| | |
56,045
| | | |
30,260
| | | |
130,101
| | | |
80,276
| |
|
Income Attributable to Non-Controlling Interests
| |
|
(338
|
)
| |
|
(283
|
)
| |
|
(907
|
)
| |
|
(504
|
)
|
|
Net Income Attributable to Common Shareholders
| |
$
|
55,707
|
| |
$
|
29,977
|
| |
$
|
129,194
|
| |
$
|
79,772
|
|
|
Income from Continuing Operations Per Share
| |
$
|
0.62
|
| |
$
|
0.38
|
| |
$
|
1.46
|
| |
$
|
0.98
|
|
|
Income Per Share
| |
$
|
0.61
|
| |
$
|
0.33
|
| |
$
|
1.40
|
| |
$
|
0.87
|
|
|
Weighted Average Shares Outstanding
| |
|
91,431
|
| |
|
92,141
|
| |
|
92,169
|
| |
|
92,171
|
|
| Amounts Attributable to Common Shareholders: | | | | | | | | |
|
Reported Income from Continuing Operations
| |
$
|
57,045
| | |
$
|
35,097
| | |
$
|
135,803
| | |
$
|
90,588
| |
|
Income Attributable to Non-Controlling Interests
| |
|
(338
|
)
| |
|
(283
|
)
| |
|
(907
|
)
| |
|
(504
|
)
|
|
Income from Continuing Operations, net of tax
| | |
56,707
| | | |
34,814
| | | |
134,896
| | | |
90,084
| |
|
Loss from Discontinued Operations, net of tax
| |
|
(1,000
|
)
| |
|
(4,837
|
)
| |
|
(5,702
|
)
| |
|
(10,312
|
)
|
|
Net Income
| |
$
|
55,707
|
| |
$
|
29,977
|
| |
$
|
129,194
|
| |
$
|
79,772
|
|
|
| |
| |
| PENSKE AUTOMOTIVE GROUP, INC. |
|
Consolidated Condensed Balance Sheets
|
|
(Amounts In Thousands)
|
|
(Unaudited)
|
| | | |
|
| | September 30, | | December 31, |
| |
| 2011 | |
| 2010 |
| | | |
|
| Assets | | | | |
|
Cash and Cash Equivalents
| |
$
|
7,735
| |
$
|
17,808
|
|
Accounts Receivable, Net
| | |
385,137
| | |
383,379
|
|
Inventories
| | |
1,481,629
| | |
1,449,157
|
|
Other Current Assets
| | |
88,676
| | |
68,355
|
|
Assets Held for Sale
| |
|
54,168
| |
|
117,018
|
|
Total Current Assets
| | |
2,017,345
| | |
2,035,717
|
|
Property and Equipment, Net
| | |
821,421
| | |
719,762
|
|
Intangibles
| | |
1,148,247
| | |
1,011,275
|
|
Other Long-Term Assets
| |
|
308,456
| |
|
303,078
|
|
Total Assets
| |
$
|
4,295,469
| |
$
|
4,069,832
|
| | | |
|
| Liabilities and Equity | | | | |
|
Floor Plan Notes Payable
| |
$
|
902,163
| |
$
|
918,628
|
|
Floor Plan Notes Payable – Non-Trade
| | |
597,982
| | |
491,889
|
|
Accounts Payable
| | |
226,709
| | |
253,277
|
|
Accrued Expenses
| | |
247,185
| | |
202,480
|
|
Current Portion Long-Term Debt
| | |
9,642
| | |
10,593
|
|
Liabilities Held for Sale
| |
|
34,464
| |
|
84,139
|
|
Total Current Liabilities
| | |
2,018,145
| | |
1,961,006
|
|
Long-Term Debt
| | |
841,927
| | |
769,285
|
|
Other Long-Term Liabilities
| |
|
322,979
| |
|
293,688
|
|
Total Liabilities
| | |
3,183,051
| | |
3,023,979
|
|
Equity
| |
|
1,112,418
| |
|
1,045,853
|
|
Total Liabilities and Equity
| |
$
|
4,295,469
| |
$
|
4,069,832
|
|
| |
| |
| |
| |
| PENSKE AUTOMOTIVE GROUP, INC. |
|
Selected Data
|
|
(Unaudited)
|
| | | | | | | |
|
| | Three Months Ended | | | | Nine Months Ended | | |
