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4/29/08
Sonic Automotive, Inc. Reports First Quarter Earnings in Line with Company Expectations
CHARLOTTE, N.C., April 29 /PRNewswire-FirstCall/ -- Sonic Automotive, Inc. (NYSE: SAH), a leader in automotive retailing, today reported that its 2008 first quarter earnings from continuing operations were $18.0 million, or $0.44 per diluted share, compared to $22.3 million, or $0.49 per diluted share, for the same period in 2007.
Total revenue for the first quarter of 2008 increased 1.0% over the prior year period primarily from the impact of acquisitions made during 2007. Overall same store revenue declined 4.0% over the prior year quarter with softness in new vehicle sales being partially offset by growth in used vehicles and finance and insurance. On a same store basis compared to the same quarter last year, new vehicle retail revenues declined 8.2%, used vehicle retail revenues were up 11.5%, fixed operations revenue was up 0.7% and finance and insurance revenues were up 5.9%.
B. Scott Smith, the Company's President said, "Our results for this quarter are in line with our expectations given our previous forecast of a soft new vehicle sales environment through the first half of this year. To confront these challenges, we are continuing our strong focus on the higher-margin segments of our business -- fixed operations, finance and insurance, and used vehicles. In particular, the growth in our used vehicle business demonstrates the strength of our business model and strategy as our stores continue to embrace the concepts we have rolled out over the last 24 months. The quarter's results met our internal forecasts and, as a result, we remain comfortable with our 2008 continuing operations EPS target of $2.35 to $2.50 per diluted share."
Presentation materials for the Company's April 29, 2008 earnings conference call at 11:00 A.M. (Eastern) can be accessed on the Company's website at www.sonicautomotive.com by clicking on the "For Investors" tab and choosing "Webcasts & Presentations" on the left side of the monitor.
To access the live broadcast of the call over the Internet go to: www.ccbn.com or www.sonicautomotive.com
A live audio of the call will be accessible to the public by calling (877) 791-3416. International callers dial (706) 643-0958. Callers should dial in approximately 10 minutes before the call begins.
A conference call replay will be available one hour following the call for seven days and can be accessed by calling: 800-642-1687, Conference ID: 43381696, International callers dial (706) 645-9291.
About Sonic Automotive
Sonic Automotive, Inc., a Fortune 300 company based in Charlotte, N.C., is one of the largest automotive retailers in the United States operating 168 franchises. Sonic can be reached on the web at www.sonicautomotive.com.
Included herein are forward-looking statements, including statements pertaining to anticipated diluted earnings per share from continuing operations. There are many factors that affect management's views about future events and trends of the Company's business. These factors involve risk and uncertainties that could cause actual results or trends to differ materially from management's view, including without limitation, economic conditions, risks associated with acquisitions and the risk factors described in the Company's annual report on Form 10-K for the year ended December 31, 2007. The Company does not undertake any obligation to update forward-looking information.
Sonic Automotive, Inc.
Results of Operations (Unaudited)
(in thousands, except per share, unit data and percentage amounts)
Three Months Ended
03/31/2008 03/31/2007
Revenues
New retail vehicles $985,274 $1,032,994
Fleet vehicles 107,592 88,805
Total new vehicles 1,092,866 1,121,799
Used vehicles 372,559 320,133
Wholesale vehicles 88,911 113,332
Total vehicles 1,554,336 1,555,264
Parts, service and collision
repair 296,049 281,093
Finance, insurance and other 51,137 46,940
Total revenues 1,901,522 1,883,297
Total gross profit 305,643 298,176
