“Lithia Motors, Inc. Announces Closing of $46.0 Million Class A - MSN Money” plus 4 more |
- Lithia Motors, Inc. Announces Closing of $46.0 Million Class A - MSN Money
- Sales chief at GM to leave - Akron Beacon Journal
- Johnson Controls projects improved sales, earnings - Holland Sentinel
- Freudenberg-NOK closing Spencer plant - Quad-Cities Times
- Group 1 Automotive Sees Q3 EPS Above Estimates - Update - RTT News
| Lithia Motors, Inc. Announces Closing of $46.0 Million Class A - MSN Money Posted: 15 Oct 2009 12:59 PM PDT Lithia Motors, Inc. (the "Company") LAD, a leading operator of automotive franchises and retailer of new and used vehicles and services, today announced that the Company raised $46.0 million through its previously announced underwritten public offering by issuing 4,600,000 shares of the Company's Class A Common Stock, including 600,000 shares pursuant to the underwriters' over-allotment option, at a price of $10.00 per share. The net proceeds to the Company after deducting underwriting discounts and commissions and estimated offering expenses are expected to be approximately $43.2 million The Company plans to use the net proceeds of the offering for general corporate purposes, including working capital and potential acquisitions. Prior to such use, the Company expects to use the net proceeds of the offering to pay down amounts outstanding under its revolving credit facility and one or more of its flooring lines of credit, which can be re-accessed when cash is needed for other purposes. J.P. Morgan Securities Inc. acted as the sole bookrunner for the offering and Stephens Inc. acted as a co-manager. The offering was made solely by means of a prospectus supplement and accompanying prospectus. Copies of the prospectus supplement and the accompanying prospectus relating to the securities may be obtained from the offices of J.P. Morgan Securities Inc., National Statement Processing, Prospectus Library, 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11245, 718-242-8002. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any offer of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. About Lithia Lithia Motors, Inc. is a Fortune 700 Company, selling 27 brands of new and all brands of used vehicles at 87 stores, which are located within 13 states. Internet sales are centralized at www.Lithia.com. Lithia also sells used vehicles; arranges finance, warranty, and credit insurance contracts; and provides vehicle parts, maintenance, and repair services at all of its locations. Additional Information For additional information on Lithia Motors, contact the Investor Relations Department: 541-776-6591. Lithia Motors, Inc. Copyright 2009 Business Wire This content has passed through fivefilters.org.  This posting includes an audio/video/photo media file: Download Now |
| Sales chief at GM to leave - Akron Beacon Journal Posted: 07 Oct 2009 10:05 PM PDT Mark LaNeve, General Motors Co.'s head of U.S. sales, is leaving the automaker to work for a non-automotive company, Chief Executive Officer Fritz Henderson said. Henderson made the announcement in a conference call with media and analysts on the state of the business 90 days after the automaker emerged from a U.S. Treasury-backed bankruptcy. Neither Henderson nor LaNeve, 50, would say where he's going. The announcement might be in a few days, LaNeve said in an e-mail. ''Mark LaNeve's departure does not come as a surprise,'' Michelle Krebs, a senior analyst for the auto Web site Edmunds.com said in an e-mail. ''Sales and market share in the U.S. have continued to slide and the sales guy is always the one who bears the blame.'' LaNeve is the first member of Henderson's nine-person executive panel to leave. His departure follows the elimination of about 2,900 salaried and executive positions effective Oct. 1. Henderson is cutting GM's salaried and hourly work force as the automaker trims brands to four from eight to reach profitability by 2011. LaNeve took responsibility for sales in 2005. GM held 26.4 percent of U.S. market share in 2005 and ended 2008 with 22.4 percent, Edmunds.com reports. The automaker has cut its U.S. salaried employment by 18 percent, or about 5,400, to 24,300 workers this year. GM has trimmed 21 percent of its hourly work force to 49,200. This content has passed through fivefilters.org.  This posting includes an audio/video/photo media file: Download Now |
| Johnson Controls projects improved sales, earnings - Holland Sentinel Posted: 14 Oct 2009 01:11 AM PDT Johnson Controls Inc. announced good news Tuesday, including increasing sales and earnings expected for fiscal 2010. This content has passed through fivefilters.org. |
| Freudenberg-NOK closing Spencer plant - Quad-Cities Times Posted: 14 Oct 2009 08:10 PM PDT The city of Spencer is losing a key manufacturer. Freudenberg-NOK announced Wednesday that it is going to transfer all operations at its Spencer plant to facilities in Troy and Milan, Ohio. Freudenberg-NOK Vice President Sarah O'Hare said decision was due mostly to a sharp decline in automobile production. O'Hare said the Spencer plant currently employs approximately 65 people, some of whom will be offered a chance to relocate to the Ohio facilities. O'Hare says she expects the closure to be complete in approximately 6 months. Freudenberg-NOK manufactures precision products for a number of different industries. Its Spencer plant has been in operation since 2000. ___ Information from: KICD-AM, http://www.kicdam.com This content has passed through fivefilters.org.  This posting includes an audio/video/photo media file: Download Now |
| Group 1 Automotive Sees Q3 EPS Above Estimates - Update - RTT News Posted: 13 Oct 2009 01:44 PM PDT
(RTTNews) -
Tuesday, automotive retailer Group 1 Automotive, Inc. (GPI: News ) said it expects its third-quarter earnings to be significantly higher than the current consensus estimate of analysts. The company plans to announce its third quarter results on October 27th. The Houston, Texas-based company said it expects earnings per share within a range of $0.68 to $0.72 for the third quarter based on its preliminary results. The company's earnings expectations exclude a one-time tax adjustment estimated at $0.07 per share, gains on debt redemption of $0.02 per share, and non-cash impairment charges primarily related to real estate holdings of $0.02 per share. On average, seven analysts polled by Thomson Reuters expect the company to report earnings of $0.51 per share for the third quarter. Analysts' estimates typically exclude special items. "We remain on target with our cost-savings initiatives designed to save at least $120 million in 2009," said Earl Hesterberg, chief executive officer of Group 1. "These cost savings, combined with the hard work of our employees and substantial incremental new vehicle sales under the government's 'CARS' program, produced very strong quarterly results," Hesterberg said. GPI closed Tuesday's regular trading at $29.78, up $0.16 or 0.54%, on a volume of 247 thousand shares on the New York Stock Exchange. In after hours, the stock is gaining $1.72 or 5.78%. by RTT Staff Writer For comments and feedback: contact editorial@rttnews.com This content has passed through fivefilters.org. |
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