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BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--July 19, 2005—
United Auto Group, Inc. (NYSE: UAG), a FORTUNE 500 automotive specialty retailer, today announced its 25th consecutive quarter of record revenues and a 25 basis-point improvement in gross margin to 14.8%. Total revenue increased 20% to $2.7 billion, including a 7.2% increase in same-store retail revenue. Same-store highlights include:
-- New vehicle retail revenue +8.0%
-- Used vehicle retail revenue +3.7%
-- Service and parts revenue +8.7%
-- Finance and insurance revenue +14.6%
Net income for the quarter was $33.2 million, or $0.71 per share and included $1.2 million ($0.03 per share) of after-tax severance charges as UnitedAuto rationalized its cost structure in certain markets. Second quarter 2004 net income was $33.0 million, or $0.71 per share, and included a $4.0 million ($0.09 per share) after-tax gain resulting from the sale of an investment. Excluding the impact of the severance charges and the gain from investment, adjusted net income increased 18.8% to $34.4 million from $29.0 million in the prior period.
Roger Penske, UnitedAuto Chairman, commented, "We are pleased with the revenue growth and margin expansion we realized across each of our product lines during the second quarter. We continue to achieve impressive growth in our higher margin service and parts departments due, in part, to our capital investment program. Total service and parts revenue increased 22.3% to $281 million in the quarter, helping to drive our gross margin increase." Penske continued, "Our strong sales performance and focus on managing inventory resulted in a 55-days supply of new vehicle inventory in the U.S. compared to a 67-days supply for the U.S. auto industry."
Commenting further Penske said, "The Company is currently projecting earnings per share in the third quarter in the range of $0.66 to $0.71 based on an estimated average of 47.2 million shares outstanding. For the full year, we are raising our earnings per share guidance to a range of $2.37 to $2.44 per share."
UnitedAuto will host a conference call discussing financial results relating to second quarter 2005 on Tuesday, July 19, 2005 at 1:30 p.m. ET. To listen to the conference call, participants must dial (800) 553-0349 (International, please dial (612) 332-0228). The call will be simultaneously broadcast live over the Internet through the UnitedAuto website at www.unitedauto.com.
About UnitedAuto
UnitedAuto, which has pursued a strategy based on internal growth from its existing dealerships, as well as from strategic acquisitions, operates 143 franchises in the United States and 96 franchises internationally, primarily in the United Kingdom. UnitedAuto dealerships sell new and used vehicles, and market a complete line of aftermarket automotive products and services. Statements in this press release involve forward-looking statements, including forward-looking statements regarding UnitedAuto's future sales and earnings growth potential. Actual results may vary materially because of risks and uncertainties, including external factors such as interest rate fluctuations, changes in consumer spending and other factors over which management has no control. These forward-looking statements should be evaluated together with additional information about UnitedAuto's business, markets, conditions and other uncertainties which could affect UnitedAuto's future performance, which is contained in UnitedAuto's Form 10-K for the year ended December 31, 2004, and its other filings with the Securities and Exchange Commission, and which is incorporated into this press release by reference. This press release speaks only as of its date and UnitedAuto disclaims any duty to update the information herein.
This release contains non-GAAP financial measures as defined under SEC rules, such as adjusted net income, which exclude certain items disclosed in the release. The Company has reconciled these measures to the most directly comparable GAAP measures in the release. The Company believes that these non-GAAP financial measures improve the transparency of the Company's disclosure and the period-to-period comparability of the Company's results from operations.
UNITED AUTO GROUP, INC.
Consolidated Statements of Income
(Amounts in Thousands, Except Per Share Data)
(Unaudited)
Second Quarter
-----------------------
2005 2004
----------- -----------
New Vehicles $1,589,160 $1,316,925
Used Vehicles 582,894 503,912
Finance and Insurance 61,038 49,738
Service and Parts 280,749 229,594
Fleet 26,288 22,791
Wholesale 203,684 163,366
----------- -----------
Total Revenues 2,743,813 2,286,326
Cost of Sales 2,338,088 1,953,948
----------- -----------
Gross Profit 405,725 332,378
SG&A Expenses 318,059 256,968
Depreciation and Amortization 10,404 8,542
----------- -----------
Operating Income 77,262 66,868
Floor Plan Interest Expense (14,201) (10,511)
Other Interest Expense (12,308) (10,052)
Other Income -- 6,611
----------- -----------
Income from Continuing Operations Before
Minority
Interests and Income Tax Provision 50,753 52,916
Minority Interests (621) (502)
Income Tax Provision (18,725) (20,549)
----------- -----------
Income from Continuing Operations 31,407 31,865
Income from Discontinued Operations, Net of
Tax 1,789 1,138
----------- -----------
Net Income $33,196 $33,003
=========== ===========
Income from Continuing Operations Per Diluted
Share $0.67 $0.68
=========== ===========
Diluted EPS $0.71 $0.71
=========== ===========
Diluted Weighted Average Shares Outstanding 47,041 46,565
=========== ===========
UNITED AUTO GROUP, INC.
