PENSKE AUTOMOTIVE GROUP, INC. - FORM 8-K - EX-99.1

Attached files

file	filename
8-K - LIVE FILING - PENSKE AUTOMOTIVE GROUP, INC.	htm_45675.htm


FOR IMMEDIATE RELEASE

PENSKE AUTOMOTIVE REPORTS SECOND QUARTER AND FIRST-HALF RESULTS

Record Q2 Income from Continuing Operations and Earnings per Share


Second Quarter 2012				First Half 2012

•

Revenue Increases 19.2% to $3.4 Billion

•

Revenue Increases 18.6% to $6.6 Billion



• Same-store Retail Revenue Increases
9.4%

• Same-store Retail Revenue Increases 8.5%

• Inc. from Continuing Operations

• Inc. from Continuing Operations
Increases 26.4% to $49.5 Million		Increases 32.0% to $99.5 Million

• EPS from Continuing Operations

• EPS from Continuing Operations Increases
Increases 31.0% to $0.55 per share		34.1% to $1.10 per share

• EBITDA Increases 23.7% to $102.1
Million

• EBITDA Increases 28.6% to $204.7 Million
BLOOMFIELD HILLS, MI, July 31, 2012 – Penske Automotive Group, Inc. (NYSE:PAG), an
international automotive retailer, announced today record second quarter income from continuing
operations and related earnings per share.	For the second quarter 2012, income from continuing
operations attributable to common shareholders increased 26.4% to $49.5 million and related
earnings per share increased 31.0% to $0.55 per share. This compares to income from continuing
operations attributable to common shareholders of $39.2 million, or $0.42 per share in the same
period last year.

Total revenue increased by 19.2% to $3.4 billion and was driven by an increase in total retail unit sales of 20.9%. The increase in retail unit sales was highlighted by a 24.8% increase in new unit sales and a 16.4% increase in used retail unit sales. Total same-store retail unit sales increased 12.0% in the second quarter. Same-store retail revenue increased 9.4% in the second quarter. Gross profit improved 12.6% to $513.4 million, operating income increased 29.5% to $90.3 million, and operating margin improved by 20 basis points.


Highlights of the Second Quarter

•

Total Retail Unit Sales increased 20.9% to 84,346

•

+18.3% in the United States; +27.0% Internationally

•

New unit retail sales +24.8%

•

Used unit retail sales +16.4%

•

Same-store Retail Revenue increased 9.4%

•

New +13.8%; Used +5.4%; Finance & Insurance +13.4%; Service and Parts +0.6%

•

+13.5% in the United States; +2.4% Internationally

•

Average Transaction Price Per Unit

•

New $36,975; -1.0%

•

Used $25,666; -3.1%

•

Average Gross Profit Per Unit

•

New $2,969; Gross Margin 8.0%; down 50 bps

•

Used $1,972; Gross Margin 7.7%; down 60 bps

•

Finance & Insurance $980, down $9/unit

Chairman Roger Penske said, “The Company’s second quarter results reflect strong performance across both the U.S. and International markets. We experienced strong unit sales throughout the quarter, particularly through our Toyota, Honda and Lexus dealerships, and we increased our service and parts gross margin by 130 basis points to 58.6%. Further, I was particularly pleased that we were able to drive a 230 basis point improvement in selling, general and administrative expenses as a percent of gross profit.”

For the six months ended June 30, 2012, total revenue increased 18.6% to $6.6 billion. Income from continuing operations attributable to common shareholders increased 32.0% to $99.5 million and related earnings per share increased 34.1% to $1.10 per share. This compares to income from continuing operations attributable to common shareholders of $75.4 million, and related earnings per share of $0.82 per share in the same period last year.

Securities Repurchase Activity

For the six months ended June 30, 2012, the Company acquired 405,631 shares of its common stock for an aggregate purchase price of $9.8 million, or an average price of $24.23 per share. Additionally, during the second quarter of 2012, the Company announced the redemption of $63.3 million in outstanding 3.5% senior subordinated convertible notes. The redemption of these notes was completed on July 16, 2012. No shares of common stock were used in the redemption. The Company currently has remaining authorization from its Board of Directors to repurchase up to $98.3 million of its outstanding common stock or debt. Securities may be acquired from time to time either through open market purchases, negotiated transactions or other means.

