Leesburg, Va. - Precision Auto Care, Inc. (PACI) announced its financial results for the third quarter of fiscal year ending June 30, 2008. Revenue was $3.2 million and profit was $172,000, or $0.01 per share, compared with a profit of $102,000, or less than $0.01 per share, on revenue of $3.3 million for the same period in the prior year. Year to date, the revenue was $9.3 million and profit was $438,000, or $0.02 per share compared with revenue of $8.9 million and profit of $233,000, or $0.01 per share through the same period in the previous fiscal year.
The Company's President and CEO, Robert Falconi, stated, "Same store sales are up slightly during the current fiscal year and calendar year which is a real plus in the current economy. In addition, corporate revenues are up due to the additional revenue from the company owned stores. We are very pleased with those trends and the fact that we continue to operate profitably."
Lou Brown, Chairman of PACI, said, "The Board of Directors is pleased with the Company's progress and the potential for future growth in both revenues and profits."
Precision Auto Care, Inc.'s affiliate, Precision Franchising LLC, is one of the world's leading franchisors of auto care centers, with 389 operating centers as of May 16, 2008. Precision Franchising LLC franchises Precision Tune Auto Care centers around the world.
| Three Months Ending March 31, | ||
| 000s except per share amounts | | |
| | 2008 | 2007 |
| Revenue | 3234 | 3280 |
| Net income | 172 | 102 |
| Diluted income per share | 0.01 | 0 |
| Shares outstanding - diluted | 29090 | 29056 |
| 000s except per share amounts | | |
| | 2008 | 2007 |
| Revenue | 9346 | 8895 |
| Net income | 438 | 233 |
| Diluted income per share | 0.02 | 0.01 |
| Shares outstanding - diluted | 29118 | 29118 |
Source:Infibeam.com
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