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Sonic Automotive, Inc. Reports Record Gross Profit

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CHARLOTTE, N.C., April 21, 2015 /PRNewswire/ — 

First Quarter 2015 Results

  • Record Q1 new retail units of 31,334, up 4.3%, over the prior year quarter
  • Record Q1 pre-owned units and gross profit of 28,135 and $40.8 million, respectively
  • Record Q1 fixed operations gross profit of $156.4 million, up 2.8% over the prior year quarter
  • Record Q1 total gross profit of $335.0 million, up 1.8% over the prior year quarter
  • EchoPark® stores retail 660 units

Sonic Automotive, Inc. (NYSE: SAH), one of the nation’s largest automotive retailers, today reported adjusted net income from continuing operations for the first quarter of 2015 of $18.8 million, or $0.37 per diluted share.  Included in these adjusted amounts are pre-tax expenses of $4.9 million, or $0.06 per diluted share, related to the Company’s EchoPark® initiative and $3.8 million, or $0.05 per diluted share, related to its One Sonic-One Experience initiative.

Net income from continuing operations for the first quarter of 2014 was $20.0 million, or $0.38 per diluted share. Included in these amounts are pre-tax expenses of $1.7 million, or $0.02 per diluted share, related to the Company’s EchoPark® initiative and $2.1 million, or $0.02 per diluted share, related to its One Sonic-One Experience initiative.

On a GAAP basis, net income from continuing operations and related diluted earnings per share for the first quarter 2015 were $14.4 million and $0.28 per share, respectively.  There were no adjustments in the first quarter of 2014.  See the accompanying tables for details of quarterly adjustments.

Jeff Dyke, Sonic’s EVP of Operations, stated, “We had another solid record setting quarter!  Our One Sonic-One Experience stores are making great progress.  Our first store that adopted the process, Town Country Toyota, has gained more than 600 basis points of market share in each of the last two months year-over-year, is tracking to do the same again in April, and has experienced steady growth in profitability.  More exciting is the remaining Charlotte stores are following in the same path giving us great confidence that we are on the right track.  While the change has been significant, the results from a share and guest satisfaction perspective are adding to our resolve that the decisions we have made to enhance our guest experience are right on target. We are also equally excited about EchoPark®!  We sold 660 units for the quarter, just under 300 units in the month of March, and have grown the business rapidly.  These results are a direct reflection of our business plan, our team’s depth of experience, our unmatched guest experience and a response from our customer base that confirms what we were trying to accomplish.  As these two strategies come to life, we look for the Sonic Brand to become a household name in the retail world beyond automotive driven by an unmatched customer experience.  None of this would be possible without the extraordinary effort of our remarkable team – many thanks to them! We look forward to continued success in the coming years.”

B. Scott Smith, Sonic’s President, remarked, “We have made a lot of progress in the first quarter of the year.  Our Charlotte stores have migrated to our One Sonic-One Experience platform and we now have three EchoPark® retail operating locations in Denver, with progress made to open an additional location by the end of 2015.  We are very pleased with how our associates and customers are embracing the technologies and improved transaction processes.  Although there is still a lot of work to be done to ensure the long-term sustainability of these initiatives, the cornerstones have been set and we look forward to building upon these in the future.”

First Quarter Earnings Conference Call

Senior management will host a conference call today at 11:00 A.M. (Eastern) to discuss the quarter’s results. To access the live broadcast of the call over the Internet go to: www.sonicautomotive.com, then click on “Our Company,” then “Investor Relations,” then “Webcasts Presentations.”

Presentation materials for the conference call can be accessed on the Company’s website at www.sonicautomotive.com by clicking on the “Investor Relations” tab under “Our Company” and choosing “Webcasts Presentations.”

The conference call will also be available live by dialing in 10 minutes prior to the start of the call at:

Domestic: 1.877.450.3867
International: 1.706.643.0958
Conference ID: 20767539

A conference call replay will be available one hour following the call for seven days and can be accessed by calling:

Domestic: 1.855.859.2056
International: 1.404.537.3406
Conference ID: 20767539

About Sonic Automotive

Sonic Automotive, Inc., a Fortune 500 company based in Charlotte, N.C., is one of the nation’s largest automotive retailers. Sonic can be reached on the web at www.sonicautomotive.com.

Included herein are forward-looking statements, including statements with respect to anticipated future success and impacts from the implementation of our planned customer experience and stand-alone pre-owned store initiatives. There are many factors that 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 in the markets in which we operate, new and used vehicle industry sales volume, the success of our operational strategies, the rate and timing of overall economic recovery or decline, and the risk factors described in the Company’s annual report on Form 10-K for the year ending December 31, 2014. The Company does not undertake any obligation to update forward-looking information.

 

 

Sonic Automotive, Inc.

Results of Operations (Unaudited)

This release contains certain non-GAAP financial measures as defined under SEC rules, such as, but not limited to, adjusted income from continuing operations and related earnings per share data. The Company has reconciled these measures to the most directly comparable GAAP measures in the release. The Company believes that these non-GAAP financial measures improve the transparency of the Company’s disclosure by providing period-to-period comparability of the Company’s results from operations.

