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):
July 29, 2004
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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.)
622 Third Avenue, 37th Floor, New York, NY 10017
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(Address of principal executive offices) (Zip Code)
(212) 885-2500
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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 and Regulation FD Disclosure
The registrant hereby files the press release identified under Item 12,
and attached hereto as Exhibit 99.1.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit No. Description
99.1 Press Release dated July 29, 2004.
Item 12. Results of Operations and Financial Condition
The registrant issued a press release on July 29, 2004, announcing its
financial results for the quarter ended June 30, 2004, which press release is
attached hereto as Exhibit 99.1.
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: July 29, 2004 By: /s/ Kenneth B. Gilman
------------------------------
Name: Kenneth B. Gilman
Title: President and Chief Executive Officer
EXHIBIT INDEX
Exhibit No. Description
99.1 Press Release dated July 29, 2004
Investors May Contact:
Stacey Yonkus
Director, Investor Relations
(212) 885-2512
syonkus@asburyauto.com
Reporters May Contact:
Tom Pratt
RFBinder Partners
(212) 994-7563
tom.pratt@rfbinder.com
Asbury Automotive Group Reports Second Quarter Financial Results
New York, NY, July 29, 2004 - Asbury Automotive Group, Inc. (NYSE: ABG), one of
the largest automotive retail and service companies in the U.S., today reported
financial results for the quarter ended June 30, 2004.
Net income from continuing operations increased 6.6 percent to $15.2 million, or
$0.47 per share, from $14.2 million, or $0.44 per share, for the second quarter
of 2003. Net income increased 20.2 percent to $14.7 million, or $0.45 per share,
from $12.3 million, or $0.38 per share, in the prior year period. For the first
six months of the year, net income from continuing operations increased 15.4
percent to $25.9 million, or $0.79 per share, from $22.4 million, or $0.68 per
share, a year ago. Net income for the first half of the year increased 29.6
percent to $25.1 million, or $0.77 per share, from $19.4 million, or $0.59 per
share, in the prior year period.
The Company noted that net income for the quarter was affected by a severe
hailstorm at its St. Louis platform, which adversely impacted earnings by
approximately $0.02 per share.
Other financial highlights for the second quarter of 2004, as compared to the
prior year period, included:
o Total revenues for the quarter were approximately $1.4 billion, up 13.0
percent. Total gross profit was $211.3 million, up 12.2 percent.
o Same-store retail revenue (excluding fleet and wholesale business)
increased 1.3 percent to $1.2 billion, while same-store retail gross profit
rose 1.7 percent to $191.5 million.
o New vehicle retail revenue increased 14.2 percent (2.8 percent same-store),
and unit sales increased 11.2 percent (flat on a same-store basis). New
vehicle retail gross profit increased 9.1 percent (down 3.8 percent
same-store).
o Used vehicle retail revenue increased 4.6 percent (down 5.1 percent
same-store), and unit sales increased 3.8 percent (down 4.2 percent
same-store). Used vehicle retail gross profit increased 7.4 percent (down
1.5 percent same-store).
o Parts, service and collision repair revenues and gross profit increased
13.8 percent and 14.3 percent (2.7 and 3.9 percent same-store),
respectively. The Company attributed the solid performance of its fixed
operations during the quarter to an increase in its "customer pay" and
warranty parts and service businesses, collectively up approximately 9
percent on a same-store basis, which were partially offset by lower
increases in wholesale parts and outsourced service sales and a 15 percent
reduction in body shop business, which was boosted a year ago in the wake
of a major hailstorm in Texas.
o Net finance and insurance (F&I) revenue rose 17.3 percent (8.6 percent
same-store). F&I per vehicle retailed (PVR) increased 8.2 percent to $875,
and platform F&I PVR rose 3.0 percent to $833.