SG&A expenses 242,451 231,507
Depreciation 7,935 5,572
Operating income 55,257 61,097
Interest expense, floor plan 13,397 15,853
Interest expense, other 11,863 8,554
Other (expense) / income 70 14
Income from continuing operations before
taxes 30,067 36,704
Income taxes 12,027 14,428
Income from continuing operations 18,040 22,276
Discontinued operations:
Loss from operations and the sale
of discontinued franchises (5,473) (3,154)
Income tax benefit 1,641 869
Loss from discontinued operations (3,832) (2,285)
Net income $14,208 $19,991
Diluted:
Weighted average common shares
outstanding 43,845 47,938
Earnings per share from
continuing operations $0.44 $0.49
Loss per share from discontinued
operations ($0.09) ($0.05)
Earnings per share $0.35 $0.44
Gross Margin Data (Continuing Operations):
Retail new vehicles 7.4% 7.4%
Fleet vehicles 2.1% 2.2%
Total new vehicles 6.8% 7.0%
Used vehicles retail 8.9% 9.6%
Total vehicles retail 7.4% 7.6%
Wholesale vehicles (0.9%) 0.4%
Parts, service and collision repair 49.7% 50.1%
Finance, insurance and other 100.0% 100.0%
Overall gross margin 16.1% 15.8%
SG&A Expenses (Continuing Operations):
Personnel $136,485 $130,500
Advertising 16,343 15,089
Facility rent 25,620 25,407
Other 64,003 60,511
Total $242,451 $231,507
SG&A Expenses as % of Gross Profit
Personnel 44.7% 43.8%
Advertising 5.3% 5.1%
Facility rent 8.4% 8.5%
Other 20.9% 20.2%
Total 79.3% 77.6%
Operating Margin % 2.9% 3.2%
Three Months Ended
Unit Data (Continuing Operations): 03/31/2008 03/31/2007
New retail units 28,941 30,342
Fleet units 4,355 3,736
Used units 18,511 16,300
Wholesale units 10,749 12,438
Average price per unit:
New retail vehicles $34,044 $34,045
Fleet vehicles 24,705 23,770
Used vehicles 20,126 19,640
Wholesale vehicles 8,272 9,112
Other Data:
Same store revenue percentage changes:
New retail (10.0%)
Fleet 12.4%
Total New Vehicles (8.2%)
Used 11.5%
Parts, service and collision repair 0.7%
Finance, insurance and other 5.9%
Total (4.0%)
Balance Sheet Data:
03/31/2008 12/31/2007
ASSETS
Current Assets:
Cash and cash equivalents $5,112 $16,514
Receivables, net 305,624 347,309
Inventories 1,182,086 1,093,017
Assets held for sale 134,056 87,342
Other current assets 39,089 35,879
Total current assets 1,665,967 1,580,061
Property and Equipment, Net 365,653 286,591
Goodwill, Net 1,248,854 1,276,074
Other Intangibles, Net 111,306 111,342
Other Assets 32,336 28,676
TOTAL ASSETS $3,424,116 $3,282,744
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Floor plan notes payable $1,186,123 $1,125,670
Other current liabilities 239,041 247,658
Liabilities associated with
assets held for sale 64,043 48,592
Current maturities of long-term
debt 4,338 4,197
Total current liabilities 1,493,545 1,426,117
LONG-TERM DEBT 783,348 697,800
OTHER LONG-TERM LIABILITIES 237,771 227,999
STOCKHOLDERS' EQUITY 909,452 930,828
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $3,424,116 $3,282,744
Balance Sheet Ratios:
Current Ratio 1.12 1.11
Debt to Total Capital, Net of Cash 46.3% 42.4%
SOURCE Sonic Automotive, Inc.
CONTACT:
David Cosper
Chief Financial Officer
+1-704-566-2400
or
Greg Young
VP of Finance
+1-704-566-2489
both of Sonic Automotive, Inc.
top
CHARLOTTE, N.C., April 29 /PRNewswire-FirstCall/ -- Sonic Automotive, Inc. (NYSE: SAH), a leader in automotive retailing, today reported that its 2008 first quarter earnings from continuing operations were $18.0 million, or $0.44 per diluted share, compared to $22.3 million, or $0.49 per diluted share, for the same period in 2007.
Total revenue for the first quarter of 2008 increased 1.0% over the prior year period primarily from the impact of acquisitions made during 2007. Overall same store revenue declined 4.0% over the prior year quarter with softness in new vehicle sales being partially offset by growth in used vehicles and finance and insurance. On a same store basis compared to the same quarter last year, new vehicle retail revenues declined 8.2%, used vehicle retail revenues were up 11.5%, fixed operations revenue was up 0.7% and finance and insurance revenues were up 5.9%.
