Precision Auto Care Announces FY 2008 Year End Results
LEESBURG, Va., Sept. 26, 2008 - Precision Auto Care, Inc. (OTC:PACI) (BULLETIN BOARD: PACI) announced its financial results for the fiscal year ending June 30, 2008. Revenue was $12.7 million and profit was $600,000, or $0.02 per share, compared with a profit of $3.4 million, or $0.12 per share, on revenue of $12.1 million for the prior year. For the quarter ending June 30, 2008, the Company earned a profit of $162,000, or $0.01 per share on revenue of $3.4 million, compared to a profit of $3.2 million, or $0.11 per share on revenue of $3.2 million for the comparable quarter in 2007.
The Company's President and CEO, Robert Falconi, stated, "I am pleased with the Company's performance this past year. This is the sixth year in a row that the Company has shown solid operating profit and our balance sheet continues to get stronger. Although last year's numbers appear significantly better at first glance, the comparison with last year's profits has to take into account the fact that the Company recognized a $2.9 million deferred tax benefit a year ago while we did not have that adjustment this year. Our operating profit of $847,000 was actually higher in FY08 than in FY07 when it was $699,000. In addition, same store sales were up by 1.51% and we are confident that the Company will continue to operate profitably throughout FY09. Further, the Company now owns and operates seven Precision Tune Auto Care centers and we intend to look for more stores to own and operate in FY09. This will offer another avenue to increase top line growth more rapidly along with bottom line growth as long as we can manage those stores profitably."
Lou Brown, Chairman of PACI, said "The Board of Directors continues to be pleased with the Company's operating results and the prospects for FY 2009. The Company's financial position is strong and looks better every quarter. The Board of Directors feels confident that the Company will grow in the upcoming year."