From aftermarketNews Staff & Wire Reports

LEESBURG, Va. -- Precision Auto Care has announced its financial results for the fiscal year ending June 30. Revenue was $12.7 million and profit was $600,000, or 2 cents per share, compared with a profit of $3.4 million, or 12 cents per share, on revenue of $12.1 million for the prior year. For the quarter ending June 30, the company earned a profit of $162,000, or 1 cent per share, on revenue of $3.4 million, compared to a profit of $3.2 million, or 11 cents per share, on revenue of $3.2 million for the comparable quarter in 2007.

The company's President and CEO, Robert Falconi, stated, "I am pleased with the company's performance this past year. This is the sixth year in a row that the company has shown solid operating profit and our balance sheet continues to get stronger. Although last year's numbers appear significantly better at first glance, the comparison with last year's profits has to take into account the fact that the company recognized a $2.9 million deferred tax benefit a year ago while we did not have that adjustment this year. Our operating profit of $847,000 was actually higher in FY08 than in FY07 when it was $699,000. In addition, same store sales were up by 1.51 percent and we are confident that the company will continue to operate profitably throughout FY09. Further, the company now owns and operates seven Precision Tune Auto Care centers and we intend to look for more stores to own and operate in FY09. This will offer another avenue to increase top line growth more rapidly along with bottom line growth as long as we can manage those stores profitably."

For more information about Precision Auto Care, go to: http://www.PrecisionTune.com.