UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): November 4, 1999
SONIC AUTOMOTIVE, INC.
(Exact name of registrant as specified in its charter)
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DELAWARE 1-13395 56-201079
(State or other jurisdiction of (Commission File Number) (I.R.S Employer
incorporation or organization) Identification No.)
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5401 E. Independence Boulevard 28212
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (704) 532-3320
(Former name, former address and former fiscal year, if changed
since last report)
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ITEM 5: OTHER EVENTS.
Please see Exhibit 99.1.
ITEM 7: FINANCIAL STATEMENTS AND EXHIBITS.
(A) FINANCIAL STATEMENTS OF BUSINESS ACQUIRED. Not required.
(B) PRO FORMA FINANCIAL INFORMATION. Not required.
(C) EXHIBITS.
Exhibit
Number Description of Exhibits
99.1 Press Release issued by Sonic on November 4, 1999 pertaining
to authorized stock repurchase of up to $25 million.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
SONIC AUTOMOTIVE, INC.
Date: November 19, 1999 By: /s/ Theodore M. Wright.
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THEODORE M. WRIGHT
VICE PRESIDENT-FINANCE, CHIEF FINANCIAL
OFFICER, TREASURER AND SECRETARY
(PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER)
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Exhibit 99.1
FOR IMMEDIATE RELEASE
SONIC AUTOMOTIVE AUTHORIZES STOCK BUYBACK
CHARLOTTE, NC (NOVEMBER 4, 1999) - Sonic Automotive, Inc. (NYSE: SAH) today
announced that its Board of Directors has authorized the Company to expend up to
$25,000,000 to repurchase outstanding shares of its Class A common stock or
redeem securities convertible into Class A common stock. The Board's decision
reflects its determination that the most recent per share closing price of SAH
common stock ($10 per share as of November 4, 1999) is not an appropriate
valuation of the Company's common stock. Shares of common stock will be
purchased from time to time in the open market subject to market conditions.
"The Board has confidence in the Company's strategy and the future of automobile
retailing, and this buyback reflects our confidence. At current share prices,
buying back the Company's stock is a sound use of our capital," stated O. Bruton
Smith, the Company's Chairman and Chief Executive Officer.
Sonic Automotive, Inc. is the second largest automotive retailer in the United
States, with operations in Alabama, Florida, Georgia, Maryland, Nevada, North
Carolina, Ohio, South Carolina, Tennessee, Texas, and Virginia. Upon completion
of announced acquisitions, Sonic will operate 159 franchises and 30 collision
repair centers.
Included herein are forward-looking statements, including statements with
respect to the Company's prospects and industry conditions. There are many
factors which affect management's views about future events and trends of the
Company's business. These factors involve risk and uncertainties that could
cause actual results or trends to differ materially from management's view,
including without limitation economic conditions, risks associated with
acquisitions and the risk factors set forth from time to time in the Company's
recent filings with the Securities and Exchange Commission.
Contact: Theodore M. Wright, Chief Financial Officer of Sonic Automotive, Inc.,
(704) 532-3347. J. Todd Atenhan, Investor Relations of Sonic
Automotive, Inc. (888) 766-4218. Val Holley-Dennis, Media Relations of
Sonic Automotive, Inc. (704) 660-3424. Internet Address:
www.sonicautomotive.com