Three Months Ended March 31,

2015

2014

(In thousands, except per share and unit data)

Revenues:

New retail vehicles

$               1,190,215

$               1,112,291

Fleet vehicles

12,108

34,329

Total new vehicles

1,202,323

1,146,620

Used vehicles

593,742

559,816

Wholesale vehicles

41,656

41,598

Total vehicles

1,837,721

1,748,034

Parts, service and collision repair

323,194

318,771

Finance, insurance and other, net

74,600

69,581

Total revenues

2,235,515

2,136,386

Gross profit

334,959

329,000

Selling, general and administrative expenses

(270,862)

(263,973)

Impairment charges

(6,192)

(3)

Depreciation and amortization

(16,409)

(14,381)

Operating income (loss)

41,496

50,643

Other income (expense):

Interest expense, floor plan

(4,778)

(4,689)

Interest expense, other, net

(13,219)

(13,818)

Other income (expense), net

90

97

Total other income (expense)

(17,907)

(18,410)

Income (loss) from continuing operations before taxes

23,589

32,233

Provision for income taxes – benefit (expense)

(9,200)

(12,249)

Income (loss) from continuing operations

14,389

19,984

Income (loss) from discontinued operations

(422)

(598)

Net income (loss)

$                    13,967

$                    19,386

Diluted earnings (loss) per common share:

Earnings (loss) per share from continuing operations

$                        0.28

$                        0.38

Earnings (loss) per share from discontinued operations

(0.01)

(0.02)

Earnings (loss) per common share

$                        0.27

$                        0.36

Weighted average common shares outstanding

51,403

52,946

Gross Margin Data (Continuing Operations):

New retail vehicles

5.3%

5.9%

Fleet vehicles

(0.6%)

2.6%

Total new vehicles

5.3%

5.8%

Used vehicles

6.9%

7.3%

Wholesale vehicles

(0.5%)

(0.2%)

Parts, service and collision repair

48.4%

47.7%

Finance, insurance and other

100.0%

100.0%

Overall gross margin

15.0%

15.4%

SGA Expenses (Continuing Operations):

Compensation

$                  161,858

$                  157,154

Advertising

15,332

14,119

Rent

18,254

18,535

Other

75,418

74,165

Total SGA expenses

$                  270,862

$                  263,973

SGA expenses as % of gross profit

80.9%

80.2%

Operating Margin %

1.9%

2.4%

Unit Data (Continuing Operations):

New retail units

31,334

30,029

Fleet units

355

1,102

Total new units

31,689

31,131

Used units

28,135

27,657

Wholesale units

7,777

7,380

 

 

 

Sonic Automotive, Inc.

Results of Operations (Unaudited)

Per Share Data

Three Months Ended March 31, 2015

Income (Loss)

Income (Loss)

From Continuing

From Discontinued

Operations

Average

Net Income (Loss)

Weighted

Per

Per

Per

Average

Share

Share

Share

Shares

Amount

Amount

Amount

Amount

Amount

Amount

(In thousands, except per share amounts)

Reported:

Earnings (loss) and shares

50,854

$     14,389

$       (422)

$     13,967

Effect of participating securities:

Non-vested restricted stock

and stock units

(5)

–

(5)

Basic earnings (loss) and shares

50,854

$     14,384

$       0.28

$       (422)

$      (0.01)

$     13,962

$       0.27

Effect of dilutive securities:

Stock compensation plans

549

Diluted earnings (loss) and shares

51,403

$     14,384

$       0.28

$       (422)

$      (0.01)

$     13,962

$       0.27

Adjustments (net of tax):

Impairment charges

$       3,777

$       0.07

–

$           –

$       3,777

$       0.07

Other

634

0.02

–

–

634

0.02

Total adjustments

$       4,411

$       0.09

$             –

$           –

$       4,411

$       0.09

Adjusted:

Earnings (loss) and

Diluted earnings (loss) per share (1)

$     18,800

$       0.37

$       (422)

$      (0.01)

$     18,378

$       0.36

(1) Expenses attributable to the EchoPark® initiative were $0.06 per fully diluted share in the three months ended March 31, 2015

Three Months Ended March 31, 2014

Income (Loss)

Income (Loss)

From Continuing

From Discontinued

Operations

Operations

Net Income (Loss)

Weighted

Per

Per

Per

Average

Share

Share

Share

Shares

Amount

Amount

Amount

Amount

Amount

Amount

(In thousands, except per share amounts)

Reported:

Earnings (loss) and shares

52,418

$     19,984

$       (598)

$     19,386

Effect of participating securities:

Non-vested restricted stock

and stock units

(63)

–

(63)

Basic earnings (loss) and shares

52,418

$     19,921

$       0.38

$       (598)

$      (0.01)

$     19,323

$       0.37

Effect of dilutive securities:

Stock compensation plans

528

Diluted earnings (loss) and shares  (2)

52,946

$     19,921

$       0.38

$       (598)

$      (0.02)

$     19,323

$       0.36

(2) Expenses attributable to the EchoPark® initiative were $0.02 per fully diluted share in the three months ended March 31, 2014

 

 

 

Sonic Automotive, Inc.

Results of Operations (Unaudited)

New Vehicles

Three Months Ended March 31,

Better / (Worse)

2015

2014

Change

% Change

(In thousands, except units and per unit data)

Reported:

Revenue

$          1,202,323

$          1,146,620

$               55,703

4.9%

Gross profit

$               63,350

$               66,673

$               (3,323)

(5.0%)

Unit sales

31,689

31,131

558

1.8%

Revenue per unit

$               37,941

$               36,832

$                 1,109

3.0%

Gross profit per unit

$                 1,999

$                 2,142

$                  (143)

(6.7%)

Gross profit as a % of revenue

5.3%

5.8%

(50)

bps

Three Months Ended March 31,

Better / (Worse)

2015

2014

Change

% Change

(In thousands, except units and per unit data)

Same Store:

Revenue

$          1,190,252

$          1,110,066

$               80,186

7.2%

Gross profit

$               62,438

$               64,632

$               (2,194)

(3.4%)

Unit sales

31,336

30,082

1,254

4.2%

Revenue per unit

$               37,984

$               36,901

$                 1,083

2.9%

Gross profit per unit

$                 1,993

$                 2,149

$                  (156)

(7.3%)

Gross profit as a % of revenue

5.2%

5.8%

(60)

bps

 

 

 

Sonic Automotive, Inc.