B. Scott Smith, the Company's President said, "Our results for this quarter are in line with our expectations given our previous forecast of a soft new vehicle sales environment through the first half of this year. To confront these challenges, we are continuing our strong focus on the higher-margin segments of our business -- fixed operations, finance and insurance, and used vehicles. In particular, the growth in our used vehicle business demonstrates the strength of our business model and strategy as our stores continue to embrace the concepts we have rolled out over the last 24 months. The quarter's results met our internal forecasts and, as a result, we remain comfortable with our 2008 continuing operations EPS target of $2.35 to $2.50 per diluted share."
Presentation materials for the Company's April 29, 2008 earnings conference call at 11:00 A.M. (Eastern) can be accessed on the Company's website at www.sonicautomotive.com by clicking on the "For Investors" tab and choosing "Webcasts & Presentations" on the left side of the monitor.
To access the live broadcast of the call over the Internet go to: www.ccbn.com or www.sonicautomotive.com
A live audio of the call will be accessible to the public by calling (877) 791-3416. International callers dial (706) 643-0958. Callers should dial in approximately 10 minutes before the call begins.
A conference call replay will be available one hour following the call for seven days and can be accessed by calling: 800-642-1687, Conference ID: 43381696, International callers dial (706) 645-9291.
About Sonic Automotive
Sonic Automotive, Inc., a Fortune 300 company based in Charlotte, N.C., is one of the largest automotive retailers in the United States operating 168 franchises. Sonic can be reached on the web at www.sonicautomotive.com.
Included herein are forward-looking statements, including statements pertaining to anticipated diluted earnings per share from continuing operations. There are many factors that affect management's views about future events and trends of the Company's business. These factors involve risk and uncertainties that could cause actual results or trends to differ materially from management's view, including without limitation, economic conditions, risks associated with acquisitions and the risk factors described in the Company's annual report on Form 10-K for the year ended December 31, 2007. The Company does not undertake any obligation to update forward-looking information.
Sonic Automotive, Inc.
Results of Operations (Unaudited)
(in thousands, except per share, unit data and percentage amounts)
Three Months Ended
03/31/2008 03/31/2007
Revenues
New retail vehicles $985,274 $1,032,994
Fleet vehicles 107,592 88,805
Total new vehicles 1,092,866 1,121,799
Used vehicles 372,559 320,133
Wholesale vehicles 88,911 113,332
Total vehicles 1,554,336 1,555,264
Parts, service and collision
repair 296,049 281,093
Finance, insurance and other 51,137 46,940
Total revenues 1,901,522 1,883,297
Total gross profit 305,643 298,176
SG&A expenses 242,451 231,507
Depreciation 7,935 5,572
Operating income 55,257 61,097
Interest expense, floor plan 13,397 15,853
Interest expense, other 11,863 8,554
Other (expense) / income 70 14
Income from continuing operations before
taxes 30,067 36,704
Income taxes 12,027 14,428
Income from continuing operations 18,040 22,276
Discontinued operations:
Loss from operations and the sale
of discontinued franchises (5,473) (3,154)
Income tax benefit 1,641 869
Loss from discontinued operations (3,832) (2,285)
Net income $14,208 $19,991
Diluted:
Weighted average common shares
outstanding 43,845 47,938
Earnings per share from
continuing operations $0.44 $0.49
Loss per share from discontinued
operations ($0.09) ($0.05)
Earnings per share $0.35 $0.44
Gross Margin Data (Continuing Operations):
Retail new vehicles 7.4% 7.4%
Fleet vehicles 2.1% 2.2%
Total new vehicles 6.8% 7.0%
Used vehicles retail 8.9% 9.6%
Total vehicles retail 7.4% 7.6%
Wholesale vehicles (0.9%) 0.4%
Parts, service and collision repair 49.7% 50.1%
Finance, insurance and other 100.0% 100.0%
Overall gross margin 16.1% 15.8%
SG&A Expenses (Continuing Operations):
Personnel $136,485 $130,500
Advertising 16,343 15,089
Facility rent 25,620 25,407
Other 64,003 60,511
Total $242,451 $231,507
SG&A Expenses as % of Gross Profit
Personnel 44.7% 43.8%
Advertising 5.3% 5.1%
Facility rent 8.4% 8.5%
Other 20.9% 20.2%
