AutoNation 2003 Annual Report Download - page 48

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Table of Contents
AUTONATION, INC.
CONSOLIDATED INCOME STATEMENTS
For the Years Ended December 31,
(In millions, except per share data)
2003 2002 2001
Revenue:
New vehicle $11,791.2 $11,694.8 $12,000.0
Used vehicle 4,492.3 4,709.8 4,997.2
Parts and service 2,457.2 2,453.3 2,404.9
Finance and insurance 601.1 563.7 528.9
Other 39.3 56.9 58.3
TOTAL REVENUE 19,381.1 19,478.5 19,989.3
Cost of Sales:
New vehicle 10,938.9 10,784.9 11,035.4
Used vehicle 4,089.2 4,315.1 4,579.2
Parts and service 1,385.0 1,385.0 1,365.7
Other 5.2 7.0 8.4
TOTAL COST SALES 16,418.3 16,492.0 16,988.7
Gross Profit:
New vehicle 852.3 909.9 964.6
Used vehicle 403.1 394.7 418.0
Parts and service 1,072.2 1,068.3 1,039.2
Finance and insurance 601.1 563.7 528.9
Other 34.1 49.9 49.9
TOTAL GROSS PROFIT 2,962.8 2,986.5 3,000.6
Selling, general and administrative expenses 2,157.7 2,200.9 2,207.2
Depreciation 69.4 67.3 70.7
Amortization 1.6 2.4 81.2
Loan and lease underwriting (income) losses, net (6.3) (13.9) 89.6
Other losses (gains), net 26.3 3.4 (14.8)
OPERATING INCOME 714.1 726.4 566.7
Floorplan interest expense (71.4) (74.8) (126.7)
Interest expense — IRS settlement (12.1) — —
Other interest expense (59.7) (50.4) (43.7)
Interest income 3.3 10.4 9.0
Other income (expense), net 16.8 6.4 (4.5)
INCOME FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES 591.0 618.0 400.8
PROVISION FOR INCOME TAXES 84.9 236.4 155.8
NET INCOME FROM CONTINUING OPERATIONS 506.1 381.6 245.0
Loss from discontinued operations, net of income taxes (12.3) — (12.7)
NET INCOME BEFORE CUMULATIVE EFFECT
OF ACCOUNTING CHANGE 493.8 381.6 232.3
Cumulative effect of accounting change, net of income
taxes (14.6) — —
NET INCOME $479.2 $381.6 $232.3
BASIC EARNINGS (LOSS) PER SHARE:
Continuing operations $1.81 $1.20 $.74
Discontinued operations $(.04) — $(.04)
Cumulative effect of accounting change $(.05) — —