(CHARLOTTE) -- Sonic Automotive, Inc. reported fourth quarter net income of $20.5 million.  That is down from $64.4 million during the same quarter of the prior year.

The massive Charlotte-based automotive dealer group reported adjusted earnings from continuing operations of $25.4 million. This represents a 46 percent increase over the prior year adjusted results.

The adjustments included impairment and legal settlement charges in 2011 and income tax benefits and impairment charges in 2010. For the full year 2011, Sonic reported adjusted earnings from continuing operations of $1.39 per diluted share compared to $0.99 per diluted share in the prior year.

"Our new and used volume growth continues to exceed industry averages as our team implements our operating playbook strategy," said EVP of Operations, Jeff Dyke.  "Our team's focus on used car processes has produced double-digit volume growth for 11 consecutive quarters."

Sonic's fourth quarter revenue was $2.1 billion.  That is up from $1.8 billion during the fourth quarter of 2010.