Results of Operations (Unaudited)

Used Vehicles

Three Months Ended March 31,

Better / (Worse)

2015

2014

Change

% Change

(In thousands, except units and per unit data)

Reported:

Revenue

$             593,742

$             559,816

$               33,926

6.1%

Gross profit

$               40,844

$               40,693

$                    151

0.4%

Unit sales

28,135

27,657

478

1.7%

Revenue per unit

$               21,103

$               20,241

$                    862

4.3%

Gross profit per unit

$                 1,452

$                 1,471

$                    (19)

(1.3%)

Gross profit as a % of revenue

6.9%

7.3%

(40)

bps

Three Months Ended March 31,

Better / (Worse)

2015

2014

 Change

% Change

(In thousands, except units and per unit data)

Same Store:

Revenue

$             572,759

$             537,639

$               35,120

6.5%

Gross profit

$               40,013

$               39,286

$                    727

1.9%

Unit sales

27,079

26,601

478

1.8%

Revenue per unit

$               21,151

$               20,211

$                    940

4.7%

Gross profit per unit

$                 1,478

$                 1,477

$                        1

0.1%

Gross profit as a % of revenue

7.0%

7.3%

(30)

bps

 

 

 

Sonic Automotive, Inc.

Results of Operations (Unaudited)

Wholesale Vehicles

Three Months Ended March 31,

Better / (Worse)

2015

2014

Change

% Change

(In thousands, except units and per unit data)

Reported:

Revenue

$               41,656

$               41,598

$                      58

0.1%

Gross profit (loss)

$                  (210)

$                    (93)

$                  (117)

(125.8%)

Unit sales

7,777

7,380

397

5.4%

Revenue per unit

$                 5,356

$                 5,637

$                  (281)

(5.0%)

Gross profit (loss) per unit

$                    (27)

$                    (13)

$                    (14)

(107.7%)

Gross profit (loss) as a % of revenue

(0.5%)

(0.2%)

(30)

bps

Three Months Ended March 31,

Better / (Worse)

2015

2014

Change

% Change

(In thousands, except units and per unit data)

Same Store:

Revenue

$               40,773

$               40,246

$                    527

1.3%

Gross profit (loss)

$                  (186)

$                    (23)

$                  (163)

(708.7%)

Unit sales

7,523

7,145

378

5.3%

Revenue per unit

$                 5,420

$                 5,633

$                  (213)

(3.8%)

Gross profit (loss) per unit

$                    (25)

$                      (3)

$                    (22)

(733.3%)

Gross profit (loss) as a % of revenue

(0.5%)

(0.1%)

(40)

bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SOURCE Sonic Automotive, Inc.

RELATED LINKS
http://www.sonicautomotive.com

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BRAHM Announces “Millhands/Handmade” Exhibit, on Display April 25 through …

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The Blowing Rock Art and History Museum is looking forward to revealing its latest exhibition, “Millhands/Handmade,” which will take a look at the South’s vast textile history — from the growth of industrial mills and their effect on southern families, to regional textile artists working today and keeping handmade techniques alive.

Lewis Hine, “Girl in Cherryville Mill,” 1908. Cherryville, NC. Library of Congress, Prints Photographs Division, National Child Labor Committee Collection, LC-DIG-nclc-01357.

Lewis Hine, “Girl in Cherryville Mill,” 1908. Cherryville, NC. Library of Congress, Prints Photographs Division, National Child Labor Committee Collection, LC-DIG-nclc-01357.

The exhibit will be open from April 25 to July 26, and a reception for this exhibition and others on view will be held during BRAHM’s Summer Exhibition Celebration on May 9 from 5:30-7 p.m., following Blowing Rock’s Art in the Park. The event is free and open to the public.

“Textiles are rooted deeply into the history of North Carolina,” said BRAHM Executive Director Lee Carol Giduz. “They are part of our story. In the exhibit Millhands/Handmade, visitors will glimpse the history of textiles from our industrial mill past to contemporary art forms being crafted in our mountains and our state today.”

Historic artifacts from Southern textile mills and life-size photographs of overworked millhands from the industrial age will set the scene and invite viewers to step into the past. Contemporary works by four regional North Carolina artists will compliment the historical display and, in turn, ask viewers to reflect on the past through the present. Keeping in mind ideas of labor and laborious practices, Millhands/Handmade presents a unique perspective on the everlasting, ever-evolving story of textiles.

Exhibiting artists include Edwina Bringle, Catharine Ellis, Jeana Klein and Nava Lubelski.

Bringle has spent much of her career living and working at Penland School of Crafts. After just one visit to Penland with her sister, Cynthia, a renowned potter, she discovered a love for weaving that influenced her to leave her practice as an X-ray technician in Memphis and move permanently to North Carolina. Despite the time-consuming process that is hand-weaving, Bringle has produced a countless number of pieces over the years. Her work exists through fearless color combinations of warp and weft, for which she is most recognized and highly respected.

Ellis is best known for her creation of woven shibori. She has made a career for herself as a weaver for decades, putting a variety of techniques into practice. Most recently, she has been using Jacquard looms in the Oriole Mill in Hendersonville to weave fabric, then further altering them through natural dye processes and woven shibori techniques. Ellis is an author of Woven Shibori, and she regularly teaches classes, gives talks and is highly involved with various textiles organizations around the state.

Klein was handed a crochet needle and yarn at the age of three and taught from then on to create for herself. By the time she was in college, she found a love for weaving that inspired her to pursue a career as a textile artist. Her latest work explores a mixed media combination of hand-quilting and embroidery, following with painting directly onto the handmade fabric surfaces, treating them as her canvas. Klein teaches fibers in the Art Department at Appalachian State University and continues to use her work to explore themes revolving around the ideas of artistic value.