| | September 30, | | % | | | September 30, | | % | |
| |
| 2011 |
|
|
| 2010 |
| | Change | |
| 2011 |
|
|
| 2010 |
| | Change |
|
Total Retail Units:
| | | | | | | | | | | | |
|
New Retail
| | |
38,487
| | | |
38,936
| | |
-1.2
|
%
| | |
114,943
| | | |
111,961
| | |
2.7
|
%
|
|
Used Retail
| |
|
33,717
|
| |
|
29,058
|
| |
16.0
|
%
| |
|
97,494
|
| |
|
83,460
|
| |
16.8
|
%
|
|
Total Retail
| |
|
72,204
|
| |
|
67,994
|
| |
6.2
|
%
| |
|
212,437
|
| |
|
195,421
|
| |
8.7
|
%
|
| | | | | | | | | | | |
|
|
Fleet
| | |
848
| | | |
840
| | |
1.0
|
%
| | |
3,846
| | | |
4,500
| | |
-14.5
|
%
|
|
Wholesale
| |
|
15,238
|
| |
|
15,765
|
| |
-3.3
|
%
| |
|
44,113
|
| |
|
45,740
|
| |
-3.6
|
%
|
|
Total
| |
|
16,086
|
| |
|
16,605
|
| |
-3.1
|
%
| |
|
47,959
|
| |
|
50,240
|
| |
-4.5
|
%
|
| | | | | | | | | | | |
|
|
Same-Store Retail Units:
| | | | | | | | | | | | |
|
New Same-Store Retail
| | |
36,990
| | | |
38,697
| | |
-4.4
|
%
| | |
109,084
| | | |
109,498
| | |
-0.4
|
%
|
|
Used Same-Store Retail
| |
|
32,698
|
| |
|
28,952
|
| |
12.9
|
%
| |
|
92,548
|
| |
|
81,760
|
| |
13.2
|
%
|
|
Total Same-Store Retail
| |
|
69,688
|
| |
|
67,649
|
| |
3.0
|
%
| |
|
201,632
|
| |
|
191,258
|
| |
5.4
|
%
|
| | | | | | | | | | | |
|
|
Same-Store Retail Revenue: (Amounts in thousands)
| | | | | | | | | | | |
|
New Vehicles
| |
$
|
1,397,916
| | |
$
|
1,368,179
| | |
2.2
|
%
| |
$
|
4,047,261
| | |
$
|
3,802,541
| | |
6.4
|
%
|
|
Used Vehicles
| | |
861,576
| | | |
749,261
| | |
15.0
|
%
| | |
2,458,124
| | | |
2,134,916
| | |
15.1
|
%
|
|
Finance and Insurance, Net
| | |
70,932
| | | |
64,870
| | |
9.3
|
%
| | |
201,211
| | | |
181,843
| | |
10.7
|
%
|
|
Service and Parts
| |
|
339,119
|
| |
|
325,799
|
| |
4.1
|
%
| |
|
997,742
|
| |
|
958,795
|
| |
4.1
|
%
|
|
Total Same-Store Retail
| |
$
|
2,669,543
|
| |
$
|
2,508,109
|
| |
6.4
|
%
| |
$
|
7,704,338
|
| |
$
|
7,078,095
|
| |
8.8
|
%
|
| | | | | | | | | | | |
|
|
Revenue Mix:
| | | | | | | | | | | | |
|
New Vehicles
| | |
49.9
|
%
| | |
51.4
|
%
| | | | |
49.7
|
%
| | |
50.4
|
%
| | |
|
Used Vehicles
| | |
30.2
|
%
| | |
28.2
|
%
| | | | |
29.9
|
%
| | |
28.2
|
%
| | |
|
Finance and Insurance, Net
| | |
2.5
|
%
| | |
2.4
|
%
| | | | |
2.4
|
%
| | |
2.4
|
%
| | |
|
Service and Parts
| | |
12.0
|
%
| | |
12.2
|
%
| | | | |
12.2
|
%
| | |
12.7
|
%
| | |
|
Fleet and Wholesale
| | |
5.4
|
%
| | |
5.8
|
%
| | | | |
5.8
|
%
| | |
6.3
|
%
| | |
| | | | | | | | | | | |
|
|
Average Revenue per Vehicle Retailed:
| | | | | | | | | | | | |
|
New Vehicles
| |
$
|
38,236
| | |
$
|
35,269
| | |
8.4
|
%
| |
$
|
37,312
| | |
$
|
34,681
| | |
7.6
|
%
|
|
Used Vehicles
| | |
26,404
| | | |
25,835
| | |
2.2
|
%
| | |
26,466
| | | |
26,001
| | |
1.8
|
%
|
| | | | | | | | | | | |
|
|
Gross Profit per Vehicle Retailed:
| | | | | | | | | | | | |
|
New Vehicles
| |
$
|
3,238
| | |
$
|
2,821
| | |
