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Sonic Automotive Inc (SAH) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Sonic Automotive Inc

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CIK: 1830214 Ticker: SAH

Exhibit 99.1

Sonic Automotive, Inc. Reports Fourth Quarter and Full Year Results
EchoPark Grows Retail Unit Volume 95%

CHARLOTTE, N.C. – February 20, 2019 – Sonic Automotive, Inc. (NYSE: SAH), one of the nation’s largest automotive retailers, today reported financial results for the fourth quarter and full year ended December 31, 2018.

•Fourth quarter revenue and gross profit of $2.6 billion and $370.7 million, respectively
•Record fourth quarter pre-owned retail unit sales of 35,135 units
•Record quarterly F&I gross profit per retail unit of $1,659
•Record quarterly F&I gross of $109.6 million
•EchoPark stores retailed 8,762 units during the fourth quarter, up 94.9% from the fourth quarter of 2017
•GAAP continuing operations earnings per diluted share of $0.51 per diluted share in the fourth quarter of 2018
•GAAP continuing operations earnings per diluted share of $1.22 per diluted share for the full year 2018
•Adjusted continuing operations earnings per diluted share of $0.76 per diluted share in the fourth quarter of 2018
•Adjusted continuing operations earnings per diluted share of $1.79 per diluted share for the full year 2018
•Increased quarterly cash dividend 67%, to $0.10 per share

Fourth Quarter and Full Year 2018 Results

GAAP Basis

Net income from continuing operations for the fourth quarter of 2018 was $22.0 million, or $0.51 per diluted share. Comparatively, net income from continuing operations for the fourth quarter of 2017 was $62.1 million, or $1.42 per diluted share.

Net income from continuing operations for the full year 2018 was $52.4 million, or $1.22 per diluted share. Comparatively, net income from continuing operations for the full year 2017 was $94.2 million, or $2.12 per diluted share.

Adjusted Basis

Adjusted net income from continuing operations and related earnings per diluted share are non-GAAP financial measures. The schedules included in this press release reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measures.

Adjusted net income from continuing operations for the fourth quarter of 2018 was $32.7 million, or $0.76 per diluted share. The adjustments in the fourth quarter of 2018 relate to lease-related matters and fixed asset and franchise asset impairments. Adjusted net income from continuing operations for the fourth quarter of 2017 was $36.6 million, or $0.84 per diluted share. The adjustments in the 2017 quarterly period relate to the benefit of the change in the federal income tax rate in future periods, a gain related to the disposal of franchises, adjustments to physical damage accruals and charges related to fixed asset and franchise asset impairments and legal matters.

Adjusted net income from continuing operations for the full year 2018 was $76.9 million, or $1.79 per diluted share. The adjustments in the 2018 annual period relate to fixed asset and franchise asset impairments, legal, storm damage and lease exit charges, long-term compensation related charges and executive transition costs, offset partially by gains related to the disposal of franchises. Adjusted net income from continuing operations for the full year 2017 was $82.2 million, or $1.85 per diluted share. The adjustments in the 2017 annual period relate to the benefit of the change in the federal income tax rate in future periods, gains related to the disposal of franchises and charges related to fixed asset and franchise asset impairments, debt refinance costs and legal matters.