Conference Call

Penske Automotive will host a conference call discussing financial results relating to the second quarter of 2012 on July 31, 2012, at 2:00 p.m. Eastern Daylight Time. To listen to the conference call, participants must dial (877) 209-9922 [International, please dial (612) 332-0636]. The call will also be simultaneously broadcast over the Internet through the Investors Relations section of the Penske Automotive Group website at www.penskeautomotive.com.

About Penske Automotive
Penske Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan, operates 340 retail automotive franchises, representing 41 different brands and 30 collision repair centers. Penske Automotive, which sells new and previously owned vehicles, finance and insurance products and replacement parts, and offers maintenance and repair services on all brands it represents, has 170 franchises in 17 states and Puerto Rico and 170 franchises located outside the United States, primarily in the United Kingdom. Penske Automotive is a member of the Fortune 500 and Russell 2000 and has approximately 16,000 employees.

Non-GAAP Financial Measures

This release contains certain non-GAAP financial measures as defined under SEC rules, such as earnings before interest, taxes, depreciation and amortization (“EBITDA”). The Company has reconciled these measures to the most directly comparable GAAP measures in the release. The Company believes that these widely accepted measures of operating profitability improve the transparency of the Company’s disclosures. These non-GAAP financial measures are not substitutes for GAAP financial results, and should only be considered in conjunction with the Company’s financial information that is presented in accordance with GAAP.

Caution Concerning Forward Looking Statements
Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.’s future sales potential and outlook. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others: economic conditions generally, conditions in the credit markets and changes in interest rates, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to natural disasters or other disruptions that interrupt the supply of vehicles or parts to us; changes in consumer credit availability, the outcome of legal and administrative matters, and other factors over which management has limited control. These forward-looking statements should be evaluated together with additional information about Penske Automotive’s business, markets, conditions and other uncertainties, which could affect Penske Automotive’s future performance. These risks and uncertainties are addressed in Penske Automotive’s Form 10-K for the year ended December 31, 2011, and its other filings with the Securities and Exchange Commission (“SEC”). This press release speaks only as of its date, and Penske Automotive disclaims any duty to update the information herein.

Find a vehicle: http://www.penskecars.com
Engage Penske Automotive: http://www.penskesocial.com
Like Penske Automotive on Facebook: https://facebook.com/PenskeCars
Follow Penske Automotive on Twitter: https://twitter.com/#!/Penskecarscorp
Visit Penske Automotive on YouTube: http://www.youtube.com/penskecars

Inquiries should contact:


David K. Jones Executive Vice President and Chief Financial Officer Penske Automotive Group, Inc. 248-648-2800 dave.jones@penskeautomotive.com		Anthony R. Pordon Executive Vice President Investor Relations and Corporate Development Penske Automotive Group, Inc. 248-648-2540 tpordon@penskeautomotive.com

# # #

PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Condensed Statements of Income
(Amounts In Thousands, Except Per Share Data)
(Unaudited)


	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2012			2011					2012			2011
Revenues:
New Vehicle	$	1,729,167		$	1,399,456				$	3,303,367		$	2,778,015
Used Vehicle		964,511			855,598					1,931,147			1,643,604
Finance and Insurance, Net		82,682			69,004					162,486			135,349
Service and Parts		368,797			339,636					737,090			679,688
Fleet Sales		62,348			34,228					139,899			65,175
Wholesale Vehicle		164,974			132,064					331,233			266,288

Total Revenues		3,372,479			2,829,986					6,605,222			5,568,119
Cost of Sales:
New Vehicle		1,590,303			1,280,297					3,032,731			2,549,647
Used Vehicle		890,411			784,366					1,778,942			1,507,605
Service and Parts		152,846			145,038					308,678			290,963
Fleet		61,631			33,519					138,887			64,514
Wholesale		163,884			130,806					327,406			261,969

Total Cost of Sales		2,859,075			2,374,026					5,586,644			4,674,698
Gross Profit		513,404			455,960					1,018,578			893,421
SG&A Expenses		409,452			374,325					806,799			728,349
Depreciation		13,651			11,926					26,976			23,705

