Asbury Automotive Group Announces First Quarter Financial Results

Asbury Automotive Group ABG today reported adjusted income from continuing operations for the first quarter 2011 of $11.6 million, or $0.35 per diluted share, versus income from continuing operations in the prior period of $9.0 million, or $0.27 per diluted share, which represents a 30% improvement on a per diluted share basis. Adjusted income from continuing operations for the first quarter 2011 excludes a charge for a legal reserve of $5.5 million, after tax, as well as executive separation costs of $1.4 million, after tax, or a total of $0.21 per diluted share. There were no adjustments in the first quarter 2010. Net income for the first quarter 2011 was $19.9 million, or $0.59 per diluted share, compared to $7.4 million, or $0.22 per diluted share, in the prior year period. Included in net income for the first quarter 2011, as part of discontinued operations, is an after tax gain of $15.8 million, or $0.47 per diluted share, from the sale of the heavy truck business.