o As a percentage of gross profit, selling, general and administrative (SG&A)
expenses for the quarter were 78.8 percent, compared to 77.3 percent in the
prior year period. The Company cited an incremental $1.1 million of
same-store advertising expense, as well as start-up costs associated with
new dealership locations and its entrance into the Southern California
market, for the year over year increase in its expense ratio.
o The Company's effective tax rate for the quarter was 36.8 percent, compared
to 39.8 percent in the prior year quarter. For the year, the Company
expects its effective tax rate to be between 37 and 37.5 percent, which
compares to 38.0 percent in 2003 after adjusting for the impact of an
impairment charge.
o In early July 2004, the Company entered into a sale-leaseback transaction,
pursuant to which it sold certain land and buildings with a net book value
of $100.6 million to an unaffiliated third party for $116.0 million and
entered into long-term operating leases for the related facilities. The
proceeds were used, in part, to repay the $63.7 million of related mortgage
debt.
President and CEO Kenneth B. Gilman commented, "We are pleased with the way our
business model performed during the quarter, with solid overall gross profit
production despite lower-than-expected vehicles sales, especially in June. Our
service businesses again performed particularly well, with strong increases in
income from both F&I and fixed operations - especially the customer pay and
warranty portion of our business. The steady growth in these businesses has
effectively offset challenges we faced in new and used vehicle sales, and
enabled us to produce nearly a two percent increase in same-store retail gross
profit for the quarter."
J. Gordon Smith, Senior Vice President and CFO, stated, "So far this year we
have achieved a 15 percent increase in income from continuing operations, in
line with our business model. However, our SG&A expenses as a percent of gross
profit rose approximately 150 basis points during the quarter due to several
management decisions designed to grow the business. Our actions included a step
up in advertising spending in an effort to sustain market share, as well as our
strategic entrance into the Southern California market. Additionally, we
incurred start-up costs related to the opening of several large volume stores,
including one of the largest Honda dealerships in the country, as well as the
largest Lexus dealership in the Southeast."
Mr. Smith continued, "We did notice that the volatility of vehicle sales during
the quarter put a strain on our cost structure. Variable expenses simply did not
adjust as we would have liked them to in some of our dealerships, and as a
result we did not get the productivity we were looking for. With a bit more work
in this area, we could certainly deliver more to the bottom line."
Commenting on guidance for 2004, the Company said it is comfortable with the
average range of analysts' earnings expectations for the full year of between
$1.70 and $1.75 per share. Factored into the range of expectations for the
remainder of the year are anticipated reductions in gross profit of up to $1.5
million at the Company's St. Louis platform as it sells through the balance of
the vehicles that sustained substantial damage during the hailstorm.
Mr. Gilman said, "Based on performance through the first half of the year, as
well as expectations for the remainder of the year, we see no reason to adjust
our forecast due to a lackluster June. We are working under the assumption that
the onset of additional manufacturer incentives in July, as well as the
continued strengthening in the economy, will drive additional traffic into our
dealerships.
"Our growth model calls for 15 percent annual earnings growth, with half of that
driven organically by the services side of the business, and the other half
fueled by acquisitions. The business model continues to perform, as we posted
double-digit earnings growth during the first half of the year despite the
difficult retail sales environment," concluded Mr. Gilman.
The Company also noted that during the second quarter it acquired three
dealerships, Nissan, Honda and Dodge franchises in southern California, with
annualized revenues of approximately $145 million. On a year-to-date basis, the
Company has acquired dealerships that represent approximately $315 million of
annualized revenues, within its previously targeted range of $300 million to
$500 million for the full year.
Asbury will host a conference call to discuss its 2004 second quarter results
this morning at 11:00 a.m. Eastern Time. The call will be simulcast live on the
Internet and can be accessed by logging onto http://www.asburyauto.com or
http://www.ccbn.com. In addition, a live audio of the call will be accessible to
the public by calling 800-381-2652; international callers, please dial
312-461-0745; no access code is required.
A conference call replay will be available two hours following the call for 14
days and can be accessed by calling 888-203-1112 (domestic), or 719-457-0820
(international); access code 510025.