Lubelski lives and works in Asheville, and her work is recognized and collected across the country, from New York to California. Utilizing found objects, embroidery techniques and sculptural tendencies, Lubelski’s work explores the boundaries and “contradictions between the impulse to destroy and the compulsion to mend.” Along with thread and fabric, much of her work is composed of collected paper threads. Her creations are intricate and detailed, yet equally engaging at a distanced view.

General admission to the BRAHM is $7 for adults and $6 for students, seniors, active military and children ages 5 and up. Donations are accepted for admission to the Museum on Thursdays. Located at 159 Chestnut Street on the corner of Chestnut and Main in Blowing Rock, the BRAHM is open 10 a.m.-5 p.m. on Tuesdays and Wednesdays, 10 a.m.-7 p.m. on Thursdays and 10 a.m.-5 p.m. on Fridays and Saturdays. The museum is closed on Sundays and Mondays. For more information, please call 828-295-9099 or visit www.blowingrockmuseum.org.

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Beer: The latest cash crop for Maryland farmers

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Tom Barse’s 47-acre Stillpoint Farm in Mt. Airy, Maryland looks like an average agricultural operation. Its fields are rich with crops, while sheep and horses graze in the pastures. However, Barse’s most lucrative crop is actually beer.

In the summer of 2012, Barse opened the small-scale Milkhouse Brewery on a small hill near his house. Over the next six months, the longtime home brewer produced 80 barrels of beer using hops, wheat, barley, and other products grown on the farm. Just three years into the micro brewing operation, he expects to produce nearly 350 barrels – which are distributed in six counties and Baltimore – and he employs two full-time staff members and four part-timers. His tiny farmhouse brewery now accounts for 90% of his earnings. “It’s much bigger than I thought it would be,” he says. “It just exploded.”

There are approximately 40 breweries in Maryland, including five fully functioning farmhouse breweries. However, their ranks are growing quickly. “In eight months, we’ll see the number double,” says Kevin Atticks, executive director of the Brewers Association of Maryland.

Barse was a central figure in fomenting this sudsy revolution. For years, he had been growing hops for several Maryland breweries, including Flying Dog Brewery in Frederick and Baltimore’s Clipper City Brewing Company, which produces Heavy Seas beer. “Then I realized we could make more money by selling beer rather than selling hops,” he says.

Taking matters into his own hands, Barse helped draft Senate Bill 579, based on similar farmhouse brewery laws in New York, Massachusetts, Virginia, North Carolina, and other states. Enacted in the summer of 2012, the bill allows farmers to start commercial brewing operations by obtaining a Class 8 farm brewery manufacturer’s license for an annual fee of $200. The beer can be sampled and sold onsite and at certain beer festivals and farmers markets. Another law allows up to 3,000 barrels to be self-distributed at restaurants and liquor stores within the state. There is a catch, though: a portion of the ingredients for the beer – which could include hops, wheat, barley, fruit, or other components – must be grown on the farm.

This requirement has helped set these new beers – like Milkhouse Brewery’s Goldie’s Best Bitter and Dollyhyde Farmhouse Ale – apart from other beers. “The whole farm-to-table, locavore movement has really boosted interest in what we’re doing,” says Barse. “People really want to have local beer, and they love the fact that we’re on a farm where we grow some of our own ingredients.”

Opening a farmhouse brewery isn’t a simple feat. Though the state law legalized the operations, business owners must navigate each county’s regulations regarding the sale of alcohol. “Additionally, many counties and municipalities have zoning and planning authorities, which can dictate when and where breweries exist,” says Atticks. “It takes quite a while to get used to the various exceptions and exemptions.”

Milkhouse Brewery at Stillpoint Farm in Mt. Airy, MarylandPhoto by Bernadette Davis—Reflective Moments Photography

Despite the hurdles, setting up shop as a brewer is an attractive option for cash-strapped farmers. “Small farms can’t make money in the traditional ways,” says Adam Frey, owner of Frey’s Brewing Company in Mt. Airy, Maryland. “They need to branch out and try producing new products.” Since early 2013, he and three staffers have been using hops grown on his property to produce approximately a dozen beers, including Backwoods Brigade ale, Gung-Ho Joe dark stout, and Farmer Armor saison. At first, Frey produced only a barrel a week. Now he brews 15-20 weekly, depending on the demand.

The veteran-turned-brewer does not have a tasting room on his property yet, so you can’t drink his beers onsite. Atticks believes this experience is key to growing the overall farmhouse brewery industry. Agri-tourism gives the bucolic brewery operations a boost in interest and sales. This summer, several of the farmhouse breweries will be featured on a statewide ale trail alongside traditional breweries.

The Aellen brothers – Eric, Anthony, and Victor – know that exposing potential customers to their product’s birthplace is a key factor in increasing sales. The three own Linganore Winecellars in Mt. Airy, which opened in 1976 and features an onsite tasting room. In November of last year, the brothers got into the beer-making business when they debuted Red Shedman Farm Brewery Hop Yard. Compared to the winery, it’s a small-time operation. There are 70 acres of grapes and only half an acre set aside for hops on the property. Only four part-time staffers work in the brewery’s tasting room, though they do share the vineyard’s sales and marketing teams and Victor Aellen serves as the brewmaster. “It’s not even a percent of our overall business,” says Eric Aellen, “though it pays for its payroll and its associated bills.”

As the brewery begins to organize onsite beer festivals, market itself, and expand its sales reach – right now, Red Shedman’s beers are available in approximately 30 bars, restaurants, and liquor stores throughout the state – Aellen is confident it will become a bigger portion of the business. “We’re not selling Bud Light or Coors Light,” he says. “We’re selling micro brews with flavor that are made the way beer is supposed to be made. People want that.”