Consolidated Statements of Income
(Amounts in Thousands, Except Per Share Data)
(Unaudited)
Six Months
-----------------------
2005 2004
----------- -----------
New Vehicles $2,991,973 $2,561,238
Used Vehicles 1,132,798 1,001,766
Finance and Insurance 117,339 99,480
Service and Parts 553,254 456,347
Fleet 54,658 46,307
Wholesale 385,908 321,050
----------- -----------
Total Revenues 5,235,930 4,486,188
Cost of Sales 4,451,637 3,828,363
----------- -----------
Gross Profit 784,293 657,825
SG&A Expenses 623,704 516,619
Depreciation and Amortization 20,677 16,782
----------- -----------
Operating Income 139,912 124,424
Floor Plan Interest Expense (27,481) (23,236)
Other Interest Expense (23,789) (20,817)
Other Income -- 6,611
----------- -----------
Income from Continuing Operations Before
Minority
Interests and Income Tax Provision 88,642 86,982
Minority Interests (764) (822)
Income Tax Provision (32,707) (33,770)
----------- -----------
Income from Continuing Operations 55,171 52,390
Income from Discontinued Operations, Net of
Tax 917 817
----------- -----------
Net Income $56,088 $53,207
=========== ===========
Income from Continuing Operations Per Diluted
Share $1.17 $1.18
=========== ===========
Diluted EPS $1.19 $1.19
=========== ===========
Diluted Weighted Average Shares Outstanding 47,025 44,548
=========== ===========
UNITED AUTO GROUP, INC.
Consolidated Condensed Balance Sheets
(Amounts in Thousands)
(Unaudited)
6/30/05 12/31/04
----------- -----------
Assets
Cash and Cash Equivalents $11,064 $15,187
Accounts Receivable, Net 408,433 356,625
Inventories 1,271,904 1,252,358
Other Current Assets 60,169 44,315
----------- -----------
Total Current Assets 1,751,570 1,668,485
Property and Equipment, Net 430,418 406,783
Intangibles 1,224,978 1,221,731
Other Assets 70,312 86,881
Assets of Discontinued Operations 94,969 148,921
----------- -----------
Total Assets $3,572,247 $3,532,801
=========== ===========
Liabilities and Stockholders' Equity
Floor Plan Notes Payable $1,168,460 $1,197,540
Accounts Payable and Accrued Expenses 461,360 402,232
Current Portion Long-Term Debt 3,561 11,367
----------- -----------
Total Current Liabilities 1,633,381 1,611,139
Long-Term Debt 604,576 574,970
Other Long-Term Liabilities 182,363 179,104
Liabilities of Discontinued Operations 53,459 92,553
----------- -----------
Total Liabilities 2,473,779 2,457,766
Stockholders' Equity 1,098,468 1,075,035
----------- -----------
Total Liabilities and Stockholders' Equity $3,572,247 $3,532,801
=========== ===========
UNITED AUTO GROUP, INC.