Total 79.3% 77.6%
Operating Margin % 2.9% 3.2%
Three Months Ended
Unit Data (Continuing Operations): 03/31/2008 03/31/2007
New retail units 28,941 30,342
Fleet units 4,355 3,736
Used units 18,511 16,300
Wholesale units 10,749 12,438
Average price per unit:
New retail vehicles $34,044 $34,045
Fleet vehicles 24,705 23,770
Used vehicles 20,126 19,640
Wholesale vehicles 8,272 9,112
Other Data:
Same store revenue percentage changes:
New retail (10.0%)
Fleet 12.4%
Total New Vehicles (8.2%)
Used 11.5%
Parts, service and collision repair 0.7%
Finance, insurance and other 5.9%
Total (4.0%)
Balance Sheet Data:
03/31/2008 12/31/2007
ASSETS
Current Assets:
Cash and cash equivalents $5,112 $16,514
Receivables, net 305,624 347,309
Inventories 1,182,086 1,093,017
Assets held for sale 134,056 87,342
Other current assets 39,089 35,879
Total current assets 1,665,967 1,580,061
Property and Equipment, Net 365,653 286,591
Goodwill, Net 1,248,854 1,276,074
Other Intangibles, Net 111,306 111,342
Other Assets 32,336 28,676
TOTAL ASSETS $3,424,116 $3,282,744
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Floor plan notes payable $1,186,123 $1,125,670
Other current liabilities 239,041 247,658
Liabilities associated with
assets held for sale 64,043 48,592
Current maturities of long-term
debt 4,338 4,197
Total current liabilities 1,493,545 1,426,117
LONG-TERM DEBT 783,348 697,800
OTHER LONG-TERM LIABILITIES 237,771 227,999
STOCKHOLDERS' EQUITY 909,452 930,828
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $3,424,116 $3,282,744
Balance Sheet Ratios:
Current Ratio 1.12 1.11
Debt to Total Capital, Net of Cash 46.3% 42.4%
SOURCE Sonic Automotive, Inc.
CONTACT:
David Cosper
Chief Financial Officer
+1-704-566-2400
or
Greg Young
VP of Finance
+1-704-566-2489
both of Sonic Automotive, Inc.
4/29/08
Sonic Automotive, Inc. Declares Quarterly Cash Dividend
CHARLOTTE, N.C., April 29 /PRNewswire-FirstCall/ -- Sonic Automotive, Inc. (NYSE: SAH), a leader in automotive retailing, today announced that its Board of Directors approved a quarterly dividend of $0.12 per share payable in cash for shareholders of record on June 15, 2008. The dividend will be payable July 15, 2008.
Sonic Automotive, Inc., a Fortune 300 company based in Charlotte, N.C., is one of the largest automotive retailers in the United States operating 168 franchises. Sonic can be reached on the web at www.sonicautomotive.com .
Included herein is a forward-looking statement pertaining to an anticipated cash dividend to shareholders. There are many factors that affect management's views about future events and trends of the Company's business. These factors involve risks and uncertainties that could cause actual results or trends to differ materially from management's view, including without limitation, economic conditions, risks associated with acquisitions and the risk factors described in the Company's annual report on Form 10-K for the year ended December 31, 2007. The Company does not undertake any obligation to update forward-looking information.
SOURCE Sonic Automotive, Inc.
CONTACT:
David Cosper
Chief Financial Officer
+1-704-566-2400
or Greg Young
Vice President of Finance
+1-704-566-2489
both of Sonic Automotive Inc.
top
CHARLOTTE, N.C., April 29 /PRNewswire-FirstCall/ -- Sonic Automotive, Inc. (NYSE: SAH), a leader in automotive retailing, today announced that its Board of Directors approved a quarterly dividend of $0.12 per share payable in cash for shareholders of record on June 15, 2008. The dividend will be payable July 15, 2008.
Sonic Automotive, Inc., a Fortune 300 company based in Charlotte, N.C., is one of the largest automotive retailers in the United States operating 168 franchises. Sonic can be reached on the web at www.sonicautomotive.com .
Included herein is a forward-looking statement pertaining to an anticipated cash dividend to shareholders. There are many factors that affect management's views about future events and trends of the Company's business. These factors involve risks and uncertainties that could cause actual results or trends to differ materially from management's view, including without limitation, economic conditions, risks associated with acquisitions and the risk factors described in the Company's annual report on Form 10-K for the year ended December 31, 2007. The Company does not undertake any obligation to update forward-looking information.