About Asbury Automotive Group
Asbury Automotive Group, Inc., headquartered in New York City, is one of the
largest automobile retailers in the U.S., with 2003 revenues of $4.8 billion.
Built through a combination of organic growth and a series of strategic
acquisitions, Asbury now operates through nine geographically concentrated,
individually branded "platforms." These platforms currently operate 100 retail
auto stores, encompassing 139 franchises for the sale and servicing of 34
different brands of American, European and Asian automobiles. Asbury believes
that its product mix contains a higher proportion of the more desirable luxury
and mid-line import brands than most public 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 which could cause,
among other things, acquisitions under contract or letters of intent to fail,
risks associated with the Company's substantial indebtedness, 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 annual report on
Form 10-K 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.
ASBURY AUTOMOTIVE GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
For the Three Months Ended For the Six Months Ended
---------------------------- ----------------------------
June 30, 2004 June 30, 2003 June 30, 2004 June 30, 2003
------------- ------------- ------------- -------------
REVENUES:
New vehicle ......................................... $ 861,798 $ 755,097 $ 1,586,166 $ 1,379,172
Used vehicle ........................................ 335,136 306,771 652,470 593,803
Parts, service and collision repair ................. 155,235 136,381 302,323 263,640
Finance and insurance, net .......................... 39,015 33,249 71,831 61,714
------------ ------------ ------------ ------------
Total revenues ................................ 1,391,184 1,231,498 2,612,790 2,298,329
COST OF SALES:
New vehicle ......................................... 800,257 699,072 1,471,068 1,276,228
Used vehicle ........................................ 306,544 279,600 595,752 539,085
Parts, service and collision repair ................. 73,034 64,459 143,978 124,645
------------ ------------ ------------ ------------
Total cost of sales ........................... 1,179,835 1,043,131 2,210,798 1,939,958
------------ ------------ ------------ ------------
GROSS PROFIT ........................................... 211,349 188,367 401,992 358,371
OPERATING EXPENSES:
Selling, general and administrative ................. 166,574 145,593 319,934 282,426
Depreciation and amortization ....................... 5,407 4,985 10,543 9,722
------------ ------------ ------------ ------------
Income from operations ........................ 39,368 37,789 71,515 66,223
OTHER INCOME (EXPENSE):
Floor plan interest expense ......................... (5,434) (4,799) (10,206) (9,022)
Other interest expense .............................. (10,189) (9,996) (20,512) (19,950)
Interest income ..................................... 112 80 387 260
Loss on sale of assets .............................. (100) (47) (142) (338)
Other income, net ................................... 261 637 101 88
------------ ------------ ------------ ------------
Total other expense, net ...................... (15,350) (14,125) (30,372) (28,962)
------------ ------------ ------------ ------------
Income from continuing operations before income
taxes and discontinued operations ........... 24,018 23,664 41,143 37,261
INCOME TAX EXPENSE ..................................... 8,830 9,418 15,252 14,830
------------ ------------ ------------ ------------
Net income from continuing operations ......... 15,188 14,246 25,891 22,431
DISCONTINUED OPERATIONS, net of tax .................... (440) (1,973) (779) (3,061)
------------ ------------ ------------ ------------
Net income .................................... $ 14,748 $ 12,273 $ 25,112 $ 19,370
============ ============ ============ ============
EARNINGS PER COMMON SHARE (basic and diluted):
Continuing operations ............................... $ 0.47 $ 0.44 $ 0.79 $ 0.68
Discontinued operations ............................. (0.02) (0.06) (0.02) (0.09)
------------ ------------ ------------ ------------
Net income .......................................... $ 0.45 $ 0.38 $ 0.77 $ 0.59
============ ============ ============ ============
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic ............................................... 32,470 32,701 32,452 32,876
============ ============ ============ ============
Diluted ............................................. 32,656 32,714 32,688 32,881
============ ============ ============ ============
ASBURY AUTOMOTIVE GROUP, INC.