14.8
|
%
| |
$
|
3,101
| | |
$
|
2,834
| | |
9.4
|
%
|
|
Used Vehicles
| | |
1,978
| | | |
1,924
| | |
2.8
|
%
| | |
2,100
| | | |
2,043
| | |
2.8
|
%
|
|
Finance and Insurance
| | |
1,015
| | | |
959
| | |
5.9
|
%
| | |
983
| | | |
945
| | |
4.0
|
%
|
| | | | | | | | | | | |
|
|
Operating items as a percentage of revenue:
| | | | | | | | | | | | |
|
New Vehicle Gross Profit
| | |
8.5
|
%
| | |
8.0
|
%
| | | | |
8.3
|
%
| | |
8.2
|
%
| | |
|
Used Vehicle Gross Profit
| | |
7.5
|
%
| | |
7.4
|
%
| | | | |
7.9
|
%
| | |
7.9
|
%
| | |
|
Service and Parts Gross Profit
| | |
56.8
|
%
| | |
57.1
|
%
| | | | |
57.0
|
%
| | |
56.9
|
%
| | |
|
Total Gross Profit
| | |
15.8
|
%
| | |
15.7
|
%
| | | | |
15.9
|
%
| | |
16.0
|
%
| | |
|
Selling, general and admin. expenses
| | |
12.7
|
%
| | |
12.7
|
%
| | | | |
12.9
|
%
| | |
13.0
|
%
| | |
|
Operating income
| | |
2.7
|
%
| | |
2.5
|
%
| | | | |
2.6
|
%
| | |
2.5
|
%
| | |
|
Inc. from Cont. Ops. Before Inc. Taxes
| | |
2.4
|
%
| | |
2.0
|
%
| | | | |
2.2
|
%
| | |
1.8
|
%
| | |
| | | | | | | | | | | |
|
|
Operating items as a percentage
of total gross profit:
| | | | | | | | | | | |
|
Selling, general and administrative expenses
| | |
80.4
|
%
| | |
81.1
|
%
| | | | |
80.9
|
%
| | |
81.3
|
%
| | |
|
Operating income
| | |
16.9
|
%
| | |
16.1
|
%
| | | | |
16.4
|
%
| | |
15.8
|
%
| | |
|
| |
| |
| PENSKE AUTOMOTIVE GROUP, INC. |
|
Selected Data (Continued)
|
|
(Unaudited)
|
| | | |
|
| | Three Months Ended | | Nine Months Ended |
| | September 30, | | September 30, |
| |
| 2011 |
|
|
| 2010 |
| |
| 2011 |
|
|
| 2010 |
|
| Brand Mix:
| | | | | | | | |
|
Premium:
| | | | | | | | |
|
BMW
| | |
25
|
%
| | |
22
|
%
| | |
24
|
%
| | |
21
|
%
|
|
Audi
| | |
12
|
%
| | |
11
|
%
| | |
12
|
%
| | |
11
|
%
|
| Mercedes-Benz | | |
11
|
%
| | |
10
|
%
| | |
10
|
%
| | |
10
|
%
|
| Lexus | | |
5
|
%
| | |
5
|
%
| | |
5
|
%
| | |
5
|
%
|
| Land Rover | | |
4
|
%
| | |
4
|
%
| | |
4
|
%
| | |
5
|
%
|
|
Porsche
| | |
4
|
%
| | |
5
|
%
| | |
4
|
%
| | |
4
|
%
|
| Ferrari / Maserati | | |
3
|
%
| | |
3
|
%
| | |
3
|
%
| | |
3
|
%
|
| Acura | | |
2
|
%
| | |
2
|
%
| | |
2
|
%
| | |
2
|
%
|
|
Other
| |
|
4
|
%
| |
|
5
|
%
| |
|
5
|
%
| |
|
5
|
%
|
|
Total Premium
| | |
70
|
%
| | |
67
|
%
| | |
69
|
%
| | |
66
|
%
|
|
Foreign:
| | | | | | | | |
|
Toyota
| | |
10
|
%
| | |
11
|
%
| | |
10
|
%
| | |
11
|
%
|
|
Honda
| | |
10
|
%
| | |
12
|
%
| | |
11
|
%
| | |
12
|
%
|
|
Nissan
| | |
2
|
%
| | |
2
|
%
| | |
2
|
%
| | |
2
|
%
|
|
Volkswagen
| | |
2
|
%
| | |
1
|
%
| | |
2
|
%
| | |
2
|
%
|
|
Other
| |
|
1
|
%
| |
|
2
|
%
| |
|
1
|
%
| |
|
2
|
%
|
|
Total Foreign
| | |
25
|
%
| | |
28
|
%
| | |
26
|
%
| | |
29
|
%
|
|
Domestic Big 3
| | | | | | | | |
|
General Motors / Chrysler / Ford
| | |
5
|
%
| | |
5
|
%
| | |
5
|
%
| | |
5
|
%
|
| | | | | | | |
|
|
Revenue Mix:
| | | | | | | | |
|
U.S.