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Four Mid-Atlantic, Northeast Cities to Receive All of Tourism Group’s Ad Dollars

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WYDaily.com is your source for free news and information in Williamsburg, James City York Counties.

This printed ad was featured in the latest edition of the Virginia Travel Guide. Pictured are two members of one of the families featured in WADMC's campaign. (Photo courtesy WADMC)

This printed ad was featured in the latest edition of the Virginia Travel Guide. Pictured are two members of one of the families featured in WADMC’s campaign. (Photo courtesy WADMC)

A local group of tourism leaders who have control over money raised by a $2-per-night room tax assessed on hotel rooms has decided to spend its $2.075 million in 2015 advertising money on television and digital ads split among four Mid-Atlantic and Northeast cities.

The Williamsburg Area Destination Marketing Committee is a state-mandated group composed of local leaders and tasked with promoting the Historic Triangle to tourists.

The bulk of its budget — most of which comes from the revenue from the $2-per-night tax — is spent on advertising, with this year’s campaign drawing heavily from research by Luckie Company into what people are thinking about when planning vacations.

Luckie Company, hired by WADMC to research how people perceive the Triangle and how they plan vacations, crafted a campaign focused on three freedoms: to have fun, to relax and to satisfy curiosity.

It recommended advertisements for the Triangle focus on how those three freedoms can be achieved by tourists. It also suggested that the ads focus more on telling a story about how the three freedoms can be achieved.

The 2015 WADMC ad campaign — focused exclusively on New York City; Washington, D.C.; Raleigh, N.C.; and Philadelphia — is rooted in television and digital ads. A printed ad was also included in the latest edition of the Virginia Travel Guide.

The target: women between the ages of 25 and 54, as they tend to be the family members who plan vacations, according to Corrina Ferguson, WADMC’s executive director.

To reach these women, WADMC will spend $1 million on television ads this year. Ads began running in March and will remain on the air for about three weeks per month through June. They will be featured on both local TV networks and cable channels, such as The Food Network and Lifetime.

The $1,075,000 of digital ads will be used on websites through September at all four cities. Behavioral, contextual and geographic targeting will be used, meaning the ads will only be shown to people who fit certain profiles, like women between the ages of 25 and 54 who have conducted Internet searches about possible vacations.

WADMC will turn to YouTube, Hulu, TripAdvisor and a few companies that display ads across numerous websites, hitting places like the official websites for National Geographic and Parenting magazines.

The ads prominently feature video. At the heart of the campaign is footage of two families who came to the area last year and were filmed as they visited local attractions including Colonial Williamsburg, Busch Gardens, Jamestown Settlement and Eco Discovery Park. They were also interviewed on camera, answering questions about how much fun they had at an attraction and how it led to bonding experiences.

That footage was edited into several videos that will be shown on television and in the digital ads. Check out the videos featuring the families by visiting WADMC’s official site, visitwilliamsburg.com.

The digital ads send people to WADMC’s official site. More videos of the two families are featured there, as well as in depth information about attractions around the Triangle and a booking engine that allows visitors to buy stays at local hotels.

Last year represented a 12.26 percent drop in visitors to the site, with 1,035,632 people going to the page. A new website is currently being designed to replace the current one. It will feature video more prominently and work better with smart phones and tablets, which visitors to the site are increasingly using as evidenced by the nearly 50 percent of users who have connected from the devices so far this year.

This year’s campaign represents a change of pace for WADMC, with the new three freedoms research from Luckie Company replacing the ads used for the past two years. Baltimore has been dropped as a targeted market for both digital and television ads. The ads will be played earlier this year, starting in March instead of the last week of April.

Ferguson said the earlier start date can be attributed to the fact that when people plan vacations, they don’t tend to do it all at once. So by starting the ads earlier, WADMC hopes to get people thinking about the Williamsburg area so that when they do book the vacation, they book it here.

“You want to get in people’s minds before they book hotels,” she said. “So if people are going to start booking in May for July or June for August, we want to be in their heads as a possibility of a place to come visit.”

The $2.075 million in ads is about $125,000 less than last year, with $100,000 of the difference going toward promoting the Historic Triangle on social media. WADMC’s budget for public relations has also climbed by about $20,000 to $174,000. That money is used for costs incurred by getting stories printed in publications.

For example, Ferguson has taken annual trips to New York City and Washington, D.C., in the past few years to meet with travel writers and try to convince them to write feature articles about what the Williamsburg area has to offer. That work has resulted in placement in many national and regional publications, with recent articles appearing in USAToday, the Tampa Tribune and TravelChannel.com.

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Colorado Springs business and civic leaders are Nashville bound

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The Music City, along with Chattanooga, Tenn., and Huntsville, Ala., have been selected as destinations for an annual trip by local leaders to learn about economic development strategies, business practices and public policy initiatives in other cities.

The trips, which began several years ago, have taken participants to Omaha, Neb., Portland, Ore., Charlotte, N.C., Austin, Texas, Oklahoma City and Salt Lake City. This year’s trip takes place June 23-26.

“It’s changed the whole mindset for the people who are on the trips,” said Stephannie Finley, the University of Colorado at Colorado Springs’ executive director of University Advocacy and Partnerships. “They discover what works, what doesn’t and what’s making these other communities so successful.

“When we go, we get to discover the secret sauce for each city,” she added. “And then we come back here and we apply what we learned.”

A second benefit of the trips: getting people away from their day-to-day environments so they can concentrate on new ideas and build relationships, Finley said.

Nashville was chosen for this year’s trip, in part, because it’s home to Vanderbilt University, she said.

