CHARLOTTE, N.C., March 31 /PRNewswire-FirstCall/ -- Sonic Automotive, Inc. (NYSE: SAH), a leader in automotive retailing, today announced a fourth quarter 2008 loss from continuing operations of $658.8 million, or $16.43 per diluted share, compared to income from continuing operations of $26.8 million, or $0.62 per diluted share, in the prior year period.
For the full year 2008, the Company recorded a loss from continuing operations of $634.1 million, or $15.71 per diluted share, compared to income from continuing operations of $98.2 million, or $2.17 per diluted share, for the full year 2007.
After adjusting for the charges which are more fully described in the attached tables, the Company had a loss from continuing operations of $4.8 million, or $0.12 per diluted share, for the fourth quarter 2008 and income from continuing operations of $42.2 million, or $1.05 per diluted share, for the full year 2008.
Scott Smith, the Company's President and Chief Strategic Officer, stated, "Due to the current market conditions and the resulting decline in our stock price, we were required under accounting rules to record non-cash goodwill and franchise impairment charges this quarter. This non-cash charge has no impact on the covenant calculations under our credit facility."
Mr. Smith continued, "We are operating in one of the most challenging economic environments in automotive retailing history. The disruption in the credit markets, increases in unemployment, and the resulting declines in consumer confidence have caused industry-wide new vehicle sales levels to decline dramatically. To respond to these challenges in the new vehicle sales environment, we are focusing on the other core pieces of our business including used vehicles and parts and service. We are seeing promising improvements in these areas in the early part of 2009. We also continue to focus on the cost side of the business and have implemented cost reductions which we project to yield approximately $125 million in annual savings. We envision the macro-economic environment and the automotive retailing business will continue to be challenging in 2009. As a result, we have determined it is not feasible to provide reliable 2009 earnings guidance at this time."
Presentation materials for the Company's earnings conference call at 11:00 A.M. (Eastern) on April 1, 2009 can be accessed on the Company's website at www.sonicautomotive.com by clicking on the "For Investors" tab and choosing "Webcasts & Presentations" on the right side of the screen.
To access the live broadcast of the conference call over the Internet go to: www.sonicautomotive.com.
A live audio of the conference call will be accessible to the public by calling (877) 791-3416. International callers dial (706) 643-0958. Callers should dial in approximately 10 minutes before the call begins.
A conference call replay will be available one hour following the call for seven days and can be accessed by calling: (800) 642-1687 (domestic) or (706) 645-9291 (international), conference call ID #85024968.
About Sonic Automotive
Sonic Automotive, Inc., a Fortune 300 company based in Charlotte, N.C., is one of the largest automotive retailers in the United States operating 164 franchises. Sonic can be reached on the Web at www.sonicautomotive.com.
Included herein are forward-looking statements, including statements with respect to cost reduction plans and the 2009 economic outlook. 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, risks associated with acquisitions and the risk factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2008. The Company does not undertake any obligation to update forward-looking information.
Sonic Automotive, Inc.
Results of Operations (Unaudited)
(in thousands, except per share, unit data and percentage amounts)
Three Months Ended Twelve Months Ended
12/31/2008 12/31/2007 12/31/2008 12/31/2007
Revenues
New retail vehicles $650,765 $996,684 $3,245,451 $3,851,589
Fleet vehicles 27,647 58,129 192,386 224,802
Total new vehicles 678,412 1,054,813 3,437,837 4,076,391
Used vehicles 271,432 316,560 1,213,263 1,200,154
Wholesale vehicles 36,645 74,547 235,110 326,540
Total vehicles 986,489 1,445,920 4,886,210 5,603,085
Parts, service and
collision repair 237,775 248,301 983,259 973,233
