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Asbury Automotive Group Inc (ABG) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

Asbury Automotive Group Inc

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CIK: 1144980 Ticker: ABG


Exhibit 99.1

Investors & Reporters May Contact:
Matt Pettoni
VP & Treasurer
(770) 418-8219
ir@asburyauto.com


 
 ASBURY AUTOMOTIVE GROUP ANNOUNCES RECORD
2014 FOURTH QUARTER AND FULL-YEAR FINANCIAL RESULTS
 
Record fourth quarter adjusted EPS from continuing operations of $1.07 per diluted share, up 22% over prior year quarter EPS

Record full year 2014 adjusted EPS from continuing operations of $4.37 per diluted share, up 24% over prior year adjusted EPS
 
Duluth, GA, February 4, 2015 - Asbury Automotive Group, Inc. (NYSE: ABG), one of the largest automotive retail and service companies in the U.S., today reported adjusted income from continuing operations for the fourth quarter 2014 of $31.4 million, or $1.07 per diluted share, versus income from continuing operations in the fourth quarter 2013 of $27.2 million, or $0.88 per diluted share, a 22% increase per diluted share. Adjusted income from continuing operations for the fourth quarter of 2014 excludes the loss on extinguishment of long-term debt of $19.5 million after-tax, or $0.66 per diluted share.
 See attached reconciliation for reported adjustments related to the fourth quarter of 2014. There were no adjustments for the fourth quarter of 2013. Net income for the fourth quarter of 2014 was $11.8 million, or $0.40 per diluted share, compared to $26.9 million, or $0.87 per diluted share in the prior year period.

Fourth Quarter 2014 Operational Highlights (compared to the prior year period):
 
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Total revenues increased 9% to $1.5 billion
•
New vehicle retail revenues up 9%; gross profit up 6%
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Used vehicle retail revenues up 12%; gross profit up 7%
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Finance and insurance revenues up 10%
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Parts and service gross profit up 13%
•
Total gross profit up 10% with increases from all business lines
•
SG&A expense as a percent of gross profit improved 70 basis points to 70.0%
•
Operating margin improved 20 basis points to 4.4%


1
The following information was filed by Asbury Automotive Group Inc (ABG) on Wednesday, February 4, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Shareholders’ Equity
Consolidated Statements Of Shareholders’ Equity (parenthetical)
Accounts Payable And Accrued Liabilities
Accounts Payable And Accrued Liabilities (details)
Accounts Payable And Accrued Liabilities (tables)
Accounts Receivable
Accounts Receivable (details)
Acquisitions
Acquisitions (narrative) (details)
Acquisitions (schedule Of Business Acquisitions) (details)
Acquisitions (tables)
Assets And Liabilities Held For Sale
Assets And Liabilities Held For Sale (details)
Commitments And Contingencies
Commitments And Contingencies (details)
Condensed Quarterly Revenues And Earnings (unaudited)
Condensed Quarterly Revenues And Earnings (unaudited) (details)
Condensed Quarterly Revenues And Earnings (unaudited) (tables)
Description Of Business
Description Of Business (details)
Discontinued Operations And Divestitures
Discontinued Operations And Divestitures (details)
Discontinued Operations And Divestitures (tables)
Financial Instruments And Fair Value
Financial Instruments And Fair Value (details)
Financial Instruments And Fair Value (schedule Of Amounts Reclassified Out Of Aoci) (details)
Financial Instruments And Fair Value (schedule Of Derivative Instruments Effect On The Consolidated Income Statement, Including Accumulated Other Comprehensive Income) (details)
Financial Instruments And Fair Value (schedule Of Instruments Entered Into For Hedging Purposes) (details)
Financial Instruments And Fair Value (summary Of Carrying Values And Fair Values Of Debt) (details)
Financial Instruments And Fair Value (tables)
Floor Plan Notes Payable
Floor Plan Notes Payable (details)
Goodwill
Goodwill (details)
Goodwill (tables)
Income Taxes
Income Taxes (details)
Income Taxes (schedule Of Components Of Income Tax Expense) (details)
Income Taxes (schedule Of Deferred Income Tax Assets And Liabilities) (details)
Income Taxes (schedule Of Effective Income Tax Rate Reconciliation) (details)
Income Taxes (tables)
Inventories
Inventories (details)
Inventories (tables)
Lease Obligations
Lease Obligations (details)
Lease Obligations (schedule Of Minimum Lease Payments) (details)
Lease Obligations (tables)
Long-term Debt
Long-term Debt (details)
Long-term Debt (schedule Of Aggregate Maturities Of Long-term Debt) (details) (details)
Long-term Debt (schedule Of Long-term Debt) (details)
Long-term Debt (schedule Of Mortgage Notes Payable) (details) (details)
Long-term Debt (tables)
Other Current Assets
Other Current Assets (details)
Other Current Assets (tables)
Other Long-term Assets
Other Long-term Assets (details)
Other Long-term Assets (tables)
Other Long-term Liabilities
Other Long-term Liabilities (details)
Other Long-term Liabilities (tables)
Property And Equipment, Net
Property And Equipment, Net (narrative) (details)
Property And Equipment, Net (schedule Of Property And Equipment, Net) (details)
Property And Equipment, Net (tables)
Related Party Transactions
Related Party Transactions (details)
Share-based Compensation And Employee Benefit Plans
Share-based Compensation And Employee Benefit Plans (employee Benefit Plans) (details)
Share-based Compensation And Employee Benefit Plans (schedule Of Options Outstanding And Exercisable Under The Plans) (details)
Share-based Compensation And Employee Benefit Plans (schedule Of Performance Share Units) (details)
Share-based Compensation And Employee Benefit Plans (schedule Of Restricted Stock) (details)
Share-based Compensation And Employee Benefit Plans (share-based Compensation) (details)
Share-based Compensation And Employee Benefit Plans (tables)
Subsequent Events
Subsequent Events (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (details)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (schedule Of Property And Equipment Useful Lives) (details)
Summary Of Significant Accounting Policies (schedule Of Revenues By Major Brand) (details)
Summary Of Significant Accounting Policies (tables)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (details)
Supplemental Cash Flow Information (schedule Of Other Adjustments To Reconcile Net Income To Cash Flow From Operating Activities) (details) (details)
Supplemental Cash Flow Information Supplemental Cash Flow Information (tables)
Ticker: ABG
CIK: 1144980
Form Type: 10-K Annual Report
Accession Number: 0001144980-15-000058
Submitted to the SEC: Tue Feb 24 2015 5:07:11 PM EST
Accepted by the SEC: Tue Feb 24 2015
Period: Wednesday, December 31, 2014
Industry: Retail Auto Dealers And Gasoline Stations

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