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Sonic Automotive Inc (SAH) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Sonic Automotive Inc

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CIK: 1043509 Ticker: SAH

Exhibit 99.1

FOR IMMEDIATE RELEASE

Sonic Automotive, Inc. Reports Record Results

Continuing Operations Quarterly Earnings Per Share of $0.84

Fourth Quarter 2016 Results

 

  •   Record Q4 pre-owned units and gross profit of 29,621 and $41.5 million, respectively

 

  •   Record Q4 fixed operations gross profit of $169.9 million, up 0.5% over the prior year quarter

 

  •   Record Q4 F&I gross profit and gross profit per retail unit of $88.3 million and $1,363, respectively

 

  •   Record Q4 total gross profit of $371.7 million, up 2.2% over the prior year quarter

 

  •   EchoPark® stores retailed 1,330 units, up 74.1% over the prior year quarter

Full Year 2016 Results

 

  •   Record annual pre-owned units of 119,174, up 1.8% over the prior year

 

  •   Record annual fixed operations gross profit of $674.1 million, up 1.3% over the prior year

 

  •   Record annual F&I gross profit and gross profit per retail unit of $343.3 million and $1,354, respectively

 

  •   Record annual total gross profit of $1.429 billion, up 1.0% over the prior year

 

  •   EchoPark® stores retailed 4,865 units, up 50.9% over the prior year

CHARLOTTE, N.C. – February 21, 2017 – Sonic Automotive, Inc. (NYSE: SAH), one of the nation’s largest automotive retailers, today reported financial results for the fourth quarter and full year of 2016.

GAAP Basis

Net income from continuing operations for the fourth quarter of 2016 and 2015 was $38.0 million, or $0.84 per diluted share, and $31.5 million, or $0.63 per diluted share, respectively. Also included in the reported amounts for the fourth quarter of 2016 and 2015 is a net loss from operations related to EchoPark® of $1.3 million, or $0.03 per diluted share, and $2.2 million, or $0.04 per diluted share, respectively.

Net income from continuing operations for the full year of 2016 and 2015 was $94.5 million, or $2.06 per diluted share, and $88.1 million, or $1.73 per diluted share, respectively. Also included in the reported amounts for the full year of 2016 and 2015 is a net loss from operations related to EchoPark® of $7.8 million, or $0.17 per diluted share, and $10.8 million, or $0.21 per diluted share, respectively.

The following information was filed by Sonic Automotive Inc (SAH) on Tuesday, February 21, 2017 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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Inside Sonic Automotive Inc's 10-K Annual Report:

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 - Revenues And Other Activities Associated With Dealerships Classified As Discontinued Operations (detail)
Business Acquisitions And Dispositions - Revenues And Other Activities Associated With Disposed Dealerships That Remain In Continuing 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)
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 Pension 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 Stock Options Related To Stock Plans (detail)
Employee Benefit Plans - Status Of Supplemental Executive Retirement Plan (detail)
Employee Benefit Plans - Status Of Supplemental Executive Retirement Plan (parenthetical) (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 Taxes For Continuing Operations - (benefit) Expense (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
Subsequent Events - 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: 0001564590-17-002476
Submitted to the SEC: Fri Feb 24 2017 8:41:53 PM EST
Accepted by the SEC: Mon Feb 27 2017
Period: Saturday, December 31, 2016
Industry: Retail Auto Dealers And Gasoline Stations

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