Operating Income		90,301			69,709					184,803			141,367
Floor Plan Interest Expense		(9,971	)		(6,921	)				(19,620	)		(13,780	)
Other Interest Expense		(11,575	)		(10,451	)				(23,785	)		(21,736	)
Debt Discount Amortization		0			0					0			(1,718	)
Equity in Earnings of Affiliates		8,168			7,882					12,578			7,904
Income from Continuing Operations Before Income Taxes		76,923			60,219					153,976			112,037
Income Taxes		(26,854	)		(20,505	)		(		(53,744	)		(36,043	)

Income from Continuing Operations		50,069			39,714					100,232			75,994
Income (Loss) from Discontinued Operations, Net of Tax		(457	)		345					(3,614	)		(1,938	)

Net Income		49,612			40,059					96,618			74,056
Income Attributable to Non-Controlling Interests		(520	)		(499	)				(708	)		(569	)

Net Income Attributable to Common Shareholders	$	49,092		$	39,560				$	95,910		$	73,487

Income from Continuing Operations Per Share	$	0.55		$	0.42				$	1.10		$	0.82

Income Per Share	$	0.54		$	0.43				$	1.06		$	0.79

Weighted Average Shares Outstanding		90,337			92,570					90,395			92,514

Amounts Attributable to Common Shareholders:
Reported Income from Continuing Operations	$	50,069		$	39,714		$		$	100,232		$	75,994
Income Attributable to Non-Controlling Interests		(520	)		(499	)				(708	)		(569	)

Income from Continuing Operations, net of tax	$	49,549		$	39,215				$	99,524		$	75,425
Income (Loss) from Discontinued Operations, net of tax		(457	)		345					(3,614	)		(1,938	)

Net Income	$	49,092		$	39,560				$	95,910		$	73,487

PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Condensed Balance Sheets
(Amounts In Thousands)
(Unaudited)


	June 30,		December 31,
	2012		2011
Assets
Cash and Cash Equivalents	$	37,219	$	28,676
Accounts Receivable, Net		464,424		438,769
Inventories		1,830,841		1,572,568
Other Current Assets		91,963		80,179
Assets Held for Sale		39,059		81,122

Total Current Assets		2,463,506		2,201,314
Property and Equipment, Net		925,054		856,674
Intangibles		1,193,409		1,132,181
Other Long-Term Assets		310,896		312,130

Total Assets	$	4,892,865	$	4,502,299

Liabilities and Equity
Floor Plan Notes Payable	$	1,158,252	$	977,548
Floor Plan Notes Payable – Non-Trade		724,687		691,888
Accounts Payable		310,686		220,538
Accrued Expenses		258,726		201,179
Current Portion Long-Term Debt		13,139		3,414
Liabilities Held for Sale		34,149		55,820

Total Current Liabilities		2,499,639		2,150,387
Long-Term Debt		793,603		846,777
Other Long-Term Liabilities		388,378		364,722

Total Liabilities		3,681,620		3,361,886
Equity		1,211,245		1,140,413

Total Liabilities and Equity	$	4,892,865	$	4,502,299

PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Condensed Statements of Income
(Amounts In Thousands, Except Per Share Data)
(Unaudited)


	Three Months Ended
	June 30,
								% Increase/
	2012			2011				(Decrease)
Revenues:
New Vehicle	$	1,729,167		$	1,399,456				23.6	%
Used Vehicle		964,511			855,598				12.7	%
Finance and Insurance, Net		82,682			69,004				19.8	%
Service and Parts		368,797			339,636				8.6	%
Fleet Sales		62,348			34,228				82.2	%
Wholesale Vehicle		164,974			132,064				24.9	%

Total Revenues		3,372,479			2,829,986				19.2	%
Cost of Sales:
New Vehicle		1,590,303			1,280,297				24.2	%
Used Vehicle		890,411			784,366				13.5	%
Service and Parts		152,846			145,038				5.4	%
Fleet		61,631			33,519				83.9	%
Wholesale		163,884			130,806				25.3	%

Total Cost of Sales		2,859,075			2,374,026				20.4	%
Gross Profit		513,404			455,960				12.6	%
SG&A Expenses		409,452			374,325				9.4	%
Depreciation		13,651			11,926				14.5	%

Operating Income		90,301			69,709				29.5	%
Floor Plan Interest Expense		(9,971	)		(6,921	)			44.1	%
Other Interest Expense		(11,575	)		(10,451	)			10.8	%
Equity in Earnings of Affiliates		8,168			7,882				3.6	%
Income from Continuing Operations Before Income Taxes		76,923			60,219				27.7	%
Income Taxes		(26,854	)		(20,505	)	(		31.0	%

