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Sonic Automotive Inc (SAH) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Sonic Automotive Inc

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CIK: 1043509 Ticker: SAH

Exhibit 99.1

FOR IMMEDIATE RELEASE

Sonic Automotive, Inc. Posts All-Time Record New Vehicle Retail and Fixed Operations Gross Profits - True Price® Strategy Gains Traction

CHARLOTTE, N.C. – February 19, 2014 – Sonic Automotive, Inc. (NYSE: SAH), one of the nation’s largest automotive retailers, today reported fourth quarter of 2013 adjusted diluted earnings per share from continuing operations of $0.67, an increase of 28.8% compared to $0.52 in the prior year quarter. 2013 fourth quarter adjusted net income from continuing operations was $35.5 million, a 23.4% increase over prior year fourth quarter results of $28.8 million. On an unadjusted basis, fourth quarter 2013 diluted earnings per share from continuing operations were $0.55, compared to $0.52 in the prior year quarter.

For the full year 2013, Sonic Automotive grew adjusted diluted earnings per share from continuing operations by 18.0% to $2.03 per diluted share, compared to an adjusted amount of $1.72 per diluted share in the 2012. On an unadjusted basis, full year 2013 diluted earnings per share from continuing operations were $1.59, compared to $1.56 in the prior year. See the accompanying tables for reconciliation between all adjusted and unadjusted amounts.

Q4 2013 and 2013 Annual Highlights

 

  •   All-time record new retail unit sales for Q4 and full year 2013 of 34,001 and 132,363, respectively.

 

  •   All-time record Q4 new retail gross profit of $82.1 million.

 

  •   All-time record fixed operations gross profit for Q4 and full year 2013 of $152.6 million and $597.1 million, respectively.

 

  •   All-time record used retail unit and gross profit for full year 2013 of 107,054 units and $150.4 million, respectively.

 

  •   Record Q4 used retail unit sales of 26,354.

 

  •   Total revenues up 5.8% in Q4 over prior year quarter, and up 5.7% over the prior full year.

 

  •   New vehicle retail revenue up 3.1% in Q4 over the prior year quarter, and up 6.0% over the prior full year.

 

  •   Used vehicle retail revenue up 12.7% in Q4 over the prior year quarter, and up 6.0% over the prior full year.

 

  •   Fixed Operations (Parts, Service & Collision) revenue up $29.8 million in Q4 over the prior year quarter, or 10.4%, and up $67.9 million, or 5.8%, over the prior full year.

 

  •   Full year SG&A to gross profit of 77.1%.