| | |
62
|
%
| | |
62
|
%
| | |
62
|
%
| | |
62
|
%
|
|
International
| | |
38
|
%
| | |
38
|
%
| | |
38
|
%
| | |
38
|
%
|
| | | | | | | |
|
|
Other (Amounts in thousands):
| | | | | | | | |
|
EBITDA *
| |
$
|
94,278
| | |
$
|
78,221
| | |
$
|
258,656
| | |
$
|
218,677
| |
|
Rent Expense
| |
$
|
43,051
| | |
$
|
40,678
| | |
$
|
128,310
| | |
$
|
120,451
| |
|
Floorplan Credits
| |
$
|
4,940
| | |
$
|
5,209
| | |
$
|
15,466
| | |
$
|
14,983
| |
* See the following Non-GAAP reconciliation tables
| PENSKE AUTOMOTIVE GROUP, INC. |
|
Selected Data (Concluded)
|
|
(Unaudited)
|
|
|
|
Reconciliation of 2011 and 2010 net income to EBITDA:
|
|
| |
| |
| | | |
|
| | Three Months Ended | | Nine Months Ended |
| | September 30, | | September 30, |
|
(Amounts in thousands)
| |
| 2011 |
|
| 2010 | |
| 2011 |
|
| 2010 |
| | | | | | | |
|
|
Net income
| |
$
|
56,045
| |
$
|
30,260
| |
$
|
130,101
| |
$
|
80,276
|
|
Depreciation
| | |
12,590
| | |
11,820
| | |
36,578
| | |
35,123
|
|
Other interest expense
| | |
11,288
| | |
12,229
| | |
33,264
| | |
37,491
|
|
Debt discount amortization
| | |
-
| | |
1,647
| | |
1,718
| | |
6,990
|
|
Income taxes
| | |
13,355
| | |
17,428
| | |
51,293
| | |
48,485
|
|
Loss from discontinued operations, net of tax
| |
|
1,000
| |
|
4,837
| |
|
5,702
| |
|
10,312
|
|
EBITDA
| |
$
|
94,278
| |
$
|
78,221
| |
$
|
258,656
| |
$
|
218,677
|
Reconciliation of three and nine months ended September 30, 2011 income
from continuing operations attributable to common shareholders and
related earnings per share to adjusted income from continuing operations
attributable to common shareholders and related earnings per share:
|
| |
| |
| | Three Months Ended | | Nine Months Ended |
| | September 30, 2011 | | September 30, 2011 |
|
(Amounts in thousands,
except per share amounts)
| | Income |
| EPS | | Income |
| EPS |
| | | | | | | |
|
|
Income from continuing operations
attributable to common shareholders
| |
$
|
56,707
| | |
$
|
0.62
| | |
$
|
134,896
| | |
$
|
1.46
| |
|
Net tax benefit
| |
|
(11,046
|
)
| |
$
|
(0.12
|
)
| |
|
(11,046
|
)
| |
$
|
(0.12
|
)
|
|
Adjusted income from continuing operations
attributable to common shareholders
| |
$
|
45,661
|
| |
$
|
0.50
|
| |
$
|
123,850
|
| |
$
|
1.34
|
|
Inquiries should contact:
David K. Jones
Executive Vice
President and
Chief Financial Officer
Penske Automotive Group,
Inc.
248-648-2800
dave.jones@penskeautomotive.com
or
Anthony
R. Pordon
Executive Vice President Investor Relations and Corporate
Development
Penske Automotive Group, Inc.
248-648-2540
tpordon@penskeautomotive.com
Source: Penske Automotive Group, Inc.