Precision Auto Care Announces First Quarter FY 2009 Results
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The Company's President and CEO, Robert Falconi, stated, "Even though PACI incurred a loss, I am still pleased with the company's financial performance for the first quarter of FY09. We had an unusual out of period expense in the first quarter that caused the loss. Furthermore, revenues are up because of the company owned stores. All indicators point to profitability for the balance of FY09."
Lou Brown, Chairman of PACI, said, "The Board of Directors is pleased with the Company's continued progress and the prospects for continued growth."
Precision Auto Care, Inc.'s affiliate, Precision Franchising LLC, is one of the world's leading franchisors of auto care centers, with 379 operating centers as of November 13, 2008. The Company franchises Precision Tune Auto Care centers around the world.