Asbury Automotive Q1 net income dives - Atlanta Business Chronicle:

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The Duluth, Ga.-based auto dealer (NYSE: ABG) had net income of $300,000p and earnings of 1 cent a share, compared with net incomer of $10.1 million and earnings of 31 centsw a share in the firsgt quarterof 2008. Revenue fell 30 percent to $838.34 million. "In light of the extraordinary conditionsd in the automotiveretail market, we are very pleasedx and encouraged with our first-quarter said Charles R. Oglesby, Asbury president and CEO, in an earningse statement. "... Over the past twelve months, we have made the difficulrt but necessary decisions to streamlindeour organization.
We are realizing the cost savingh benefits from our corporate relocation and have announcee the elimination of our regional management as well as accelerated our efforts to improvse the productivity and profitability inour dealerships.” Oglesby addeds the new management structure will help the company weather the recession and come out more efficiengt and profitable when vehicle sales