SOURCE Sonic Automotive, Inc.
CONTACT:
David Cosper
Chief Financial Officer
+1-704-566-2400
or Greg Young
Vice President of Finance
+1-704-566-2489
both of Sonic Automotive Inc.
4/11/08
Sonic Automotive, Inc. Schedules Release of First Quarter Results and Conference Call
CHARLOTTE, N.C., April 11 /PRNewswire-FirstCall/ -- Sonic Automotive, Inc. (NYSE: SAH) today announced it will release fiscal 2008 first quarter financial results on Tuesday, April 29, 2008 at 7:30 A.M. (Eastern). Senior management will hold a conference call at 11:00 A.M. (Eastern).
To access the live broadcast of the call over the Internet go to: www.ccbn.com or www.sonicautomotive.com
A live audio of the call will be accessible to the public by calling (877) 791-3416. International callers dial (706) 643-0958. Callers should dial in approximately 10 minutes before the call begins.
A conference call replay will be available one hour following the call for seven days and can be accessed by calling: 800-642-1687, Conference ID: 43381696, International callers dial (706) 645-9291.
Presentation materials for the Company's April 29, 2008 earnings conference call will be accessible beginning the morning of the conference call on the Company's website at www.sonicautomotive.com by clicking on the "For Investors" tab and choosing "Webcasts & Presentations" on the left side of the screen.
Sonic Automotive, Inc., a Fortune 300 company based in Charlotte, N.C., is one of the largest automotive retailers in the United States, operating 171 franchises and 33 collision repair centers. Sonic can be reached on the Web at www.sonicautomotive.com.
SOURCE Sonic Automotive, Inc.
CONTACT:
David Cosper
Chief Financial
+1-704-566-2400
or
Greg Young
Chief Accounting Officer-Investor Relations
+1-704-566-2489
both of Sonic Automotive, Inc.
top
CHARLOTTE, N.C., April 11 /PRNewswire-FirstCall/ -- Sonic Automotive, Inc. (NYSE: SAH) today announced it will release fiscal 2008 first quarter financial results on Tuesday, April 29, 2008 at 7:30 A.M. (Eastern). Senior management will hold a conference call at 11:00 A.M. (Eastern).
To access the live broadcast of the call over the Internet go to: www.ccbn.com or www.sonicautomotive.com
A live audio of the call will be accessible to the public by calling (877) 791-3416. International callers dial (706) 643-0958. Callers should dial in approximately 10 minutes before the call begins.
A conference call replay will be available one hour following the call for seven days and can be accessed by calling: 800-642-1687, Conference ID: 43381696, International callers dial (706) 645-9291.
Presentation materials for the Company's April 29, 2008 earnings conference call will be accessible beginning the morning of the conference call on the Company's website at www.sonicautomotive.com by clicking on the "For Investors" tab and choosing "Webcasts & Presentations" on the left side of the screen.
Sonic Automotive, Inc., a Fortune 300 company based in Charlotte, N.C., is one of the largest automotive retailers in the United States, operating 171 franchises and 33 collision repair centers. Sonic can be reached on the Web at www.sonicautomotive.com.
SOURCE Sonic Automotive, Inc.
CONTACT:
David Cosper
Chief Financial
+1-704-566-2400
or
Greg Young
Chief Accounting Officer-Investor Relations
+1-704-566-2489
both of Sonic Automotive, Inc.
3/20/08
Sonic Automotive, Inc. CEO and President Enter Into Rule 10b5-1 Trading Plans
CHARLOTTE, N.C., March 20 /PRNewswire-FirstCall/ -- Sonic Automotive, Inc. (NYSE: SAH), a leader in automotive retailing, today announced that its Chairman and Chief Executive Officer, Mr. O. Bruton Smith, and its President and Chief Strategic Officer, Mr. B. Scott Smith, have each entered into written trading plans in accordance with SEC Rule 10b5-1 and Sonic's insider trading policy.
The Rule 10b5-1 plan entered into by Bruton Smith relates to the planned sales of up to 315,000 shares of Class A Common Stock that will be issued upon the exercise of options to purchase a total of 450,000 shares. Bruton Smith intends to retain ownership of a substantial amount of the shares underlying these stock options, after payment of the aggregate exercise prices for the stock options, applicable taxes and commissions.
