EXHIBIT 99.1
LITHIA MOTORS REPORTS THIRD QUARTER RESULTS FROM CONTINUING
OPERATIONS OF $0.32 CENTS PER SHARE
Medford, Oregon, October 29, 2009 (1:05 p.m. PT) –Lithia Motors, Inc. (NYSE: LAD) today reported 2009 third quarter income from continuing operations, net of income taxes, of $7.0 million or $0.32 cents per diluted share, compared to year-ago income from continuing operations of $2.5 million, or $0.12 per diluted share. After adjusting for certain items disclosed in the attached financial tables, income from continuing operations for the 2009 third quarter was $0.33 cents per share, compared to $0.07 per share in the prior year.
Third quarter 2009 revenue from continuing operations totaled $458 million, compared to $507 million in the year-ago period, driven primarily by lower new vehicle sales. Same store new vehicle sales declined 14.3% while used vehicle retail sales increased 3.9% when compared to the prior year. Service, body and parts same store sales declined 2.8% compared to the prior year.
Other Third Quarter Operating Highlights:
- Gross profit margin improved 190 basis points over the prior year to 18.7%. New vehiclemargin improved 110 basis points to 8.8%, used vehicle retail margin improved 490 basispoints to 15.3%, and used vehicle wholesale margin improved 510 basis points to 0.4%.
- SG&A expense as a percentage of gross profit decreased by 730 basis points over theprior year to 75.1%. This was also a reduction of 360 basis points compared to thesecond quarter of 2009. This improvement was driven in part by the elimination ofapproximately $65 million in annualized fixed costs.
- Lithia improved same store used vehicle retail sales 3.9% while maintaining used vehicleinventory of $67 million, a 15% reduction from September 30, 2008.
Sid DeBoer, Lithia’s Chairman and CEO, commented, “We continue to produce solid gross margins and strong used vehicle retail sales. Our third quarter results also benefited from the CARS program. This incremental boost in revenue demonstrates our earnings potential as new vehicle sales levels recover and we leverage our lower cost structure. We continue to right-size to match industry sales volumes and our internal performance metrics.”
At the end of the third quarter and before the equity offering completed in October, Lithia had approximately $34 million in cash and credit availability and remained well within the limits of the financial covenants in its debt agreements.
Jeff DeBoer, Senior Vice President and CFO, said, “Adjusted cash flows from operations were $80.9 million for the year to date period. In October 2009, we completed a follow-on stock offering raising $43.5 million, net of underwriting commissions and have executed an amendment to our revolving line of credit to provide $50 million in borrowing capacity. These sources of cash allow us to pursue acquisition opportunities and capitalize on current market conditions.”
For the nine-month period ending September 30, 2009, total sales declined 21% to $1.2 billion as compared to $1.6 billion in the same period last year. Same store new vehicle sales decreased 30.3%, retail used vehicle sales decreased 1.6% and service, body and parts sales decreased 4.6%. For the first nine months, income from continuing operations was $0.53 per share,
compared to a loss of $9.90 per share in 2008. After adjusting for certain items disclosed in the attached financial tables, including the non-cash impairment of goodwill, Lithia’s adjusted income from continuing operations was $0.53 per share as compared to $0.19 per share in the prior year.
The third quarter conference call may be accessed at 2:00 p.m. Pacific Time today by phone at (800) 254-5933 Conference ID: 35111411. A playback of the conference call will be available after 5 p.m. Pacific Time October 29, 2009 through November 5, 2009 by calling (800) 642-1687 access code: 35111411.
About Lithia
Lithia Motors, Inc. is a Fortune 700 Company, selling 27 brands of new and all brands of used vehicles at 87 stores, which are located in 12 states. Internet sales are centralized atwww.Lithia.com. Lithia also sells used vehicles; arranges finance, warranty, and credit insurance contracts; and provides vehicle parts, maintenance, and repair services at all of its locations.
Additional Information
For additional information on Lithia Motors, contact the Investor Relations Department: (541) 776-6591 or log-on to: www.lithia.com – go to Investor Relations.
Forward Looking Statements
This press release includes forward looking statements within the meaning of the “Safe-Harbor” provisions of the Private Securities Litigation Reform Act of 1995, which management believes are a benefit to shareholders. These statements are necessarily subject to risk and uncertainty and actual results could differ materially due to certain risk factors, including without limitation, future economic conditions and others set forth from time to time in the Company’s filings with the SEC.