Local and UCCS health care officials will learn more about the school’s health and wellness programs and how the university’s medical campus helps promotes Nashville’s sports economy. The Springs has its sports economy that local officials are trying to grow; the city is home to the U.S. Olympic Committee and about two dozen amateur sports groups, among other sports-related businesses. UCCS meanwhile, is seeking to build a sports medicine center.

The Colorado Springs group also will learn about Nashville’s tourism and sports activities and the city’s effort to brand itself. Nashville is known as Music City, in part, because of the presence of the Grand Ole Opry, Christian record companies and the Country Music Hall of Fame and Museum, among other attractions. A new downtown Nashville minor league baseball stadium opened last week.

A side trip to Chattanooga will include a look at that city’s successful downtown redevelopment efforts. The trip to Huntsville will focus on how that community leverages its defense and aerospace assets – including NASA’s Marshall Space Flight Center – to attract defense contractors and other employers.

Past trips have planted seeds with Springs-area leaders that contributed to several local initiatives, including the City for Champions tourism proposal and a merger of the former Greater Colorado Springs Chamber of Commerce and Colorado Springs Regional Economic Development Corp., Finley said.

About 30 to 50 people typically attend the trip; so far, 20 people have signed up, she said.

“We’re not trying for big numbers,” Finley said. “We’re trying more to have people who are excited about this area and who want to generate possibilities and outcomes.”

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Boone to Compete for “Best Town” in America, Social Media Campaign Kicks Off …

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By JESSICA ISAACS

Do you love living, working, playing or vacationing in Boone? If so, our treasured town needs your help!

 

Boone

Boone recently earned its place on a national list of celebrated communities and will compete through online voting for the top spot in Outside Magazine’s “Best Towns 2015” competition.

 

Voting begins May 4, and locals are turning to social media now to start spreading the word and garnering votes for the hub of the High Country.

 

THE COMPETITION

Every year, Outside Magazine — an award-winning print and digital outdoor, travel and adventure publication — brings America’s favorite cities and towns together to compete for recognition as the “Best Town” in the country.

For the first time in the Best Towns competition history, Outside has teamed up with Toad Co. — a sustainability-minded travel and outdoor clothing company — as an official sponsor.

Recently, Outside and Toad Co. compiled a list of their favorite towns known nationwide for vibrant communities, friendly people, first-rate dining, craft beer, culture and character, access to wildlife and nature, a focus on sustainable living and a collective passion for outdoor adventure. The top 60 will compete in a bracket-style tournament through which online voting will determine

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an ultimate winner.

 

After one month of voting, the community recognized as the Best Town of 2015 will be the star of a feature story in the September issue of Outside. The top 16 will be showcased in the article, too, and a list of the top 32 will be displayed at www.outsideonline.com.

Boone has secured its spot amongst the initial top 60, although Outside has yet to release the full list of slated competitors. This week, the magazine will use a social media contest to add four more wildcard entries to the pool.

Regulations explain that any town or city that earned a top 16 spot in Best Towns 2014 will not be eligible for the 2015 competition. The nearby city of Asheville, which took the No. 6 spot last year, will therefore be excluded from this year’s contest.

Voting will begin May 4 and continue through June 4 at www.outsideonline.com/vote.

 

THE CAMPAIGN

As the High Country’s leading Toad Co. retailer, The Mast General Store was approached by Outside to lead Boone’s campaign and endorse the town as the best of the nation’s best.

Representatives of the Mast Store met with local leaders at the Watauga County Public Library on Monday morning to announce that Boone will participate in this year’s competition, asking them to help get the community behind the campaign.

Mast General Store Storyteller and Copy Editor Sheri Moretz said Boone fans should get started by taking to Facebook, Twitter and Instagram to spread the word and garner support before voting begins using the hashtags #BooneNC and #BestTowns2015.

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Community Relations Manager Deb Lazenby said the MGS is proud to be kicking off the Best Towns campaign in Boone.

“It’s highlighting all of the great things about an entire community, from restaurants to recreation,” Lazenby said. “The Mast Store has been named the retailer for the community because we do carry the key outdoor brands. They’ve nominated us to spearhead this for the whole entire community, which is great.

“It’s a great way to highlight all of the wonderful things that are here. It’s really just bigger than one store, one brand, one anything — it’s the whole collective and the whole community.”

 

Moretz said she sees the campaign as a chance for MGS to help more of the world see the beauty in Boone and the mountains of North Carolina.

“The Mast General Store is a stalwart in the community. We’ve been active in sharing things with our neighbors since 1883, so it’s our opportunity to invite the community to help tell our story together,” Moretz said. “With us telling our own story, who knows what we’ll discover about our community that we didn’t know?”

Although the bracket-style tournament will require a resilient push for votes, Moretz said she sees it as a chance to bring the community together.

“It’s an opportunity to build continued excitement. Just like when we get excited to watch the basketball tournaments,” Moretz said. “It’s the opportunity to create competition, which keeps people excited and engaged so that Boone can survive and continue to advance (in the online voting contest).”

While her sights for Boone are set on the top spot in the competition, Moretz said this campaign is all about “exposure, exposure, exposure,” and even making it to the top 32 will benefit both residents and visitors of the High Country.

“Our community, while we do have some diversification of industry, depends on tourism to exist in a lot of ways,” Moretz said. “So we want to make sure that people have new reasons, or a reminder of old reasons, to come visit with us.”

 

 

GETTING STARTED

Voting begins May 4. Limited information is available at this time about the voting process and the other towns that will compete in Best Towns 2015. In the mean time, the Mast General Store and local leaders encourage supporters to help Boone get a head start on the competition using the hashtags #BooneNC and #BestTowns2015 on Facebook, Twitter and Instagram.

Anyone interested in sharing ideas for kick-starting the campaign can contact Moretz by email at sheri@mastgeneralstore.com.

