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Thursday, Mar 28, 2024

Scheib Loss Widens in Q2

A reduction in car volume and fewer paint and body shops contributed to Earl Scheib Inc. widening its net loss in the second quarter when compared with the previous year. Sherman Oaks-based Scheib reported a net loss of $397,000, or $0.10 per diluted share, on revenues of $8.5 million for the quarter ending Oct. 31. For the same period in 2007, the company reported a net loss of $376,000, or $0.09 per diluted share, on revenues of $11.7 million. Scheib continues to take steps to reduce costs while also focusing on the quality of service it has long provided, said President and CEO Christian K. Bement. The company cut nearly $2 million in general and administrative expenses, sold one property in the second quarter for a gain of $526,000 and two other properties in the six month period for a gain of $982,000. For the six month period, Scheib reported a net loss of $200,000, or $0.05 per diluted share, on revenues of $18.3 million. For the same period in 2007, the company had a net loss of $1 million, or $0.26 per diluted share, on revenues of $23.9 million.

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