News Column

Sonic Automotive, Inc. Reports All-Time Record Pre-Owned Unit Sales and Total Gross Profit

August 9, 2014



By a News Reporter-Staff News Editor at Journal of Transportation -- Sonic Automotive, Inc. (NYSE: SAH), one of the nation's largest automotive retailers, reported net income from continuing operations for the second quarter of 2014 of $27.1 million, or $0.51 per fully diluted share. Net income from continuing operations for the second quarter of 2013 was $8.7 million, or $0.16 per fully diluted share. Results for the second quarter of 2014 include a net pre-tax gain of approximately $5.9 million, or $0.07 per diluted share, related to a gain on disposal of franchises, partially offset by hail damage and legal settlement charges. Results for the second quarter of 2013 include a pre-tax charge of approximately $29.0 million, or $0.34 per diluted share, related to costs associated with retiring all of its outstanding 9.0% Senior Subordinated Notes due 2018 (the "9% Notes").

Expenses attributable to Sonic's stand-alone pre-owned store initiative were $3.2 million, or $0.04 per fully diluted share, in the second quarter of 2014 compared to $0.7 million, or $0.01 per fully diluted share, in the prior year quarter.

Keywords for this news article include: Automobiles, Transportation, Sonic Automotive Inc..

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Source: Journal of Transportation


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