Asbury Automotive Group Reports Third Quarter Financial Results

- Income from Continuing Operations Increases 34%, with Same-Store Gross Profit Up 12%, SG&A as a Percent of Gross Profit Down 250 Basis Points -

NEW YORK, Oct. 26 -- Asbury Automotive Group, Inc. , one of the largest automotive retail and service companies in the U.S., today reported financial results for the third quarter and nine months ended September 30, 2005.

Income from continuing operations for the third quarter rose 34 percent to $17.5 million, or $0.53 per diluted share (including a $0.01 charge from the previously announced regional reorganization program), from $13.1 million, or $0.40 per diluted share, in last year's third quarter. The analysts' consensus estimate of earnings per share from continuing operations was $0.48. Net income for the third quarter of 2005 was $15.0 million, or $0.45 per diluted share, compared with $12.1 million, or $0.37 per diluted share, a year ago.

For the first nine months of 2005, income from continuing operations was $45.5 million, or $1.38 per diluted share, including net after-tax costs of approximately $1.3 million, or $0.04 per diluted share, related to the reorganization program. Excluding the reorganization impact, income from continuing operations increased 21 percent to $46.8 million, or $1.42 per diluted share, from $38.7 million, or $1.18 per diluted share, a year ago. Net income for the first nine months of 2005 was $40.6 million, or $1.24 per diluted share, compared to $37.2 million, or $1.14 per diluted share, in the corresponding period last year.

Other financial highlights for the third quarter of 2005, as compared to the prior year period, included:

  --  Total revenue for the quarter was approximately $1.4 billion,
      up 13 percent.  Total gross profit was $220.0 million, up 15 percent.
  --  Same-store retail revenue and gross profit (excluding fleet and
      wholesale) were up 11 and 12 percent, respectively.
  --  New vehicle retail revenue increased 12 percent (9 percent same-
      store), and unit sales increased 14 percent (10 percent same-store).
      New vehicle retail gross profit increased 11 percent (9 percent
      same-store).
  --  Used vehicle retail revenue increased 22 percent (19 percent
      same-store), and unit sales increased 17 percent (13 percent
      same-store).  Used vehicle retail gross profit increased 32 percent
      (28 percent same-store).
  --  Parts, service and collision repair revenue increased 13 percent
      (12 percent same-store), and gross profit increased 12 percent
      (10 percent same-store).
  --  Net finance and insurance (F&I) revenue increased 12 percent
      (9 percent same-store).  F&I per vehicle retailed (PVR) decreased
      2 percent to $883 while dealership generated F&I PVR was down
      1 percent to $857.
  --  Selling, general and administrative (SG&A) expenses, as a percentage
      of gross profit, were 77.5 percent for the quarter, a 250 basis point
      improvement from 80.0 percent a year ago, or a 280 basis point
      improvement excluding the reorganization costs.

President and CEO Kenneth B. Gilman said, "This was the fourth quarter in a row in which Asbury delivered a strong, balanced performance across all four of our business lines. While our excellent third quarter comparisons in part reflect the negative impact of the hurricanes last year, the quarter's results were a true reflection of our strong operational performance as well as our ability to gain traction on the expense front. Our best estimate is that excluding the hurricane impact our operating income was up 14 percent for the quarter.

"Our service businesses -- fixed operations and finance and insurance -- again delivered double-digit same-store gross profit growth. On the new vehicle front, the key for us was the strategic strength of our brand mix which emphasizes mid-line import and luxury brands. We achieved a 10 percent increase in same-store new unit sales versus less than 5 percent for the market nationally with no gross margin erosion."

Mr. Gilman continued, "Over the last few years we have focused considerable efforts to position Asbury to increase our used car market share. I am particularly pleased with our performance this past quarter. In the face of a very challenging market with volatile used car wholesale pricing, particularly for trucks and large SUV's, we were able to increase same-store used unit sales by 13 percent, improve gross profit margin by 90 basis points and reduce wholesale losses. Clearly, we were able to strike the right balance at retail when valuing trades so that we didn't make new car deals at the expense of hurting the used car business."

J. Gordon Smith, Senior Vice President and CFO, commented, "I am very pleased with the progress we have made on the expense front. Our reduction in SG&A as a percent of gross profit, excluding the reorganization costs, is attributed to the regional realignment, which drove personnel costs down 40 basis points; a 90 basis point decrease in advertising; and a 90 basis point reduction in insurance costs as a result of our strategic initiatives in this area."

