January 16, 2021

Results

Ken Garff Automotive, LLC announced that it will host a conference call for current noteholders, prospective qualified institutional purchasers, and the trustee to discuss Q3 2020 financial results at 11 am MT on Friday, December 4, 2020.

Instructions for the conference call will be made available to representatives of the trustee, noteholders, and prospective qualified institutional purchasers who currently have access to the Company’s private data room. Other noteholders and qualified institutional purchasers should contact Jim Campbell, CFO of Ken Garff Automotive, LLC to obtain access to the Company’s financial statements and information concerning the conference call.

About Ken Garff Automotive

Ken Garff Automotive, LLC is a private operator of automotive dealerships in the United States. We offer 26 brands of new and used vehicles in 52 stores that comprise 89 franchises. We have locations in six states with concentrations of stores in the West and Midwest regions of the United States. Our mission is to become the most esteemed automotive group as we treat people right and create lifetime customers.

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FORT LAUDERDALE, Fla., Nov 12, 2020 (GLOBE NEWSWIRE via COMTEX) —
All financial comparisons stated below are versus Q2 2020, unless otherwise noted

FORT LAUDERDALE, Fla., Nov. 12, 2020 (GLOBE NEWSWIRE) — LMP Automotive Holdings, Inc. (NASDAQ:LMPX) (“LMP” or the “Company”), an e-commerce and facilities-based platform for consumers who desire to buy, sell, subscribe for or finance pre-owned and new automobiles, today announced its third quarter 2020 financial results for the period ended September 30, 2020. As previously announced, Management will hold a conference call at 4:30p.m. ET today to review and discuss the Company’s business and results.

Summary of Q3 2020 Results
All financial comparisons stated below are versus Q2 2020, unless otherwise noted

  • Revenue totaled $13.371 million, an increase of 73%
  • Total gross profit was $1.121 million
  • Gross profit margin was 8.4%
  • Net loss was $752,000, or ($.08) per share based on 9.92 million weighted average shares outstanding.
  • Cash, shareholder equity, and current shares outstanding at the end of the quarter was $3,330,118 $31,629,124, and 9,985,880, respectively.
  • Adjusted EBITDA1 was ($68) thousand or ($0.01) per share.
  • Adjusted EBITDA margin was (0.5%).
  • Adjusted net loss was $541,000, or ($0.05) per share.

Third Quarter 2020 Financial Results Discussion
All financial comparisons stated below are versus Q2 2020, unless otherwise noted

Total revenue in the third quarter of 2020 increased 73% to $13.371. million, compared to $7.715 million in the second quarter of 2020. The growth in sequential revenue in the third quarter of 2020 was primarily driven by the increase in sales from ‘sales-type’ lease contracts, and increased vehicle sales revenues.

Gross profit in the third quarter of 2020 decreased 30% to $1.121 million, compared to $1.608 million in the second quarter of 2020 primarily driven by the higher mix of sales versus subscriptions and ‘sales-type’ lease contracts.

The Company’s SG&A expenses were $881,538 during the three-month period ended September 30, 2020, an increase of $206,403 versus $675,135 during the three-month period ended June 30, 2020. The increase is mainly due to expenses related to payroll of approximately $95,000 to build our management team and outside services of approximately $83,000.

Acquisition, consulting, and legal expenses were $419,322 during the three months ended September 30, 2020, as compared to $280,650 during the previous three-month period ended June 30, 2020 due to increased activity.

Net loss in the third quarter of 2020 totaled $752,087, or a loss of $0.08 per share, compared to a net income of $216,102, or a profit of $0.02 per share, in the second quarter of 2020. Total shares outstanding as of September 30, 2020 were 9,985,880, versus 9,924,506 on June 30, 2020.

Cash totaled $3,330,118 at September 30, 2020. This represented a decrease of $14,320,320 from $17,650,438 at June 30, 2020. The decrease was primarily the result of vehicle purchases, purchase of real estate for our dealership location and escrow deposits for contracted dealership and related real estate acquisitions.

Additional Third Quarter 2020

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WUHAN, China, Nov. 12, 2020 /PRNewswire/ — China Automotive Systems, Inc. (Nasdaq: CAAS) (“CAAS” or the “Company”), a leading power steering components and systems supplier in China, today announced its unaudited financial results for the third quarter and nine months ended September 30, 2020.

