AutoCanada announced financial results for the year and the fourth quarter ended December 31, 2015.
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2015 revenue from existing and new dealerships increased by 31.1%, or $689.0 million, to $2,903.8 million in 2015 from $2,214.8 million in 2014.
Gross profit from existing and new dealerships increased by 30.7%, or $114.6 million, to $487.7 million in 2015 from $373.1 million in 2014.
Adjusted EBITDA attributable to AutoCanada shareholders increased by 5.3%, or $4.7 million, to $93.9 million in 2015 from $89.2 million in 2014.
EBITDA attributable to AutoCanada shareholders remained flat at $89.8 million in 2015 compared to $89.4 million in 2014.
The company generated net earnings attributable to AutoCanada shareholders of $22.8 million (after impairment expense of $18.1 million) and basic earnings per share of $0.93 versus basic earnings per share of $2.31 in 2014.
Pre-tax earnings attributable to AutoCanada shareholders decreased by 44.5%, or $31.3 million, to $39.0 million in 2015 as compared to $70.3 million in 2014.
The company generated adjusted net earnings attributable to AutoCanada shareholders of $40.2 million from $51.6 million in 2014. Basic adjusted net earnings per share of $1.64 versus $2.24 in 2014.
Same store revenue decreased by 5.9% in 2015, compared to 2014. Same store gross profit decreased by 11.7% in 2015, compared to 2014.
Free cash flow decreased to $38.7 million in 2015 or $1.57 per share as compared to $63.7 million or $2.70 per share in 2014.
Adjusted free cash flow decreased to $38.8 million in 2015 or $1.59 per share as compared to $62.1 million or $2.67 per share in 2014.
Same store new vehicle retail revenue decreased by 14.2%, or $119.7 million, to $722.0 million in 2015 from $841.7 million in 2014.
Same store used vehicle retail revenue increased by 10.4%, or $27.5 million, to $292.3 million in 2015 from $264.8 million in 2014.
Same store parts, service and collision repair revenue increased by 2.8%, or $4.9 million, to $177.3 million in2015 from $172.4 million in 2014.
2015 fourth quarter
Revenue from existing and new dealerships increased by 2.6%, or $17.0 million, to $672.3 million in the fourth quarter of 2015 from $655.3 million in the same quarter in 2014.
Gross profit from existing and new dealerships increased by 8.8%, or $10.0 million, to $123.9 million in the fourth quarter of 2015 from $113.9 million in the same quarter in 2014.
Adjusted EBITDA attributable to AutoCanada shareholders increased by 7.0%, or $1.7 million, to $25.9 million in the fourth quarter of 2015 from $24.2 million in the same quarter in 2014.
EBITDA attributable to AutoCanada shareholders decreased by 4.9%, or $1.2 million, to $23.4 million in the fourth quarter of 2015 from $24.6 million in the same quarter in 2014.
The company generated net loss attributable to AutoCanada shareholders of $7.4 million (after impairment expense of $18.1 million) and basic earnings per share of ($0.29) versus basic earnings per share of $0.60 in the fourth quarter of 2014.
Pre-tax (loss) earnings attributable to AutoCanada shareholders decreased by 120.3%, or $23.1 million, to ($3.9) million in the fourth quarter of 2015 as compared to $19.2 million in the same period in 2014.
The company generated adjusted net earnings attributable to AutoCanada shareholders of $8.5 million compared to $12.6 million in the same quarter in 2014. Basic adjusted net earnings per share of $0.34 versus $0.52 in the fourth quarter of 2014.
Same store revenue decreased by 12.1% in the fourth quarter of 2015, compared to the same quarter in 2014. Same store gross profit decreased by 14.3% in the fourth quarter of 2015, compared to the same quarter in 2014.
Free cash flow decreased to $9.1 million in the fourth quarter of 2015 or $0.36 per share as compared to $39.8 million or $1.63 per share in the same quarter in 2014.
Adjusted free cash flow decreased to $8.1 million in the fourth quarter of 2015 or $0.32 per share as compared to $17.1 million or $0.70 per share in the same quarter in 2014.
Same store new vehicle retail revenue decreased by 21.0%, or $39.2 million, to $147.4 million in the fourth quarter of 2015 from $186.6 million in the same quarter in 2014.
Same store used vehicle retail revenue increased by 16.5%, or $10.2 million, to $71.9 million in the fourth quarter of 2015 from $61.7 million in the same quarter in 2014.
Same store parts, service and collision repair revenue increased by 2.6%, or $1.2 million, to $47.2 million in the fourth quarter of 2015 from $46.0 million in the same quarter in 2014. ■