Sonic Automotive (SAH) 8-K Entry into a Material Definitive Agreement

Exhibit 99.3

Sonic Automotive, Inc.

Results of Operations (unaudited)

(in thousands, except per share, unit data and percentage amounts)

	For the Year Ended						Three Months Ended
	12/31/2005			12/31/2004			12/31/2005			12/31/2004
Revenues
Retail new vehicles	$	4,498,010		$	4,093,679		$	1,131,473		$	1,079,859
Fleet vehicles		319,707			282,609			68,913			56,622
Total new vehicles		4,817,717			4,376,287			1,200,386			1,136,481
Used vehicles		1,238,586			1,141,431			305,043			287,574
Wholesale vehicles		540,977			481,873			132,351			118,453
Total vehicles		6,597,280			5,999,591			1,637,780			1,542,508
Parts, service and collision repair		1,091,172			994,263			277,806			257,831
Finance, insurance and other		196,390			183,728			48,012			45,000
Total revenues		7,884,842			7,177,582			1,963,598			1,845,339
Total gross profit		1,211,258			1,102,436			307,483			281,731
SG&A expenses		939,177			867,450			234,577			224,864
Depreciation		21,297			16,303			8,211			4,835
Operating income		250,784			218,683			64,695			52,032
Interest expense, floor plan		40,209			25,864			11,743			7,716
Interest expense, other		46,448			42,431			11,945			11,093
Other income		54			48			33			(14	)
Income from continuing operations before taxes		164,181			150,436			41,040			33,209
Income taxes		62,390			57,152			15,821			13,929
Income from continuing operations		101,791			93,284			25,219			19,280
Discontinued operations:
Loss from operations and the sale of discontinued franchises		(13,439	)		(10,623	)		(4,317	)		(6,507	)
Income tax benefit		3,509			3,410			39			1,840
Loss from discontinued operations		(9,930	)		(7,213	)		(4,278	)		(4,667	)
Net income	$	91,861		$	86,071		$	20,941		$	14,613
Diluted:
Weighted average common shares outstanding		45,533			45,217			45,578			45,224
Earnings per share from continuing operations	$	2.33		$	2.16		$	0.58		$	0.45
Loss per share from discontinued operations	$	(0.21	)	$	(0.16	)	$	(0.10	)	$	(0.10	)
Earnings per share	$	2.12		$	2.00		$	0.48		$	0.35
Gross Margin Data:
Retail new vehicles		7.5	%		7.6	%		7.7	%		7.7	%
Fleet vehicles		3.0	%		2.8	%		3.4	%		3.0	%
Total new vehicles		7.2	%		7.3	%		7.5	%		7.5	%
Used vehicles retail		10.6	%		10.4	%		10.4	%		9.8	%
Total vehicles retail		7.9	%		7.9	%		8.1	%		7.9	%
Parts, service and collision repair		49.2	%		48.7	%		49.8	%		48.4	%
Finance, insurance and other		100.0	%		100.0	%		100.0	%		100.0	%
Overall gross margin		15.4	%		15.4	%		15.7	%		15.3	%
SG&A Expenses:
Personnel		546,425			505,695			135,488			129,929
Advertising		64,721			59,258			15,881			14,746
Facility rent		92,620			78,641			24,713			20,916
Other		235,411			223,856			58,495			59,273
Total		939,177			867,450			234,577			224,864
Unit Data:
New retail units		143,757			134,567			34,277			34,040
Fleet units		14,363			12,420			3,255			2,458
Total new units		158,120			146,987			37,532			36,498
Used units		68,392			64,911			16,389			15,766
Total units retailed		226,512			211,898			53,921			52,264
Wholesale units		61,244			57,570			14,580			14,058
Average price per unit:
New retail vehicles		31,289			30,421			33,010			31,723
Fleet vehicles		22,259			22,754			21,171			23,036
Total new vehicles		30,469			29,773			31,983			31,138
Used vehicles		18,110			17,585			18,613			18,240
Wholesale vehicles		8,833			8,370			9,078			8,426
Other Data:
Floorplan assistance (continuing operations)	$	37,795		$	36,621		$	8,757		$	9,197
Same store revenue percentage changes:
New retail		4.4	%					-0.5	%
Fleet		13.4	%					20.3	%
Total new		5.0	%					0.6	%
Used		3.9	%					3.1	%
Parts, service and collision repair		3.1	%					2.1	%
Finance, insurance and other		4.1	%					4.4	%
Total		4.7	%					1.5	%

Consolidated Balance Sheet Data:

	12/31/2005			12/31/2004
ASSETS
Current Assets:
Cash	$	7,566		$	9,991
Receivables, net		396,225			357,403
Inventories		1,016,457			1,024,342
Assets held for sale		73,837			98,530
Construction in progress expected to be sold in sale-leaseback transactions		95,131			77,285
Other current assets		27,484			21,910
Total current assets		1,616,700			1,589,461
Property and Equipment, Net		148,267			134,490
Goodwill, Net		1,122,538			1,056,924
Other Intangibles, Net		88,696			84,777
Other Assets		49,300			33,877
TOTAL ASSETS	$	3,025,501		$	2,899,529
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Notes payable - floor plan - trade	$	579,022		$	609,422
Notes payable - floor plan - non-trade		410,296			375,127
Trade accounts payable		91,101			88,616
Accrued interest		17,378			15,421
Other accrued liabilities		167,060			175,511
Liabilities held for sale - trade		41,675			54,513
Liabilities held for sale - non-trade		11,215			11,796
Current maturities of long-term debt		2,747			2,970
Total current liabilities		1,320,494			1,333,376
LONG-TERM DEBT		712,311			668,826
OTHER LONG-TERM LIABILITIES		29,479			28,888
DEFERRED INCOME TAXES		132,419			98,752
STOCKHOLDERS’ EQUITY
Class A common stock		403			397
Class B common stock		121			121
Paid-in capital		433,654			441,503
Retained earnings		542,374			470,663
Accumulated other comprehensive income / (loss)		20			(1,228	)
Deferred compensation related to restricted stock		(1,829	)		(3,408	)
Treasury stock, at cost		(143,945	)		(138,361	)
Total stockholders’ equity		830,798			769,687
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,025,501		$	2,899,529
Balance Sheet Data:
Current Ratio		1.22			1.19
Debt to Total Capital, Net of Cash		46.0	%		46.2	%
LTM Return on Stockholders’ Equity		11.4	%		11.7	%