- -------------------------------------------------------------------------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-----------------------
FORM 8-K
-----------------------
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 11, 1999
LITHIA MOTORS, INC.
(Exact name of registrant as specified in its charter)
OREGON 93-0572810
(State or other jurisdiction of incorporation (I.R.S. Employer
or organization) Identification No.)
360 E. JACKSON STREET, MEDFORD, OREGON 97501
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (541) 776-6899
(Former name or former address, if changed since last report): N/A
- -------------------------------------------------------------------------------
LITHIA MOTORS, INC.
FORM 8-K
INDEX
Item Description Page
---- ----------- ----
Item 5. Other Events 2
Signatures 3
1
ITEM 5. OTHER EVENTS
LITHIA MOTORS TO LIST ON THE NEW YORK STOCK EXCHANGE
MEDFORD, OREGON, JANUARY 7, 1999 (9:00 p.m. PST) Lithia Motors, Inc. (the
"Company") (Nasdaq: LMTR) announced that it has received a letter of clearance
from the New York Stock Exchange ("NYSE") to list the Company's Class A common
stock. The Company expects that its shares will commence trading on the NYSE on
or about January 20, 1999 under the symbol "LAD." Until then, the Company will
continue trading on Nasdaq under the symbol "LMTR."
"To be listed on the largest and most prestigious stock market in the world is
an important milestone for Lithia," said Sidney B. DeBoer, Chairman and Chief
Executive Officer of Lithia Motors. "We expect this move to provide the Company
and its shareholders with greater visibility in the financial community and more
stable stock trading activity through a dedicated Lithia market specialist."
The Company's 28 dealerships in California (14), Oregon (9), Nevada (3) and
Washington (2), sell 23 brands of new vehicles through 56 franchises. The
Company also sells used vehicles, arranges finance, warranty and credit
insurance contracts, and provides vehicle parts, maintenance and repair services
at all of its locations. Since becoming a public company in December of 1996,
the Company has acquired 23 stores with annual revenues of approximately $680
million, boosting its revenue run-rate to over $820 million. The Company's
headquarters are in Medford, Oregon, the site of the Company's original group of
dealerships.
This press release includes forward looking statements, 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 economic conditions,
acquisition risk factors, manufacturer approval, and others set forth from time
to time in the Company's filings with the SEC.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: January 11, 1999 LITHIA MOTORS, INC.
By /s/ SIDNEY B. DEBOER
--------------------
Sidney B. DeBoer
Chairman of the Board,
Chief Executive Officer and Secretary
(Principal Executive Officer)
By /s/ BRIAN R. NEILL
------------------
Brian R. Neill
Senior Vice President and
Chief Financial Officer
(Principal Financial and Accounting Officer)
3