For the quarter ending March 31, 2009, revenue was $3.5 million and profit was $162,000, or $0.01 per share, compared with a profit of $172,000, or $0.01 per share, on revenue of $3.2 million for the same period in the prior year.
The Company's President and CEO, Robert Falconi, stated, “I am happy that PACI was able to remain profitable this past quarter despite the economic crisis which has impacted operations domestically and abroad. Nonetheless, revenues are up because of the addition of more company owned stores and those revenues will continue to go up as we add more company stores. Further, same store sales of franchise operations were almost identical to last year’s results. In certain areas of the country, such as Georgia and North Carolina, business has actually increased over last year.”
Lou Brown, Chairman of PACI, said, “The Board of Directors is pleased with the Company’s operating results, and the prospects for increased revenues especially as we look forward to our next fiscal year which begins July 1.”
Precision Auto Care, Inc.’s affiliate, Precision Franchising LLC, is one of the world’s leading franchisors of auto care centers, with 369 operating centers as of May 11, 2009. The Company franchises Precision Tune Auto Care centers around the world.
Cautionary Statement: The statements in this press release contain forward-looking statements within the meaning of the Securities Act of 1933 or the Securities Exchange Act of 1934. These statements are based on the Company’s current expectations, estimates and projections. Statements that are not historical facts are forward-looking statements and typically are identified by words like “believe,” “anticipate,” “could,” “estimate,” “expect,” “intend,” “plan,” “project,” “will” and similar terms. These statements are not guarantees of future performance, events or results and involve potential risks and uncertainties. Accordingly, actual results may differ from current expectations, estimates and projections. The Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Important factors that may impact the Company’s actual results include: (i) business conditions and the general economy; (ii) the federal, state and local regulatory environment; (iii) increased competitive pressure in the automotive after-market services business; (iv) significant automotive technology advances; (v) management’s ability to execute the Company’s business plan; and (vi) the Company’s ability to sell franchises in each state. Additional information concerning risks and uncertainties that could cause actual results to differ materially from those projected or suggested in the forward-looking statements is in the Company’s postings to the Pink Sheets website for the year ended June 30, 2008. The forward-looking statements contained in this prospectus represent the Company’s judgment as of the date of this prospectus, and you should not unduly rely on these statements.
Three Months Ending March 31, 000s except per share amounts
2009 / 2008
Revenue $3,464 $3,234
Net income $162 $172
Diluted earnings per share $0.01 $0.01
Shares outstanding - diluted 28,994 29,090
Nine Months Ending March 31, 000s except per share amounts
2009 / 2008
Revenue $9,726 $9,346
Net income $127 $438
Diluted earnings per share $0.00 $0.02
Shares outstanding - diluted 28,994 29,118