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Sonic Suffers Lower Fourth-Quarter Earnings in 2003

February 24, 2004

CHICAGO –- According to Reuters, Sonic Automotive Inc. is reporting lower fourth-quarter earnings for 2003. The Charlotte, N.C.-based dealership group says earnings decreased from $21.4 million, or 51 cents a share, in 2002, to $13.8 million, or 32 cents a share, in 2003.

Company representatives attributed this decline to losses at discontinued operations.

Reuters reported that the company forecasts income of $2.65 to $2.80 a share in 2004 for continuing operations.

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