There are a lot of moving parts (things to include and exclude) in the results, and I am still following up with management on a few questions.  But I wanted to give you my initial take. 

I don’t think it takes a genius to tell you that Lithia’s results were pretty darn disappointing.  Sure, I guess if you adjust for a bunch of extraordinary stuff, comparable earnings were roughly $7.9 million, or $0.36 a share.  Better than Wall Street expectations (well according to Zack’s consensus of analysts estimates) of $0.34. 

But I hardly find (even an adjusted up $0.36) a consolation when you consider Lithia earned $11.8 million, or $0.56 in the fourth quarter last year. ...

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