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Monday, November 14, 2005 10:36:43 PM
HCAR reports .02 vs. .08 with a decrease in revenue. However, minus 2 1-time expenses, they would have recorded eps of @ .10. Also, same store (dealership) sales increased y/y. If I remember correcly, they recently sold off some less profitable dealerships and kept the ones w/ better margins...Anyone still follow this one? Looks cheap here.
Hometown Auto Retailers Announces Third Quarter 2005 Results
Monday November 14, 5:39 pm ET
WATERBURY, Conn.--(BUSINESS WIRE)--Nov. 14, 2005--Hometown Auto Retailers Inc. (OTCBB: HCAR - News) today announced its financial results for the third quarter ended Sept. 30, 2005.
Hometown reported revenues of $61.3 million in the third quarter of 2005 versus revenues of $69.3 million for the same period in 2004, a decrease of $8.0 million or 11.5 percent. Gross profit for the third quarter of 2005 decreased $1.1 million or 11.2 percent to $8.7 million versus gross profit of $9.8 million in same period in 2004.
Net income for the third quarter of 2005 was $143,000, generating basic and diluted earnings per share of $0.02 versus net income of $570,000 and basic and diluted earnings per share of $0.08 for the same period in 2004. Results for the third quarter of 2005 include expenses of approximately $474,000 in relation to its previously disclosed Exchange Agreement and $83,000 in relation to the associated previously disclosed class action lawsuit.
Hometown reported revenues of $188.4 million for the first nine months of 2005 versus revenues of $203.9 million for the same period in 2004, a decrease of $15.5 million or 7.6 percent. Gross profit for the first nine months of 2005 decreased $1.5 million or 5.2 percent to $27.4 million versus gross profit of $28.9 million in same period in 2004.
Net income for the first nine months of 2005 was $1.2 million, generating basic and diluted earnings per share of $0.19 and $0.18, respectively, versus net income of $905,000 and basic and diluted earnings per share of $0.12 for the same period in 2004. Results for the first nine months of 2005 include a gain on the transfer of the Westwood Lincoln Mercury dealership resulting from the settlement of certain litigation matters of $587,000 and expenses of approximately $474,000 in relation to its previously disclosed Exchange Agreement and $83,000 in relation to the associated previously disclosed class action lawsuit.
Hometown's operating results reflect the closing of a used vehicles outlet in August 2004. Also, during the fourth quarter of 2004, Hometown announced that it had agreed in principal to resolve certain litigation matters, which resulted in the transfer of the Westwood Lincoln Mercury dealership during the second quarter of 2005. Closing the used vehicles outlet and transferring the Westwood Lincoln Mercury dealership both contributed to decreases in sales and gross profit from 2004 to 2005, as well as a decrease in selling, general and administrative expenses.
"Discounting the exchange and litigation costs, and as reflected in the same store results (which are broken out below), Hometown's operations (including corporate overhead) had slight improvement over last year," said Corey Shaker, Hometown president and chief executive officer. "This despite the significantly lower margins the domestic dealerships suffered as a result of the employee discount and family plans offered to the public during the quarter. Focusing on the basics of used cars, parts, and service (our higher margin departments) will be critical in the upcoming months to ensure the best results possible in times that are not so favorable for our industry."
Hometown sold 3,111 vehicles during the third quarter of 2005, 348 less than it sold in the same period in 2004 or a decrease of 10.1 percent. Hometown sold 9,221 vehicles during the first nine months of 2005, 920 less than it sold in the same period in 2004 or a decrease of 9.1 percent. Total vehicles sold (by category) are shown in the table below.
Year-Over-Year Comparison For the three For the nine
months ended months ended
Sept. 30, Sept. 30,
2005 2004 2005 2004
-------- ------- -------- --------
New vehicle 1,522 1,663 4,499 4,814
Used vehicle - retail 745 864 2,239 2,560
Used vehicle - wholesale 844 932 2,483 2,767
-------- -------- ------- --------
Total units sold 3,111 3,459 9,221 10,141
======== ======== ======= ========
Sales of new vehicles decreased $5.9 million or 13.5 percent to $37.9 million for the third quarter of 2005 versus $43.8 million in 2004. Used vehicle sales decreased $1.2 million or 7.1 percent to $15.7 million for the third quarter of 2005 versus $16.9 million in 2004. Parts and service revenues for the third quarter of 2005 decreased $738,000 or 12.3 percent to $5.2 million versus $6.0 million in 2004. Other revenues (net) decreased $243,000 or 11.6 percent to $1.8 million for the third quarter of 2005 versus $2.1 million for the same period in 2004.
Sales of new vehicles decreased $14.2 million or 11.0 percent to $114.9 million for the first nine months of 2005 versus $129.1 million in 2004. Used vehicle sales decreased $1.4 million or 2.8 percent to $48.2 million for the first nine months of 2005 versus $49.6 million in 2004. Parts and service revenues for the first nine months of 2005 decreased $787,000 or 4.3 percent to $17.3 million from $18.1 million in 2004. Other revenues (net) decreased $308,000 or 5.1 percent to $5.7 million for the first nine months of 2005 versus $6.0 million for the same period in 2004.