Finance, insurance
and other 31,342 46,054 165,307 181,053
Total revenues 1,255,606 1,740,275 6,034,776 6,757,371
Total gross profit 211,687 269,093 985,539 1,066,084
SG&A expenses (195,014) (194,834) (815,083) (790,221)
Impairment charges (789,944) (269) (811,784) (958)
Depreciation (8,997) (5,918) (31,680) (22,576)
Operating income (782,268) 68,072 (673,008) 252,329
Interest expense,
floor plan (9,620) (13,703) (38,263) (54,143)
Interest expense, other (14,833) (10,146) (54,430) (36,411)
Other (expense) /
income 650 (37) 726 44
Income / (loss) from
continuing
operations before
taxes (806,071) 44,186 (764,975) 161,819
Income taxes 147,287 (17,379) 130,848 (63,621)
Income / (loss) from
continuing
operations (658,784) 26,807 (634,127) 98,198
Discontinued operations:
Income / (loss) from
operations and the
sale of discontinued
franchises (22,148) (3,087) (55,954) 809
Income tax benefit /
(expense) (4,665) (684) 4,154 (3,505)
Loss from
discontinued
operations (26,813) (3,771) (51,800) (2,696)
Net income/ (loss) $(685,597) $23,036 $(685,927) $95,502
Diluted:
Weighted average
common shares
outstanding 40,087 44,894 40,356 46,941
Earnings / (loss)
per share from
continuing
operations ($16.43) $0.62 ($15.71) $2.17
Loss per share from
discontinued
operations ($0.67) ($0.08) ($1.29) ($0.04)
Earnings / (loss)
per share ($17.10) $0.54 ($17.00) $2.13
Gross Margin Data (Continuing
Operations):
Retail new vehicles 6.8% 7.3% 7.1% 7.5%
Fleet vehicles 1.8% 0.7% 1.3% 0.8%
Total new
vehicles 6.6% 7.0% 6.8% 7.1%
Used vehicles retail 7.0% 8.4% 8.5% 9.1%
Total vehicles
retail 6.7% 7.3% 7.2% 7.6%
Wholesale vehicles (6.9%) (2.3%) (2.8%) (1.4%)
Parts, service and
collision repair 50.1% 50.3% 49.8% 50.4%
Finance, insurance
and other 100.0% 100.0% 100.0% 100.0%
Overall gross
margin 16.9% 15.5% 16.3% 15.8%
SG&A Expenses (Continuing
Operations):
Personnel $98,214 $108,170 $443,669 $447,704
Advertising 10,556 14,998 50,866 55,849
Facility rent 21,316 21,771 85,260 85,840
Other 64,928 49,895 235,288 200,828
Total $195,014 $194,834 $815,083 $790,221
SG&A Expenses as % of Gross
Profit
Personnel 46.4% 40.2% 45.0% 42.0%
Advertising 5.0% 5.6% 5.2% 5.2%
Facility rent 10.1% 8.1% 8.7% 8.1%
Other 30.7% 18.6% 23.9% 18.8%
Total 92.1% 72.4% 82.7% 74.1%
Operating Margin % (62.3%) 3.9% (11.2%) 3.7%
Three Months Ended Twelve Months Ended
Unit Data (Continuing
Operations): 12/31/2008 12/31/2007 12/31/2008 12/31/2007
New retail units 18,565 27,657 94,570 111,171
Fleet units 1,087 2,073 7,618 9,341
New units 19,652 29,730 102,188 120,512
Used units 13,796 15,027 60,124 58,861
Total units
retailed 33,448 44,757 162,312 179,373
Wholesale units 5,489 8,239 30,035 35,631
Average price per unit:
New retail
vehicles $35,053 $36,037 $34,318 $34,646
Fleet vehicles 25,434 28,041 25,254 24,066
Total new vehicles 34,521 35,480 33,642 33,826
Used vehicles 19,675 21,066 20,179 20,390
Wholesale vehicles 6,676 9,048 7,828 9,164
Other Data:
Same store revenue
percentage changes:
New retail (35.1%) (19.3%)
Fleet (52.4%) (25.5%)
Total New
Vehicles (36.1%) (19.7%)
Used (14.6%) (2.2%)
Parts, service and
collision repair (4.7%) (2.2%)
Finance, insurance
and other (31.1%) (10.2%)
Total (28.2%) (14.3%)
Balance Sheet Data:
12/31/2008 12/31/2007
ASSETS
Current Assets:
Cash and cash
equivalents $6,971 $16,514
Receivables, net 247,025 347,309
Inventories 916,837 1,093,017
Assets held for sale 406,576 87,342
Other current assets 16,822 35,879
Total current
assets 1,594,231 1,580,061
Property and
Equipment, Net 369,892 286,591
Goodwill, Net 327,007 1,276,074
Other Intangibles, Net 82,328 111,342
Other Assets 37,243 28,676
TOTAL ASSETS $2,410,701 $3,282,744
LIABILITIES AND
STOCKHOLDERS' EQUITY
Current Liabilities:
Floor plan notes
payable $921,023 $1,125,670
Other current
liabilities 277,938 247,658
Liabilities
associated with
assets held for
sale 199,482 48,592
Current maturities
of long-term debt 751,337 4,197
Total current
liabilities 2,149,780 1,426,117
LONG-TERM DEBT - 697,800
OTHER LONG-TERM
LIABILITIES 71,132 83,829
DEFERRED INCOME TAXES - 144,170
STOCKHOLDERS' EQUITY 189,789 930,828
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $2,410,701 $3,282,744
Balance Sheet Ratios:
Current Ratio 0.74 1.11
Debt to Total
Capital, Net of
Cash 79.7% 42.4%
Sonic Automotive, Inc.