Selected Data
Second Quarter Six Months
----------------------- -----------------------
2005 2004 2005 2004
----------- ----------- ----------- -----------
Units
New Retail Units 48,590 41,745 91,337 80,924
Used Retail Units 22,345 20,814 44,090 41,588
----------- ----------- ----------- -----------
Total Retail Units 70,935 62,559 135,427 122,512
=========== =========== =========== ===========
Same-Store Retail
Revenue
New Vehicles $1,413,769 $1,309,234 $2,628,286 $2,531,310
Used Vehicles 517,103 498,843 1,002,638 987,625
Finance and
Insurance 56,798 49,560 108,509 98,950
Service and Parts 246,834 227,116 482,606 448,049
----------- ----------- ----------- -----------
Total Same-Store
Retail Revenue $2,234,504 $2,084,753 $4,222,039 4,065,934
=========== =========== =========== ===========
Same-Store Retail
Revenue Growth
New Vehicles 8.0% 3.1% 3.8% 7.1%
Used Vehicles 3.7% (1.2%) 1.5% 3.1%
Finance and
Insurance 14.6% (3.4%) 9.7% 1.5%
Service and Parts 8.7% 11.7% 7.7% 14.2%
Revenue Mix
New Vehicles 57.9% 57.6% 57.2% 57.1%
Used Vehicles 21.3% 22.0% 21.6% 22.3%
Finance and
Insurance 2.2% 2.2% 2.2% 2.2%
Service and Parts 10.2% 10.0% 10.6% 10.2%
Fleet 1.0% 1.0% 1.0% 1.0%
Wholesale 7.4% 7.2% 7.4% 7.2%
Retail Gross Margin -
by Product
New Vehicles 8.7% 8.5% 8.7% 8.6%
Used Vehicles 9.1% 8.9% 9.2% 8.9%
Finance and
Insurance 100.0% 100.0% 100.0% 100.0%
Service and Parts 54.7% 54.4% 54.4% 54.3%
Gross Profit per
Transaction
New Vehicles $2,835 $2,695 2,851 2,714
Used Vehicles 2,386 2,149 2,367 2,138
Finance and
Insurance 860 795 866 812
UNITED AUTO GROUP, INC.
Selected Data (Continued)
Second Quarter Six Months
------------------- -------------------
2005 2004 2005 2004
--------- --------- --------- ---------
Brand Mix:
Toyota/Lexus 21% 24% 21% 24%
BMW 14% 16% 14% 16%
Honda/Acura 14% 11% 14% 11%
Mercedes 10% 11% 10% 11%
Ford Premier Group 7% 8% 7% 8%
Audi 7% 4% 7% 4%
General Motors 8% 8% 7% 8%
Ford 3% 3% 3% 3%
Nissan/Infiniti 4% 4% 4% 4%
Chrysler 3% 4% 4% 4%
Other 9% 7% 9% 7%
Debt to Total Capital Ratio 36% 35% 36% 35%
Rent Expense $29,667 $21,736 $57,725 $43,527
UnitedAuto Group公司（纽约证券交易所：UAG）是财富500强中的一家汽车专销商，公司今天公布了其第25个季度连续的创纪录收益增长以及25个基准点的毛利润增长，毛利润增长率达14.8%。公司总收益增长20%，达27亿美元，其中包括7.2%的同店零售收入增长。同店零售收入增长包括：
—新汽车零售收入增长＋8.0%
—旧汽车零售收入增长＋3.7%
—服务及配件零售收入增长＋8.7%
—金融和保险收入增长＋14.6%
由于UnitedAuto公司在某些市场上对其成本结构的合理化调整，因此该季度净收益达到了3320万美元，即每股收益0.71美元，其中包括税后遣散费120万美元（即每股0.03美元）。公司在2004年第二季度的净收入为3300万美元，即每股0.71美元，包括税后投资销售总收益的400万美元（即每股0.09美元）。除去遣散费和投资所得，调整后的净收益增长了18.8%，从前期的2900美元增加至目前的3440万美元。
UnitedAuto公司董事长Roger Penske评价说：“今年第二季度，我们在所有产品线上实现了收益增长和利润扩大，对此我们感到非常高兴。部分是由于我们的资本投资项目，我们在更高利润服务项目上以及配件部门继续实现令人钦佩的收益增长。在该季度里，我们的服务和配件销售总收入增长了22.3%，达2.81亿美元，这有助于推动我们毛利润的增长。” Penske继续说：“我们强大的销售业绩以及我们以管理存货为重点，使得与为美国汽车业提供67天的产品供应相比，我们有了在美国进行55天新汽车供应的存货。”
