Last $24.70 USD
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As of 8:04 PM 08/29/14 All times are local (Market data is delayed by at least 15 minutes).

sonic automotive inc-class a (SAH) Key Developments

Sonic Automotive Inc. Announces EchoPark, a Specialty Pre-Owned Automotive Retail Concept in the Denver Market

Sonic Automotive Inc. announced that EchoPark is the name of its pre-owned vehicle retail store concept. Launching in Denver this fall, EchoPark will offer a revolutionary customer experience while providing guests with a whole new way to search, buy, service and sell their pre-owned vehicles. EchoPark is slated to open late fall with a main hub in Thornton and neighborhood stores in Centennial and Highlands Ranch. Hiring has begun for these locations and management anticipates hiring more than 150 Coloradoans in 2014 alone. Neighborhood stores in Golden and Dakota Ridge are planned, as well as additional locations in the Denver metro area.

Sonic Automotive Inc. Enters into Third Amended and Restated Credit Agreement with Lenders

On July 23, 2014, Sonic Automotive Inc. entered into a third Amended and Restated Credit Agreement with Bank of America, N.A., as administrative agent, Bank of America, N.A., Mercedes-Benz Financial Services USA LLC, BMW Financial Services NA, LLC, Toyota Motor Credit Corporation, JPMorgan Chase Bank, N.A., Wells Fargo Bank, National Association, Comerica Bank, U.S. Bank, National Association, Capital One, N.A., VW Credit Inc., Bank of the West and World Omni Financial Corp., as lenders, and Bank of America, N.A. and Wells Fargo Bank, National Association, as letter of credit issuers. The Revolving Facility matures on August 15, 2019. The Revolving Facility amended and restated the Second Amended and Restated Credit Agreement, dated as of July 8, 2011, among Sonic, Bank of America, N.A., as administrative agent, Bank of America, N.A., JPMorgan Chase Bank, N.A., U.S. Bank, National Association, Wells Fargo Bank, National Association, Mercedes-Benz Financial Services USA LLC, Comerica Bank, Capital One, N.A., BMW Financial Services NA, LLC, Toyota Motor Credit Corporation, VW Credit Inc. and World Omni Financial Corp., as lenders, and Bank of America, N.A. and Wells Fargo Bank, National Association, as letter of credit issuers, as amended. The Revolving Facility has a borrowing limit of $225 million, which may be expanded up to $275 million in total credit availability upon satisfaction of certain conditions. The Revolving Facility is available for acquisitions, capital expenditures, working capital and general corporate purposes. The amount available for borrowing under the Revolving Facility is reduced on a dollar-for-dollar basis by the aggregate face amount of any outstanding letters of credit under the Revolving Facility and is subject to compliance with a borrowing base. The borrowing base is calculated based on the value of eligible accounts, eligible inventory, eligible equipment and certain eligible real estate designated by Sonic. Amounts outstanding under the Revolving Facility bear interest at a specified percentage above LIBOR, ranging from 1.75% to 2.75% per annum (but, in any case, not less than 2.25% per annum through the end of the third quarter of 2014) according to a performance-based pricing grid determined by Sonic's Consolidated Total Lease Adjusted Leverage Ratio (as defined in the Revolving Facility) as of the last day of the immediately preceding fiscal quarter, or a specified percentage above the Base Rate, ranging from 0.75% to 1.75% per annum (but, in any case, not less than 1.25% per annum through the end of the third quarter of 2014) according to the Performance Grid. In addition, there is a quarterly commitment fee payable by Sonic on the unused portion of the Revolving Facility, ranging from 0.30% to 0.50% per annum (but, in any case, not less than 0.35% per annum through the end of the third quarter of 2014) according to the Performance Grid.

Sonic Automotive, Inc. Declares Quarterly Cash Dividend, Payable on October 15, 2014

Sonic Automotive Inc. announced that its Board of Directors approved a quarterly dividend of $0.025 per share payable in cash for stockholders of record on September 15, 2014. The dividend will be payable on October 15, 2014.

Sonic Automotive Inc. Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

Sonic Automotive Inc. reported unaudited earnings results for the second quarter and six months ended June 30, 2014. For the quarter, reported revenues were $2,353.280 million against $2,202.436 million last year. Adjusted revenues were $2,353.280 million against $2,202.436 million last year. Reported operating income was $63.598 million against $62.536 million last year. Adjusted operating income was $57.687 million against $62.536 million last year. Reported income from continuing operations before taxes was $44.89 million against $14.29 million last year. Adjusted income from continuing operations before taxes was $38.979 million against $43.313 million last year. Reported income from continuing operations was $27.061 million or $0.51 per diluted share against $8.717 million or $0.16 per diluted share last year. Adjusted income from continuing operations was $23.455 million or $0.44 per diluted share against $26.421 million or $0.50 per diluted share last year. Reported net income was $26.993 million or $0.51 per diluted share against $8.916 million or $0.17 per diluted share last year. Adjusted net income was $23.387 million or $0.44 per diluted share against $26.620 million or $0.50 per diluted share last year. 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. For the six months, reported revenues were 4,489.666 million against $4,285.603 million last year. Adjusted revenues were $4,489.666 million against $4,285.603 million last year. Reported operating income was $114.241 million against $117.583 million last year. Adjusted operating income was $108.330 million against $117.583 million last year. Reported income from continuing operations before taxes was $77.123 million against $49.860 million last year. Adjusted income from continuing operations before taxes was $71.212 million against $78.883 million last year. Reported income from continuing operations was $47.045 million or $0.89 per diluted share against $30.415 million or $0.57 per diluted share last year. Adjusted income from continuing operations was $43.439 million or $0.82 per diluted share against $48.119 million or $0.90 per diluted share last year. Reported net income was $46.379 million or $0.87 per diluted share against $30.207 million or $0.57 per diluted share last year. Adjusted net income was $42.773 million or $0.81 per diluted share against $47.911 million or $0.90 per diluted share last year.

Sonic Automotive Inc. to Report Q2, 2014 Results on Jul 22, 2014

Sonic Automotive Inc. announced that they will report Q2, 2014 results at 7:30 AM, US Eastern Standard Time on Jul 22, 2014

 

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