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PART II
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY
DATA
CONSOLIDATED INCOME STATEMENTS
For the Years Ended December 31,
(In millions, except per share data)
2000 1999 1998
--------------- --------------- ---------------
REVENUE ..................................................... $ 20,609.6 $ 20,111.8 $ 12,664.6
COST OF OPERATIONS .......................................... 17,577.1 17,183.2 10,733.0
----------- ----------- -----------
GROSS MARGIN ................................................ 3,032.5 2,928.6 1,931.6
SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES .................................................. 2,177.7 2,279.4 1,388.3
DEPRECIATION ................................................ 54.7 60.1 40.3
AMORTIZATION ................................................ 79.1 62.9 39.6
ASSET IMPAIRMENT CHARGES (RECOVERIES), NET .................. (3.8) 416.4 --
------------ ----------- ------------
OPERATING INCOME ............................................ 724.8 109.8 463.4
FLOORPLAN INTEREST EXPENSE .................................. (199.8) (125.2) (107.0)
OTHER INTEREST EXPENSE ...................................... (47.7) (34.9) (14.0)
INTEREST INCOME ............................................. 14.3 20.6 8.7
OTHER INCOME, NET ........................................... 33.4 2.2 1.5
------------ ------------ ------------
INCOME (LOSS) FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES ....................................... 525.0 (27.5) 352.6
PROVISION FOR INCOME TAXES .................................. 196.9 4.0 126.8
------------ ------------ ------------
INCOME (LOSS) FROM CONTINUING OPERATIONS .................... 328.1 (31.5) 225.8
------------ ------------ ------------
DISCONTINUED OPERATIONS:
Income (loss) from discontinued operations, net of income
taxes .................................................... 13.1 (30.6) 262.1
Gain (loss) on disposal of segments, net of income taxes of
$(1.4), $516.9 and $8.4, respectively .................... (11.3) 345.0 11.6
------------ ------------ ------------
1.8 314.4 273.7
------------ ------------ ------------
NET INCOME .................................................. $ 329.9 $ 282.9 $ 499.5
============ ============ ============
BASIC EARNINGS (LOSS) PER SHARE:
Continuing operations ..................................... $ 0.91 $ (.07) $ .50
Discontinued operations ................................... -- .73 .60
------------ ------------- ------------
Net income ................................................ $ 0.91 $ .66 $ 1.10
============ ============= ============
Weighted average common shares outstanding ................ 361.3 429.8 455.1
============ ============= ============
DILUTED EARNINGS (LOSS) PER SHARE:
Continuing operations ..................................... $ 0.91 $ (.07) $ .48
Discontinued operations ................................... -- .73 .58
------------ ------------- ------------
Net income ................................................ $ 0.91 $ .66 $ 1.06
============ ============= ============
Weighted average common shares outstanding ................ 361.4 429.8 470.9
============ ============= ============
The accompanying notes are an integral part of
these statements.
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