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PART II
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY
DATA
NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS
(All tables in millions, except per share data)
16. QUARTERLY INFORMATION (UNAUDITED)
The Company's operations generally experience
higher volumes of vehicle sales in the second and third quarters
of each year in part due to consumer buying trends and the introduction
of new vehicle models. Also, demand for cars and light trucks
is generally lower during the winter months than in other seasons,
particularly in regions of the United States where dealerships
may be subject to harsh winters. Accordingly, the Company expects
revenue and operating results to be generally lower in the first
and fourth quarters as compared to the second and third quarters.
Operating income (loss) in the fourth quarter
of 1999 includes restructuring and impairment charges of $443.7
million, as described in Note 10, Restructuring
and Impairment Charges (Recoveries), Net.
The following is an analysis of certain items
in the Consolidated Income Statements by quarter for 2000 and
1999:
First Second Third Fourth
Quarter Quarter Quarter Quarter
-------------- -------------- -------------- --------------
Revenue .................................. 2000 $ 5,230.2 $ 5,339.5 $ 5,338.1 $ 4,701.8
1999 $ 4,562.7 $ 5,069.6 $ 5,459.7 $ 5,019.8
Operating income (loss) .................. 2000 $ 163.0 $ 203.9 $ 197.3 $ 160.6
1999 $ 120.1 $ 183.1 $ 170.3 $ (363.7)
Income (loss) from continuing operations . 2000 $ 64.7 $ 96.6 $ 93.1 $ 73.7
1999 $ 58.4 $ 97.1 $ 92.6 $ (279.6)
Basic earnings (loss) per share from
continuing operations(1) ................ 2000 $ .18 $ .27 $ .26 $ .21
1999 $ .13 $ .22 $ .22 $ (.71)
Diluted earnings (loss) per share from
continuing operations(1) ................ 2000 $ .18 $ .27 $ .26 $ .21
1999 $ .13 $ .21 $ .22 $ (.71)
Net income (loss) ........................ 2000 $ 62.3 $ 100.8 $ 93.1 $ 73.7
1999 $ 80.1 $ 501.2 $ 104.7 $ (403.1)
(1) Quarterly basic and diluted earnings (loss)
per share from continuing operations may not equal earnings per
share for the year as reported in the Consolidated Income Statements
due to the effect of the calculation of weighted-average common
stock equivalents on a quarterly basis.
The following table sets forth, for the periods
indicated, the high and low prices per share of the Company's Common
Stock as reported by the New York Stock Exchange.
High Low
----------- -----------
2000
First Quarter ................ $ 9.31 $ 6.13
Second Quarter ............... $ 10.75 $ 7.00
Third Quarter ................ $ 7.31 $ 5.63
Fourth Quarter ............... $ 7.19 $ 4.63
High Low
------- -------
1999
First Quarter ................ $ 16.94 $ 12.13
Second Quarter ............... $ 18.38 $ 11.63
Third Quarter ................ $ 17.88 $ 11.50
Fourth Quarter ............... $ 12.69 $ 7.50
On June 30, 2000, the Company completed the tax-free
spin-off to its stockholders of all of the capital stock of ANC
Rental. The spin-off was completed by issuing to each of the Company's
stockholder of record as of June 16, 2000 one share of ANC Rental
common stock for each eight shares of AutoNation common stock held
by such stockholder. The stock prices presented above reflect historical
stock prices during fiscal 2000 and 1999 and have not been restated
to reflect the distribution of ANC Rental common stock to the Company's
stockholders.
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Form
10-K 
