AutoNation 2005 Annual Report Download - page 21

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Table of Contents
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,
2005 2004 2003 2002 2001
(In millions, except per share data)
Revenue $19,253.4 $19,044.6 $18,280.1 $18,207.7 $18,526.6
Income from continuing operations before
income taxes $622.9 $607.8 $611.5 $611.2 $377.5
Net income $496.5 $433.6 $479.2 $381.6 $232.3
Basic earnings (loss) per share:
Continuing operations $1.51 $1.49 $1.86 $1.19 $.69
Discontinued operations $.38 $.14 $(.09) $.01 $ —
Cumulative effect of accounting
change — $ — $(.05) — —
Net income $1.89 $1.63 $1.71 $1.20 $.70
Diluted earnings (loss) per share:
Continuing operations $1.48 $1.46 $1.81 $1.17 $.69
Discontinued operations $.38 $.13 $(.09) $.01 $ —
Cumulative effect of accounting
change — — $(.05) — —
Net income $1.85 $1.59 $1.67 $1.19 $.69
Diluted weighted average common shares
outstanding 268.0 272.5 287.0 321.5 335.2
Total assets $8,824.5 $8,698.9 $8,823.1 $8,502.7 $8,065.4
Long-term debt, net of current
maturities $484.4 $797.7 $808.5 $642.7 $647.3
Shareholders’ equity $4,669.5 $4,263.1 $3,949.7 $3,910.2 $3,827.9
See Notes 9, 11, 12, 13, and 15 of Notes to Consolidated Financial Statements for discussion of shareholders’ equity, income taxes,
earnings per share, discontinued operations, and acquisitions, 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 Part I, including matters set forth in the “Risk Factors” section of this
Form 10-K, and our Consolidated Financial Statements and notes thereto included elsewhere in this Form 10-K.
Certain reclassifications of amounts previously reported have been made to the accompanying Consolidated Financial Statements in
order to maintain consistency and comparability between periods presented.
We have restated certain amounts in the 2004 and 2003 Consolidated Statements of Cash Flows from operating activities to financing
activities to comply with Statement of Financial Accounting Standards (“SFAS”) 95, “Statement of Cash Flows” as a result of recent
comments to us from the Securities and Exchange Commission. For the years ended December 31, 2004 and 2003, $(144.1) million
(consisting of $(143.3) million in continuing operations and $(.8) million in discontinued operations) and $(121.2) million (consisting of
$(121.3) million in continuing operations and $.1 million in discontinued operations), respectively, which were previously reported as
operating activities are reported as a component of financing activities to reflect the net cash flow uses for floorplan facilities with lenders other
than the automotive manufacturers’ captive finance subsidiaries for that franchise (“non-trade lenders”). This change had the
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