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Earl Scheib Losses Increase

Earl Scheib Inc. reported a net loss of $1.4 million or $0.32 per diluted share for the fiscal third quarter ended Jan. 31, 2007 on revenues of $9.4 million. The company’s net loss for the third quarter of fiscal 2006 was $352,000 or $0.08 per diluted share on revenues of $10.2 million. Officials at the Sherman Oaks-based auto paint and body shop attributed the company’s performance to a loss in the volume of cars it serviced due to higher fuel prices and higher credit and home mortgage costs. “Among other things we are reviewing our pricing policies, modifying and expanding our media advertising, placing increased emphasis on the growing internet marketplace, reviewing price points at which car painting estimates are written and addressing operational issues,” said Chris Bement, CEO and president of the company in a written statement.

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