Results of Operations (Unaudited)
(in thousands, except per share, unit data and percentage
amounts)
Twelve Months Ended
As Reported As Adjusted
12/31/2008 Adjustments 12/31/2008
Revenues
New retail vehicles $3,245,451 $- $3,245,451
Fleet vehicles 192,386 - 192,386
Total new vehicles 3,437,837 - 3,437,837
Used vehicles 1,213,263 - 1,213,263
Wholesale vehicles 235,110 - 235,110
Total vehicles 4,886,210 - 4,886,210
Parts, service and
collision repair 983,259 - 983,259
Finance, insurance
and other 165,307 - 165,307
Total revenues 6,034,776 - 6,034,776
Total gross profit 985,539 - 985,539
SG&A expenses (815,083) 18,280 (796,803)
Impairment charges (811,784) 811,784 -
Depreciation (31,680) - (31,680)
Operating income (673,008) 830,064 157,056
Interest expense,
floor plan (38,263) - (38,263)
Interest expense,
other (54,430) - (54,430)
Other (expense) /
income 726 - 726
Income / (loss) from
continuing operations
before taxes (764,975) 830,064 65,089
Income taxes 130,848 (153,691) (22,843)
Income / (loss) from
continuing operations (634,127) 676,373 42,246
Discontinued operations:
Income / (loss)
from operations and
the sale of
discontinued
franchises (55,954) 55,529 (425)
Income tax benefit /
(expense) 4,154 (4,286) (132)
Loss from
discontinued
operations (51,800) 51,243 (557)
Net income/ (loss) $(685,927) $727,616 $41,689
Diluted:
Weighted average
common shares
outstanding 40,356 40,356 40,356
Earnings / (loss)
per share from
continuing
operations ($15.71) $16.76 $1.05
Earnings / (loss)
per share from
discontinued
operations ($1.29) $1.27 ($0.02)
Earnings / (loss)
per share ($17.00) $18.03 $1.03
Gross Margin Data
(Continuing Operations):
Retail new vehicles 7.1% 0.0% 7.1%
Fleet vehicles 1.3% 0.0% 1.3%
Total new
vehicles 6.8% 0.0% 6.8%
Used vehicles retail 8.5% 0.0% 8.5%
Total vehicles
retail 7.2% 0.0% 7.2%
Wholesale vehicles (2.8%) 0.0% (2.8%)
Parts, service and
collision repair 49.8% 0.0% 49.8%
Finance, insurance
and other 100.0% 0.0% 100.0%
Overall gross
margin 16.3% 0.0% 16.3%
SG&A Expenses (Continuing
Operations):
Personnel $443,669 $- $443,669
Advertising 50,866 - 50,866
Facility rent 85,260 - 85,260
Other 235,288 (18,280) 217,008
Total $815,083 $(18,280) $796,803
SG&A Expenses as % of
Gross Profit
Personnel 45.0% 0.0% 45.0%
Advertising 5.2% 0.0% 5.2%
Facility rent 8.7% 0.0% 8.7%
Other 23.9% (1.8%) 22.1%
Total 82.7% (1.8%) 80.9%
Operating Margin % (11.2%) 13.8% 2.6%
Twelve Months Ended
As Reported As Adjusted
12/31/2007 Adjustments 12/31/2007
Revenues
New retail vehicles $3,851,589 $- $3,851,589
Fleet vehicles 224,802 - 224,802
Total new vehicles 4,076,391 - 4,076,391
Used vehicles 1,200,154 - 1,200,154
Wholesale vehicles 326,540 - 326,540
Total vehicles 5,603,085 - 5,603,085
Parts, service and
collision repair 973,233 - 973,233
Finance, insurance
and other 181,053 - 181,053
Total revenues 6,757,371 - 6,757,371
Total gross profit 1,066,084 - 1,066,084
SG&A expenses (790,221) 1,046 (789,175)
Impairment charges (958) 958 -
Depreciation (22,576) - (22,576)
Operating income 252,329 2,004 254,333
Interest expense,
floor plan (54,143) - (54,143)
Interest expense,