Non-GAAP Financial Measures
The attached financial tables contain certain non-GAAP financial measures as defined under SEC rules, such as net income and diluted earnings per share from continuing operations, adjusted to exclude certain items disclosed in the attached financial tables. As required by SEC rules, the Company has provided reconciliations of these measures to the most directly comparable GAAP measures, which are set forth in the attachments to this release. The Company believes that each of the foregoing non-GAAP financial measures improves the transparency of the Company's disclosure, provides a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the Company's ongoing core business operations, and improves the period-to-period comparability of the Company's results from its core business operations.
| LITHIA MOTORS, INC. | ||||||||||||
| (In thousands except per share data) | ||||||||||||
| Unaudited | Three Months Ended | % | ||||||||||
| September 30, | Increase | Increase | ||||||||||
| 2009 | 2008 | (Decrease) | (Decrease) | |||||||||
| New vehicle sales | $241,577 | $282,669 | $(41,092 | ) | (14.5 | ) | % | |||||
| Used vehicle sales | 136,164 | 137,230 | (1,066 | ) | (0.8 | ) | ||||||
| Finance and insurance | 14,685 | 19,400 | (4,715 | ) | (24.3 | ) | ||||||
| Service, body and parts | 64,960 | 66,728 | (1,768 | ) | (2.6 | ) | ||||||
| Fleet and other revenues | 814 | 846 | (32 | ) | (3.8 | ) | ||||||
| Total revenues | 458,200 | 506,873 | (48,673 | ) | (9.6 | ) | ||||||
| Cost of sales | 372,367 | 421,834 | (49,467 | ) | (11.7 | ) | ||||||
| Gross profit | 85,833 | 85,039 | 794 | 0.9 | ||||||||
| SG&A expense | 64,492 | 70,079 | (5,587 | ) | (8.0 | ) | ||||||
| Depreciation and amortization | 3,923 | 4,073 | (150 | ) | (3.7 | ) | ||||||
| Income from operations | 17,418 | 10,887 | 6,531 | 60.0 | ||||||||
| Floorplan interest expense | (2,886 | ) | (4,300 | ) | 1,414 | 32.9 | ||||||
| Other interest expense | (2,943 | ) | (4,070 | ) | 1,127 | 27.7 | ||||||
| Other income, net | 24 | 1,881 | (1,857 | ) | (98.7 | ) | ||||||
| Income from continuing operations | ||||||||||||
| before income taxes | 11,613 | 4,398 | 7,215 | 164.1 | ||||||||
| Income tax expense | 4,631 | 1,911 | 2,720 | 142.3 | ||||||||
| Income tax rate | 39.9 | % | 43.5 | % | ||||||||
| Income from continuing operations | 6,982 | 2,487 | 4,495 | 180.7 | % | |||||||
| Loss from discontinued operations, | ||||||||||||
| net of income tax | (1,269 | ) | (4,850 | ) | 3,581 | 73.8 | % | |||||
| Net income (loss) | $5,713 | $(2,363 | ) | $8,076 | NM | |||||||
| Diluted net income (loss) per share: | ||||||||||||
| Continuing operations | $0.32 | $0.12 | $0.20 | 166.7 | % | |||||||
| Discontinued operations | (0.06 | ) | (0.24 | ) | 0.18 | 75.0 | ||||||
| Net income (loss) per share | $0.26 | $(0.12 | ) | $0.38 | NM | |||||||
| Diluted shares outstanding | 21,573 | 20,371 | 1,202 | 5.9 | % | |||||||
| NM – not meaningful | ||||||||||||
| LITHIA MOTORS, INC. | ||||||||||
| (Continuing operations) | Three Months Ended | % | ||||||||
| Unaudited | September 30, | Increase | Increase | |||||||
| 2009 | 2008 | (Decrease) | (Decrease) | |||||||
| Unit sales: | ||||||||||
| New vehicle | 8,364 | 9,450 | (1,086 | ) | (11.5 | ) | % | |||