Penske进一步评论说：“基于对已发行的4720万股股票平均收益的估计，公司目前把第三季度的每股收益确定在0.66－0.71美元之间。全年，我们将按照每股2.37－2.44美元收益为指导，增加我们的每股收益。”
UnitedAuto公司将于2005年7月19日，星期二，美国东部时间下午1点半主持召开一次电话会议，讨论与2005年第二季度相关的财务业绩。欲收听此次电话会议，您必须拨打电话(800) 553-0349（国外听众请拨打电话(612) 332-0228）。此次电话会议将在UnitedAuto公司网站
www.unitedauto.com 上进行同步直播。
关于UnitedAuto公司
UnitedAuto公司追求基于现有经销商以及战略性收购的内部增长战略，在美国拥有了143家经销商，在国际上拥有96家经销商，这些经销商主要分布在英国。UnitedAuto公司的经销商销售新车与旧车，同时还能够提供完整的汽车配件产品及服务线。本新闻稿中的一些声明为前瞻性声明，其中包括与UnitedAuto公司未来销售及收入增长潜力有关的前瞻性声明。由于风险及不确定性因素，实际业绩可能会出现重大变化，这些风险与不确定性因素包括利率波动、消费者消费变化等外部因素以及企业管理层无法控制的其他因素。这些前瞻性声明应该与UnitedAuto公司业务、市场、状况和其他可能会影响UnitedAuto公司未来业绩的不确定性因素等附加信息一起加以考虑，这些前瞻性声明都包含在截至2004年12月31日UnitedAuto公司的年度10-K表格以及其提交给美国证券交易委员会的其他文件中，同时本新闻稿业已采用了上述信息作为参考。本新闻稿仅说明至本新闻稿发布之日的当前情况，UnitedAuto公司不承担更新本新闻稿中信息的责任。
本新闻稿包括美国证券交易委员会一些条款所界定的非公认会计原则财务衡量指标（non-GAAP financial measures），诸如调整后的净收入，这排除了本新闻稿所涉及的某些项目。公司已经按照这些指标，在本新闻稿中与公认会计原则衡量指标进行了最直接的比较。公司认为，这些非公认会计原则财务衡量指标提高了公司批露信息的透明度，以及公司不同时期经营业绩的可比较性。
UNITED AUTO GROUP公司整理过的收益声明
（除每股数据外，其他数据以“千”计）
（未审计）
第二季度
-----------------------
2005年 2004年
----------- -----------
新车 1,589,160美元 1,316,925美元
旧车 582,894 503,912
金融与保险 61,038 49,738
服务和配件 280,749 229,594
批量销售 26,288 22,791
批发 203,684 163,366
----------- -----------
总收入 2,743,813 2,286,326
销售成本 2,338,088 1,953,948
----------- -----------
毛利润 405,725 332,378
常规与管理费用费用 318,059 256,968
折旧与分摊费用 10,404 8,542
----------- -----------
经营收益 77,262 66,868
平面布置利息费用 (14,201) (10,511)
其他收益费用 (12,308) (10,052)
其他收益 -- 6,611
----------- -----------
在支出少数股息和所得税之前的
持续业务收入 50,753 52,916
少数股息 (621) (502)
所得税款项 (18,725) (20,549)
----------- -----------
持续业务收入 31,407 31,865
已中止业务的损失除税净额 1,789 1,138
----------- -----------
净收入 33,196美元 33,003美元
=========== ===========
每股摊薄后持续业务收入 0.67美元 0.68美元
=========== ===========
摊薄后每股收益 0.71美元 0.71美元
=========== ===========
已售出的摊薄后加权平均股份 47,041 46,565
=========== ===========
UNITED AUTO GROUP公司收入汇总报表
（除每股数据外，其他数据以“千”计）
（未审计）
6个月
-----------------------
2005年 2004年
----------- -----------
新车 2,991,973美元 2,561,238美元
旧车 1,132,798 1,001,766
金融与保险 117,339 99,480
服务与配件 553,254 456,347
批量销售 54,658 46,307
批发 385,908 321,050
----------- -----------
总收入 5,235,930 4,486,188
销售成本 4,451,637 3,828,363
----------- -----------
毛利润 784,293 657,825
常规与管理费用 623,704 516,619
折旧与分摊 20,677 16,782
----------- -----------
运营收入 139,912 124,424
平面布置利息费用 (27,481) (23,236)
其他利息费用 (23,789) (20,817)
其他收入 -- 6,611
----------- -----------
在支出少数股息和所得税款项之
前的持续业务收入 88,642 86,982
少数股息 (764) (822)
所得税款项 (32,707) (33,770)
----------- -----------
持续业务收入 55,171 52,390
已中止业务损失除税净额 917 817