Mr. Smith continued, "During the quarter, we completed the implementation of our regional reorganization program. We expect that the program will generate savings of approximately $0.10 per diluted share in 2006 compared to $0.05 per diluted share in 2005. Also, we made additional progress with our ongoing efforts to rebalance Asbury's portfolio of dealerships through the divestiture of under-performing stores. During the quarter, we entered into agreements to dispose of all our remaining operations in Oregon. We anticipate completing these transactions in the fourth quarter. The sale is expected to generate approximately $60 million in cash and result in a gain of $0.05 to $0.07 per diluted share that will be included in discontinued operations."

Commenting on earnings guidance for 2005 and the current fourth quarter environment, the Company reconfirmed its previously announced range of estimates for earnings per share from continuing operations of between $1.71 to $1.77, which includes the net cost of the regional reorganization of approximately $0.03 per diluted share (costs of $0.08, net of expected savings of $0.05); however, due to soft October new vehicle sales and general uncertainty surrounding fourth quarter OEM incentive programs, the Company is more comfortable with the lower end of its earnings guidance range.

Mr. Gilman concluded, "I am pleased with how we have managed both our store disposal program and our regional reorganization over the last nine months. My expectation is that these simultaneously executed initiatives will continue to deliver shareholder value in terms of capital redeployment and operating effectiveness. With respect to current operations, as I noted, our business model has performed exceptionally well over the past four quarters, and we expect to see many of these positive trends continue. Despite a fourth quarter that is starting out slowly in new vehicle sales, the fact that we still expect to fall within our previously announced guidance range is a very positive reflection on Asbury's business strengths including brand mix and geographic locations."

About Asbury Automotive Group

Asbury Automotive Group, Inc., headquartered in New York City, is one of the largest automobile retailers in the U.S., with 2004 revenue of approximately $5.3 billion. Built through a combination of organic growth and a series of strategic acquisitions, the Company currently operates 94 retail auto stores, encompassing 129 franchises for the sale and servicing of 33 different brands of American, European and Asian automobiles. Asbury believes that its product mix contains a higher proportion of the more desirable luxury and mid-line import brands than most public automotive retailers. The Company offers customers an extensive range of automotive products and services, including new and used vehicle sales and related financing and insurance, vehicle maintenance and repair services, replacement parts and service contracts.

   Asbury Automotive Group, Inc.
   Consolidated Statements of Income
   (In thousands, except per share data)
   (Unaudited)

                      For the Three Months Ended   For the Nine Months Ended
                             September 30,               September 30,
                          2005           2004         2005           2004
  REVENUES:
    New vehicle         $878,323       $789,241   $ 2,501,669   $ 2,220,780
    Used vehicle         361,889        303,447     1,035,201       887,037
    Parts, service
     and collision
     repair              167,789        148,580       482,801       425,081
    Finance and
     insurance, net       40,434         36,024       115,642        99,353
        Total
         revenues      1,448,435      1,277,292     4,135,313     3,632,251

  COST OF SALES:
    New vehicle          816,952        734,204     2,327,426     2,060,964
    Used vehicle         329,440        279,534       943,839       813,065
    Parts, service
     and collision
     repair               82,013         71,877       233,881       203,111
        Total cost of
         sales         1,228,405      1,085,615     3,505,146     3,077,140

  GROSS PROFIT           220,030        191,677       630,167       555,111

  OPERATING EXPENSES:
    Selling, general
     and administrative  170,506        153,290       493,289       437,979
    Depreciation and
     amortization          4,945          4,432        14,434        13,757
        Income from
         operations       44,579         33,955       122,444      103,375

  OTHER INCOME (EXPENSE):
    Floor plan interest
     expense              (6,598)        (4,867)      (20,745)     (13,698)
    Other interest
     expense             (10,317)        (8,632)      (30,188)     (29,028)
    Interest income          275            223           763          597
    Other income, net         29            205           481          413
        Total other
         expense, net    (16,611)       (13,071)      (49,689)     (41,716)
       Income before
        income taxes      27,968         20,884        72,755       61,659

  INCOME TAX EXPENSE      10,488          7,831        27,283       22,945
  INCOME FROM CONTINUING
   OPERATIONS             17,480         13,053        45,472       38,714