| Used - retail vehicle | 7,156 | 7,059 | 97 | 1.4 | ||||||
| Used - wholesale | 3,817 | 3,884 | (67 | ) | (1.7 | ) | ||||
| Total units sold | 19,337 | 20,393 | (1,056 | ) | (5.2 | ) | ||||
| Average selling price: | ||||||||||
| New vehicle | $28,883 | $29,912 | $(1,029 | ) | (3.4 | ) | % | |||
| Used - retail vehicle | 16,445 | 16,166 | 279 | 1.7 | ||||||
| Used - wholesale | 4,843 | 5,951 | (1,108 | ) | (18.6 | ) | ||||
| Gross margin/profit data | ||||||||||
| New vehicle retail | 8.8 | % | 7.7 | % | 110 | bps | ||||
| Used vehicle retail | 15.3 | % | 10.4 | % | 490 | bps | ||||
| Used vehicle wholesale | 0.4 | % | (4.7 | ) | % | 510 | bps | |||
| Service, body & parts | 48.4 | % | 49.2 | % | (80 | )bps | ||||
| Finance & insurance | 100.0 | % | 100.0 | % | - | |||||
| Gross profit margin | 18.7 | % | 16.8 | % | 190 | bps | ||||
| New retail gross profit/unit | $2,550 | $2,291 | $259 | |||||||
| Used retail gross profit/unit | 2,519 | 1,678 | 841 | |||||||
| Used wholesale gross profit/unit | 18 | (279 | ) | 297 | ||||||
| Finance & insurance/retail unit | 946 | 1,175 | (229 | ) | ||||||
| Revenue mix: | ||||||||||
| New vehicles | 52.7 | % | 55.8 | % | ||||||
| Used retail vehicles | 25.7 | % | 22.5 | % | ||||||
| Used wholesale vehicles | 4.0 | % | 4.6 | % | ||||||
| Finance and insurance, net | 3.2 | % | 3.8 | % | ||||||
| Service and parts | 14.2 | % | 13.2 | % | ||||||
| Fleet and other | 0.2 | % | 0.1 | % | ||||||
| LITHIA MOTORS, INC. | ||||||||
| (Continuing operations) | Three Months Ended | |||||||
| Unaudited | September 30, | |||||||
| 2009 | 2008 | |||||||
| New vehicle unit sales brand mix: | ||||||||
| Chrysler Brands | 27.3 | % | 30.3 | % | ||||
| General Motors & Saturn | 16.1 | % | 20.5 | % | ||||
| Toyota | 15.9 | % | 15.6 | % | ||||
| Honda | 9.3 | % | 8.7 | % | ||||
| Ford | 4.4 | % | 3.4 | % | ||||
| BMW | 4.8 | % | 5.9 | % | ||||
| Hyundai | 6.2 | % | 3.7 | % | ||||
| Nissan | 4.9 | % | 3.9 | % | ||||
| Volkswagen, Audi | 3.7 | % | 3.1 | % | ||||
| Subaru | 5.2 | % | 3.2 | % | ||||
| Mercedes | 0.6 | % | 0.6 | % | ||||
| Other | 1.6 | % | 1.1 | % | ||||
| (Selected Same Store Data) | ||||||||
| Unaudited | Three Months Ended | |||||||
| September 30, | ||||||||
| 2009 | 2008 | |||||||
| vs. | vs. | |||||||
| 2008 | 2007 | |||||||
| Same store revenue: | ||||||||
| New vehicle retail sales | (14.3 | ) | % | (24.9 | ) | % | ||
| Chrysler Brands | (21.3 | ) | % | (37.2 | ) | % | ||
| General Motors & Saturn | (29.0 | ) | % | (5.3 | ) | % | ||
| Toyota | (14.8 | ) | % | (17.8 | ) | % | ||
| All other brands | 1.8 | % | (23.8 | ) | % | |||
| Used vehicle retail sales | 3.9 | % | (14.5 | ) | % | |||
| Used wholesale sales | (19.1 | ) | % | (37.3 | ) | % | ||
| Total vehicle sales (excluding fleet) | (9.6 | ) | % | (23.2 | ) | % | ||
| Finance & insurance sales | (23.3 | ) | % | (21.5 | ) | % | ||
| Service, body and parts sales | (2.8 | ) | % | (0.4 | ) | % | ||
| Total sales (excluding fleet) | (9.2 | ) | % | (20.7 | ) | % | ||
| Total gross profit (excluding fleet) | 1.4 | % | (20.4 | ) | % | |||
| LITHIA MOTORS, INC. | ||||||||||||
| (In thousands except per share data) | ||||||||||||
| Unaudited | Nine Months Ended | % | ||||||||||
