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LMP Automotive Holdings, Inc. (NASDAQ: LMPX) announced a definitive acquisition of a Chrysler Dodge Jeep Ram dealership in New York, projected to close in Q4 2021. This acquisition is expected to contribute approximately $80 million in annual revenue and $2.6 million in adjusted EBITDA, equating to $0.26 per share in 2022. The total purchase price is circa $19.2 million, financed through cash, common stock, and debt. This deal will expand LMP’s dealership count to 26 and aim for a consolidated annual revenue run rate of about $1.3 billion.
LMP Automotive Holdings, Inc. (NASDAQ: LMPX) has signed a definitive acquisition agreement to acquire a Kia dealership in Connecticut, along with its real estate. This move is expected to generate approximately $40 million in annualized revenue and adds $1.9 million in adjusted EBITDA, estimated to contribute $0.19 per share in 2022. The total purchase price is about $9.25 million, funded through cash and debt. This acquisition will expand LMPX's Northeast footprint, increasing its franchise count to 22 and projecting consolidated revenues of $1.2 billion.
LMP Automotive Holdings, Inc. (NASDAQ: LMPX) will report its second quarter 2021 financial results on August 12, 2021, after market close. Management will host a conference call at 4:30 p.m. ET to discuss these results. The company focuses on consolidating and partnering with automotive dealership groups in the U.S. through e-commerce and logistics to enhance customer experience. LMPX aims to lower customer acquisition costs and expand geographically, driven by a unique growth model that generates significant cash flows.
LMP Automotive Holdings, Inc. (NASDAQ: LMPX) announced a definitive acquisition agreement to purchase General Motors and Nissan dealerships in Texas, along with associated real estate, for approximately $141 million. The deal is projected to generate $250 million in annualized revenue and add $27 million in adjusted EBITDA, equating to $2.19 per share in 2022. The acquisition, expected to close in Q4 2021, is part of LMP's strategy to aggressively expand its operations in key metropolitan markets, potentially increasing its dealership count to 21.
LMP Automotive Holdings, Inc. (NASDAQ: LMPX) has appointed James Serenius as Senior Corporate Controller, effective July 19, 2021. With over 30 years in accounting and finance, Serenius will oversee all corporate accounting operations and reporting. He has a notable background, having worked for Deloitte & Touche and various sectors including automotive. CFO Robert Bellaflores expressed enthusiasm for Serenius's experience amid the company's ongoing recruitment efforts. LMP continues to focus on consolidating automotive dealership groups and enhancing its e-commerce strategy.
LMP Automotive Holdings, Inc. (NASDAQ: LMPX) announced the addition of Amanda Bailes as Senior Automotive Controller, effective July 19, 2021. Bailes brings 20 years of accounting and finance experience, previously serving as CFO of Mustang Holdings. She will oversee dealership accounting and the Human Resources Department. CFO Robert Bellaflores emphasized LMP's commitment to recruiting top talent while ensuring operational excellence and continued earnings growth. LMP Automotive focuses on consolidating automotive dealership groups and enhancing customer experiences through innovative e-commerce strategies.
LMP Automotive Holdings (NASDAQ: LMPX) announced a board-approved refinancing of its existing debt and plans for a stock buyback and dividend, contingent on the new debt terms. As of July 6, 2021, the board has authorized up to 25% of excess cash for stock repurchases and up to 15% for dividends starting in Q4 2021. The company anticipates cash balances exceeding $50 million, with excess cash of over $36 million by year-end, supporting its ongoing growth strategy in the automotive retail sector.
LMP Automotive Holdings, Inc. (NASDAQ: LMPX) has appointed Robert Bellaflores as Chief Financial Officer, effective immediately. Bellaflores, who previously served as Senior Corporate Controller at LMP since April 2021, brings over 30 years of accounting experience, including roles at Deloitte & Touche and various public and private companies. The company's CEO, Sam Tawfik, highlighted Bellaflores' extensive knowledge in accounting operations. LMP plans to strengthen its management further to support its growth and M&A strategy.
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LMP Automotive Holdings reported robust first quarter 2021 results, with revenue soaring to $33.0M, up $27.7M year-over-year. The company achieved a gross profit of $6.0M and an adjusted EBITDA of $1.9M, marking a notable recovery from previous losses. Cash reserves increased to $19.4M, and adjusted shareholder equity reached $47.5M. Looking ahead, LMP projects second quarter revenues of approximately $147.6M and plans to expand its dealership network significantly, potentially adding $5.1B to $6.4B in revenue through new acquisitions.