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March 18, 2013
12:35 EDTSAH, TRKSonic Automotive drops after delay in annual report filing
Sonic Automotive (SAH) is sinking after the company disclosed in a regulatory filing earlier today that it would delay filing its annual report to the SEC due to a material weakness in its dealership level accounting processes. Sonic said itís in the process of completing the report and that it believes final financial results will be the same as reported on February 20. The company also indicated that it had amended a credit agreement. Sonic said that the change to its credit agreement would eliminate the company's pledge of 5M shares of Speedway Motorsports (TRK) as collateral for the amount due under a credit facility. The use of the stock as collateral had increased Sonic's borrowing availability by $33.5M as of December 31, Sonic stated. The company said the change would reduce its liquidity, but it added that it still believes that it has enough liquidity to conduct its operations and meet the terms of its debt agreements. The lenders that extended the amended credit facility, which was worth a maximum of $175M before the recent change, do not object to Sonic's material weakness statement, Sonic reported. As a result, Sonic said it will not be in default under the terms of the credit agreement. In early afternoon trading, Sonic gave back $1.10, or 4.5%, to $23.25.
News For SAH;TRK From The Last 14 Days
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April 21, 2015
11:36 EDTSAHSonic Automotive says 2015 new car industry volume tracking in 17M unit range
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11:24 EDTSAHSonic Automotive says guidance has not changed
Says committed to returning capital to shareholders via dividend, repurchases. Says continues to be compliant with debt covenants. Says will continue to be aggressive on import pricing. Says guidance has not changed, says tracking directly with forecasts. Comments made on the Q1 earnings conference call. Sonic Automotive is down 0.45% to $24.20 in late morning trading.
09:30 EDTSAHSonic Automotive sees continued share repurchases with excess capital
Sees continued share repurchases with excess capital. Expects open points to drive future growth. Says monitoring capital requirements as 2017 lease maturities approach. Expects to open at least one more Neighborhood store in 2015 and another in 2016. Says strategic focus is on growth, EchoPark, acquisitions and open points, owning properties and returning capital to shareholders. Comments from slides that will be presented on the Q1 earnings conference call.
07:34 EDTSAHSonic Automotive reports Q1 net retail units up 4.3% to 31,334
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07:33 EDTSAHSonic Automotive reports Q1 adjusted EPS 37c, consensus 38c
Reports Q1 net income from continuing operations $38c. Reports Q1 revenue $2.24B, consensus $2.24B
April 20, 2015
15:37 EDTSAHNotable companies reporting before tomorrow's open
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