other (36,411) - (36,411)
Other (expense) /
income 44 - 44
Income / (loss) from
continuing operations
before taxes 161,819 2,004 163,823
Income taxes (63,621) (419) (64,040)
Income / (loss) from
continuing operations 98,198 1,585 99,783
Discontinued
operations: - -
Income / (loss)
from operations and
the sale of
discontinued
franchises 809 7,398 8,207
Income tax benefit /
(expense) (3,505) (1,960) (5,465)
Loss from
discontinued
operations (2,696) 5,438 2,742
Net income/ (loss) $95,502 $7,023 $102,525
Diluted:
Weighted average
common shares
outstanding 46,941 46,941 46,941
Earnings / (loss)
per share from
continuing
operations $2.17 $0.03 $2.20
Earnings / (loss)
per share from
discontinued
operations ($0.04) $0.12 $0.08
Earnings / (loss)
per share $2.13 $0.15 $2.28
Gross Margin Data
(Continuing Operations):
Retail new vehicles 7.5% 0.0% 7.5%
Fleet vehicles 0.8% 0.0% 0.8%
Total new
vehicles 7.1% 0.0% 7.1%
Used vehicles retail 9.1% 0.0% 9.1%
Total vehicles
retail 7.6% 0.0% 7.6%
Wholesale vehicles (1.4%) 0.0% (1.4%)
Parts, service and
collision repair 50.4% 0.0% 50.4%
Finance, insurance
and other 100.0% 0.0% 100.0%
Overall gross
margin 15.8% 0.0% 15.8%
SG&A Expenses (Continuing
Operations):
Personnel $447,704 $- $447,704
Advertising 55,849 - $55,849
Facility rent 85,840 - $85,840
Other 200,828 (1,046) $199,782
Total $790,221 $(1,046) $789,175
SG&A Expenses as % of
Gross Profit
Personnel 42.0% 0.0% 42.0%
Advertising 5.2% 0.0% 5.2%
Facility rent 8.1% 0.0% 8.1%
Other 18.8% (0.1%) 18.7%
Total 74.1% (0.1%) 74.0%
Operating Margin % 3.7% 0.0% 3.8%
Sonic Automotive, Inc.
Results of Operations (Unaudited)
(in thousands, except per share, unit data and percentage amounts)
Three Months Ended
As Reported As Adjusted
12/31/2008 Adjustments 12/31/2008
Revenues
New retail vehicles $650,765 $- $650,765
Fleet vehicles 27,647 - 27,647
Total new vehicles 678,412 - 678,412
Used vehicles 271,432 - 271,432
Wholesale vehicles 36,645 - 36,645
Total vehicles 986,489 - 986,489
Parts, service and
collision repair 237,775 - 237,775
Finance, insurance
and other 31,342 - 31,342
Total revenues 1,255,606 - 1,255,606
Total gross profit 211,687 - 211,687
SG&A expenses (195,014) 3,900 (191,114)
Impairment charges (789,944) 789,944 -
Depreciation (8,997) - (8,997)
Operating income (782,268) 793,844 11,576
Interest expense,
floor plan (9,620) - (9,620)
Interest expense,
other (14,833) - (14,833)
Other (expense) /
income 650 - 650
Income / (loss) from
continuing operations
before taxes (806,071) 793,844 (12,227)
Income taxes 147,287 (139,891) 7,396
Income / (loss) from
continuing operations (658,784) 653,953 (4,831)
Discontinued operations:
Income / (loss)
from operations and
the sale of
discontinued
franchises (22,148) 21,586 (562)
Income tax benefit /
(expense) (4,665) 7,628 2,963
Loss from
discontinued
operations (26,813) 29,214 2,401
Net income/ (loss) $(685,597) $683,167 $(2,430)
Diluted:
Weighted average
common shares
outstanding 40,087 40,087 40,087
Earnings / (loss)
per share from
continuing
operations ($16.43) $16.31 ($0.12)
Earnings / (loss)
per share from
discontinued
