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

Sonic Automotive Inc

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CIK: 1043509 Ticker: SAH

Exhibit 99.1

FOR IMMEDIATE RELEASE

Sonic Automotive, Inc. Reports Record Results and Launch of EchoPark® Automotive!

Adjusted Continuing Operations Quarterly EPS of $0.63

Fourth Quarter 2014 Results

 

  •   Record Q4 new retail units of 34,755, up 2.2%, over the prior year quarter

 

  •   Record Q4 pre-owned units and gross profit of 26,406 and $37.8 million, respectively

 

  •   Record Q4 fixed operations gross profit of $156.3 million, up 2.4% over the prior year quarter

 

  •   Record Q4 total gross profit of $348.5 million, up 2.9% over the prior year quarter

 

  •   EchoPark® stores in Denver open for business

 

  •   One Sonic-One Experience launched in Charlotte

Full Year 2014 Results

 

  •   Retailed an annual record new retail and pre-owned units of 135,932 and 110,113, respectively

 

  •   Record annual pre-owned gross profit of $157.2 million

 

  •   Record annual fixed operations gross profit of $623.5 million

 

  •   Record annual total gross profit of $1.4 billion

 

  •   Near record pre-tax income from continuing operations of $161.7 million

CHARLOTTE, N.C. – February 24, 2015 – Sonic Automotive, Inc. (NYSE: SAH), one of the nation’s largest automotive retailers, today reported adjusted net income from continuing operations for the fourth quarter of 2014 of $32.5 million, or $0.63 per diluted share. Included in these adjusted amounts are pre-tax expenses of $7.1 million, or $0.08 per diluted share, related to the Company’s EchoPark® initiative and $3.8 million, or $0.05 per diluted share, related to its One Sonic-One Experience initiative.

Adjusted net income from continuing operations for the fourth quarter of 2013 was $35.6 million, or $0.67 per diluted share. Included in these adjusted amounts are pre-tax expenses of $2.2 million, or $0.03 per diluted share, related to the Company’s EchoPark® initiative and $2.1 million, or $0.02 per diluted share, related to its One Sonic-One Experience initiative.

On a GAAP basis, net income from continuing operations and related diluted earnings per share for the fourth quarter 2014 were $27.0 million and $0.52 per share, respectively, compared to $29.6 million and $0.55 per diluted share for the fourth quarter of 2013. See the accompanying tables for details of quarterly adjustments.

Sonic reported full year 2014 adjusted net income from continuing operations of $100.0 million, or $1.90 per diluted share, that includes expenses of $15.7 million, or $0.18 per diluted share, related to the Company’s EchoPark® initiative and $10.4 million, or $0.12 per diluted share, related to its One Sonic-One Experience initiative.

The following information was filed by Sonic Automotive Inc (SAH) on Tuesday, February 24, 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 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 - Results Associated With Disposed Dealerships That Remain In Continued 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, Net (detail)
Property And Equipment - Property And Equipment Impairment Charges (detail)
Related Parties
Related Parties - Additional Information (detail)
Segment Information
Segment Information (tables)
Segment Information - Additional Information (detail)
Segment Information - Summary Of Reportable Operating Segment (detail)
Subsequent Events
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: 0001564590-15-001112
Submitted to the SEC: Fri Feb 27 2015 5:13:33 PM EST
Accepted by the SEC: Fri Feb 27 2015
Period: Wednesday, December 31, 2014
Industry: Retail Auto Dealers And Gasoline Stations

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