SELECTED DATA
(In thousands, except vehicle and per vehicle data)
(Unaudited)
As Reported Same Store
For the Three Months Ended June 30, For the Three Months Ended June 30,
------------------------------------------- -------------------------------------------
2004 2003 2004 2003
------------ ------------ ------------ ------------
RETAIL VEHICLES SOLD:
New units ......................... 28,538 64.0% 25,669 62.4% 25,661 63.4% 25,669 62.4%
Used units ........................ 16,033 36.0 15,448 37.6 14,806 36.6 15,448 37.6
------------ ------ ------------ ------ ------------ ------ ------------ ------
Total units ........ 44,571 100.0% 41,117 100.0% 40,467 100.0% 41,117 100.0%
============ ====== ============ ====== ============ ====== ============ ======
REVENUE:
New retail ........................ $ 843,681 60.6% $ 738,921 60.0% $ 759,322 60.4% $ 738,921 60.0%
Used retail ....................... 248,841 17.9 237,884 19.3 225,843 18.0 237,884 19.3
Parts, service and collision repair 155,235 11.2 136,381 11.1 140,025 11.1 136,381 11.1
Finance and insurance, net ........ 39,015 2.8 33,249 2.7 36,095 2.9 33,249 2.7
------------ ------------ ------------ ------------
Total retail revenue ........ 1,286,772 1,146,435 1,161,285 1,146,435
Fleet ............................. 18,117 1.3 16,176 1.3 17,882 1.4 16,176 1.3
Wholesale ......................... 86,295 6.2 68,887 5.6 77,623 6.2 68,887 5.6
------------ ------ ------------ ------ ------------ ------ ------------ ------
Total revenue ............... $ 1,391,184 100.0% $ 1,231,498 100.0% $ 1,256,790 100.0% $ 1,231,498 100.0%
============ ====== ============ ====== ============ ====== ============ ======
GROSS PROFIT:
New retail ........................ $ 60,870 28.8% $ 55,797 29.6% $ 53,652 28.0% $ 55,797 29.6%
Used retail ....................... 29,429 13.9 27,393 14.5 26,969 14.1 27,393 14.5
Parts, service and collision repair 82,201 38.9 71,922 38.2 74,762 39.1 71,922 38.2
Finance and insurance, net ........ 39,015 18.5 33,249 17.7 36,095 18.9 33,249 17.7
------------ ------------ ------------ ------------
Total retail gross profit ... 211,515 188,361 191,478 188,361
Fleet ............................. 671 0.3 228 0.1 671 0.3 228 0.1
Wholesale ......................... (837) (0.4) (222) (0.1) (824) (0.4) (222) (0.1)
------------ ------ ------------ ------ ------------ ------ ------------ ------
Total gross profit .......... $ 211,349 100.0% $ 188,367 100.0% $ 191,325 100.0% $ 188,367 100.0%
============ ====== ============ ====== ============ ====== ============ ======
Selling, general and administrative
expense ........................... 166,574 145,593 150,417 145,593
SG&A as a percent of gross profit .... 78.8% 77.3% 78.6% 77.3%
GROSS PROFIT PER VEHICLE RETAILED:
New retail (including floor plan
interest credits) ............... $ 2,133 $ 2,174 $ 2,091 $ 2,174
Used retail ....................... 1,836 1,773 1,821 1,773
Finance and insurance, net ........ 875 809 892 809
Platform finance and insurance, net 833 809 845 809
As of As of
June 30, 2004 December 31, 2003
------------- -----------------
BALANCE SHEET HIGHLIGHTS:
Cash and cash equivalents ................ $ 14,879 $ 106,711
Inventories .............................. 746,284 650,397
Total current assets ..................... 1,187,188 1,041,542
Floor plan notes payable ................. 673,202 602,167
Total current liabilities ................ 933,129 781,758
CAPITALIZATION:
Long-term debt (including current portion) $ 531,497 $ 592,378
Shareholders' equity ..................... 455,591 433,707
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Total ...................... $ 987,088 $1,026,085
========== ==========
ASBURY AUTOMOTIVE GROUP, INC.