operations ($0.67) $0.73 $0.06
Earnings / (loss)
per share ($17.10) $17.04 ($0.06)
Gross Margin Data
(Continuing Operations):
Retail new vehicles 6.8% 0.0% 6.8%
Fleet vehicles 1.8% 0.0% 1.8%
Total new
vehicles 6.6% 0.0% 6.6%
Used vehicles retail 7.0% 0.0% 7.0%
Total vehicles
retail 6.7% 0.0% 6.7%
Wholesale vehicles (6.9%) 0.0% (6.9%)
Parts, service and
collision repair 50.1% 0.0% 50.1%
Finance, insurance
and other 100.0% 0.0% 100.0%
Overall gross
margin 16.9% 0.0% 16.9%
SG&A Expenses (Continuing
Operations):
Personnel $98,214 $- $98,214
Advertising 10,556 - 10,556
Facility rent 21,316 - 21,316
Other 64,928 (3,900) 61,028
Total $195,014 $(3,900) $191,114
SG&A Expenses as % of
Gross Profit
Personnel 46.4% 0.0% 46.4%
Advertising 5.0% 0.0% 5.0%
Facility rent 10.1% 0.0% 10.1%
Other 30.7% (1.8%) 28.8%
Total 92.1% (1.8%) 90.3%
Operating Margin % (62.3%) 63.2% 0.9%
Three Months Ended
As Reported As Adjusted
12/31/2007 Adjustments 12/31/2007
Revenues
New retail vehicles $996,684 $- $996,684
Fleet vehicles 58,129 - 58,129
Total new vehicles 1,054,813 - 1,054,813
Used vehicles 316,560 - 316,560
Wholesale vehicles 74,547 - 74,547
Total vehicles 1,445,920 - 1,445,920
Parts, service and
collision repair 248,301 - 248,301
Finance, insurance
and other 46,054 - 46,054
Total revenues 1,740,275 - 1,740,275
Total gross profit 269,093 - 269,093
SG&A expenses (194,834) 267 (194,567)
Impairment charges (269) 269 -
Depreciation (5,918) - (5,918)
Operating income 68,072 536 68,608
Interest expense,
floor plan (13,703) - (13,703)
Interest expense,
other (10,146) - (10,146)
Other (expense) /
income (37) - (37)
Income / (loss) from
continuing operations
before taxes 44,186 536 44,722
Income taxes (17,379) 156 (17,223)
Income / (loss) from
continuing operations 26,807 692 27,499
Discontinued
operations: - -
Income / (loss)
from operations and
the sale of
discontinued
franchises (3,087) 1,440 (1,647)
Income tax benefit /
(expense) (684) 375 (309)
Loss from
discontinued
operations (3,771) 1,815 (1,956)
Net income/ (loss) $23,036 $2,507 $25,543
Diluted:
Weighted average
common shares
outstanding 44,894 44,894 44,894
Earnings / (loss)
per share from
continuing
operations $0.62 $0.02 $0.64
Earnings / (loss)
per share from
discontinued
operations ($0.08) $0.04 ($0.04)
Earnings / (loss)
per share $0.54 $0.06 $0.60
Gross Margin Data
(Continuing Operations):
Retail new vehicles 7.3% 0.0% 7.3%
Fleet vehicles 0.7% 0.0% 0.7%
Total new
vehicles 7.0% 0.0% 7.0%
Used vehicles retail 8.4% 0.0% 8.4%
Total vehicles
retail 7.3% 0.0% 7.3%
Wholesale vehicles (2.3%) 0.0% (2.3%)
Parts, service and
collision repair 50.3% 0.0% 50.3%
Finance, insurance
and other 100.0% 0.0% 100.0%
Overall gross
margin 15.5% 0.0% 15.5%
SG&A Expenses (Continuing
Operations):
Personnel $108,170 $- $108,170
Advertising 14,998 - $14,998
Facility rent 21,771 - $21,771
Other 49,895 (267) $49,628
Total $194,834 $(267) $194,567
SG&A Expenses as % of
Gross Profit
Personnel 40.2% 0.0% 40.2%
Advertising 5.6% 0.0% 5.6%
Facility rent 8.1% 0.0% 8.1%
Other 18.6% (0.1%) 18.5%
Total 72.4% (0.1%) 72.3%
Operating Margin % 3.9% 0.0% 3.9%
Sonic Automotive, Inc.
