LEESBURG, VA — Precision Auto Care announced its financial results for the fiscal year ending June 30. Revenues were $11.8 million and profits were $1.6 million, or 7 cents per share, compared with a profit of $10.9 million, or 72 cents per share, on revenues of $11.9 million for the prior year. For the quarter ending June 30, the company earned a profit of $726 thousand, or 3 cents per share on revenues of $3 million, compared to a profit of $2 million or 11 cents per share on revenues of $3.1 million for the comparable quarter in 2003.
Company president and CEO Robert Falconi said this was an excellent year for the company. “Operating profits were very close to $1 million for the second year in a row and the balance sheet continues to improve each quarter,” said Falconi. “I have every reason to believe that trend will continue throughout FY05. Equally important, we are currently selling franchise licenses, Area Development rights domestically and Master Franchisee rights internationally. A year ago, we said that we believed Precision had turned the corner. We now have even more data to give us confidence for the future.”
For more information about Precision Auto Care, go to: www.precisionac.com.
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