  DISCONTINUED OPERATIONS,
   net of tax             (2,527)          (937)       (4,893)      (1,486)
        Net income       $14,953        $12,116       $40,579      $37,228

  BASIC EARNINGS PER
   COMMON SHARE:
    Continuing
     operations            $0.53          $0.40         $1.39        $1.19
    Discontinued
     operations            (0.07)         (0.03)        (0.15)       (0.04)
    Net income             $0.46          $0.37         $1.24        $1.15

  DILUTED EARNINGS PER
   COMMON SHARE:
    Continuing
     operations            $0.53          $0.40         $1.38        $1.18
    Discontinued
     operations            (0.08)         (0.03)        (0.14)       (0.04)
    Net income             $0.45          $0.37         $1.24        $1.14

  WEIGHTED AVERAGE
   COMMON SHARES OUTSTANDING:
    Basic                 32,737         32,540        32,644       32,482

    Diluted               33,032         32,647        32,847       32,675

   Asbury Automotive Group, Inc.
   Selected Data
   (Dollars in thousands except per share data)
   (Unaudited)

                                     As Reported for the Three Months Ended
                                               September 30,
                                        2005                 2004

  RETAIL VEHICLES SOLD:
     New units                         29,256    63.9%      25,742    64.6%
     Used units                        16,533    36.1%      14,088    35.4%
        Total units                    45,789   100.0%      39,830   100.0%

  REVENUE:
     New retail                      $867,808    59.9%    $773,720    60.6%
     Used retail                      273,840    18.9%     223,740    17.5%
     Parts, service and collision
      repair                          167,789    11.7%     148,580    11.6%
     Finance and insurance, net        40,434     2.8%      36,024     2.9%
        Total retail revenue        1,349,871            1,182,064

     Fleet                             10,515     0.7%      15,521     1.2%
     Wholesale                         88,049     6.0%      79,707     6.2%
        Total revenue              $1,448,435   100.0%  $1,277,292   100.0%

  GROSS PROFIT:
     New retail                       $60,658    27.6%     $54,414    28.4%
     Used retail                       33,301    15.1%      25,226    13.2%
     Parts, service and collision
      repair                           85,776    39.0%      76,703    40.0%
     Finance and insurance, net        40,434    18.4%      36,024    18.8%
        Total retail gross profit     220,169              192,367

     Fleet                                713     0.3%         623     0.3%
     Wholesale                           (852)   (0.4%)     (1,313)   (0.7%)
        Total gross profit           $220,030   100.0%    $191,677   100.0%

     SG&A expenses excluding
      reorganization costs
      and rent                       $157,834             $142,347
     SG&A expenses excluding
      reorganization costs and rent
      as a percent of gross profit       71.7%               74.3%

  GROSS PROFIT PER VEHICLE
   RETAILED:
     New retail                        $2,073               $2,114
     Used retail                        2,014                1,791
     Finance and insurance, net           883                  904
     Dealership generated finance
      and insurance, net                  857                  869

  GROSS PROFIT MARGIN:
     New retail                           7.0%                7.0%
     Used retail                         12.2%               11.3%
     Parts, service and collision
      repair                             51.1%               51.6%

                                     Same Store for the Three Months Ended
                                               September 30,
                                        2005                 2004

  RETAIL VEHICLES SOLD:
     New units                         28,246    63.9%      25,742   64.6%
     Used units                        15,961    36.1%      14,088   35.4%
        Total units                    44,207   100.0%      39,830  100.0%

  REVENUE:
     New retail                      $842,423    59.8%    $773,720   60.6%
     Used retail                      265,273    18.8%     223,740   17.5%
     Parts, service and collision
      repair                          165,814    11.9%     148,580   11.6%
     Finance and insurance, net        39,206     2.8%      36,024    2.9%
        Total retail revenue        1,312,716            1,182,064

     Fleet                             10,151     0.7%      15,521    1.2%
     Wholesale                         85,161     6.0%      79,707    6.2%
        Total revenue              $1,408,028   100.0%  $1,277,292  100.0%

  GROSS PROFIT:
     New retail                       $59,258    27.5%     $54,414   28.4%
     Used retail                       32,351    15.0%      25,226   13.2%
     Parts, service and collision
      repair                           84,635    39.3%      76,703   40.0%
     Finance and insurance, net        39,206    18.2%      36,024   18.8%
        Total retail gross profit     215,450              192,367

