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Thursday, Mar 28, 2024

Earnings Soar at Scheib as Sales Decline

Earl Scheib Inc. reported net income rose five-fold to $2.9 million or $0.65 per diluted share for the company’s fiscal fourth quarter, compared to earnings of $452,000 or $0.10 per share in the comparable period a year ago. Sales at the Sherman Oaks-based company decreased 5.6 percent to $12.9 million in the fourth quarter due to about five fewer retail paint shops in operation and a decrease in car volume, the company said. In the fourth quarter of fiscal 2005 the company’s revenues totaled $13.6 million. For the year, Earl Scheib earned $3.0 million or $0.67 per share, versus a net loss of $236,000 or $0.05 per share in fiscal 2005. Revenues rose 6 percent to $48.8 million for fiscal 2006.

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