This excerpt taken from the AN 8-K filed Oct 29, 2009.
Segment Results for the Quarter
Notably in the quarter, Domestic and Import segments were the biggest beneficiary of the Cash for Clunkers program, which was concentrated in smaller fuel efficient vehicles retailing for less than $45,000.
Additionally, the Companys Board of Directors has approved a 65% increase in capital expenditures to $150 million for 2010 and has authorized an additional $250 million for the repurchase of its common stock. The Company repurchased 3.7 million shares of common stock in the third quarter for an aggregate purchase price of $65.8 million (average purchase price per share of $17.81). AutoNation also recently announced the acquisition of Honda and Acura dealerships in its AppleWay market in Spokane, Washington, which the Company expects to complete before the end of the year. Commenting on the Board authorization, AutoNation Chairman and Chief Executive Officer Mike Jackson said, Investing in our facilities, investing in our stores through process and technology, repurchasing shares, and making strategic acquisitions reflects the Boards and senior managements continued confidence in AutoNations financial strength and focus on generating additional value for shareholders.
For the nine-month period ended September 30, 2009, the Company reported net income from continuing operations of $172 million or $0.96 per share, compared to a net loss from continuing operations of $1.29 billion or $7.22 per share in the prior year. After adjusting for the impairment charges and certain items as disclosed in the attached financial tables, net income from continuing operations for the nine-month period ended September 30, 2009, was $155 million or $0.87 per share, compared to $158 million or $0.88 per share last year. The Companys revenue for the nine-month period ended September 30, 2009 totaled $7.9 billion, down 26% compared to $10.8 billion in the prior year.
The third quarter conference call may be accessed at 11:00 a.m. Eastern Time today by phone at 888-769-8515 (pass code: AutoNation), or via the Internet (audio webcast) at http://www.AutoNation.com by clicking on About AutoNation and then Webcasts & Presentations. A playback of the conference call will be available after 12:00 (noon) p.m. Eastern Time October 29, 2009 through November 07, 2009 by calling 866-487-7599, pass code: 75300.