Posted: Tuesday, Oct. 27, 2009
Charlotte-based auto retailer Sonic Automotive said today that sales of used vehicles as well as the government's “Cash for Clunkers” program helped propel it to earn $15.6 million in net income in the third quarter, compared with a $27 million loss in the same period a year ago.
The company said it also made progress clearing away debt from its balance sheet, which it said would help it refinance some of its loans. In the spring, the company had raised the prospect of a bankruptcy filing but later said it had avoided that outcome by successfully negotiating with its lenders.
Revenue for the quarter fell 6 percent, to $1.5 billion.
“We are pleased with what we were able to accomplish this quarter at Sonic Automotive,” said company President B. Scott Smith.
Sonic is one of eight Fortune 500 companies based in the Charlotte area.
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