SELECTED DATA
(In thousands, except vehicle and per vehicle data)
(Unaudited)
As Reported Same Store
For the Six Months Ended June 30, For the Six Months Ended June 30,
------------------------------------------- -------------------------------------------
2004 2003 2004 2003
------------ ------------ ------------ ------------
RETAIL VEHICLES SOLD:
New units ......................... 52,361 62.2% 47,385 61.1% 47,411 61.8% 47,385 61.1%
Used units ........................ 31,808 37.8 30,183 38.9 29,339 38.2 30,183 38.9
------------ ------ ------------ ------ ------------ ------ ------------ ------
Total units ........ 84,169 100.0% 77,568 100.0% 76,750 100.0% 77,568 100.0%
REVENUE:
New retail ........................ $ 1,553,183 59.4 $ 1,349,562 58.7 $ 1,406,109 59.3% $ 1,349,562 58.7%
Used retail ....................... 487,923 18.7 461,376 20.1 442,152 18.7 461,376 20.1
Parts, service and collision repair 302,323 11.6 263,640 11.5 273,873 11.5 263,640 11.5
Finance and insurance, net ........ 71,831 2.7 61,714 2.7 66,753 2.8 61,714 2.7
------------ ------------ ------------ ------------
Total retail revenue ........ 2,415,260 2,136,292 2,188,887 2,136,292
Fleet ............................. 32,983 1.3 29,610 1.3 32,748 1.4 29,610 1.3
Wholesale ......................... 164,547 6.3 132,427 5.7 148,808 6.3 132,427 5.7
------------ ------ ------------ ------ ------------ ------ ------------ ------
Total revenue ............... $ 2,612,790 100.0% $ 2,298,329 100.0% $ 2,370,443 100.0% $ 2,298,329 100.0%
============ ====== ============ ====== ============ ===== ============ ======
GROSS PROFIT:
New retail ........................ $ 114,053 28.3% $ 102,364 28.5% $ 101,517 27.8% $ 102,364 28.5%
Used retail ....................... 58,063 14.4 54,658 15.3 53,122 14.5 54,658 15.3
Parts, service and collision repair 158,345 39.4 138,995 38.8 144,132 39.4 138,995 38.8
Finance and insurance, net ........ 71,831 17.9 61,714 17.2 66,753 18.3 61,714 17.2
------------ ------------ ------------ ------------
Total retail gross profit ... 402,292 357,731 365,524 357,731
Fleet ............................. 1,045 0.3 580 0.2 1,044 0.3 580 0.2
Wholesale ......................... (1,345) (0.3) 60 0.0 (1,266) (0.3) 60 0.0
------------ ------ ------------ ------ ------------ ------ ------------ ------
Total gross profit .......... $ 401,992 100.0% $ 358,371 100.0% $ 365,302 100.0% $ 358,371 100.0%
============ ====== ============ ====== =========== ===== =========== ======
Selling, general and administrative
expense ........................... 319,934 282,426 290,485 282,426
SG&A as a percent of gross profit .... 79.6% 78.8% 79.5% 78.8%
GROSS PROFIT PER VEHICLE RETAILED:
New retail (including floor plan ..
interest credits) ............... $ 2,178 $ 2,160 $ 2,141 $ 2,160
Used retail ....................... 1,825 1,811 1,811 1,811
Finance and insurance, net ........ 853 796 870 796
Platform finance and insurance, net 816 796 829 796
ASBURY AUTOMOTIVE GROUP, INC.
SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION
(In thousands, except vehicle data)
(Unaudited)
We evaluate our finance and insurance gross profit performance on a per vehicle
retailed basis by dividing our total finance and insurance gross profit by the
number of retail vehicles sold. During 2003, we renegotiated a contract with one
of our third party finance and insurance product providers, which resulted in
the recognition of income that was not attributable to retail vehicles sold
during the year. We believe that platform finance and insurance, which excludes
the additional revenue derived from contracts negotiated by our corporate
office, provides a more accurate measure of our finance and insurance operating
performance. The following table reconciles finance and insurance gross profit
to platform finance and insurance gross profit, and provides necessary
components to calculate platform finance and insurance gross profit per vehicle
retailed.
As Reported For the Three Same Store For the Three
Months Ended June 30, Months Ended June 30,
------------------------- -------------------------
2004 2003 2004 2003
----------- ----------- ---------- -----------
RECONCILIATION OF FINANCE AND INSURANCE GROSS PROFIT TO PLATFORM
FINANCE AND INSURANCE:
Finance and insurance, net .................................. $ 39,015 $ 33,249 $ 36,095 $ 33,249
Less: corporate finance and insurance ...................... (1,906) -- (1,906) --
--------- --------- --------- ---------
Platform finance and insurance, net .................... $ 37,109 $ 33,249 $ 34,189 $ 33,249
========= ========= ========= =========
RETAIL VEHICLES SOLD:
New retail units ........................................... 28,538 25,669 25,661 25,669
Used retail units .......................................... 16,033 15,448 14,806 15,448
--------- --------- --------- ---------
Total units ........................................... 44,571 41,117 40,467 41,117
========= ========= ========= =========
As Reported For the Six Same Store For the Six
Months Ended June 30, Months Ended June 30,
------------------------- -------------------------
2004 2003 2004 2003
----------- ----------- ---------- -----------
RECONCILIATION OF FINANCE AND INSURANCE GROSS PROFIT TO PLATFORM
FINANCE AND INSURANCE:
Finance and insurance, net .................................. $ 71,831 $ 61,714 $ 66,753 $ 61,714
Less: corporate finance and insurance ...................... (3,149) -- (3,149) --
--------- --------- --------- ---------
Platform finance and insurance, net .................... $ 68,682 $ 61,714 $ 63,604 $ 61,714
========= ========= ========= =========
RETAIL VEHICLES SOLD:
New retail units ........................................... $ 52,361 $ 47,385 $ 47,411 $ 47,385
Used retail units .......................................... 31,808 30,183 29,339 30,183
--------- --------- --------- ---------
Total units ........................................... $ 84,169 $ 77,568 $ 76,750 $ 77,568
========= ========= ========= =========
We define adjusted EBITDA as net income before other interest expense, income
tax expense and depreciation and amortization expense. This definition of
adjusted EBITDA may not be comparable to similarly titled measures of other
companies. Adjusted EBITDA is not a measure of financial performance under
accounting principles generally accepted in the United States. We believe
adjusted EBITDA provides a basis to measure our operating performance, apart
from the expenses associated with our physical plant or capital structure.
Adjusted EBITDA should not be considered in isolation or as a substitute for
operating income, cash flow from operating activities or other measures of
performance defined by accounting principles generally accepted in the United
States. A reconciliation of adjusted EBITDA is presented below.
As Reported As Reported As Reported As Reported
For the Three For the Three For the Six For the Six
Months Ended Months Ended Months Ended Months Ended
June 30, June 30, June 30, June 30,
------------- ------------- ------------ ------------
2004 2003 2004 2003
------------- ------------- ------------ ------------
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA:
Net income ................................ $ 14,748 $ 12,273 $ 25,112 $ 19,370
Add:
Other interest expense ............... 10,189 9,996 20,512 19,950
Income tax expense ................... 8,830 9,418 15,252 14,830
Depreciation and amortization ......... 5,407 4,985 10,543 9,722
-------- -------- -------- --------
Adjusted EBITDA ................................ $ 39,174 $ 36,672 $ 71,419 $ 63,872
======== ======== ======== ========