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Asbury Automotive Group Inc (ABG) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2011

Asbury Automotive Group Inc

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CIK: 1144980 Ticker: ABG


Exhibit 99.1

Investors May Contact:
Ryan Marsh
VP & Treasurer
(770) 418-8211
ir@asburyauto.com

Reporters May Contact:
Melissa Corey
Public Relations & Communications Manager
(770) 418-8231
mcorey@asburyauto.com

 
ASBURY AUTOMOTIVE GROUP ANNOUNCES
2011 FOURTH QUARTER AND YEAR-END FINANCIAL RESULTS
 
Fourth quarter adjusted EPS from continuing operations of $0.54 per diluted share, up 46% over prior period quarter

Full year 2011 adjusted EPS from continuing operations of $1.82 per diluted share, up
29% over prior year

 
Duluth, GA, February 14, 2012 - Asbury Automotive Group, Inc. (NYSE: ABG), one of the largest automotive retail and service companies in the U.S., today reported adjusted income from continuing operations for the fourth quarter 2011 of $17.0 million, or $0.54 per diluted share, versus adjusted income from continuing operations in the fourth quarter 2010 of $12.2 million, or $0.37 per diluted share, a 46% increase per diluted share. Net income for the fourth quarter 2011 was $21.5 million, or $0.68 per diluted share, compared to $5.4 million, or $0.16 per diluted share in the prior year period. See attached reconciliation of reported amounts to adjusted amounts.
Fourth Quarter 2011 Highlights (compared to the prior year period):
 
•
Total revenues increased 8% to $1.1 billion
•
New vehicle retail revenues increased 6%, including 4% from same store revenues
•
Used vehicle retail revenues up 21%, including 18% from same store revenues
•
Finance and insurance revenues up 24%
•
Total gross profit up 8% with increases in all business lines
•
SG&A expense as a percent of gross profit improved 200 basis points to 74.7%



1
The following information was filed by Asbury Automotive Group Inc (ABG) on Tuesday, February 14, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ticker: ABG
CIK: 1144980
Form Type: 10-K Annual Report
Accession Number: 0001144980-12-000031
Submitted to the SEC: Wed Feb 22 2012 5:24:39 PM EST
Accepted by the SEC: Wed Feb 22 2012
Period: Saturday, December 31, 2011
Industry: Retail Auto Dealers And Gasoline Stations

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