     Fleet                                696     0.3%         623    0.3%
     Wholesale                           (811)   (0.3%)     (1,313)  (0.7%)
        Total gross profit           $215,335   100.0%    $191,677  100.0%

     SG&A expenses excluding
      reorganization costs
      and rent                       $154,376             $141,778
     SG&A expenses excluding
      reorganization costs and rent
      as a percent of gross profit       71.7%               74.0%

  GROSS PROFIT PER VEHICLE
   RETAILED:
     New retail                        $2,098               $2,114
     Used retail                        2,027                1,791
     Finance and insurance, net           887                  904
     Dealership generated finance
      and insurance, net                  860                  869

  GROSS PROFIT MARGIN:
     New retail                           7.0%                7.0%
     Used retail                         12.2%               11.3%
     Parts, service and collision
      repair                             51.0%               51.6%

   Asbury Automotive Group, Inc.
   Selected Data
   (Dollars in thousands except per share data)
   (Unaudited)

                                     As Reported for the Nine Months Ended
                                               September 30,
                                        2005                 2004

  RETAIL VEHICLES SOLD:
     New units                         80,430    63.3%      72,463   63.5%
     Used units                        46,670    36.7%      41,675   36.5%
        Total units                   127,100   100.0%     114,138  100.0%

  REVENUE:
     New retail                    $2,441,243    59.0%  $2,179,239   60.0%
     Used retail                      780,959    18.9%     654,447   18.0%
     Parts, service and collision
      repair                          482,801    11.7%     425,081   11.7%
     Finance and insurance, net       115,642     2.8%      99,353    2.7%
        Total retail revenue        3,820,645            3,358,120

     Fleet                             60,426     1.5%      41,541    1.2%
     Wholesale                        254,242     6.1%     232,590    6.4%
        Total revenue              $4,135,313   100.0%  $3,632,251  100.0%

  GROSS PROFIT:
     New retail                      $172,130    27.3%    $158,180   28.5%
     Used retail                       91,040    14.4%      76,237   13.7%
     Parts, service and collision
      repair                          248,920    39.5%     221,970   40.0%
     Finance and insurance, net       115,642    18.4%      99,353   17.9%
        Total retail gross profit     627,732              555,740

     Fleet                              2,113     0.3%       1,636    0.3%
     Wholesale                            322     0.1%      (2,265)  (0.4%)
        Total gross profit           $630,167   100.0%    $555,111  100.0%

     SG&A expenses excluding
      reorganization costs
      and rent                       $453,253             $411,277
     SG&A expenses excluding
      reorganization costs and rent
      as a percent of gross profit       71.9%               74.1%

  GROSS PROFIT PER VEHICLE RETAILED:
     New retail                        $2,140               $2,183
     Used retail                        1,951                1,829
     Finance and insurance, net           910                  870
     Dealership generated finance
      and insurance, net                  880                  831

  GROSS PROFIT MARGIN:
     New retail                           7.1%                7.3%
     Used retail                         11.7%               11.6%
     Parts, service and collision
      repair                             51.6%               52.2%

                                     Same Store for the Nine Months Ended
                                               September 30,
                                        2005                 2004

  RETAIL VEHICLES SOLD:
     New units                         76,799    63.0%      72,463   63.5%
     Used units                        45,046    37.0%      41,675   36.5%
        Total units                   121,845   100.0%     114,138  100.0%

  REVENUE:
     New retail                    $2,347,923    58.8%  $2,179,239   60.0%
     Used retail                      755,769    18.9%     654,447   18.0%
     Parts, service and collision
      repair                          472,693    11.9%     425,081   11.7%
     Finance and insurance, net       111,302     2.8%      99,353    2.7%
        Total retail revenue        3,687,687            3,358,120

     Fleet                             58,570     1.5%      41,541    1.2%
     Wholesale                        244,396     6.1%     232,590    6.4%
        Total revenue              $3,990,653   100.0%  $3,632,251  100.0%

  GROSS PROFIT:
     New retail                      $166,159    27.2%    $158,180   28.5%
     Used retail                       88,492    14.5%      76,237   13.7%
     Parts, service and collision
      repair                          243,271    39.8%     221,970   40.0%
     Finance and insurance, net       111,302    18.2%      99,353   17.9%
        Total retail gross profit     609,224              555,740

