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Thursday, Mar 28, 2024

Earl Scheib Reports Increased Profits

Earl Scheib Inc. reported today that net income rose to $315,000 or $0.07 per diluted share for the company’s fiscal second quarter ended Oct. 31, compared to earnings of $21,000 or $0.00 per diluted share for the comparable period last year. Revenues at the Sherman Oaks based operator of paint and auto body repair shops rose to $12,727,000, compared to $12,448,000 for the fiscal second quarter of 2005. Scheib said that its sales reflected a weighted average of nine fewer retail shops in the current period as compared with the same period last year. “Our second quarter of fiscal 2006 results improved over last year in spite of increased medical insurance costs of $196,000,” said Chris Bement, CEO of Earl Scheib. “Positive sales trends continued with the second quarter of fiscal 2006 representing the tenth consecutive quarter of same-day, same-shop sales increases.” Officials also noted that two of the company’s locations in Louisiana were closed as a result of hurricane damage in October, and a Texas shop was temporarily closed due to storm damage in that state. One of the stores has reopened in November, but there is no reopening date yet set for the other two locations.

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