The following information was filed by Sonic Automotive Inc (SAH) on Wednesday, February 20, 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-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) (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)
Capital Structure And Per Share Data
Capital Structure And Per Share Data (Tables)
Capital Structure And Per Share Data - Additional Information (Details)
Capital Structure And Per Share Data - Dilutive Effect On Earnings Per Share (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Additional Information (Details)
Commitments And Contingencies - Financial Covenants Related To Amended Subordination And Guaranty Agreement (Details)
Commitments And Contingencies - Future Minimum Lease Payments For Both Continuing And Discontinued Operations (Details)
Commitments And Contingencies - Summary Of Lease Exit Accruals (Details)
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 (Details)
Description Of Business And Summary Of Significant Accounting Policies - Cumulative Effect Of Adjustments For Adoption Of Asc 606 (Details)
Description Of Business And Summary Of Significant Accounting Policies - Range Of Estimated Useful Lives (Details)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - Additional Information (Details)
Employee Benefit Plans - Cost Components Of Supplemental Executive Retirement Plan (Details)
Employee Benefit Plans - Estimated Future Benefit Payments (Details)
Employee Benefit Plans - Schedule Of Multi-Employer Pension Plans Affecting Period-To-Period Comparability Of Contributions (Details)
Employee Benefit Plans - Status Of Non-Vested Restricted Stock And Restricted Stock Unit Grants Related To Stock Plans (Details)
Employee Benefit Plans - Status Of Stock Options Related To Stock Plans (Details)
Employee Benefit Plans - Status Of Supplemental Executive Retirement Plan (Details)
Employee Benefit Plans - Weighted Average Assumptions Used To Determine Benefit Obligation And Net Periodic Benefit Costs (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Assets And Liabilities Measured At Fair Value On A Non-Recurring Basis (Details)
Fair Value Measurements - Assets And Liabilities Recorded At Fair Value (Details)
Fair Value Measurements - Fair Value And Carrying Value Of Fixed Rate Long-Term Debt (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Components Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Provision For Income Taxes For Continuing Operations - Benefit (Expense) (Details)
Income Taxes - Reconciliation Of The Statutory Federal Income Tax Rate With Federal And State Overall Effective Income Tax Rate From Continuing Operations (Details)
Income Taxes - Summary Of Changes In Liability Related To Unrecognized Tax Benefits (Details)
Intangible Assets And Goodwill
Intangible Assets And Goodwill (Tables)
Intangible Assets And Goodwill - Additional Information (Details)
Intangible Assets And Goodwill - Changes In Carrying Amount Of Franchise Assets And Goodwill (Details)
Intangible Assets And Goodwill - Definite Life Intangible Assets (Details)
Intangible Assets And Goodwill - Future Amortization Expense (Details)
Inventories And Related Notes Payable - Floor Plan
Inventories And Related Notes Payable - Floor Plan (Tables)
Inventories And Related Notes Payable - Floor Plan - Additional Information (Details)
Inventories And Related Notes Payable - Floor Plan - Components Of Inventories (Details)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Derivative Instruments And Hedging Activities Narrative (Details)
Long-Term Debt - Financial Covenants Include Required Specified Ratios (Details)
Long-Term Debt - Future Maturities Of Long-Term Debt (Details)
Long-Term Debt - Notes Narrative (Details)
Long-Term Debt - Redemption Price, Percentage (Details)
Long-Term Debt - Schedule Of Long-Term Debt (Details)
Long-Term Debt - Summary Of Interest Received And Paid Under Term Of Cash Flow Swap (Details)
Long-Term Debt Long-Term Debt - 2016 Credit Facilities (Details)
Long-Term Debt Long-Term Debt - Covenants (Details)
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Additional Information (Details)
Property And Equipment - Components Of Property And Equipment, Net (Details)
Property And Equipment - Impairment Charges (Details)
Related Parties
Related Parties - Additional Information (Details)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Details)
Segment Information - Summary Of Reportable Operating Segment (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Quarterly Financial Data (Unaudited)
Summary Of Quarterly Financial Data (Unaudited) (Tables)
Summary Of Quarterly Financial Data (Unaudited) - Additional Information (Details)
Summary Of Quarterly Financial Data (Unaudited) - Consolidated Statements Of Income By Quarter (Details)
Ticker: SAH
CIK: 1043509
Form Type: 10-K Annual Report
Accession Number: 0001628280-19-001674
Submitted to the SEC: Thu Feb 21 2019 11:54:43 AM EST
Accepted by the SEC: Thu Feb 21 2019
Period: Monday, December 31, 2018
Industry: Retail Auto Dealers And Gasoline Stations

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