Precision Auto Care Announces FY 2007 Year End Results

LEESBURG, VA — Precision Auto Care has announced its financial results for the fiscal year ending June 30. Revenue was $12.1 million and profit was $3.4 million, or 12 cents per share, compared with a profit of $721,000, or 2 cents per share, on revenue of $11.7 million for the prior year.

For the quarter ending June 30, the company earned a profit of $3.2 million, or 11 cents per share on revenue of $3.2 million, compared to a profit of $127,000, or 0 cents per share on revenue of $3.1 million for the comparable quarter in 2006.

Robert Falconi, the company’s president and CEO, stated, "I am pleased with the company’s performance this past year. This is the fifth year in a row that the company has shown solid operating profit and our balance sheet continues to get stronger. While the comparison with last year’s profits has to take into account the fact that the company was able to recognize $2.9 million of deferred tax credits this year while we did not have that option last year, the bottom line is that same store sales were up by 2.26 percent and we have reason to believe that trend will continue and that the company will continue to operate profitably throughout FY08. In addition, the company now owns and operates two Precision Tune Auto Care centers and we intend to look for more stores to own and operate in FY08. 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

Despite a tough commercial tire market in 2023 due to overstock and the effects of a rubber-banding supply chain, some tire manufacturers are expressing a cautious optimism for stabilization and gradual recovery through the rest of 2024 and into 2025.

"The economy is not showing signs that it’s going to slow down, but I don’t think the situation’s going to improve dramatically by the end of this year. It’s more likely next year," said Pierluigi Cumo, Vice President of B2B products, at Michelin North America. "We can see the light because the beginning of 2023 was very bad. I think now we’ve found the bottom, and I don’t think we’re going to get much further from the bottom in 2024."