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FinishMaster Announces Second Quarter Results and Two Acquisitions

14 August 2000

FinishMaster Announces Second Quarter Results and Two Acquisitions

    INDIANAPOLIS - FinishMaster, Inc. , the leading national independent distributor of automotive paints and related accessories, reported today that net income for the three months ended June 30, 2000 was $1,061,000 on net sales of $87,343,000, compared to net income of $1,302,000 on net sales of $83,212,000 in the prior year.

    Earnings per share were $0.14 compared to $0.17 in the prior year.
    The Company also announced the acquisition of Auto Color, Inc. in Washington, D.C. and Pioneer Auto Parts, Inc. in Parma, Ohio. Both purchases are considered "add-on" acquisitions which strengthen the Company's presence in the Washington D.C. and Cleveland markets and provide fixed cost consolidation opportunities.

    For the six months ended June 30, 2000, net income was $1,965,000 on net sales of $172,013,000, compared to net income of $2,478,000 on net sales of $163,318,000 in the prior year. Earnings per share were $0.26 compared to $0.33 in the prior year.

    "Net sales continue to show strong growth in what is considered a flat market," said Wes Dearbaugh, President and COO. "Higher interest expense which offsets the 3.5% increase in operating income resulted in lower net income and earnings per share for the quarter. Management continues to implement actions to reduce expenses and improve profitability."

                  Selected Historical Financial Data
                (000's omitted, except per share data)

                       Three Months Ended           Six Months Ended
                            June 30,                    June 30,
                            -------                     -------
                      2000            1999         2000           1999
                      ----            ----         ----           ----
Net sales           $ 87,343        $ 83,212     $172,013     $163,318
Gross margin          31,359          29,777       61,292       58,397
Total expenses        25,902          24,507       51,192       48,054
Income from 
 operations            5,457           5,270       10,100       10,343
Interest expense       3,050           2,661        5,938        5,408
Income tax expense     1,346           1,307        2,197        2,457
Net income            $1,061          $1,302      $ 1,965      $ 2,478
Earnings per 
 share-diluted        $ 0.14          $ 0.17       $ 0.26       $ 0.33
Wtd. avg. shares 
 outstanding-diluted   7,544           7,536        7,558        7,539
EBITDA               $ 8,050          $8,038     $ 15,126     $ 15,740

    FinishMaster is the leading national independent distributor of automotive paints, coatings, and related accessories to the automotive collision repair industry. FinishMaster is headquartered in Indianapolis, Indiana and operates three major distribution centers and 159 branches in 24 of the 35 largest metropolitan areas in the country.

    This release contains forward-looking statements that are subject to various risks and uncertainties. FinishMaster's actual results could differ from those anticipated in such forward-looking statements as a result of numerous factors. Please refer to the cautionary statements contained in FinishMaster's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission.