Asbury Automotive Q1 net income dives - Atlanta Business Chronicle:

http://scottsspotlight.com/2008/08/26/fastandfurioustrailer/
The Duluth, Ga.-based auto dealert (NYSE: ABG) had net incomse of $300,000 and earnings of 1 cent a compared with net incomeof $10.1 million and earningzs of 31 cents a share in the firsty quarter of 2008. Revenue fell 30 percent to $838.3 million. "Ih light of the extraordinary conditions in the automotivrretail market, we are very pleasee and encouraged with our first-quarter results," said Charleas R. Oglesby, Asbury president and CEO, in an earninges statement. "... Over the past twelvr months, we have made the difficult but necessaryu decisions to streamlineour organization.
We are realizinfg the cost saving benefits from our corporate relocation and have announceds the elimination of our regionalmanagement structure, as well as accelerated our efforts to improve the productivityt and profitability in our dealerships.” Oglesby added the new management structure will help the company weather the recessio and come out more efficient and profitablw when vehicle sales rebound.