A microsite at www.RootsRated.com — an online guide to outdoor adventure experiences across the country — will soon be available and will feature many of the things that make Boone great. Moretz said the site will serve as a great resource for anyone who wants to harness a groundswell of votes for the High Country.

“I’ve lived here all my life and I discover new things about my community every day,” she said. “I’m hoping that it helps me discover new things and helps others to discover new things to do and to tell other people about how great Boone is — so many people want to live here, so let’s tell people about it.”

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Grandfather Mountain Launches Online Ticket Sales

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Grandfather Mountain visitors can now purchase park admission tickets online.

The new online ticketing option, which launched Monday, allows visitors the convenience of buying tickets ahead of time — and the advantage of taking a “shortcut” into the park on selected busy weekends.

“Many of today’s guests like to buy their tickets online, so we’re pleased we can now give them that option,“ said Harris Prevost, vice president of the Grandfather Mountain Stewardship Foundation. “We also hope online sales will help alleviate traffic congestion at the Entrance Gate by allowing guests who have already purchased tickets to enter the park another way on our super-busy dates like Memorial Day weekend, July 4 holidays, Labor Day weekend and October fall color weekends.”

Visitors can go to tickets.grandfather.com to purchase regular adult, senior (60+) or child tickets, as well as AAA discounted tickets, using any major debit or credit card. Online ticket prices are identical to tickets sold at the Entrance Gate.

Anyone who purchases a AAA ticket or senior ticket must show a valid AAA membership card or ID card, respectively, upon arrival. No other types of tickets (such as group tickets) can be purchased online.

The tickets can be used for regular park admission on any date and are valid for one year from the date of purchase.

After completing the simple purchase process online, customers will receive printable tickets by email. Visitors must present a printed copy of the tickets upon arrival, as poor cell phone reception near the mountain may prevent ticketholders from accessing their information on a smartphone or other handheld device.

Visitors who buy tickets online, along with Bridge Club annual passholders and other prepaid ticketholders, may enter Grandfather Mountain through the Prepaid Lane that bypasses the main Entrance Gate on anticipated high-volume dates.

The Prepaid Lane, located 0.3 miles south of the main entrance on U.S. 221, allows these guests to take a short gravel driveway through beautiful MacRae Meadows and access the park just above the main entrance gate. Attendants will be stationed at the driveway entrance to direct traffic and redeem tickets.

Drivers should note that the Prepaid Lane is intended for visitors who travel to Grandfather Mountain from the west via N.C. 105 or N.C. 181. Those who approach the park from the east via the Blue Ridge Parkway or U.S. 221 from Blowing Rock will find it most convenient to enter through the main Entrance Gate. Those guests should still benefit from an even more rapid transaction at the ticket booths.

Proceeds from admission tickets benefit the Grandfather Mountain Stewardship Foundation, a 501(c)(3) nonprofit organization dedicated to preserving and protecting the park for future generations.

The nonprofit Grandfather Mountain Stewardship Foundation strives to inspire conservation of the natural world by helping guests explore, understand and value the wonders of Grandfather Mountain. For more information, call (800) 468-7325 or visit www.grandfather.com to plan a trip.

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Babson Joins Wingate in Dunn Paper Add-On Investment

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CHARLOTTE, N.C., April 20, 2015 /PRNewswire/ — Babson Capital Management, a global asset management firm with more than $217 billion in assets under management, today announced it provided subordinated debt and made an equity co-investment to support Wingate Partners portfolio company Dunn Paper Inc. in its acquisition of the Specialty Mills business from Clearwater Paper Corporation (NYSE: CLW).

The acquisition includes five Clearwater Paper mills, which aligns well with Dunn Paper’s strategy of providing market leading, high value specialty paper for niche product applications. The acquisition expands Dunn Paper’s product offerings with the addition of the Specialty Mills’ strong market positions in specialty napkins and tissues and food packaging paper.

“Wingate Partners is delighted to collaborate with Babson on this significant add-on investment by Dunn Paper,” said Bud Applebaum, partner at Wingate Partners.

“Wingate views Babson’s deep expertise in the middle market and its partnership-oriented approach to investing as true differentiators, and we look forward to working with the Babson team on this investment as well as future opportunities.”

“Babson is excited to work with Wingate Partners on the acquisition of the Specialty Mills, which, when combined with Dunn Paper, create a specialty paper business with unmatched products and capabilities,” said Mike Klofas, Managing Director and co-head of Babson’s U.S. Private Finance Group. “We have a high degree of confidence in supporting the Dunn Paper management team, and we see tremendous upside in the growth opportunities with Dunn Paper’s existing customers as a result of their broader product offering.”

About Dunn Paper

Dunn Paper Inc. is a leading specialty paper manufacturer with customers worldwide. The company produces a wide array of specialty waxed, coated, and uncoated MG papers used in various food packaging and specialty label applications. The company is located in Port Huron, Mich., approximately 60 miles north of Detroit. For more information, visit www.dunnpaper.com.

About Wingate Partners

Wingate Partners (www.wingatepartners.com) was founded in 1987 to purchase controlling equity investments in manufacturing, distribution and services businesses. Wingate Partners’ philosophy is to create value by supporting management in their efforts to improve the operations of its portfolio companies. The Partners of Wingate have had substantial senior-level operating experience and extensive careers in acquiring companies.

For more information on Wingate Partners, visit www.wingatepartners.com.

