Sonic Automotive Inc., an automotive retailer that operates 169 franchises and 34 collision repair centers, has extended the filing date of its 2008 annual report to March 31.
According to a Sonic filing with the Securities and Exchange Commission, the company’s management needs additional time to finalize and analyze its financial statements, the Charlotte Business Journal reported.
This is the second time since February that Sonic has delayed filing its financial statements. Last month, the Charlotte-based company’s board suspended its quarterly dividend of 12 cents per share. The company retained a financial adviser to help it evaluate alternatives to enhance liquidity and address its debt maturities.
The company’s stock, which has traded between 94 cents and $21.71 during the last year, closed at $1.28 per share March 16.