The operating results of all other dealerships on a same store basis, follows.
On a same store basis, revenues increased $1.8 million or 3.0 percent to $61.3 million in the third quarter of 2005 from $59.5 million for the same period in 2004. Same store gross profit increased $92,000 or 1.1 percent to $8.7 million for the third quarter of 2005 from $8.6 million for the same period in 2004.
On a same store basis, revenues increased $6.1 million or 3.6 percent to $176.5 million in the first nine months of 2005 from $170.4 million for the same period in 2004. Same store gross profit increased $595,000 or 2.4 percent to $25.8 million for the first nine months of 2005 from $25.2 million for the same period in 2004.
On a same store basis, Hometown sold 3,111 vehicles during the third quarter of 2005, 21 less than it sold in the same period in 2004 or a decrease of 0.7 percent. On a same store basis, Hometown sold 8,872 vehicles during the first nine months of 2005, 195 less than it sold in the same period in 2004 or a decrease of 2.2 percent. Total vehicles sold (by category) on a same store basis are shown in the table below.
Same Store Basis Comparison For the three For the nine
months ended months ended
Sept. 30, Sept. 30,
2005 2004 2005 2004
------- ------- -------- --------
New vehicle 1,522 1,459 4,254 4,097
Used vehicle - retail 745 805 2,194 2,340
Used vehicle - wholesale 844 868 2,424 2,630
------- ------- -------- --------
Total units sold 3,111 3,132 8,872 9,067
======= ======= ======== ========
On a same store basis, sales of new vehicles increased $1.4 million or 3.8 percent to $38.5 million for the third quarter of 2005 versus $37.1 million in 2004. Same store sales of used vehicles increased $272,000 or 1.8 percent to $15.7 million for the third quarter of 2005 versus $15.5 million in 2004. Same store parts and service revenues increased $283,000 or 5.7 percent to $5.2 million for the third quarter of 2005 versus $5.0 million in 2004. Same store other revenues (net) decreased $106,000 or 5.6 percent to $1.8 million for the third quarter of 2005 versus $1.9 million for the same period in 2004.
On a same store basis, sales of new vehicles increased $3.6 million or 3.4 percent to $108.2 million for the first nine months of 2005 versus $104.6 million in 2004. Same store sales of used vehicles increased $1.8 million or 4.0 percent to $47.0 million for the first nine months of 2005 versus $45.2 million in 2004. Same store parts and service revenues increased $766,000 or 5.1 percent to $15.8 million for the first nine months of 2005 versus $15.0 million in 2003. Same store other revenues (net) increased $39,000 or 0.7 percent to slightly more than $5.5 million for the first nine months of 2005 versus slightly less than $5.5 million for the same period in 2004.
Hometown Auto Retailers Announces Third Quarter 2005 Results
Monday November 14, 5:39 pm ET
WATERBURY, Conn.--(BUSINESS WIRE)--Nov. 14, 2005--Hometown Auto Retailers Inc. (OTCBB: HCAR - News) today announced its financial results for the third quarter ended Sept. 30, 2005.
Hometown reported revenues of $61.3 million in the third quarter of 2005 versus revenues of $69.3 million for the same period in 2004, a decrease of $8.0 million or 11.5 percent. Gross profit for the third quarter of 2005 decreased $1.1 million or 11.2 percent to $8.7 million versus gross profit of $9.8 million in same period in 2004.
Net income for the third quarter of 2005 was $143,000, generating basic and diluted earnings per share of $0.02 versus net income of $570,000 and basic and diluted earnings per share of $0.08 for the same period in 2004. Results for the third quarter of 2005 include expenses of approximately $474,000 in relation to its previously disclosed Exchange Agreement and $83,000 in relation to the associated previously disclosed class action lawsuit.
Hometown reported revenues of $188.4 million for the first nine months of 2005 versus revenues of $203.9 million for the same period in 2004, a decrease of $15.5 million or 7.6 percent. Gross profit for the first nine months of 2005 decreased $1.5 million or 5.2 percent to $27.4 million versus gross profit of $28.9 million in same period in 2004.
Net income for the first nine months of 2005 was $1.2 million, generating basic and diluted earnings per share of $0.19 and $0.18, respectively, versus net income of $905,000 and basic and diluted earnings per share of $0.12 for the same period in 2004. Results for the first nine months of 2005 include a gain on the transfer of the Westwood Lincoln Mercury dealership resulting from the settlement of certain litigation matters of $587,000 and expenses of approximately $474,000 in relation to its previously disclosed Exchange Agreement and $83,000 in relation to the associated previously disclosed class action lawsuit.
Hometown's operating results reflect the closing of a used vehicles outlet in August 2004. Also, during the fourth quarter of 2004, Hometown announced that it had agreed in principal to resolve certain litigation matters, which resulted in the transfer of the Westwood Lincoln Mercury dealership during the second quarter of 2005. Closing the used vehicles outlet and transferring the Westwood Lincoln Mercury dealership both contributed to decreases in sales and gross profit from 2004 to 2005, as well as a decrease in selling, general and administrative expenses.