The Rule 10b5-1 plan entered into by Scott Smith relates to the planned sales of up to 230,000 shares of Class A Common Stock that will be issued upon the exercise of options to purchase an equivalent number of shares. Scott Smith intends to use the net proceeds of the planned sales to diversify his personal financial portfolio.
Transactions under these Rule 10b5-1 plans will be disclosed in filings with the Securities and Exchange Commission.
Mr. Bruton Smith stated, "These are stock options which were granted over the course of 1998 and 1999 which, according to their terms, will begin to expire over the next 20 months. I intend to retain ownership of a substantial number of the shares underlying my stock options after payment of the aggregate exercise price for the stock options, applicable taxes and commissions. A successful completion of my Rule 10b5-1 plan will result in an approximate 135,000 share increase over the actual number of shares of Class A Common Stock that I currently own. In recent years, Sonic Automotive's long- term incentive compensation plans for senior management have become more oriented towards grants of restricted shares rather than stock options, in part to avoid circumstances such as this. Sonic recently completed a very successful year in the midst of a challenging economic environment and we remain extremely optimistic about Sonic's future outlook as a result of the operating initiatives we discussed on our recent earnings call."
About Sonic Automotive
Sonic Automotive, Inc., a Fortune 300 company based in Charlotte, N.C., is one of the largest automotive retailers in the United States operating 166 franchises and 34 collision repair centers. Sonic can be reached on the Web at www.sonicautomotive.com.
Included herein are forward-looking statements pertaining to anticipated sales of shares of the Company's Class A Common Stock by certain executive officers and Sonic's future operating performance. There are many factors that affect management's views about future events and trends of the Company's business. These factors involve risks and uncertainties that could cause actual results or trends to differ materially from management's view, including without limitation, economic conditions, risks associated with acquisitions and the risk factors described in the Company's annual report on Form 10-K for the year ended December 31, 2007. The Company does not undertake any obligation to update forward-looking information.
SOURCE Sonic Automotive, Inc.
CONTACT:
David Cosper
Chief Financial Officer
+1-704-566-2400
or
Greg Young
Chief Accounting Officer-Investor Relations
+1-704-566-2489
both of Sonic Automotive, Inc.
top
CHARLOTTE, N.C., March 20 /PRNewswire-FirstCall/ -- Sonic Automotive, Inc. (NYSE: SAH), a leader in automotive retailing, today announced that its Chairman and Chief Executive Officer, Mr. O. Bruton Smith, and its President and Chief Strategic Officer, Mr. B. Scott Smith, have each entered into written trading plans in accordance with SEC Rule 10b5-1 and Sonic's insider trading policy.
The Rule 10b5-1 plan entered into by Bruton Smith relates to the planned sales of up to 315,000 shares of Class A Common Stock that will be issued upon the exercise of options to purchase a total of 450,000 shares. Bruton Smith intends to retain ownership of a substantial amount of the shares underlying these stock options, after payment of the aggregate exercise prices for the stock options, applicable taxes and commissions.
The Rule 10b5-1 plan entered into by Scott Smith relates to the planned sales of up to 230,000 shares of Class A Common Stock that will be issued upon the exercise of options to purchase an equivalent number of shares. Scott Smith intends to use the net proceeds of the planned sales to diversify his personal financial portfolio.
Transactions under these Rule 10b5-1 plans will be disclosed in filings with the Securities and Exchange Commission.
Mr. Bruton Smith stated, "These are stock options which were granted over the course of 1998 and 1999 which, according to their terms, will begin to expire over the next 20 months. I intend to retain ownership of a substantial number of the shares underlying my stock options after payment of the aggregate exercise price for the stock options, applicable taxes and commissions. A successful completion of my Rule 10b5-1 plan will result in an approximate 135,000 share increase over the actual number of shares of Class A Common Stock that I currently own. In recent years, Sonic Automotive's long- term incentive compensation plans for senior management have become more oriented towards grants of restricted shares rather than stock options, in part to avoid circumstances such as this. Sonic recently completed a very successful year in the midst of a challenging economic environment and we remain extremely optimistic about Sonic's future outlook as a result of the operating initiatives we discussed on our recent earnings call."
