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Sonic Automotive Inc (SAH) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

Sonic Automotive Inc

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CIK: 1043509 Ticker: SAH

Exhibit 99.1

Sonic Automotive Reports Third Quarter 2019 EPS of $0.66, Up 83%
EchoPark Revenues Up 67.9% and Tracking $1.2 Billion for Full Year 2019
EchoPark Pre-Tax Income Up 138.9%

CHARLOTTE, N.C. – October 24, 2019 – Sonic Automotive, Inc. (NYSE: SAH), one of the nation’s largest automotive retailers, today reported financial results for the third quarter of 2019.

•EchoPark revenues of $312.2 million during the third quarter of 2019, up 67.9% from the third quarter of 2018.
•EchoPark pre-tax profit improved $7.6 million, or 138.9%, to $2.1 million in the third quarter of 2019, compared to a pre-tax loss of $5.5 million in the third quarter of 2018.
•EchoPark generated Adjusted EBITDA* of $6.4 million in the third quarter of 2019, improving by $9.4 million from the third quarter of 2018.
•EchoPark retailed 13,206 pre-owned units during the third quarter of 2019, up 71.6% from the third quarter of 2018.
•Total Sonic consolidated continuing operations earnings per diluted share of $0.66 in the third quarter of 2019, compared to $0.36 in the third quarter of 2018, an 83.3% increase from the third quarter of 2018.
•Total Sonic consolidated all-time quarterly record pre-owned retail unit sales of 42,453 units in the third quarter of 2019.
•Total Sonic same store Fixed Operations gross profit increased $11.4 million in the third quarter of 2019, up 7.3% from the third quarter of 2018.
•Total Sonic consolidated all-time quarterly record F&I gross profit per retail unit of $1,771 in the third quarter of 2019, an increase of $266 per unit from the third quarter of 2018.
•Total Sonic consolidated all-time quarterly record F&I gross profit of $126.8 million in the third quarter of 2019, an increase of 29.3% from the third quarter of 2018.
•SG&A to gross profit ratio of 76.7% in the third quarter of 2019, an improvement of 350 basis points compared to the third quarter of 2018.

* Adjusted EBITDA is a non-GAAP financial measure. The schedules included in this press release reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure.


Third Quarter 2019 Results

Net income from continuing operations for the third quarter of 2019 was $29.2 million, or $0.66 per diluted share. Comparatively, net income from continuing operations for the third quarter of 2018 was $15.3 million, or $0.36 per diluted share. Results reported for the third quarter of 2018 include pre-tax charges totaling $3.1 million related to storm damage, executive transition costs and charges related to the disposal of franchises.

Commentary

David Smith, Sonic’s and EchoPark’s Chief Executive Officer, commented, “Our franchised stores and our EchoPark stores grew pre-tax income in the double and triple digits, respectively. The franchised stores segment increased pre-tax income in the third quarter of 2019 over the prior year quarter by $10.3 million, or 36.8%, while the EchoPark segment increased pre-tax income in the third quarter of 2019 over the prior year quarter by $7.6 million, or 138.9%.”

Mr. Smith continued, “Our operations teams delivered yet another outstanding quarter that resulted in an 83% improvement in earnings per diluted share from continuing operations compared to the third quarter of 2018. Our teams delivered a solid combination of gross profit growth and cost control. Consolidated gross profit grew 7.3% while our SG&A to gross profit ratio improved by 350 basis points. These results were achieved in spite of a challenging new vehicle sales environment where our new vehicle unit sales and related gross profit decreased by 2.8% and $6.3 million, respectively. Our pre-owned, Fixed Operations and F&I results during the quarter exceeded our expectations. We believe these favorable operating trends will continue into the fourth quarter.”

Jeff Dyke, Sonic’s and EchoPark’s President, commented, “Our EchoPark stores had another exceptional quarter. EchoPark grew revenues by 67.9%, gross profit by 107.2% and pre-tax income by 138.9%. As we continue to grow our top-line revenues, a greater amount of incremental gross profit flows through to the bottom line, demonstrating the significant earnings upside potential in this business over the long term. Our path to opening our next EchoPark market in

The following information was filed by Sonic Automotive Inc (SAH) on Thursday, October 24, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Sonic Automotive Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Details
Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statement Of Stockholders' Equity (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Income (Unaudited)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Tables)
Accumulated Other Comprehensive Income (Loss) - Summary Of Changes In Accumulated Other Comprehensive Income (Loss) (Details)
Business Acquisitions And Dispositions
Business Acquisitions And Dispositions (Tables)
Business Acquisitions And Dispositions - Additional Information (Details)
Business Acquisitions And Dispositions - Revenues And Other Activities Associated With Disposed Dealerships Classified As Discontinued Operations (Details)
Business Acquisitions And Dispositions - Revenues And Other Activities Associated With Disposed Dealerships That Remain In Continuing Operations (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Additional Information (Details)
Commitments And Contingencies - Summary Of Lease Exit Accruals (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Assets And Liabilities Recorded At Fair Value (Details)
Fair Value Measurements - Fair Value And Carrying Value Of Significant Fixed Rate Long-Term Debt (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets - Additional Information (Details)
Inventories
Inventories (Tables)
Inventories - Components Of Inventories (Details)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - 2016 Credit Facilities (Details)
Long-Term Debt - Covenants (Details)
Long-Term Debt - Debt Redemption (Details)
Long-Term Debt - Derivative Instruments And Hedging Activities (Details)
Long-Term Debt - Long-Term Debt (Details)
Long-Term Debt - Notes Narrative (Details)
Long-Term Debt - Summary Of Interest Received And Paid Under Term Of Cash Flow Swap (Details)
Per Share Data And Stockholders' Equity - Dilutive Effect On Earnings Per Share (Details)
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Additional Information (Details)
Property And Equipment - Components Of Property And Equipment, Net (Details)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Details)
Segment Information - Summary Of Reportable Operating Segment (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Activity (Details)
Summary Of Significant Accounting Policies - Additional Information (Details)
Summary Of Significant Accounting Policies - Balance Sheets (Details)
Summary Of Significant Accounting Policies - Cumulative Effect Of Adjustments For Adoption Of Asc 606 (Details)
Summary Of Significant Accounting Policies - Lease Expense (Details)
Summary Of Significant Accounting Policies - Other Information (Details)
Summary Of Significant Accounting Policies - Recent Accounting Pronouncements (Details)
Summary Of Significant Accounting Policies - Topic 840 (Details)
Summary Of Significant Accounting Policies - Undiscounted Lease Cash Flows (Details)

Material Contracts, Statements, Certifications & more

Sonic Automotive Inc provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: SAH
CIK: 1043509
Form Type: 10-Q Quarterly Report
Accession Number: 0001043509-19-000010
Submitted to the SEC: Thu Oct 24 2019 12:01:31 PM EST
Accepted by the SEC: Thu Oct 24 2019
Period: Monday, September 30, 2019
Industry: Retail Auto Dealers And Gasoline Stations

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