"Discounting the exchange and litigation costs, and as reflected in the same store results (which are broken out below), Hometown's operations (including corporate overhead) had slight improvement over last year," said Corey Shaker, Hometown president and chief executive officer. "This despite the significantly lower margins the domestic dealerships suffered as a result of the employee discount and family plans offered to the public during the quarter. Focusing on the basics of used cars, parts, and service (our higher margin departments) will be critical in the upcoming months to ensure the best results possible in times that are not so favorable for our industry."
Hometown sold 3,111 vehicles during the third quarter of 2005, 348 less than it sold in the same period in 2004 or a decrease of 10.1 percent. Hometown sold 9,221 vehicles during the first nine months of 2005, 920 less than it sold in the same period in 2004 or a decrease of 9.1 percent. Total vehicles sold (by category) are shown in the table below.
Year-Over-Year Comparison For the three For the nine
months ended months ended
Sept. 30, Sept. 30,
2005 2004 2005 2004
-------- ------- -------- --------
New vehicle 1,522 1,663 4,499 4,814
Used vehicle - retail 745 864 2,239 2,560
Used vehicle - wholesale 844 932 2,483 2,767
-------- -------- ------- --------
Total units sold 3,111 3,459 9,221 10,141
======== ======== ======= ========
Sales of new vehicles decreased $5.9 million or 13.5 percent to $37.9 million for the third quarter of 2005 versus $43.8 million in 2004. Used vehicle sales decreased $1.2 million or 7.1 percent to $15.7 million for the third quarter of 2005 versus $16.9 million in 2004. Parts and service revenues for the third quarter of 2005 decreased $738,000 or 12.3 percent to $5.2 million versus $6.0 million in 2004. Other revenues (net) decreased $243,000 or 11.6 percent to $1.8 million for the third quarter of 2005 versus $2.1 million for the same period in 2004.
Sales of new vehicles decreased $14.2 million or 11.0 percent to $114.9 million for the first nine months of 2005 versus $129.1 million in 2004. Used vehicle sales decreased $1.4 million or 2.8 percent to $48.2 million for the first nine months of 2005 versus $49.6 million in 2004. Parts and service revenues for the first nine months of 2005 decreased $787,000 or 4.3 percent to $17.3 million from $18.1 million in 2004. Other revenues (net) decreased $308,000 or 5.1 percent to $5.7 million for the first nine months of 2005 versus $6.0 million for the same period in 2004.
The operating results of all other dealerships on a same store basis, follows.
On a same store basis, revenues increased $1.8 million or 3.0 percent to $61.3 million in the third quarter of 2005 from $59.5 million for the same period in 2004. Same store gross profit increased $92,000 or 1.1 percent to $8.7 million for the third quarter of 2005 from $8.6 million for the same period in 2004.
On a same store basis, revenues increased $6.1 million or 3.6 percent to $176.5 million in the first nine months of 2005 from $170.4 million for the same period in 2004. Same store gross profit increased $595,000 or 2.4 percent to $25.8 million for the first nine months of 2005 from $25.2 million for the same period in 2004.
On a same store basis, Hometown sold 3,111 vehicles during the third quarter of 2005, 21 less than it sold in the same period in 2004 or a decrease of 0.7 percent. On a same store basis, Hometown sold 8,872 vehicles during the first nine months of 2005, 195 less than it sold in the same period in 2004 or a decrease of 2.2 percent. Total vehicles sold (by category) on a same store basis are shown in the table below.
Same Store Basis Comparison For the three For the nine
months ended months ended
Sept. 30, Sept. 30,
2005 2004 2005 2004
------- ------- -------- --------
New vehicle 1,522 1,459 4,254 4,097
Used vehicle - retail 745 805 2,194 2,340
Used vehicle - wholesale 844 868 2,424 2,630
------- ------- -------- --------
Total units sold 3,111 3,132 8,872 9,067
======= ======= ======== ========
On a same store basis, sales of new vehicles increased $1.4 million or 3.8 percent to $38.5 million for the third quarter of 2005 versus $37.1 million in 2004. Same store sales of used vehicles increased $272,000 or 1.8 percent to $15.7 million for the third quarter of 2005 versus $15.5 million in 2004. Same store parts and service revenues increased $283,000 or 5.7 percent to $5.2 million for the third quarter of 2005 versus $5.0 million in 2004. Same store other revenues (net) decreased $106,000 or 5.6 percent to $1.8 million for the third quarter of 2005 versus $1.9 million for the same period in 2004.
On a same store basis, sales of new vehicles increased $3.6 million or 3.4 percent to $108.2 million for the first nine months of 2005 versus $104.6 million in 2004. Same store sales of used vehicles increased $1.8 million or 4.0 percent to $47.0 million for the first nine months of 2005 versus $45.2 million in 2004. Same store parts and service revenues increased $766,000 or 5.1 percent to $15.8 million for the first nine months of 2005 versus $15.0 million in 2003. Same store other revenues (net) increased $39,000 or 0.7 percent to slightly more than $5.5 million for the first nine months of 2005 versus slightly less than $5.5 million for the same period in 2004.
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