About Babson Capital Management

Babson Capital Management LLC (Babson) is a leading global asset management firm with over $217 billion in assets under management as of March 31, 2015. Through proprietary

research, analysis and a focus on investment fundamentals, the firm and its global affiliates develop products and strategies that leverage its broad expertise in global fixed income, structured products, middle market finance, commercial real estate, alternatives and equities.  A member of the MassMutual Financial Group, Babson maintains a strong global footprint with operations on four continents and clients in over 20 countries. Learn more at www.babsoncapital.com

Media Contacts:
Brian Whelan, Babson Capital Management, 704.805.7244, bwhelan@babsoncapital.com; David Coburn, Luquire George Andrews, 704.552.6565, coburn@lgapr.com.

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Are cans the new bottle for the craft beer world?

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Beer has been sold in cans since 1935. But for decades, canned brew meant domestic brands: Budweiser, Miller, Coors and others. When the craft beer revolution began in the U.S. during the 1980s, brewers mostly went with bottles.

Now, that trend is turning around. Hundreds of breweries nationwide are canning their beers. Several South Carolina breweries are going with cans, including in the Upstate. In North Carolina, others are canning, including two big breweries: Oskar Blues in Brevard and Sierra Nevada in Mills River.

Cans have provided a big boost for Greenville’s Quest Brewing, the first Upstate brewery to use that package. Quest began canning its Golden Fleece Belgian Pale Ale last April, added other brands and now, about 30 percent of its business comes from cans.

The advantages over bottles are many, Quest founder Don Richardson said.

“Cans are basically like small kegs,” he said. They offer protection from light, which can damage beer, and also reduce oxygen in the package. They are easy to recycle, lighter to transport, “and when you are dealing with glass, you have broken glass and that means cuts and other things.”

Quest has its Smoking Mirror Porter and Kaldi Imperial Coffee Stout in cans, and the brewery will follow with its Ellida Pale Ale and seasonal selections.

MAPPING ASHEVILLE, UPSTATE BREWERIES

Greenville’s Brewery 85 will release 12-ounce beer cans this fall, brewery owner Will McCameron said. The brewery is “in the process of getting our canning machines built for us.”

“I would always pick cans over glass,” he said. “The main killers of beer are light and oxygen. Light never gets into an aluminum can.”

R.J. Rockers of Spartanburg will release its Son of Peach beer in cans this summer, brewery owner Mark Johnsen said. Rockers uses bottles for most of its beers, but “cans are far more sexy than they were in the 1970s,” he said.

Greenville’s Thomas Creek Brewery has bottled its beer since 1998, the same year that it opened, said spokesman Weston Gaskill. “In 1998, canning a craft beer wasn’t even imagined.

“The brewery likes bottles because they “stay colder longer after they come out of the cooler (and) we also believe that translucent amber glass works great to protect beer from light and oxygen.” But the brewery is considering canning some of its beer, he said.

The history of cans

The idea of canning beer was first explored in 1908. But it wasn’t until 1935 that the first canned beer arrived in stores: Krueger’s Beer and Krueger’s Ale in Richmond, Virginia, according to the beer can-collecting web site RustyCans.com. They were an instant hit with consumers, who didn’t have to pay a return deposit as they did for bottles.

During World War II, beer cans were shipped to armed forces overseas. The market grew, and today, canned beer is about half the $20 billion market, according to History.com

But craft beer followed a different route, using bottles and a draft product. Slowly, a few breweries began canning, among them Pete’s Summer Brew and Yukon Gold from Canada.

In 2002, Dale Katechis began canning his Oskar Blues beers, establishing a trend that many have followed. “Initially, it was a kind of far-fetched idea,” he said last year.

RELATED: Beer tourism begins to boom in Carolinas

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But now Oskar Blues is famous for its cans. The company’s brewery in Brevard turned out 15 million cans last year, sold in 19 East Coast states. It also operates a canning brewery in Lyons, Colorado, which serves the west. About 70 percent of the company’s business is in cans, said Oskar Blues Brevard spokeswoman Anne-Fitten Glenn.

The brewery is hosting its second Burning Can Festival on July 18 at the REEB Ranch in Hendersonville and has invited 450 canning craft breweries to attend, up 80 from last year, she said. Those who have committed so far include New Belgium, Founders, Catawba, Asheville Brewing, Terrapin and Sweetwater (more at www.burningcanbrevard.com). Tickets have not yet gone on sale.

Canning on demand

As craft cans have increased in popularity, a new mobile canning service has seen growth. Among those companies is Asheville-based Land of Sky Mobile Canning, which is serving 13 breweries on both Carolinas and some of Virginia. In South Carolina, they have worked with Quest, Holy City and Coast.

In less than two years, they have canned 2.6 million cans, said Meg Whitt, who runs the company with her partner Craig Smith. With two canning lines, the company swoops into a brewery by morning, cans and packages beer, and is gone by afternoon.

Their one-day record is 1,500 cases. “Our process is very efficient,” she said. “We know a lot about beer, but our business is canning.” Mostly, they fill 12-ounce cans, but for Asheville’s Burial Beer Co., they will use 16-ounce cans this spring.

So what’s the future of craft cans in the Carolinas? “It’s hard to predict,” she said. “We will be here as long as the market demands it. I never expected it to be this big. Every time I pop on the computer, there’s another brewery I never heard of. It’s hard to keep up with up with them.”

A taste difference?

Some might say they detect a difference in taste in canned craft beer over draft or bottles, but the breweries say it’s the same “We have done blindfolded taste tests and the only way you can tell the difference (cans to draft) is the amount of carbonation,” said Glenn. “The beer on draft is a little more bubbly.”

Today’s beer can linings use a substance called Bisphenol A (also known as BPA). Linings prevent any contact between beer and the metal cans.

And there are some still who associate cans with the domestic craft beer brands or believe that cans might impart off tastes. Some drinkers “lament that (cans are) just not as classy as glass,” said Brewery 85’s McCameron. “In my opinion, there’s nothing classier than taking the utmost care of your beers.”

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Countdown to college: Making the most of Accepted Student Days

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