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These excerpts taken from the AN 10-K filed Feb 17, 2009. Share
Repurchases and Dividends
The following table sets forth information regarding our share
repurchases over the past three years:
As of December 31, 2008, $142.7 million remained
available for share repurchases under the existing repurchase
program approved by our Board of Directors. Future share
repurchases are subject to limitations contained in the
indenture relating to our floating rate and 7% senior
unsecured notes.
The decision to repurchase shares in the future will be based on
such factors as the market price of our common stock versus our
view of its intrinsic value, the potential impact on our capital
structure (including compliance with the financial ratios in our
debt agreements), and the expected return on competing uses of
capital such as dealership acquisitions, capital investments in
our current businesses, or repurchases of our debt. In 2008, in
light of the economic conditions, our liquidity and capital
resource strategies were focused on generating cash and paying
down debt to remain in compliance with the financial covenants
in our debt agreements. We expect that in 2009 we will continue
to use a substantial portion of our cash to pay down debt. See
also “Restrictions and Covenants” below.
We have not declared or paid any cash dividends on our common
stock during our two most recent fiscal years. We do not
anticipate paying cash dividends for the foreseeable future. The
indenture for our floating rate and 7% senior unsecured
notes restricts our ability to declare cash dividends. See
“Restrictions and Covenants” below.
Share Repurchases and Dividends The following table sets forth information regarding our share repurchases over the past three years:
As of December 31, 2008, $142.7 million remained available for share repurchases under the existing repurchase program approved by our Board of Directors. Future share repurchases are subject to limitations contained in the indenture relating to our floating rate and 7% senior unsecured notes. The decision to repurchase shares in the future will be based on such factors as the market price of our common stock versus our view of its intrinsic value, the potential impact on our capital structure (including compliance with the financial ratios in our debt agreements), and the expected return on competing uses of capital such as dealership acquisitions, capital investments in our current businesses, or repurchases of our debt. In 2008, in light of the economic conditions, our liquidity and capital resource strategies were focused on generating cash and paying down debt to remain in compliance with the financial covenants in our debt agreements. We expect that in 2009 we will continue to use a substantial portion of our cash to pay down debt. See also “Restrictions and Covenants” below. We have not declared or paid any cash dividends on our common stock during our two most recent fiscal years. We do not anticipate paying cash dividends for the foreseeable future. The indenture for our floating rate and 7% senior unsecured notes restricts our ability to declare cash dividends. See “Restrictions and Covenants” below. These excerpts taken from the AN 10-K filed Feb 28, 2008. Share
Repurchases and Dividends
During 2007, we repurchased 33.2 million shares of our
common stock for an aggregate purchase price of
$645.7 million (average purchase price per share of
$19.43). There was $196.7 million available for share
repurchases authorized by our Board of Directors as of
December 31, 2007.
Future share repurchases are subject to limitations contained in
the indenture relating to our senior unsecured notes issued in
April 2006. As of January 1, 2008, we had approximately
$30 million available for share repurchases and other
restricted payments that are subject to these limitations. This
amount will increase in future periods by 50% of our cumulative
consolidated net income (as defined in the indenture), the net
proceeds of stock option exercises, and certain other items, and
decrease by the amount of future share repurchases and other
restricted payments subject to these limitations. While we
expect to continue repurchasing shares in the future, the
decision to make additional share repurchases will be based on
such factors as the market price of our common stock versus our
view of its intrinsic value, the potential impact on our capital
structure, and the expected return on competing uses of capital
such as dealership acquisitions, capital investments in our
current businesses, or repurchases of our debt.
We have not declared or paid any cash dividends on our common
stock during our three most recent fiscal years. We do not
anticipate paying cash dividends in the foreseeable future. The
indenture for our senior unsecured notes issued in April 2006
restricts our ability to declare cash dividends.
Share Repurchases and Dividends During 2007, we repurchased 33.2 million shares of our common stock for an aggregate purchase price of $645.7 million (average purchase price per share of $19.43). There was $196.7 million available for share repurchases authorized by our Board of Directors as of December 31, 2007. Future share repurchases are subject to limitations contained in the indenture relating to our senior unsecured notes issued in April 2006. As of January 1, 2008, we had approximately $30 million available for share repurchases and other restricted payments that are subject to these limitations. This amount will increase in future periods by 50% of our cumulative consolidated net income (as defined in the indenture), the net proceeds of stock option exercises, and certain other items, and decrease by the amount of future share repurchases and other restricted payments subject to these limitations. While we expect to continue repurchasing shares in the future, the decision to make additional share repurchases will be based on such factors as the market price of our common stock versus our view of its intrinsic value, the potential impact on our capital structure, and the expected return on competing uses of capital such as dealership acquisitions, capital investments in our current businesses, or repurchases of our debt. We have not declared or paid any cash dividends on our common stock during our three most recent fiscal years. We do not anticipate paying cash dividends in the foreseeable future. The indenture for our senior unsecured notes issued in April 2006 restricts our ability to declare cash dividends. | EXCERPTS ON THIS PAGE:
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