AutoNation 2001 Annual Report Download - page 22

On March 25, 2002, the closing price of our common stock was $13.30 per
share as reported by the NYSE. On March 25, 2002, there were approximately 3,400
holders of record of our common stock.
We have not declared or paid any cash dividends on our common stock during
our two most recent fiscal years. We currently intend to retain our earnings for
future growth and, therefore, we do not anticipate paying cash dividends in the
foreseeable future. The indenture for our senior unsecured notes and the credit
agreements for our two revolving credit facilities restrict our ability to
declare cash dividends.
On June 30, 2000, we completed the tax-free spin-off to our stockholders of
all of the capital stock of ANC Rental Corporation. The spin-off was completed
by issuing to each AutoNation stockholder of record as of June 16, 2000 one
share of ANC Rental common stock for each eight shares of AutoNation common
stock held by such stockholder. The stock prices presented above reflect
historical stock prices during all periods presented and have not been adjusted
to give retroactive effect to the distribution of ANC Rental common stock to our
stockholders.
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ITEM 6. SELECTED FINANCIAL DATA
You should read the following Selected Financial Data in conjunction with
"Management's Discussion and Analysis of Financial Condition and Results of
Operations," our Consolidated Financial Statements and Notes thereto and other
financial information included elsewhere in this Form 10-K.
AS OF AND FOR THE YEARS ENDED DECEMBER 31,
--------------------------------------------------------
2001 2000 1999 1998 1997
--------- --------- --------- --------- --------
(IN MILLIONS, EXCEPT PER SHARE DATA)
Revenue.................................... $19,989.3 $20,599.0 $20,099.0 $12,653.7 $6,124.6
Income (loss) from continuing operations... $ 245.0 $ 328.1 $ (31.5) $ 225.8 $ 13.4
Net income................................. $ 232.3 $ 329.9 $ 282.9 $ 499.5 $ 439.7
Basic earnings (loss) per share:
Continuing operations.................... $ .74 $ .91 $ (.07) $ .50 $ .03
Discontinued operations.................. (.04) -- .73 .60 1.06
--------- --------- --------- --------- --------
Net income............................... $ .70 $ .91 $ .66 $ 1.10 $ 1.09
========= ========= ========= ========= ========
Diluted earnings (loss) per share:
Continuing operations.................... $ .73 $ .91 $ (.07) $ .48 $ .03
Discontinued operations.................. (.04) -- .73 .58 .99
--------- --------- --------- --------- --------
Net income............................... $ .69 $ .91 $ .66 $ 1.06 $ 1.02
========= ========= ========= ========= ========
Total assets..................... $ 8,065.4 $ 8,867.3 $ 9,583.1 $ 8,412.2 $4,852.1
Long-term debt, net........................ $ 647.3 $ 850.4 $ 836.1 $ 520.9 $ 261.1
Shareholders' equity....................... $ 3,827.9 $ 3,842.5 $ 4,601.2 $ 5,424.2 $3,484.3
Diluted weighted average common shares
outstanding.............................. 335.2 361.4 429.8 470.9 430.9
See Notes 10, 12, 13, 15, 16 and 18 of Notes to Consolidated Financial
Statements for discussion of shareholders' equity, finance underwriting and
asset securitizations, restructuring activities and impairment charges, earnings
(loss) per share, discontinued operations and acquisitions and divestitures,
respectively, and their effect on comparability of year-to-year data. See "Item
5. Market for the Registrant's Common Equity and Related Stockholder Matters"
for a discussion of our dividend policy.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
You should read the following discussion in conjunction with the