(July - September 2008)
LEESBURG, Va., Nov. 13 // PRNewswire-FirstCall // -- Precision Auto Care, Inc. (Pink Sheets: PACI) announced its financial results for the first quarter of fiscal year ending June 30, 2009. Revenue was $3.2 million and loss was $6,000, or $0.00 per share, compared with a profit of $191,000, or $0.01 per share, on revenue of $3.1 million for the same period in the prior year.
The Company's President and CEO, Robert Falconi, stated, "Even though PACI incurred a loss, I am still pleased with the company's financial performance for the first quarter of FY09. We had an unusual out of period expense in the first quarter that caused the loss. Furthermore, revenues are up because of the company owned stores. All indicators point to profitability for the balance of FY09."
Lou Brown, Chairman of PACI, said, "The Board of Directors is pleased with the Company's continued progress and the prospects for continued growth."
Precision Auto Care, Inc.'s affiliate, Precision Franchising LLC, is one of the world's leading franchisors of auto care centers, with 379 operating centers as of November 13, 2008. 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 September 30th
000s except per share amounts
Revenue $3,207 $3,081
Net (loss) income $(6) $191
Diluted income per share $0.00 $0.01
Shares outstanding - diluted 28,994 29,044
SOURCE Precision Auto Care, Inc.