The following information was filed by Sonic Automotive Inc (SAH) on Wednesday, February 19, 2014 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 Cash Flows (parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (parenthetical)
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) (detail)
Accumulated Other Comprehensive Income (loss) - Summary Of Changes In Accumulated Other Comprehensive Income (loss) (parenthetical) (detail)
Business Acquisitions And Dispositions
Business Acquisitions And Dispositions (tables)
Business Acquisitions And Dispositions - Additional Information (detail)
Business Acquisitions And Dispositions - Results Associated With Dealerships Classified As Discontinued Operations (detail)
Business Acquisitions And Dispositions - Summary Of Consolidated Pro Forma Results Of Future Operations (detail)
Capital Structure And Per Share Data
Capital Structure And Per Share Data (tables)
Capital Structure And Per Share Data - Additional Information (detail)
Capital Structure And Per Share Data - Dilutive Effect On Earnings Per Share (detail)
Capital Structure And Per Share Data - Dilutive Effect On Earnings Per Share (parenthetical) (detail)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Additional Information (detail)
Commitments And Contingencies - Financial Covenants Related To Amended Subordination And Guaranty Agreement (detail)
Commitments And Contingencies - Minimum Future Lease Payments For Both Continuing And Discontinued Operations (detail)
Commitments And Contingencies - Summary Of Lease Exit Accruals (detail)
Commitments And Contingencies - Summary Of Lease Exit Accruals (parenthetical) (detail)
Description Of Business And Summary Of Significant Accounting Policies
Description Of Business And Summary Of Significant Accounting Policies (policies)
Description Of Business And Summary Of Significant Accounting Policies (tables)
Description Of Business And Summary Of Significant Accounting Policies - Additional Information (detail)
Description Of Business And Summary Of Significant Accounting Policies - Range Of Estimated Useful Lives (detail)
Employee Benefit Plans
Employee Benefit Plans (tables)
Employee Benefit Plans - Additional Information (detail)
Employee Benefit Plans - Cost Components Of Supplemental Executive Retirement Plan (detail)
Employee Benefit Plans - Estimated Future Benefit Payments (detail)
Employee Benefit Plans - Schedule Of Multi-employer Plans Affecting Period-to-period Comparability Of Contributions (detail)
Employee Benefit Plans - Status Of Non-vested Restricted Stock And Restricted Stock Unit Grants Related To Stock Plans (detail)
Employee Benefit Plans - Status Of Options Related To Stock Plans (detail)
Employee Benefit Plans - Status Of Supplemental Executive Retirement Plan (detail)
Employee Benefit Plans - Weighted Average Assumptions Used To Determine Benefit Obligation And Net Periodic Benefit Costs (detail)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Assets Or Liabilities Measured At Fair Value On A Non-recurring Basis (detail)
Fair Value Measurements - Assets Or Liabilities Recorded At Fair Value (detail)
Fair Value Measurements - Assets Or Liabilities Recorded At Fair Value (parenthetical) (detail)
Fair Value Measurements - Fair Value And Carrying Value Of Fixed Rate Long-term Debt (detail)
Fair Value Measurements - Fair Value And Carrying Value Of Fixed Rate Long-term Debt (parenthetical) (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Income Taxes - Components Of Deferred Tax Assets And Liabilities (detail)
Income Taxes - Provision For Income Tax Benefit Expense From Continuing Operations (detail)
Income Taxes - Reconciliation Of The Statutory Federal Income Tax Rate With Federal And State Overall Effective Income Tax Rate From Continuing Operations (detail)
Income Taxes - Summary Of Changes In Liability Related To Unrecognized Tax Benefits (detail)
Income Taxes - Summary Of Changes In Liability Related To Unrecognized Tax Benefits (parenthetical) (detail)
Intangible Assets And Goodwill
Intangible Assets And Goodwill (tables)
Intangible Assets And Goodwill - Additional Information (detail)
Intangible Assets And Goodwill - Changes In Carrying Amount Of Franchise Assets And Goodwill (detail)
Intangible Assets And Goodwill - Changes In Carrying Amount Of Franchise Assets And Goodwill (parenthetical) (detail)
Intangible Assets And Goodwill - Definite Life Intangible Assets (detail)
Intangible Assets And Goodwill - Future Amortization Expense (detail)
Inventories And Related Notes Payable - Floor Plan
Inventories And Related Notes Payable - Floor Plan (tables)
Inventories And Related Notes Payable - Floor Plan - Additional Information (detail)
Inventories And Related Notes Payable - Floor Plan - Components Of Inventories (detail)
Long-term Debt
Long-term Debt (tables)
Long-term Debt - Additional Information (detail)
Long-term Debt - Financial Covenants Include Required Specified Ratios (detail)
Long-term Debt - Future Maturities Of Long-term Debt (detail)
Long-term Debt - Long-term Debt (detail)
Long-term Debt - Long-term Debt (parenthetical) (detail)
Long-term Debt - Redemption Price, Percentage (detail)
Long-term Debt - Summary Of Interest Received And Paid Under Term Of Cash Flow Swap (detail)
Long-term Debt - Summary Of Interest Received And Paid Under Term Of Cash Flow Swap (parenthetical) (detail)
Property And Equipment
Property And Equipment (tables)
Property And Equipment - Additional Information (detail)
Property And Equipment - Components Of Property And Equipment (detail)
Property And Equipment - Property And Equipment Impairment Charges (detail)
Related Parties
Related Parties - Additional Information (detail)
Summary Of Quarterly Financial Data (unaudited)
Summary Of Quarterly Financial Data (unaudited) (tables)
Summary Of Quarterly Financial Data (unaudited) - Additional Information (detail)
Summary Of Quarterly Financial Data (unaudited) - Consolidated Statements Of Income By Quarter (detail)
Ticker: SAH
CIK: 1043509
Form Type: 10-K Annual Report
Accession Number: 0001193125-14-080200
Submitted to the SEC: Mon Mar 03 2014 4:18:13 PM EST
Accepted by the SEC: Mon Mar 03 2014
Period: Tuesday, December 31, 2013
Industry: Retail Auto Dealers And Gasoline Stations

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