Income from Continuing Operations		50,069			39,714				26.1	%
Income (Loss) from Discontinued Operations, Net of Tax		(457	)		345				-232.5	%

Net Income		49,612			40,059				23.8	%
Income Attributable to Non-Controlling Interests		(520	)		(499	)			4.2	%

Net Income Attributable to Common Shareholders	$	49,092		$	39,560				24.1	%

Income from Continuing Operations Per Share	$	0.55		$	0.42				31.0	%

Income Per Share	$	0.54		$	0.43				25.6	%

Weighted Average Shares Outstanding		90,337			92,570				-2.4	%

Amounts Attributable to Common Shareholders:
Reported Income from Continuing Operations	$	50,069		$	39,714				26.1	%
Income Attributable to Non-Controlling Interests		(520	)		(499	)			4.2	%

Income from Continuing Operations, net of tax	$	49,549		$	39,215				26.4	%
Income (Loss) from Discontinued Operations, net of tax		(457	)		345				-232.5	%

Net Income	$	49,092		$	39,560				24.1	%

PENSKE AUTOMOTIVE GROUP, INC.
Selected Data
(Unaudited)


	Three Months Ended
	June 30,
							% Increase/
	2012			2011			(Decrease)
Total Retail Units:
New Retail		46,766			37,484			24.8	%
Used Retail		37,580			32,290			16.4	%

Total Retail		84,346			69,774			20.9	%

Fleet		2,836			1,518			86.8	%
Wholesale		17,796			14,318			24.3	%

Total		104,978			85,610			22.6	%

Same-Store Retail Units:
New Same-Store Retail		42,876			37,303			14.9	%
Used Same-Store Retail		34,943			32,201			8.5	%

Total Same-Store Retail		77,819			69,504			12.0	%

Same-Store Retail Revenue: (Amounts in thousands)
New Vehicles	$	1,586,573		$	1,394,553			13.8	%
Used Vehicles		899,469			853,785			5.4	%
Finance and Insurance, Net		77,971			68,777			13.4	%
Service and Parts		340,744			338,729			0.6	%

Total Same-Store Retail	$	2,904,757		$	2,655,844			9.4	%

Revenue Mix:
New Vehicles		51.3	%		49.5	%	180 bps
Used Vehicles		28.6	%		30.2	%	(160 bps)
Finance and Insurance, Net		2.5	%		2.4	%	10 bps
Service and Parts		10.9	%		12.0	%	(110 bps)
Fleet and Wholesale		6.7	%		5.9	%	80 bps
Average Revenue per Vehicle Retailed:
New Vehicles	$	36,975		$	37,335			-1.0	%
Used Vehicles		25,666			26,497			-3.1	%
Gross Profit per Vehicle Retailed:
New Vehicles	$	2,969		$	3,179			-6.6	%
Used Vehicles		1,972			2,206			-10.6	%
Finance and Insurance		980			989			-0.9	%
Operating items as a percentage of revenue:
New Vehicle Gross Profit		8.0	%		8.5	%	(50 bps)
Used Vehicle Gross Profit		7.7	%		8.3	%	(60 bps)
Service and Parts Gross Profit		58.6	%		57.3	%	130 bps
Total Gross Profit		15.2	%		16.1	%	(90 bps)
Selling, General and Admin. Expenses		12.1	%		13.2	%	(110 bps)
Operating Income		2.7	%		2.5	%	20 bps
Inc. From Cont. Ops. Before Inc. Taxes		2.3	%		2.1	%	20 bps
Operating items as a percentage of total gross profit:
Selling, General and Administrative Expenses		79.8	%		82.1	%	(230 bps)
Operating Income		17.6	%		15.3	%	230 bps

PENSKE AUTOMOTIVE GROUP, INC.
Selected Data (Continued)
(Unaudited)


	Three Months Ended
	June 30,
					% Increase/
	2012		2011		(Decrease)
Other (Amounts in Thousands):
EBITDA *	$	102,149	$	82,596		23.7	%
Rent Expense		44,233		42,222		4.8	%
Floorplan Credits		6,463		5,234		23.5	%