Results of Operations (Unaudited)
(in thousands, except per share, unit data and percentage amounts)
(amounts in thousands) Three Months Ended Twelve Months Ended
12/31/2008 12/31/2007 12/31/2008 12/31/2007
SG&A expenses as
Reported $(195,014) $(194,834) $(815,083) $(790,221)
Adjustments:
Hurricane and
hail related
expenses - - 8,000 -
Lease exit and
other accruals 3,900 267 10,280 1,046
Total Adjustments 3,900 267 18,280 1,046
SG&A expenses as
Adjusted $(191,114) $(194,567) $(796,803) $(789,175)
Impairment charges
as Reported $(789,944) $(269) $(811,784) $(958)
Adjustments:
Property
impairment
charges 3,481 269 16,421 958
Goodwill
impairment
charges 786,463 - 786,463 -
Franchise
agreement and
other asset
impairment
charges - - 8,900 -
Total Adjustments 789,944 269 811,784 958
Impairment charges
as Adjusted $- $- $- $-
Operating income as
Reported $(782,268) $68,072 $(673,008) $252,329
Adjustments:
Hurricane and
hail related
expenses - - 8,000 -
Lease exit and
other accruals 3,900 267 10,280 1,046
Property
impairment
charges 3,481 269 16,421 958
Goodwill
impairment
charges 786,463 - 786,463 -
Franchise
agreement and
other asset
impairment
charges - - 8,900 -
Total Adjustments 793,844 536 830,064 2,004
Operating income as
Adjusted $11,576 $68,608 $157,056 $254,333
Income / (loss)
from continuing
operations before
taxes as Reported $(806,071) $44,186 $(764,975) $161,819
Adjustments:
Hurricane and
hail related
expenses - - 8,000 -
Lease exit and
other accruals 3,900 267 10,280 1,046
Property
impairment
charges 3,481 269 16,421 958
Goodwill
impairment
charges 786,463 - 786,463 -
Franchise
agreement and
other asset
impairment
charges - - 8,900 -
Total Adjustments 793,844 536 830,064 2,004
Income / (loss)
from continuing
operations before
taxes as Adjusted $(12,227) $44,722 $65,089 $163,823
Income taxes as
Reported $147,287 $(17,379) $130,848 $(63,621)
Adjustments:
Hurricane and
hail related
expenses - - (3,048) -
Lease exit and
other accruals (1,486) (105) (3,917) (410)
Property
impairment
charges (1,326) (105) (6,256) (375)
Goodwill
impairment
charges (239,787) - (239,787) -
Franchise
agreement and
other asset
impairment
charges - - (3,391) -
Valuation
allowance 102,708 366 102,708 366
Total Adjustments (139,891) 156 (153,691) (419)
Income taxes as
Adjusted $7,396 $(17,223) $(22,843) $(64,040)
Income / (loss)
from continuing
operations as
Reported $(658,784) $26,807 $(634,127) $98,198
Adjustments:
Hurricane and
hail related
expenses - - 4,952 -
Lease exit and
other accruals 2,414 162 6,363 636
Property
impairment
charges 2,155 164 10,165 583
Goodwill
impairment
charges 546,676 - 546,676 -
Franchise
agreement and
other asset
impairment
charges - - 5,509 -
Valuation
allowance 102,708 366 102,708 366
Total Adjustments 653,953 692 676,373 1,585
Income / (loss)
from continuing
operations as
Adjusted $(4,831) $27,499 $42,246 $99,783
Income / (loss)
from operations
and the sale of
discontinued
franchises as
Reported $(22,148) $(3,087) $(55,954) $809
Adjustments:
Lease exit and
other accruals 1,594 1,440 15,968 2,324
Property
impairment
charges 664 - 8,530 1,974
Goodwill
impairment
charges 10,862 - 10,862 -
Franchise
agreement and
other asset
impairment
charges 8,466 - 18,266 3,100
Favorable lease
asset impairment
charges - - 1,903 -
Total Adjustments 21,586 1,440 55,529 7,398
Income / (loss)
from operations
and the sale of
discontinued