| September 30, | Increase | Increase | ||||||||||
| 2009 | 2008 | (Decrease) | (Decrease) | |||||||||
| New vehicle sales | $612,138 | $881,116 | $(268,978 | ) | (30.5 | ) | % | |||||
| Used vehicle sales | 382,242 | 413,163 | (30,921 | ) | (7.5 | ) | ||||||
| Finance and insurance | 41,255 | 59,735 | (18,480 | ) | (30.9 | ) | ||||||
| Service, body and parts | 190,051 | 199,349 | (9,298 | ) | (4.7 | ) | ||||||
| Fleet and other revenues | 1,947 | 3,188 | (1,241 | ) | (38.9 | ) | ||||||
| Total revenues | 1,227,633 | 1,556,551 | (328,918 | ) | (21.1 | ) | ||||||
| Cost of sales | 992,708 | 1,293,755 | (301,047 | ) | (23.3 | ) | ||||||
| Gross profit | 234,925 | 262,796 | (27,871 | ) | (10.6 | ) | ||||||
| Asset impairment charges | - | 294,075 | (294,075 | ) | (100.0 | ) | ||||||
| SG&A expense | 188,286 | 222,381 | (34,095 | ) | (15.3 | ) | ||||||
| Depreciation and amortization | 11,988 | 12,632 | (644 | ) | (5.1 | ) | ||||||
| Income (loss) from operations | 34,651 | (266,292 | ) | 300,943 | 113.0 | |||||||
| Floorplan interest expense | (8,008 | ) | (13,758 | ) | 5,750 | 41.8 | ||||||
| Other interest expense | (9,545 | ) | (12,490 | ) | 2,945 | 23.6 | ||||||
| Other income, net | 1,447 | 3,004 | (1,557 | ) | (51.8 | ) | ||||||
| Income (loss) from continuing | ||||||||||||
| operations before income taxes | 18,545 | (289,536 | ) | 308,081 | NM | |||||||
| Income tax expense (benefit) | 7,429 | (90,720 | ) | 98,149 | NM | |||||||
| Income tax (benefit) rate | 40.1 | % | (31.3 | )% | ||||||||
| Income (loss) from continuing | ||||||||||||
| operations | 11,116 | (198,816 | ) | 209,932 | NM | |||||||
| Loss from discontinued operations, | ||||||||||||
| net of income tax | (411 | ) | (49,492 | ) | 49,081 | NM | ||||||
| Net income (loss) | $10,705 | $(248,308 | ) | $259,013 | NM | |||||||
| Diluted net income (loss) per share: | ||||||||||||
| Continuing operations | $0.53 | $(9.90 | ) | $10.43 | NM | |||||||
| Discontinued operations | (0.02 | ) | (2.46 | ) | 2.44 | NM | ||||||
| Net income (loss) per share | $0.51 | $(12.36 | ) | $12.87 | NM | |||||||
| Diluted shares outstanding | 21,595 | 20,086 | 1,509 | 7.5 | % | |||||||
| NM – not meaningful | ||||||||||||
| LITHIA MOTORS, INC. | ||||||||||
| (Continuing Operations) | Nine Months Ended | % | ||||||||
| Unaudited | September 30, | Increase | Increase | |||||||
| 2009 | 2008 | (Decrease) | (Decrease) | |||||||
| Unit sales: | ||||||||||
| New vehicle | 20,746 | 30,167 | (9,421 | ) | (31.2 | ) | % | |||
| Used - retail vehicle | 20,568 | 19,970 | 598 | 3.0 | ||||||
| Used - wholesale | 9,557 | 12,153 | (2,596 | ) | (21.4 | ) | ||||
| Total units sold | 50,871 | 62,290 | (11,419 | ) | (18.3 | ) | ||||
| Average selling price: | ||||||||||
| New vehicle | $29,506 | $29,208 | $298 | 1.0 | % | |||||
| Used - retail vehicle | 16,146 | 16,951 | (805 | ) | (4.7 | ) | ||||
| Used - wholesale | 5,249 | 6,143 | (894 | ) | (14.6 | ) | ||||
| Gross margin/profit data | ||||||||||
| New vehicle retail | 8.6 | % | 7.8 | % | 80 | bps | ||||
| Used vehicle retail | 14.3 | % | 11.5 | % | 280 | bps | ||||
| Used vehicle wholesale | 0.9 | % | (2.8 | ) | % | 370 | bps | |||
| Service, body & parts | 48.6 | % | 48.5 | % | 10 | bps | ||||
| Finance & insurance | 100.0 | % | 100.0 | % | - | |||||