* See the following Non-GAAP reconciliation tables

PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Condensed Statements of Income
(Amounts In Thousands, Except Per Share Data)
(Unaudited)


	Six Months Ended
	June 30,
							% Increase/
	2012			2011			(Decrease)
Revenues:
New Vehicle	$	3,303,367		$	2,778,015			18.9	%
Used Vehicle		1,931,147			1,643,604			17.5	%
Finance and Insurance, Net		162,486			135,349			20.0	%
Service and Parts		737,090			679,688			8.4	%
Fleet Sales		139,899			65,175			114.7	%
Wholesale Vehicle		331,233			266,288			24.4	%

Total Revenues		6,605,222			5,568,119			18.6	%
Cost of Sales:
New Vehicle		3,032,731			2,549,647			18.9	%
Used Vehicle		1,778,942			1,507,605			18.0	%
Service and Parts		308,678			290,963			6.1	%
Fleet		138,887			64,514			115.3	%
Wholesale		327,406			261,969			25.0	%

Total Cost of Sales		5,586,644			4,674,698			19.5	%
Gross Profit		1,018,578			893,421			14.0	%
SG&A Expenses		806,799			728,349			10.8	%
Depreciation		26,976			23,705			13.8	%

Operating Income		184,803			141,367			30.7	%
Floor Plan Interest Expense		(19,620	)		(13,780	)		42.4	%
Other Interest Expense		(23,785	)		(21,736	)		9.4	%
Debt Discount Amortization		0			(1,718	)		-100.0	%
Equity in Earnings of Affiliates		12,578			7,904			59.1	%
Income from Continuing Operations Before Income Taxes		153,976			112,037			37.4	%
Income Taxes		(53,744	)		(36,043	)		49.1	%

Income from Continuing Operations		100,232			75,994			31.9	%
(Loss) from Discontinued Operations, Net of Tax		(3,614	)		(1,938	)		86.5	%

Net Income		96,618			74,056			30.5	%
Income Attributable to Non-Controlling Interests		(708	)		(569	)		24.4	%

Net Income Attributable to Common Shareholders	$	95,910		$	73,487			30.5	%

Income from Continuing Operations Per Share	$	1.10		$	0.82			34.1	%

Income Per Share	$	1.06		$	0.79			34.2	%

Weighted Average Shares Outstanding		90,395			92,514			-2.3	%

Amounts Attributable to Common Shareholders:
Reported Income from Continuing Operations	$	100,232		$	75,994			31.9	%
Income Attributable to Non-Controlling Interests		(708	)		(569	)		24.4	%

Income from Continuing Operations, net of tax	$	99,524		$	75,425			32.0	%
(Loss) from Discontinued Operations, net of tax		(3,614	)		(1,938	)		86.5	%

Net Income	$	95,910		$	73,487			30.5	%

PENSKE AUTOMOTIVE GROUP, INC.
Selected Data
(Unaudited)


	Six Months Ended
	June 30,
							% Increase/
	2012			2011			(Decrease)
Total Retail Units:
New Retail		89,773			75,994			18.1	%
Used Retail		75,848			62,441			21.5	%

Total Retail		165,621			138,435			19.6	%

Fleet		6,311			2,998			110.5	%
Wholesale		35,698			28,768			24.1	%

Total		207,630			170,201			22.0	%

Same-Store Retail Units:
New Same-Store Retail		81,994			75,337			8.8	%
Used Same-Store Retail		70,041			61,888			13.2	%

Total Same-Store Retail		152,035			137,225			10.8	%

Same-Store Retail Revenue: (Amounts in thousands)
New Vehicles	$	3,020,344		$	2,757,110			9.5	%
Used Vehicles		1,784,819			1,629,700			9.5	%
Finance and Insurance, Net		152,619			134,233			13.7	%
Service and Parts		679,194			674,526			0.7	%