     Fleet                              2,100     0.3%       1,636    0.3%
     Wholesale                            351      --       (2,265)  (0.4%)
        Total gross profit           $611,675   100.0%    $555,111  100.0%

     SG&A expenses excluding
      reorganization costs
      and rent                       $438,272             $410,247
     SG&A expenses excluding
      reorganization costs and rent
      as a percent of gross profit       71.7%               73.9%

  GROSS PROFIT PER VEHICLE RETAILED:
     New retail                        $2,164               $2,183
     Used retail                        1,964                1,829
     Finance and insurance, net           913                  870
     Dealership generated finance
      and insurance, net                  883                  831

  GROSS PROFIT MARGIN:
     New retail                           7.1%                7.3%
     Used retail                         11.7%               11.6%
     Parts, service and collision
      repair                             51.5%               52.2%

   Asbury Automotive Group, Inc.
   Selected Data
   (Dollars in thousands except per share data)
   (Unaudited)

                                           As of                 As of
                                      September 30, 2005   December 31, 2004
  BALANCE SHEET HIGHLIGHTS:
    Cash and cash equivalents              $25,998             $28,093
    Inventories                            623,444             761,557
    Total current assets                 1,009,519           1,143,506
    Floor plan notes payable               498,938             650,948
    Total current liabilities              714,062             847,510

  CAPITALIZATION:
    Long-term debt
     (including current portion)          $498,225            $526,415
    Stockholders' equity                   525,642             481,733
        Total                          $ 1,023,867         $ 1,008,148

   ASBURY AUTOMOTIVE GROUP, INC.
   SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION
   (In thousands, except vehicle data)
   (Unaudited)

The Company evaluates finance and insurance gross profit performance on a per-vehicle retailed ("PVR") basis by dividing total finance and insurance gross profit by the number of retail vehicles sold. During 2003, the Company renegotiated a contract with a third party finance and insurance product provider, which resulted in the recognition of income in 2005 and 2004 that was not attributable to retail vehicles sold during 2005 and 2004. The Company believes that dealership generated finance and insurance, which excludes the additional revenue derived from contracts negotiated by the corporate office, provides a more accurate measure of the Company's finance and insurance operating performance. The following table reconciles finance and insurance gross profit to dealership generated finance and insurance gross profit, and provides necessary components to calculate dealership generated finance and insurance gross profit PVR.

                                   As Reported For         Same Store For
                                   the Three Months       the Three Months
                                  Ended September 30,    Ended September 30,
                                   2005         2004      2005         2004
  RECONCILIATION OF FINANCE
   AND INSURANCE GROSS
   PROFIT TO DEALERSHIP GENERATED
   FINANCE AND INSURANCE
   GROSS PROFIT:
   Finance and insurance, net    $40,434      $36,024   $39,206    $ 36,024
   Less: corporate generated
   finance and insurance          (1,185)      (1,408)   (1,185)     (1,408)
     Dealership generated
      finance and insurance,
      net                        $39,249      $34,616   $38,021    $ 34,616

  RETAIL VEHICLES SOLD:
   New retail units               29,256       25,742    28,246      25,742
   Used retail units              16,533       14,088    15,961      14,088
     Total units                  45,789       39,830    44,207      39,830
   Finance and Insurance PVR        $883         $904      $887        $904
   Dealership generated finance
    and insurance PVR               $857         $869      $860        $869

                                   As Reported For        Same Store For
                                   the Nine Months        the Nine Months
                                  Ended September 30,    Ended September 30,
                                   2005         2004      2005         2004
  RECONCILIATION OF FINANCE
   AND INSURANCE GROSS
   PROFIT TO DEALERSHIP
   GENERATED FINANCE AND
   INSURANCE GROSS PROFIT:
   Finance and insurance, net  $ 115,642      $99,353  $111,302     $99,353
   Less: corporate generated
    finance and insurance         (3,754)      (4,556)   (3,754)     (4,556)
     Dealership generated
      finance and insurance,
      net                      $ 111,888      $94,797  $107,548     $94,797

  RETAIL VEHICLES SOLD:
   New retail units               80,430       72,463    76,799      72,463
   Used retail units              46,670       41,675    45,046      41,675
     Total units                 127,100      114,138   121,845     114,138
   Finance and Insurance PVR        $910         $870      $913        $870
   Dealership generated
    finance and insurance PVR       $880         $831      $883        $831

The Company's operating income was largely impacted by reorganization costs incurred during 2005 and incremental rent expense associated with a sale-leaseback transaction that was entered into in the third quarter of 2004. The Company believes that excluding the reorganization costs and rent expense from the selling, general and administrative expenses provides a more meaningful basis to measure the results of the Company's operations compared to that of the prior year period. A reconciliation of the Company's adjusted selling, general and administrative expenses is presented below.

