AutoNation 2005 Annual Report Download - page 46

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Table of Contents
AUTONATION, INC.
CONSOLIDATED INCOME STATEMENTS
For the Years Ended December 31,
(In millions, except per share data)
2005 2004 2003
Revenue:
New vehicle $ 11,532.2 $ 11,664.9 $ 11,228.6
Used vehicle 4,430.6 4,236.4 4,099.4
Parts and service 2,593.6 2,451.9 2,341.3
Finance and insurance, net 615.6 608.7 578.7
Other 81.4 82.7 32.1
TOTAL REVENUE 19,253.4 19,044.6 18,280.1
Cost of Sales:
New vehicle 10,697.6 10,831.6 10,404.8
Used vehicle 4,002.6 3,841.1 3,712.1
Parts and service 1,456.3 1,377.5 1,318.7
Other 33.2 35.4 .9
TOTAL COST OF SALES 16,189.7 16,085.6 15,436.5
Gross Profit:
New vehicle 834.6 833.3 823.8
Used vehicle 428.0 395.3 387.3
Parts and service 1,137.3 1,074.4 1,022.6
Finance and insurance 615.6 608.7 578.7
Other 48.2 47.3 31.2
TOTAL GROSS PROFIT 3,063.7 2,959.0 2,843.6
Selling, general and administrative expenses 2,175.5 2,108.1 2,043.6
Depreciation and amortization 80.7 81.5 67.6
Other losses, net 0.5 4.0 2.9
OPERATING INCOME 807.0 765.4 729.5
Floorplan interest expense (110.7) (79.1) (66.5)
Other interest expense (63.3) (76.3) (71.8)
Other interest expense — senior note repurchases (17.4) (.6) —
Interest income 7.5 3.5 3.3
Other income (expense), net (.2) (5.1) 17.0
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 622.9 607.8 611.5
PROVISION FOR INCOME TAXES 227.4 210.7 92.8
NET INCOME FROM CONTINUING OPERATIONS 395.5 397.1 518.7
Income (loss) from discontinued operations, net of income taxes 101.0 36.5 (24.9)
NET INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGE 496.5 433.6 493.8
Cumulative effect of accounting change, net of income taxes — — (14.6)
NET INCOME $ 496.5 $ 433.6 $ 479.2
BASIC EARNINGS (LOSS) PER SHARE:
Continuing operations $ 1.51 $ 1.49 $ 1.86
Discontinued operations $ .38 $ .14 (.09)
Cumulative effect of accounting change — $ — (.05)
Net income $ 1.89 $ 1.63 $ 1.71
Weighted average common shares outstanding 262.7 266.7 279.5
DILUTED EARNINGS (LOSS) PER SHARE:
Continuing operations $ 1.48 $ 1.46 $ 1.81
Discontinued operations $ .38 $ .13 $ (.09)
Cumulative effect of accounting change $ — $ — $ (.05)
Net income $ 1.85 $ 1.59 $ 1.67
Weighted average common shares outstanding 268.0 272.5 287.0
COMMON SHARES OUTSTANDING, net of treasury stock 262.2 264.3 269.7
The accompanying notes are an integral part of these statements.
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