CHARLOTTE, N.C., April 19 /PRNewswire-FirstCall/ -- Consistent with its
expectations for a challenging first quarter, Sonic Automotive, Inc.
(NYSE: SAH), a leader in automotive retailing, today announced that first
quarter 2005 earnings from continuing operations is projected at $0.45 per
diluted share, compared to $0.51 for the same quarter last year. The projected
results for the quarter include charges of $0.02 from hail damage in the
Southeast markets.
O. Bruton Smith, the Company's Chairman and Chief Executive Officer
stated, "As previously communicated, we expected the first quarter to be
challenging. The shortfall to last year for the quarter was created in January
and February. The primary causes for the shortfall were excess inventory in
the industry, sales pulled forward from January into December, and higher
interest costs. Although these challenges continued, the month of March
produced good performance."
The Company has revised its target for earnings per share from continuing
operations for the year to $2.25 to $2.40. Mr. Smith added, "While we continue
to believe that second half operating performance will reflect notable
improvement over last year, the environment in the second quarter remains
uncertain. However, we are confident in our strategy, continue to make
progress in improving operating processes and continue to generate strong cash
flow. We also are pleased with the recent upgrade in our credit rating outlook
by Moody's."
MANAGEMENT WILL BE HOLDING A CONFERENCE CALL TO DISCUSS FIRST QUARTER
RESULTS ON TUESDAY, APRIL 26 AT 11:00 A.M. EASTERN TIME. TO PARTICIPATE,
PLEASE DIAL 877-791-3416. INTERNATIONAL CALLERS DIAL 706-643-0958 - OR YOU
CAN ACCESS THE CALL AT http://www.ccbn.com OR http://www.sonicautomotive.com .
About Sonic Automotive, Inc.
Sonic Automotive, Inc., a Fortune 300 Company, is one of the largest
automotive retailers in the United States operating 187 franchises and 39
collision repair centers. Sonic can be reached on the Web
at http://www.sonicautomotive.com .
Included herein are forward-looking statements, including statements with
respect to anticipated earnings per share, industry conditions and operating
performance. 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, risks associated with acquisitions and the risk factors described
in the Company's Annual Report on Form 10-K for the year ended December 31,
2004. The Company does not undertake any obligation to update forward-looking
information.
SOURCE Sonic Automotive, Inc.
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Related links:
http://www.sonicautomotive.com
Company News On-Call:
http://www.prnewswire.com/comp/125546.html
CONTACT:
E. Lee Wyatt, Chief Financial Officer,
+1-704-566-2415, or J. Todd Atenhan, Investor Relations,
+1-888-766-4218, or R. Carter Langston, Director, Corporate
Communications, +1-704-566-2423, all of Sonic Automotive, Inc.
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