                               As Reported for the      As Reported for the
                               Three Months Ended       Three Months Ended
                               September 30, 2005       September 30, 2004

  SG&A expenses                     $170,506                 $153,290
  Less: Reorganization costs            (591)                      --
        Rent expense                 (12,081)                 (10,943)
  Adjusted SG&A expenses            $157,834                 $142,347

                             Same Store Results for   Same Store Results for
                             the Three Months Ended   the Three Months Ended
                               September 30, 2005       September 30, 2004

  SG&A expenses                     $166,694                 $152,713
  Less: Reorganization costs            (591)                      --
        Rent expense                 (11,727)                 (10,935)
  Adjusted SG&A expenses            $154,376                 $141,778

                             As Reported for the      As Reported for the
                              Nine Months Ended        Nine Months Ended
                             September 30, 2005       September 30, 2004

  SG&A expenses                     $493,289                 $437,979
  Less: Reorganization costs          (4,157)                      --
        Rent expense                 (35,879)                 (26,702)
  Adjusted SG&A expenses            $453,253                 $411,277

                             Same Store Results for   Same Store Results for
                             the Nine Months Ended     the Nine Months Ended
                              September 30, 2005         September 30, 2004

  SG&A expenses                     $476,247                 $436,925
  Less: Reorganization costs          (4,157)                      --
        Rent expense                 (33,818)                 (26,678)
  Adjusted SG&A expenses            $438,272                 $410,247

The Company defines income from continuing operations as net income less discontinued operations, net of tax. We believe that excluding certain items from income from continuing operations for the three and nine months ended September 30, 2005 and 2004, provides a more meaningful basis to measure the results of our operations. A reconciliation of our net income to adjusted income from continuing operations is presented below.

  RECONCILIATION OF NET INCOME TO
   ADJUSTED INCOME FROM CONTINUING OPERATIONS:    For the Three Months Ended
                                                         September 30,
                                                     2005           2004
     Net income                                    $14,953        $12,116
     Discontinued operations                         2,527            937
     Income from continuing operations              17,480         13,053

     Tax affected reorganization:
      Costs                                            369             --
      Savings                                         (697)            --
     Adjusted income from continuing operations    $17,152        $13,053

  RECONCILIATION OF NET INCOME PER
   DILUTED COMMON SHARE TO ADJUSTED INCOME
   FROM CONTINUING OPERATIONS PER
   DILUTED COMMON SHARE:
     Net income                                     $ 0.45          $0.37
     Discontinued operations                          0.08           0.03
     Income from continuing operations                0.53           0.40

     Tax affected reorganization:
      Costs                                           0.01             --
      Savings                                        (0.02)            --
    Adjusted income from continuing operations      $ 0.52          $0.40

  Weighted average common shares
   outstanding (diluted):                           33,032         32,647

  RECONCILIATION OF NET INCOME TO
   ADJUSTED INCOME FROM CONTINUING OPERATIONS:    For the Nine Months Ended
                                                        September 30,
                                                     2005           2004
     Net income                                    $40,579        $37,228
     Discontinued operations                         4,893          1,486
     Income from continuing operations              45,472         38,714

     Tax affected reorganization:
      Costs                                          2,598             --
      Savings                                       (1,305)            --
     Adjusted income from continuing operations    $46,765        $38,714

  RECONCILIATION OF NET INCOME PER
   DILUTED COMMON SHARE TO ADJUSTED INCOME
   FROM CONTINUING OPERATIONS PER
   DILUTED COMMON SHARE:
     Net income                                     $ 1.24          $1.14
     Discontinued operations                          0.14           0.04
     Income from continuing operations                1.38           1.18

     Tax affected reorganization:

      Costs                                           0.08             --
      Savings                                        (0.04)            --
     Adjusted income from continuing operations     $ 1.42          $1.18

  Weighted average common shares
   outstanding (diluted):                           32,847         32,675