AutoNation 2003 Annual Report Download - page 23

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Table of Contents
Reported Operating Data
Years Ended December 31,
2003 vs. 2002 2002 vs. 2001
Variance Variance
Favorable/ Favorable/
2003 2002 (Unfavorable) % Variance 2001 (Unfavorable) % Variance
($ in millions, except per vehicle data)
Revenue:
New vehicle $11,791.2 $11,694.8 $96.4 .8 $12,000.0 $(305.2) (2.5)
Used vehicle 4,492.3 4,709.8 (217.5) (4.6) 4,997.2 (287.4) (5.8)
Parts and service 2,457.2 2,453.3 3.9 .2 2,404.9 48.4 2.0
Finance and insurance 601.1 563.7 37.4 6.6 528.9 34.8 6.6
Other 39.3 56.9 (17.6) 58.3 (1.4)
Total revenue $19,381.1 $19,478.5 $(97.4) (.5) $19,989.3 $(510.8) (2.6)
Gross profit:
New vehicle $852.3 $909.9 $(57.6) (6.3) $964.6 $(54.7) (5.7)
Used vehicle 403.1 394.7 8.4 2.1 418.0 (23.3) (5.6)
Parts and service 1,072.2 1,068.3 3.9 .4 1,039.2 29.1 2.8
Finance and insurance 601.1 563.7 37.4 6.6 528.9 34.8 6.6
Other 34.1 49.9 (15.8) 49.9 —
Total gross profit 2,962.8 2,986.5 (23.7) (.8) 3,000.6 (14.1) (.5)
Selling, general & administrative expenses 2,157.7 2,200.9 43.2 2.0 2,207.2 6.3 .3
Depreciation 69.4 67.3 (2.1) 70.7 3.4
Amortization 1.6 2.4 .8 81.2 78.8
Loan and lease underwriting losses (income),
net (6.3) (13.9) (7.6) 89.6 103.5
Other losses (gains) 26.3 3.4 (22.9) (14.8) (18.2)
Operating income 714.1 726.4 (12.3) (1.7) 566.7 159.7 28.2
Floorplan interest expense (71.4) (74.8) 3.4 4.5 (126.7) 51.9 41.0
Interest expense — IRS settlement (12.1) — (12.1) — —
Other interest expense (59.7) (50.4) (9.3) (18.5) (43.7) (6.7) (15.3)
Interest income 3.3 10.4 (7.1) (68.3) 9.0 1.4 15.6
Other income (expense), net 16.8 6.4 10.4 (4.5) 10.9
Income from continuing operations before
income taxes $591.0 $618.0 $(27.0) (4.4) $400.8 $217.2 54.2
Retail vehicle unit sales:
New vehicle 414,765 426,706 (11,941) (2.8) 453,857 (27,151) (6.0)
Used vehicle 244,926 247,365 (2,439) (1.0) 258,523 (11,158) (4.3)
659,691 674,071 (14,380) (2.1) 712,380 (38,309) (5.4)
Revenue per vehicle retailed:
New vehicle $28,429 $27,407 $1,022 3.7 $26,440 $ 967 3.7
Used vehicle $15,131 $15,308 $(177) (1.2) $15,021 $ 287 1.9
Gross profit per vehicle retailed:
New vehicle $2,055 $2,132 $(77) (3.6) $2,125 $ 7 .3
Used vehicle $1,638 $1,629 $ 9 .6 $1,650 $(21) (1.3)
Finance and insurance $911 $ 836 $75 9.0 $ 742 $ 94 12.7
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