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):
April 17, 2003
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Asbury Automotive Group, Inc.
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(Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
5511 01-0609375
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(Commission File Number) (IRS Employer Identification No.)
Three Landmark Square, Suite 500, Stamford, CT 06901
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(Address of principal executive offices) (Zip Code)
(203) 356-4400
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(Registrant's telephone number, including area code)
None
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(Former name or former address, if changed since last report)
Item 5. Other Events.
The registrant issued a press release on April 17, 2003 announcing that it will
release its first quarter financial results before the market opens on April 30,
2003, and that, as expected, it met the fixed charge coverage requirement under
its credit facility as of March 31, 2003, which press release is attached hereto
as exhibit 99.1.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit No. Description
99.1 Press Release dated April 17, 2003
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 hereunto duly authorized.
ASBURY AUTOMOTIVE GROUP, INC.
Date: April 24, 2003 By: /s/ Thomas F. Gilman
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Name: Thomas F. Gilman
Title: Chief Financial Officer
EXHIBIT INDEX
Exhibit No. Description
99.1 Press Release dated April 17, 2003
Contact Information: Stacey Yonkus
Asbury Automotive
203-356-4424
investor@asburyauto.com
ASBURY AUTOMOTIVE GROUP SCHEDULES CONFERENCE CALL
AND COMMENTS ON PRELIMINARY FIRST QUARTER RESULTS
STAMFORD, Conn. - April 17, 2003 - Asbury Automotive Group, Inc. (NYSE: ABG),
one of the largest automotive retail and service companies in the U.S., today
announced that it will release its first quarter financial results before the
market opens on April 30, 2003. Senior management will host a conference call
later that morning, at 10:00 a.m. Eastern Time.
"Based on preliminary results, Asbury's earnings per share for the first quarter
were in line with the analysts' consensus estimate - in a range between $0.20
and $0.23," said Kenneth B. Gilman, President and CEO. "I would also note that,
as expected, we met the fixed charge coverage requirement under our credit
facility as of March 31, 2003."
The conference call on April 30 will be hosted by Mr. Gilman and Thomas F.
Gilman, Senior Vice President and CFO. The call will be simulcast live on the
Internet and can be accessed by logging onto http://www.ccbn.com or
http://www.asburyauto.com. A replay will be available at these sites for 14
days.
In addition, a live audio of the call will be accessible to the public by
calling (800) 818-5264; International callers, please dial (913) 981-4910.
Callers should dial in approximately 5-10 minutes before the call begins.
A conference call replay will be available one hour following the call for 14
days and can be accessed by calling (888) 203-1112 (domestic), or (719) 457-0820
(international); access code 784797.
About Asbury Automotive Group
Asbury Automotive Group, Inc., headquartered in Stamford, Connecticut, is one of
the largest automobile retailers in the U.S., with 2002 revenues of $4.5
billion. Built through a combination of organic growth and a series of strategic
acquisitions over the past six years, Asbury now operates through nine
geographically concentrated, individually branded "platforms." These platforms
operate 93 retail auto stores, encompassing 131 franchises for the sale and
servicing of 36 different brands of American, European and Asian automobiles.
Asbury believes that its product mix includes one of the highest proportions of
luxury and mid-line import brands among leading public U.S. automotive
retailers. The Company offers customers an extensive range of automotive
products and services, including new and used vehicle sales and related
financing and insurance, vehicle maintenance and repair services, replacement
parts and service contracts.
Forward-Looking Statements
This press release contains "forward-looking statements" as that term is defined
in the Private Securities Litigation Reform Act of 1995. The forward-looking
statements include statements relating to goals, plans, projections and guidance
regarding the Company's financial position, results of operations, market
position, product development, pending and potential future acquisitions and
business strategy. These statements are based on management's current
expectations and involve significant risks and uncertainties that may cause
results to differ materially from those set forth in the statements. These risks
and uncertainties include, among other things, market factors, the Company's
relationships with vehicle manufacturers and other suppliers, risks associated
with the Company's substantial indebtedness (including its ability to meet the
requirement of its fixed charge coverage ratio), risks related to pending and
potential future acquisitions, general economic conditions both nationally and
locally and governmental regulations and legislation. There can be no guarantees
that the Company's plans for future operations will be successfully implemented
or that they will prove to be commercially successful. These and other risk
factors are discussed in the Company's registration statement on Form S-1 and in
its other filings with the Securities and Exchange Commission. We undertake no
obligation to publicly update any forward-looking statement, whether as a result
of new information, future events or otherwise.