AutoNation 2001 Annual Report Download - page 48

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The accompanying notes are an integral part of these statements.
43
AUTONATION, INC.
CONSOLIDATED INCOME STATEMENTS
FOR THE YEARS ENDED DECEMBER 31,
(IN MILLIONS, EXCEPT PER SHARE DATA)
2001 2000 1999
--------- --------- ---------
REVENUE..................................................... $19,989.3 $20,599.0 $20,099.0
Cost of operations.......................................... 17,115.4 17,776.9 17,308.4
--------- --------- ---------
GROSS MARGIN................................................ 2,873.9 2,822.1 2,790.6
Selling, general and administrative expenses................ 2,207.2 2,177.7 2,279.4
Depreciation................................................ 70.7 54.7 60.1
Amortization................................................ 81.2 79.1 62.9
Loan and lease underwriting losses (income), net............ 89.6 6.0 (12.8)
Restructuring and impairment charges (recoveries), net...... 4.5 (20.4) 416.4
Other gains................................................. (19.3) -- --
--------- --------- ---------
OPERATING INCOME (LOSS)..................................... 440.0 525.0 (15.4)
Other interest expense...................................... (43.7) (47.7) (34.9)
Interest income............................................. 9.0 14.3 20.6
Other income (expense), net................................. (4.5) 33.4 2.2
--------- --------- ---------
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME
TAXES..................................................... 400.8 525.0 (27.5)
Provision for income taxes.................................. 155.8 196.9 4.0
--------- --------- ---------
INCOME (LOSS) FROM CONTINUING OPERATIONS.................... 245.0 328.1 (31.5)
--------- --------- ---------
DISCONTINUED OPERATIONS:
Income (loss) from discontinued operations, net of income
taxes.................................................. (12.7) 13.1 (30.6)
Gain (loss) on disposal of segments, net of income taxes
of $(1.4) and $516.9 in 2000 and 1999, respectively.... -- (11.3) 345.0
--------- --------- ---------
(12.7) 1.8 314.4
--------- --------- ---------
NET INCOME.................................................. $ 232.3 $ 329.9 $ 282.9
========= ========= =========
BASIC EARNINGS (LOSS) PER SHARE:
Continuing operations..................................... $ .74 $ .91 $ (.07)
Discontinued operations................................... (.04) -- .73
--------- --------- ---------
Net income................................................ $ .70 $ .91 $ .66
========= ========= =========
Weighted average common shares outstanding................ 333.4 361.3 429.8
========= ========= =========
DILUTED EARNINGS (LOSS) PER SHARE:
Continuing operations..................................... $ .73 $ .91 $ (.07)
Discontinued operations................................... (.04) -- .73
--------- --------- ---------
Net income................................................ $ .69 $ .91 $ .66
========= ========= =========
Weighted average common shares outstanding................ 335.2 361.4 429.8
========= ========= =========
The accompanying notes are an integral part of these statements.
44
AUTONATION, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY AND COMPREHENSIVE INCOME (LOSS)
FOR THE YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999
(IN MILLIONS)
ACCUMULATED
OTHER
COMPRE-
ADDITIONAL HENSIVE COMPREHENSIVE
COMMON PAID-IN RETAINED INCOME TREASURY INCOME