AutoNation 2000 Annual Report Download - page 71

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AUTONATION, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (Continued)
15. BUSINESS AND CREDIT CONCENTRATIONS -- (Continued)
their dispersion across many different geographic areas in the United States.
Consequently, at December 31, 2000, the Company does not consider itself to
have any significant non-manufacturer concentrations of credit risk.
16. QUARTERLY INFORMATION (UNAUDITED)
The Company's operations generally experience higher volumes of vehicle
sales in the second and third quarters of each year in part due to consumer
buying trends and the introduction of new vehicle models. Also, demand for cars
and light trucks is generally lower during the winter months than in other
seasons, particularly in regions of the United States where dealerships may be
subject to harsh winters. Accordingly, the Company expects revenue and
operating results to be generally lower in the first and fourth quarters as
compared to the second and third quarters.
Operating income (loss) in the fourth quarter of 1999 includes
restructuring and impairment charges of $443.7 million, as described in Note
10, Restructuring and Impairment Charges (Recoveries), Net.
The following is an analysis of certain items in the Consolidated Income
Statements by quarter for 2000 and 1999:
First Second Third Fourth
Quarter Quarter Quarter Quarter
-------------- -------------- -------------- --------------
Revenue .......................................... 2000 $ 5,230.2 $ 5,339.5 $ 5,338.1 $ 4,701.8
1999 $ 4,562.7 $ 5,069.6 $ 5,459.7 $ 5,019.8
Operating income (loss) .......................... 2000 $ 163.0 $ 203.9 $ 197.3 $ 160.6
1999 $ 120.1 $ 183.1 $ 170.3 $ (363.7)
Income (loss) from continuing operations ......... 2000 $ 64.7 $ 96.6 $ 93.1 $ 73.7
1999 $ 58.4 $ 97.1 $ 92.6 $ (279.6)
Basic earnings (loss) per share from
continuing operations(1) ........................ 2000 $ .18 $ .27 $ .26 $ .21
1999 $ .13 $ .22 $ .22 $ (.71)
Diluted earnings (loss) per share from
continuing operations(1) ........................ 2000 $ .18 $ .27 $ .26 $ .21
1999 $ .13 $ .21 $ .22 $ (.71)
Net income (loss) ................................ 2000 $ 62.3 $ 100.8 $ 93.1 $ 73.7
1999 $ 80.1 $ 501.2 $ 104.7 $ (403.1)
----------
(1) Quarterly basic and diluted earnings (loss) per share from continuing
operations may not equal earnings per share for the year as reported in
the Consolidated Income Statements due to the effect of the calculation of
weighted-average common stock equivalents on a quarterly basis.
69
AUTONATION, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (Continued)
16. QUARTERLY INFORMATION (UNAUDITED) -- (Continued)
The following table sets forth, for the periods indicated, the high and
low prices per share of the Company's Common Stock as reported by the New York
Stock Exchange.