| Gross profit margin | 19.1 | % | 16.9 | % | 220 | bps | ||||
| New retail gross profit/unit | $2,523 | $2,266 | $257 | |||||||
| Used retail gross profit/unit | 2,310 | 1,949 | 361 | |||||||
| Used wholesale gross profit/unit | 48 | (173 | ) | 221 | ||||||
| Finance & insurance/retail unit | 999 | 1,191 | (192 | ) | ||||||
| Revenue mix: | ||||||||||
| New vehicles | 49.9 | % | 56.6 | % | ||||||
| Used retail vehicles | 27.0 | % | 21.7 | % | ||||||
| Used wholesale vehicles | 4.1 | % | 4.8 | % | ||||||
| Finance and insurance, net | 3.4 | % | 3.8 | % | ||||||
| Service and parts | 15.5 | % | 12.8 | % | ||||||
| Fleet and other | 0.1 | % | 0.3 | % | ||||||
| LITHIA MOTORS, INC. | |||||||||
| (Continuing operations) | Nine Months Ended | ||||||||
| Unaudited | September 30, | ||||||||
| 2009 | 2008 | ||||||||
| New vehicle unit sales brand | |||||||||
| mix: | |||||||||
| Chrysler Brands | 29.5 | % | 31.1 | % | |||||
| General Motors & Saturn | 16.4 | % | 18.8 | % | |||||
| Toyota | 15.2 | % | 16.0 | % | |||||
| Honda | 9.4 | % | 9.1 | % | |||||
| Ford | 4.6 | % | 3.9 | % | |||||
| BMW | 5.2 | % | 5.1 | % | |||||
| Hyundai | 5.0 | % | 3.7 | % | |||||
| Nissan | 4.3 | % | 4.6 | % | |||||
| Volkswagen, Audi | 3.7 | % | 2.9 | % | |||||
| Subaru | 4.6 | % | 2.8 | % | |||||
| Mercedes | 0.7 | % | 0.6 | % | |||||
| Other | 1.4 | % | 1.4 | % | |||||
| (Selected same store data) | |||||||||
| Unaudited | Nine Months Ended | ||||||||
| September 30, | |||||||||
| 2009 | 2008 | ||||||||
| vs. | vs. | ||||||||
| 2008 | 2007 | ||||||||
| Same store revenue: | |||||||||
| New vehicle retail sales | (30.3 | ) | % | (19.9 | ) | % | |||
| Chrysler Brands | (34.4 | ) | % | (29.5 | ) | % | |||
| General Motors & Saturn | (36.4 | ) | % | (6.8 | ) | % | |||
| Toyota | (35.5 | ) | % | (9.3 | ) | % | |||
| All other brands | (20.6 | ) | % | (20.3 | ) | % | |||
| Used vehicle retail sales | (1.6 | ) | % | (15.5 | ) | % | |||
| Used wholesale sales | (33.2 | ) | % | (23.0 | ) | % | |||
| Total vehicle sales (excluding fleet) | (23.0 | ) | % | (19.0 | ) | % | |||
| Finance & insurance sales | (30.2 | ) | % | (18.1 | ) | % | |||
| Service, body and parts sales | (4.6 | ) | % | 0.7 | % | ||||
| Total sales (excluding fleet) | (20.8 | ) | % | (16.9 | ) | % | |||
| Total gross profit (excluding fleet) | (10.0 | ) | % | (18.2 | ) | % | |||
| LITHIA MOTORS, INC. | ||||||
| Balance sheet highlights (dollars in thousands) | ||||||
| Unaudited | ||||||
| September 30, 2009 | December 31, 2008 | |||||
| Cash & cash equivalents | $4,382 | $10,874 | ||||
| Trade receivables* | 49,687 | 69,615 | ||||
| Inventory | 255,036 | 422,812 | ||||
| Assets held for sale | 124,845 | 161,423 | ||||
| Other current assets | 8,948 | 31,828 | ||||
| Total current assets | 442,898 | 696,552 | ||||
| Real estate, net | 274,435 | 284,088 | ||||
| Equipment & other, net | 48,836 | 62,188 | ||||
| Other assets | 91,052 | 90,631 | ||||
| Total assets | $857,221 | $1,133,459 | ||||
| Flooring notes payable | $179,420 | $337,700 | ||||
| Liabilities related to assets held for sale | 74,723 | 108,172 | ||||
| Current maturities of senior subordinated | ||||||
| convertible notes | - | 42,500 | ||||
| Other current liabilities | 95,821 | 108,656 | ||||