 Third Quarter 2020 Highlights

  • Net sales increased 13.8% to $114.4 million compared with $100.5 million in the third quarter of 2019;
  • Gross profit decreased to $13.6 million and gross margin declined to 11.9% from 17.2% in the third quarter of 2019;
  • Income from operations was $0.1 million compared to income from operations of $4.4 million in the third quarter of 2019;
  • Net income attributable to parent company’s common shareholders was $2.4 million, or diluted earnings per share of $0.08, compared to net income attributable to parent company’s common shareholders of $4.3 million, or diluted earnings per share of $0.14, in the third quarter of 2019;
  • Approximately 322,000 shares of common stock were repurchased.

First Nine Months of 2020 Highlights

  • Net sales were $271.2 million compared to $315.5 million in the first nine months of 2019;
  • Gross margin was 12.0% compared with 14.8% in the same period last year;
  • Diluted loss per share attributable to parent company’s common shareholders was $0.06 compared to diluted earnings per share attributable to parent company’s common shareholders of $0.26 for the first nine months of 2019;
  • Net cash flow from operating activities was $52.7 million compared with $4.1 million for the first nine months of 2019;
  • Cash and cash equivalents and pledged cash deposits were $113.5 million as of September 30, 2020.

Mr. Qizhou Wu, the Chief Executive Officer of CAAS, commented, “Our sales regained growth momentum in the third quarter as the Chinese economy has quickly rebounded from the worst effects of the COVID-19 pandemic. According to statistics from the China Association of Automobile Manufacturers (“CAAM”), new passenger car sales rose by 8.5% year-over-year in the month of July, by 6.0% in August and by 8.0% in September.  As a leading supplier of steering products for Chinese-branded vehicles, I am pleased that our sales growth outpaced the overall market. We still have work to do but we are encouraged by the positive signs on our way to a strong recovery.”

“With the worst behind us in China, we believe the government will continue to promote policies to ensure continued economic growth and to introduce incentives for domestic consumption which will benefit the automobile industry,” Mr. Wu concluded.

Mr. Jie Li, the Chief Financial Officer of CAAS, commented, “Our operations continued to generate positive operating cash flow and we purchased less capital production equipment in the third quarter of 2020 as our capacity remains sufficient.  Maintaining our financial strength has been one of our highest priorities as we continue to strengthen our balance sheet by reducing bank borrowing and controlling inventory. During the 3rd quarter, we also purchased approximately 322,000 shares of common stock in the open market that demonstrates our commitment to

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Peter Giannikopoulos, one of the suitors vying for Tayshia Adams’s hand on the current season of “The Bachelorette,” announced Tuesday that he had tested positive for COVID-19, then was involved in a serious car accident upon hearing the news.

The strapping real estate adviser from Everett, Mass., was one of four suitors who entered the Palm Springs “Bachelorette” bubble on the episode airing Tuesday. Giannikopoulos, 32, wrote in an Instagram post the same night that he had begun a two-week quarantine after testing positive for the coronavirus Monday.

“The past 24 hours have truly been some of the hardest in my life. Yesterday I tested positive for Covid,” he wrote alongside a shirtless selfie photo taken from a propped position in his bed. “Although my symptoms are evident, I am going to fight this and win.”

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Filming for the current season wrapped in September. Giannikopoulos, a fitness buff who has posted frequent Instagram photographs wearing a face mask, said he was emotionally running his mind over how he could have contracted the virus.

“I felt lousy for a few days, but didn’t believe I would contract the virus when I have been wearing a mask in public, washing and sanitizing hands regularly, and following social distancing protocol during work,” he stated.

‘The Bachelorette’ recap: Tayshia’s takeover comes with a few twists – including more men

As if that was not enough, Giannikopoulos wrote that he was involved in the serious car crash driving home after hearing the test results.

“My anxiety started to get the best of me. As a result of the anxiety, I lost consciousness behind the wheel and my car went off road through a guard rail and hit a pole,” he wrote. “The air bag deployed, driver side door was wedged in, broken glass everywhere.”

“All I remember was waking up to people shouting for help, as I was in a deep daze and confusion. I didn’t know where I was, how I got there, or what happened,” Giannikopoulos wrote, adding that he only suffered a slight nose injury. “Truly a blessing, as I am a firm believer I had angels watching over me.”

USA TODAY has reached out to ABC media relations for further comment.

Giannikopoulos encouraged people to take the COVID-19 pandemic seriously.

“Covid is something we all need to face head on and stay positive during these times. We can’t run away from it nor pretend it does not exist,” he continued. “It creates immense anxiety … In moments like this, lean against each other for support and positivity.”

This article originally appeared on USA TODAY: ‘Bachelorette’ suitor Peter Giannikopoulos tests positive for COVID-19, crashes car after test results

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