Precision Auto Care Announces First Quarter FY 06 Results
LEESBURG, Va., Nov. 10, 2005 -- Precision Auto Care, Inc. (BULLETIN BOARD: PACI) announced its financial results for the first quarter of fiscal year ending June 30, 2006. Revenue was $3.0 million and profit was $277,000, or $0.01 per share, compared with a profit of $1.3 million, or $0.05 per share, on revenue of $3.7 million for the same period in the prior year.
The Company's President, Robert Falconi, stated, "I am pleased with PACI's financial performance. Our balance sheet continues to get stronger every quarter. While the results are not as impressive as the numbers from last year, there are mitigating circumstances. Last year, we did not have to recognize a tax expense and last year operating profits were very close to $1 million due in large part to the $500K sale of the rights to the Seattle market which was a one time event. Operating profits for the first quarter of FY05 were $448K. I am confident we will continue to remain profitable for the balance of FY06."
Lou Brown, Chairman and CEO of PACI, said, "The Board of Directors is pleased with the Company's progress and positive operating results. We are especially happy that new stores are opening and licenses are being sold in a variety of markets."
Precision Auto Care, Inc.'s affiliate, Precision Franchising LLC, is one of the world's leading franchisors of auto care centers, with 424 operating centers as of November 10, 2005. The Company franchises Precision Tune Auto Care centers around the world.
Three Months Ending September 30th 000s except per share amounts 2005 2004 Revenue $ 2,976 $ 3,742 Net income $ 277 $ 1,255* Diluted income per share $ 0.01 $ 0.05 Shares outstanding - diluted 29,839 26,399 * Includes release of the valuation allowance of $240,000 for the three months ending September 30, 2004.