2 minute read
Lithia & Driveway Expands in Texas
due to supply chain and contractor labor shortages occurring in the aftermath of the storm.”
The result was a 78% decrease in revenue compared to the previous fiscal year.
“In fiscal year 2022, LTA collected $966,682 in revenue from tolling fees,” according to the report. “LTA utilized business interruption insurance to offset the loss of revenue. Insurance proceeds collected by LTA totaled $3.4 million and covered losses for the period of Aug. 29, 2021, through June 30, 2022.”
The storm also caused a $2.2 million (64%) decrease in net transfers in and transfers out for fiscal year 2022.
“In 2022, LTA’s total operating revenues decreased by $68,457,” from $4,423,110 in 2021, according to the report. “The total cost of all programs and services increased by $72,241.”
The loss in toll collections meant the LTA could not meet its Cooperative Endeavor Agreement with the state
to pay its bond obligations, auditors wrote.
“LTA has an outstanding limited and special revenue obligation bond and two bonds from direct placements related to businesstype activities totaling $54,275,000 and $112,545,000, respectively,” according to the report.
“In fiscal year 2022, the actual revenues of $4.4 million were 30% lower than the required debt service payment. The toll collections in fiscal year 2022 did not provide sufficient revenues to reimburse the state in full for debt payments made on LTA’s behalf,” the report read. “For fiscal year 2023, LTA anticipates that collections will not fully reimburse the state.”
The LLA report showed administrative expenses increased to $31,667 in fiscal year 2022 from $24,050 in fiscal year 2023, while total operating expenses for both years was about $9.4 million, including depreciation.
The result is the LTA ended fiscal year 2021 with an operating loss of $5,028,815, and fiscal year 2022 with an operating loss of $5,104,899. The change in net position for 2022 was negative $7.8 million, up more than $2 million from the negative $5.5 million net change the year prior.
The LTA finished fiscal year 2022 with $53,265 in the bank and $14,299 invested in money market mutual funds, down from $226,342 in cash and $20,136 in mutual funds at the end of fiscal year 2021, according to the LLA.
Louisiana Highway 1 links Port Fourchon with the rest of Louisiana via a toll bridge. Credit: Facebook/Louisiana Department of Transportation and Development
www.autobodynews.com UPDATED DAILY
The Real Difference. PROS CHOOSE
GENUINE MALCO DRILL ATTACHMENTS
Lithia & Driveway announced Nov. 29 it has expanded its footprint in Texas with the purchase of Meador Chrysler, Dodge, Jeep, Ram (CDJR), the second largest CDJR store in the Dallas/Fort Worth area. “We are thrilled to welcome this experienced and dedicated team to the Lithia & Driveaway family,” said Bryan DeBoer, Lithia & Driveway president and CEO. “Meador CDJR has a longstanding reputation for delivering exceptional service, earning them the FCA Customer First Award for Excellence.” Meador CDJR is located in Fort Worth and serves the greater Dallas-Fort Worth area. The store is projected to generate more than $200 million in annualized revenue, bringing LAD’s total expected annualized revenue acquired in 2022 to over $3.3 billion. This acquisition continues the expansion of LAD’s nation-wide network as part of the company’s 2025 plan to reach $50 billion in revenue and $55 to $60 in EPS. — Source: Lithia & Driveway
360˚