| Total current liabilities | 349,964 | 597,028 | ||||
| Real estate debt | 181,718 | 163,708 | ||||
| Other long-term debt | 32,196 | 101,476 | ||||
| Other liabilities | 29,588 | 22,904 | ||||
| Total liabilities | $593,466 | $885,116 | ||||
| Shareholders' equity | 263,755 | 248,343 | ||||
| Total liabilities & shareholders' equity | $857,221 | $1,133,459 | ||||
| *Note: Includes contracts-in-transit of $18,899 and $27,799 for 2009 and 2008, respectively | ||||||
| Other balance sheet data | ||||||
| Lt debt/total cap (excludes real estate) | 11% | 29% | ||||
| Book value per basic share | $12.56 | $12.30 | ||||
| Debt covenant ratios | ||||||
| Requirement | As of September 30, | |||||
| 2009 | ||||||
| Minimum net worth | Not less than $183 million | $263.8 million | ||||
| Fixed charge coverage ratio | Not less than 1.00 to 1 | 1.30to 1 | ||||
| Cash flow leverage ratio | Not more than 3.25 to 1 | 0.94to 1 | ||||
| Minimum current ratio | Not less than 1.05 to 1 | 1.27to 1 | ||||
The following table reconciles reported GAAP income (loss) per the income statement to non-GAAP income (loss):
| Unaudited | Three Months Ended September 30, | ||||||||||
| Diluted earnings per | |||||||||||
| Net Income / (Loss) | share | ||||||||||
| Continuing Operations | 2009 | 2008 | 2009 | 2008 | |||||||
| As reported | $6,982 | $2,487 | $0.32 | $0.12 | |||||||
| Asset impairments | 227 | 75 | 0.01 | - | |||||||
| Gain on extinguishment of debt | - | (1,111 | ) | - | (0.05 | ) | |||||
| Adjusted | $7,209 | $1,451 | $0.33 | $0.07 | |||||||
| Discontinued Operations | |||||||||||
| As reported | $(1,269 | ) | $(4,850 | ) | $(0.06 | ) | $(0.24 | ) | |||
| Impairments and disposal loss | 1,668 | 3,103 | 0.08 | 0.15 | |||||||
| Adjusted | $399 | $(1,747 | ) | 0.02 | $(0.09 | ) | |||||
| Consolidated Operations | |||||||||||
| As reported | $5,713 | $(2,363 | ) | $0.26 | $(0.12 | ) | |||||
| Adjusted | $7,608 | $(296 | ) | $0.35 | $(0.02 | ) | |||||
| Nine Months Ended September 30, | |||||||||||
| Diluted earnings per | |||||||||||
| Net Income / (Loss) | share | ||||||||||
| Continuing Operations | 2009 | 2008 | 2009 | 2008 | |||||||
| As reported | $11,116 | $(198,816 | ) | $0.53 | $(9.90 | ) | |||||
| Asset impairments | 572 | 203,920 | 0.03 | 10.15 | |||||||
| Gain on extinguishment of debt | (700 | ) | (1,111 | ) | (0.03 | ) | (0.06 | ) | |||
| Adjusted | $10,988 | $3,993 | $0.53 | $0.19 | |||||||
| Discontinued Operations | |||||||||||
| As reported | $(411 | ) | $(49,492 | ) | $(0.02 | ) | $(2.46 | ) | |||
| Impairments and disposal (gain) loss | (715 | ) | 42,658 | (0.03 | ) | 2.12 | |||||
| Adjusted | $(1,126 | ) | $(6,834 | ) | $(0.05 | ) | $(0.34 | ) | |||
| Consolidated Operations | |||||||||||
| As reported | $10,705 | $(248,308 | ) | $0.51 | $(12.36 | ) | |||||
| Adjusted | $9,862 | $(2,841 | ) | $0.48 | $(0.15 | ) | |||||
The following table reconciles GAAP cash flows from operations per the statement of cash flows to non-GAAP cash flows from operations:
| Consolidated Statement of Cash Flows | Nine Months Ended September 30, 2009 | ||||
| As reported | |||||
| Cash flows from Operations | $73,483 | ||||
| Flooring notes payable: non-trade | 7,384 | ||||
| Adjusted | $80,867 | ||||