About Sonic Automotive
Sonic Automotive, Inc., a Fortune 300 company based in Charlotte, N.C., is one of the largest automotive retailers in the United States operating 166 franchises and 34 collision repair centers. Sonic can be reached on the Web at www.sonicautomotive.com.
Included herein are forward-looking statements pertaining to anticipated sales of shares of the Company's Class A Common Stock by certain executive officers and Sonic's future operating performance. There are many factors that affect management's views about future events and trends of the Company's business. These factors involve risks and uncertainties that could cause actual results or trends to differ materially from management's view, including without limitation, economic conditions, risks associated with acquisitions and the risk factors described in the Company's annual report on Form 10-K for the year ended December 31, 2007. The Company does not undertake any obligation to update forward-looking information.
SOURCE Sonic Automotive, Inc.
CONTACT:
David Cosper
Chief Financial Officer
+1-704-566-2400
or
Greg Young
Chief Accounting Officer-Investor Relations
+1-704-566-2489
both of Sonic Automotive, Inc.
12/12/07
Sonic Automotive Announces Hiring of Corporate Controller
+1-704-566-2400
or Greg Young
Chief Accounting Officer - Investor Relations
+1-704-566-2489
both of Sonic Automotive, Inc.
top
CHARLOTTE, N.C., Dec. 10 /PRNewswire-FirstCall/ -- Sonic Automotive, Inc. (NYSE: SAH), a leader in automotive retailing, announced today that Wesley Pandoff has joined the Company as Senior Vice President and Corporate Controller.
Prior to joining Sonic, Mr. Pandoff was with the Greenbriar Equity Group as CFO of its Commercial Truck investment group. Prior to that, he held a variety of senior finance positions at AutoNation and Ford Motor Company.
Commenting on Mr. Pandoff's new position, Mr. David Cosper, the Company's Vice Chairman and Chief Financial Officer said, "We are pleased that Wes has chosen to join Sonic and lead our field financial activities. Wes has a rare blend of retail automotive and large corporate finance experience. He is an exceptional leader and will help us drive operational and profit improvements across Sonic."
About Sonic Automotive
Sonic Automotive, Inc., a Fortune 300 company based in Charlotte, N.C., is one of the largest automotive retailers in the United States operating 174 franchises and 36 collision repair centers. Sonic can be reached on the Web at http://www.sonicautomotive.com.
SOURCE Sonic Automotive, Inc.
CONTACT: David Cosper Vice Chairman and Chief Financial Officer+1-704-566-2400
or Greg Young
Chief Accounting Officer - Investor Relations
+1-704-566-2489
both of Sonic Automotive, Inc.
11/13/07
Sonic Automotive Announces Hiring of Chief Information Officer
David Cosper
Chief Financial Officer
or
Greg Young, Chief Accounting Officer - Investor Relations
both of Sonic Automotive, Inc.
+1-704-566-2400
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CHARLOTTE, N.C., Nov. 13 /PRNewswire-FirstCall/ -- Sonic Automotive, Inc. (NYSE: SAH), a leader in automotive retailing, announced today that Heath R. Byrd has joined the Company as Vice President and Chief Information Officer.
Mr. Byrd comes to Sonic from Gevity, an IT/HR outsourcing company, where he served as Vice President of Operations. Previously he worked for HR America as its President and CIO. He attended the United States Air Force Academy and received a Bachelor of Science degree from North Carolina State University and a Masters in Health Administration degree from Duke University.
Commenting on Mr. Byrd's new position, Mr. Scott Smith, the Company's President said, "We are pleased that Heath has chosen to join Sonic to lead our information technology efforts. As we continue to target new opportunities for growth, we believe information technology will play a significant and increasing role in our success. We look forward to Heath adding exceptional value to Sonic's business going forward."
About Sonic Automotive
Sonic Automotive, Inc., a Fortune 300 company based in Charlotte, N.C., is one of the largest automotive retailers in the United States operating 174 franchises and 36 collision repair centers. Sonic can be reached on the Web at www.sonicautomotive.com.
SOURCE Sonic Automotive, Inc.
CONTACT:David Cosper
Chief Financial Officer
or
Greg Young, Chief Accounting Officer - Investor Relations
both of Sonic Automotive, Inc.
+1-704-566-2400
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