Total Same-Store Retail	$	5,636,976		$	5,195,569			8.5	%

Revenue Mix:
New Vehicles		50.0	%		49.9	%	10 bps
Used Vehicles		29.2	%		29.5	%	(30 bps)
Finance and Insurance, Net		2.5	%		2.4	%	10 bps
Service and Parts		11.2	%		12.2	%	(100 bps)
Fleet and Wholesale		7.1	%		6.0	%	110 bps
Average Revenue per Vehicle Retailed:
New Vehicles	$	36,797		$	36,556			0.7	%
Used Vehicles		25,461			26,322			-3.3	%
Gross Profit per Vehicle Retailed:
New Vehicles	$	3,015		$	3,005			0.3	%
Used Vehicles		2,007			2,178			-7.9	%
Finance and Insurance		981			978			0.3	%
Operating items as a percentage of revenue:
New Vehicle Gross Profit		8.2	%		8.2	%		—
Used Vehicle Gross Profit		7.9	%		8.3	%	(40 bps)
Service and Parts Gross Profit		58.1	%		57.2	%	90 bps
Total Gross Profit		15.4	%		16.0	%	(60 bps)
Selling, General and Admin. Expenses		12.2	%		13.1	%	(90 bps)
Operating Income		2.8	%		2.5	%	30 bps
Inc. From Cont. Ops. Before Inc. Taxes		2.3	%		2.0	%	30 bps
Operating items as a percentage of total gross profit:
Selling, General and Administrative Expenses		79.2	%		81.5	%	(230 bps)
Operating Income		18.1	%		15.8	%	230 bps

PENSKE AUTOMOTIVE GROUP, INC.
Selected Data (Continued)
(Unaudited)


	Six Months Ended
	June 30,
					% Increase/
	2012		2011		(Decrease)
Other (Amounts in Thousands):
EBITDA *	$	204,737	$	159,196		28.6	%
Rent Expense		88,220		84,254		4.7	%
Floorplan Credits		11,282		10,364		8.9	%

* See the following Non-GAAP reconciliation tables

PENSKE AUTOMOTIVE GROUP, INC.
Selected Data
Brand Revenue Mix
(Unaudited)


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2012			2011			2012			2011
Brand Revenue Mix:
Premium:
BMW		24	%		23	%		24	%		23	%
Audi		12	%		12	%		12	%		12	%
Mercedes-Benz		10	%		10	%		10	%		10	%
Lexus		4	%		4	%		4	%		4	%
Land Rover		4	%		4	%		4	%		5	%
Porsche		5	%		5	%		5	%		5	%
Ferrari / Maserati		3	%		4	%		3	%		3	%
Acura		2	%		2	%		2	%		2	%
Other		4	%		4	%		4	%		4	%

Total Premium		68	%		68	%		68	%		68	%
Foreign:
Toyota		11	%		11	%		11	%		11	%
Honda		11	%		11	%		11	%		12	%
Nissan		2	%		2	%		2	%		2	%
Volkswagen		2	%		2	%		2	%		1	%
Other		2	%		2	%		2	%		2	%

Total Foreign		28	%		28	%		28	%		28	%
Domestic Big 3
General Motors / Chrysler / Ford		4	%		4	%		4	%		4	%
Revenue Mix:
U.S.		63	%		63	%		62	%		62	%
International		37	%		37	%		38	%		38	%

PENSKE AUTOMOTIVE GROUP, INC.
Non-GAAP Reconciliation
(Unaudited)

Reconciliation of 2012 and 2011 net income to EBITDA:


	Three Months Ended
	June 30,
						% Increase/
(Amounts in Thousands)	2012		2011			(Decrease)
Net Income	$	49,612	$	40,059			23.8	%
Depreciation		13,651		11,926			14.5	%
Other Interest Expense		11,575		10,451			10.8	%
Income Taxes		26,854		20,505			31.0	%
(Income) Loss from Discontinued Operations, net		457		(345	)		-232.5	%

EBITDA	$	102,149	$	82,596			23.7	%


	Six Months Ended
	June 30,
					% Increase/
(Amounts in Thousands)	2012		2011		(Decrease)
Net Income	$	96,618	$	74,056		30.5	%
Depreciation		26,976		23,705		13.8	%
Other Interest Expense		23,785		21,736		9.4	%
Debt Discount Amortization		0		1,718		-100.0	%
Income Taxes		53,744		36,043		49.1	%
Loss from Discontinued Operations, net		3,614		1,938		86.5	%

EBITDA	$	204,737	$	159,196		28.6	%

# # # # # # #

PENSKE AUTOMOTIVE GROUP, INC. - FORM 8-K - EX-99.1 - July 31, 2012

Attached files

PENSKE AUTOMOTIVE GROUP, INC. Reports