January 31, 1997 |
Republic Industries Inc. said Thursday that its losses widened in the fourth quarter as it took one-time charges related to its $625-million purchase of Alamo Rent-a-Car Inc. and other companies. The diversified holding company based in Fort Lauderdale, Fla., said its losses grew to $96.6 million, or 38 cents a share, in the fourth quarter from $8.3 million, or 3 cents a share, in the year-ago period. Revenue jumped 51%, to $663 million from $438 million. Republic, led by billionaire H.
February 24, 1999 |
The nation's two largest operators of used-car superstores appear to be tossing in the towel on their narrow strategy of killing the competition with size and service instead of price. CarMax Group said Tuesday that it will delay expansion of its superstores into the Los Angeles area until next year as it tests a new strategy of opening smaller stores in other metropolitan markets.
October 31, 1997 |
Imation Corp., reporting a third-quarter net loss on lower revenue, on Thursday said it would slash as much as 15% of its work force and take a $200-million charge in the current quarter to restructure its operations. The company, which manufactures data storage and imaging devices, recorded a net loss of $38.7 million, or 97 cents a share, in the third quarter, contrasted with net income of $41.7 million, or $1.05 a share, a year ago. Revenue declined to $529.5 million from $559.
December 21, 1996 |
In a move that could speed restructuring of auto retailing, Ford Motor Co. on Friday dropped its opposition to the sale of new-car dealerships to publicly owned companies. The decision relates specifically to Republic Industries, a company headed by billionaire entrepreneur Wayne Huizenga, but will be broadly applied to other qualified publicly owned companies that want to acquire Ford dealerships.
October 24, 1996 |
Unocal Corp. on Wednesday said third-quarter profit tripled because of increased natural gas production, higher petroleum prices and improved profit from West Coast refining and marketing. The El Segundo-based company's profit from operations rose to $153 million, or 61 cents a share, from $50 million, or 17 cents, in the year-ago quarter. Wall Street expected Unocal to earn 58 cents a share, according to the average estimate of analysts.
February 2, 1997 |
It was an investors' love fest, and the master of ceremonies was south Florida's version of King Midas. The shareholders came here last month to pay homage to H. Wayne Huizenga, a 59-year-old multibillionaire entrepreneur and sports mogul, and to approve a bit of corporate bookkeeping that clears the way for Huizenga to accomplish what Detroit could not: revolutionize the way cars and trucks are sold in America. It was a rout--99.
August 22, 1997 |
Billionaire H. Wayne Huizenga's Republic Industries, whose ambitious campaign to acquire auto dealerships has been clouded by the legal maneuvers of Toyota and Honda, took its battle with the Japanese auto makers to the court of public opinion Thursday. Republic paraded 23 former state attorneys general before a news conference in New York. They endorsed the company's right to buy multiple dealerships of the two Japanese manufacturers and said the acquisitions would benefit consumers.
May 20, 1997 |
A Texas administrative law judge has denied Republic Industries' request to move ahead with its proposed purchase of a Houston Toyota dealership without a formal hearing on Toyota Motor Sales U.S.A.'s opposition to the deal. Torrance-based Toyota said the ruling, handed down late Friday, is a victory for its side. At Fort Lauderdale, Fla.-based Republic, executives said they were disappointed but not worried. No date has been set for the hearing.
January 8, 1997 |
As its discredited former owner looked on, agents of billionaire Wayne Huizenga won a Bankruptcy Court auction Tuesday to buy the Magic Ford and Magic Lincoln-Mercury dealerships in Valencia with a lower-than-expected outlay of about $21 million. Huizenga's Republic Industries, whose rapid-fire acquisitions are roiling the auto retailing industry nationwide, bid $15.86 million in the three-minute contest against only one other bidder.
November 8, 1996 |
Republic Industries, a conglomerate controlled by billionaire entrepreneur Wayne Huizenga, announced Thursday that it is buying Alamo Rent A Car in a $625-million deal that would secure a supply of late-model used cars for its growing chain of auto superstores. The move by the diversified Fort Lauderdale, Fla.-based company is part a broader effort to build a nationwide transportation service giant with operations in new and used cars, rental cars, parts and service, and auto financing.