Parts and service same-store sales saw a decline of 1.7% in the fourth quarter of 2008 compared to the same quarter in 2007.

The company reported that net loss from continuing operations in the fourth quarter of 2008 was $419,000 or $0.02 per diluted share, compared to the prior year net loss from continuing operations of $409,000 or $0.02 per share, due to restatement of last year's results following discontinued operations designations.

The company realized a benefit of $3.6 million after tax, from early retirement of convertible notes. After adjusting for this item, net loss from continuing operations for the 2008 fourth quarter was $2 million, or $0.10 per share. After adjusting for impairment charges and certain other items, net income from continuing operations for the full year 2008 was $3 million or $0.15 per diluted share.

The company raised approximately $100 million dollars in 2008 from the sale of stores, financing of real estate, and the sale of development properties, excluding construction loan financing. Proceeds from these activities went toward reducing the line of credit from $184 million at the start of the year to approximately $86 million at the end of the fourth quarter of 2008.

Sid DeBoer, Lithia's chairman and CEO, said: "With continuing challenges in the marketplace, Lithia Motors is steadily executing its right sizing and cost cutting initiatives. We will continue to take necessary measures to keep our company strong, and to position our company for high performance once the economy does improve."

A service of YellowBrix, Inc.