March 04, 2015 6:13 PM ET

Specialty Retail

Company Overview of Asbury Automotive Group, Inc.

Company Overview

Asbury Automotive Group, Inc. operates as an automotive retailer in the United States. It offers a range of automotive products and services, including new and used vehicles; vehicle maintenance, replacement parts, and collision repair services; and aftermarket products, such as financing, insurance, and service contracts. The company sells new vehicles to individual retail customers and commercial customers; and used vehicles to individual retail customers and other dealers at auction. As of February 4, 2015, it operated 83 dealership locations, including 104 franchises for the sale and servicing of 29 brands of new vehicles, as well as operated 25 collision repair centers and 3 standalone ...

2905 Premiere Parkway, NW

Suite 300

Duluth, GA 30097

United States

Founded in 1995

8,300 Employees

Phone:

770-418-8200

Key Executives for Asbury Automotive Group, Inc.

Chief Executive Officer, President, Director and Member of Executive Committee
Age: 57
Total Annual Compensation: $916.7K
Executive Vice President and Director
Age: 62
Total Annual Compensation: $700.0K
Vice President, General Counsel and Secretary
Age: 46
Total Annual Compensation: $344.2K
Compensation as of Fiscal Year 2013.

Asbury Automotive Group, Inc. Key Developments

Asbury Automotive Group, Inc. Announces Executive Changes, Effective on March 13, 2015

On February 19, 2015, Asbury Automotive Group, Inc. announced that Mr. Michael J. Sawicki informed the company that he will be relocating out of state to be closer to his family, and therefore provided notice of his intention to resign as Vice President, Controller and Chief Accounting Officer of the company effective on March 13, 2015. Keith Style, the Company's Senior Vice President and Chief Financial Officer, will assume the responsibilities of principal accounting officer for the Company on an interim basis.

Asbury Automotive Group, Inc. Announces Executive Changes

On February 13, 2015, Asbury Automotive Group, Inc. was notified by Michael Kearney, the company's Executive Vice President, of his decision to resign from the company's Board of Directors effective March 31, 2015. The resignation was consistent with Mr. Kearney's previously disclosed plan to retire from all positions with the company by such date. Mr. Kearney has served on the Board since October 2012. In connection with Mr. Kearney's resignation from the Board and the previously disclosed decision by Board member Janet Clarke to not stand for re-election at the company's 2015 annual meeting of shareholders, the Board is reducing the size of the Board from 11 to 9 directors.

Asbury Automotive Group, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014

Asbury Automotive Group, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. The company reported adjusted income from continuing operations for the fourth quarter 2014 of $31.4 million, or $1.07 per diluted share, versus income from continuing operations in the fourth quarter 2013 of $27.2 million, or $0.88 per diluted share, a 22% increase per diluted share. Adjusted income from continuing operations for the fourth quarter of 2014 excludes the loss on extinguishment of long-term debt of $19.5 million after-tax, or $0.66 per diluted share. Net income for the fourth quarter of 2014 was $11.8 million, or $0.40 per diluted share, compared to $26.9 million, or $0.87 per diluted share in the prior year period. Total revenues were $1,503 million compared to $1,373.9 million a year ago. Income from operations was $65.7 million compared to $58.1 million a year ago. Income before income taxes was $19.5 million compared to $45.2 million a year ago. Income from continuing operations was $11.9 million or $0.41 per diluted share compared to $27.2 million or $0.88 per diluted share a year ago. For the full year 2014, the company reported adjusted income from continuing operations of $131.5 million, or $4.37 per diluted share, compared to adjusted income from continuing operations of $109.7 million, or $3.53 per diluted share in the prior year period. The company’s revenues for full-year 2014 totaled $5.9 billion, an increase of 10% compared to $5.3 billion in the prior year. Net income for the year ended December 31, 2014 was $111.6 million, or $3.71 per diluted share compared to $109.1 million, or $3.51 per diluted share, for the prior year. Total revenues were $5,867.7 million compared to $5,334.9 million a year ago. Income from operations was $268.2 million compared to $226.1 million a year ago. Income before income taxes was $183.0 million compared to $165.3 million a year ago. Income from continuing operations was $112 million or $3.72 per diluted share compared to $101.1 million or $3.25 per diluted share a year ago. Adjusted EBITDA was $282.2 million.

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