----------- -----------
净收入 56,088美元 53,207美元
=========== ===========
每股摊薄后持续业务收入 1.17美元 1.18美元
=========== ===========
摊薄后每股收益 1.19美元 1.19美元
=========== ===========
已售出的摊薄加权平均股份 47,025 44,548
=========== ===========
UNITED AUTO GROUP公司汇总简明资产负债表
（数据以“千”计）
（未审计）
2005年6月30日 2004年12月31日 ----------- -----------
现金及现金等价物 11,064美元 15,187美元
应收款净值 408,433 356,625
存货 1,271,904 1,252,358
其他当前资产 60,169 44,315
----------- -----------
当前总资产 1,751,570 1,668,485
财产与设备净值 430,418 406,783
无形资产 1,224,978 1,221,731
其他资产 70,312 86,881
已中止业务资产 94,969 148,921
----------- -----------
总资产 3,572,247美元 3,532,801美元
=========== ===========
债务及所有者权益
平面布置应付票据 1,168,460美元 1,197,540美元
应付款及费用 461,360 402,232
长期债务的当前部分 3,561 11,367
----------- -----------
当前总债务 1,633,381 1,611,139
长期债务 604,576 574,970
其他长期债务 182,363 179,104
已中止业务的债务 53,459 92,553
----------- -----------
债务总额 2,473,779 2,457,766
所有者权益 1,098,468 1,075,035
----------- -----------
债务总额及所有者权益 3,572,247美元 3,532,801美元
=========== ===========
UNITED AUTO GROUP公司数据节选
第二季度 6个月
----------------------- -----------------------
2005年 2004年 2005年 2004年
----------- ----------- ----------- -----------
单位
新车销售量 48,590 41,745 91,337 80,924
旧车销售量 22,345 20,814 44,090 41,588
----------- ----------- ----------- -----------
总销售量 70,935 62,559 135,427 122,512
=========== =========== =========== ===========
同店销售收入
新车 1,413,769美元 1,309,234美元 2,628,286美元 2,531,310美元
旧车 517,103 498,843 1,002,638 987,625
金融与保险 56,798 49,560 108,509 98,950
服务与配件 246,834 227,116 482,606 448,049
----------- ----------- ----------- -----------
同店销售总收入 2,234,504美元 2,084,753美元 4,222,039美元 4,065,934美元
=========== =========== =========== ===========
同店销售收入增长
新车 8.0% 3.1% 3.8% 7.1%
旧车 3.7% (1.2%) 1.5% 3.1%
金融与保险 14.6% (3.4%) 9.7% 1.5%
服务与配件 8.7% 11.7% 7.7% 14.2%
混合收入
新车 57.9% 57.6% 57.2% 57.1%
旧车 21.3% 22.0% 21.6% 22.3%
金融与保险 2.2% 2.2% 2.2% 2.2%
服务与配件 10.2% 10.0% 10.6% 10.2%
批量销售 1.0% 1.0% 1.0% 1.0%
批发 7.4% 7.2% 7.4% 7.2%
产品零售毛利润
新车 8.7% 8.5% 8.7% 8.6%
旧车 9.1% 8.9% 9.2% 8.9%
金融与保险 100.0% 100.0% 100.0% 100.0%
服务与配件 54.7% 54.4% 54.4% 54.3%
每项交易毛利润
新车 $2,835 $2,695 2,851 2,714
旧车 2,386 2,149 2,367 2,138
金融与保险 860 795 866 812
UNITED AUTO GROUP公司数据节选（续）
第二季度 6个月
------------------- -------------------
2005年 2004年 2005年 2004年
--------- --------- --------- ---------
品牌混合：
丰田 /Lexus 21% 24% 21% 24%
宝马 14% 16% 14% 16%
本田/Acura 14% 11% 14% 11%
梅塞德斯 10% 11% 10% 11%
福特第一集团 7% 8% 7% 8%
奥迪 7% 4% 7% 4%
通用汽车 8% 8% 7% 8%
福特 3% 3% 3% 3%
日产/Infiniti 4% 4% 4% 4%
克莱斯勒 3% 4% 4% 4%
其他 9% 7% 9% 7%
资本总额债务率 36% 35% 36% 35%
租金费用 29,667美元 21,736美元 57,725美元 43,527美元
文字/资料/新闻等独家整理：专业翻译翻译公司提供商 智联文通
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