franchises as
Adjusted $(562) $(1,647) $(425) $8,207
Discontinued
Operations income
tax benefit /
(expense) as Reported $(4,665) $(684) $4,154 $(3,505)
Adjustments:
Lease exit and
other accruals (559) (564) (5,605) (911)
Property
impairment
charges (233) - (2,994) (774)
Goodwill
impairment
charges (924) - (924) -
Franchise
agreement and
other asset
impairment
charges (2,972) - (6,411) -
Favorable lease
asset impairment
charges - - (668) (1,214)
Valuation
allowance 12,316 939 12,316 939
Total Adjustments 7,628 375 (4,286) (1,960)
Discontinued
Operations income
tax benefit /
(expense) as Adjusted $2,963 $(309) $(132) $(5,465)
Loss from
discontinued
operations as
Reported $(26,813) $(3,771) $(51,800) $(2,696)
Adjustments:
Lease exit and
other accruals 1,035 876 10,363 1,413
Property
impairment
charges 431 - 5,536 1,200
Goodwill
impairment
charges 9,938 - 9,938 -
Franchise
agreement and
other asset
impairment
charges 5,494 - 11,855 3,100
Favorable lease
asset impairment
charges - - 1,235 (1,214)
Valuation
allowance 12,316 939 12,316 939
Total Adjustments 29,214 1,815 51,243 5,438
Loss from
discontinued
operations as
Adjusted $2,401 $(1,956) $(557) $2,742
Net income / (loss)
as Reported $(685,597) $23,036 $(685,927) $95,502
Adjustments:
Hurricane and
hail related
expenses - - 4,952 -
Lease exit and
other accruals 3,449 1,038 16,726 2,049
Property
impairment
charges 2,586 164 15,701 1,783
Goodwill
impairment
charges 556,614 - 556,614 -
Franchise
agreement and
other asset
impairment
charges 5,494 - 17,364 1,886
Favorable lease
asset impairment
charges - - 1,235 -
Valuation
allowance 115,024 1,305 115,024 1,305
Total Adjustments 683,167 2,507 727,616 7,023
Net income / (loss)
as Adjusted $(2,430) $25,543 $41,689 $102,525
Earnings / (loss)
per share from
continuing
operations as
Reported $(16.43) $0.62 $(15.71) $2.17
Adjustments:
Hurricane and
hail related
expenses - - 0.12 -
Lease exit and
other accruals 0.06 - 0.16 0.01
Property
impairment
charges 0.05 0.01 0.25 0.01
Goodwill
impairment
charges 13.64 - 13.55 -
Franchise
agreement and
other asset
impairment
charges - - 0.13 -
Valuation
allowance 2.56 0.01 2.55 0.01
Total Adjustments 16.31 0.02 16.76 0.03
Earnings / (loss)
per share from
continuing
operations as
Adjusted $(0.12) $0.64 $1.05 $2.20
Earnings / (loss)
per share from
discontinued
operations as
Reported $(0.67) $(0.08) $(1.29) $(0.04)
Adjustments:
Lease exit and
other accruals 0.03 0.02 0.26 0.03
Property
impairment
charges 0.01 - 0.14 0.03
Goodwill
impairment
charges 0.25 - 0.25 -
Franchise
agreement and
other asset
impairment
charges 0.14 - 0.29 0.07
Favorable lease
asset impairment
charges - - 0.03 (0.03)
Valuation
allowance 0.30 0.02 0.30 0.02
Total Adjustments 0.73 0.04 1.27 0.12
Earnings / (loss)
per share from
discontinued
operations as
Adjusted $0.06 $(0.04) $(0.02) $0.08
Earnings / (loss)
per share as
Reported $(17.10) $0.54 $(17.00) $2.13
Adjustments:
Hurricane and
hail related
expenses - - 0.12 -
Lease exit and
other accruals 0.09 0.02 0.42 0.04
Property
impairment
charges 0.06 0.01 0.39 0.04
Goodwill
impairment
charges 13.88 - 13.79 -
Franchise
agreement and
other asset
impairment
charges 0.14 - 0.43 0.07
Favorable lease
asset impairment
charges - - 0.03 (0.03)
Valuation
allowance 2.87 0.03 2.85 0.03
Total Adjustments 17.04 0.06 18.03 0.15
Earnings / (loss)
per share as
Adjusted $(0.06) $0.60 $1.03 $2.28
