Earl Scheib Cuts Losses in Quarter

Sherman Oaks-based auto body repair and paint shop Earl Scheib Inc. today reported that it cut its loss to $352,000 or $0.08 per diluted share for the third quarter ended January 31, 2006, compared to a loss of $1.3 million or $0.30 per share for the comparable period last year. The company’s third quarter sales rose to $10.2 million, versus $9.7 million in the third quarter of 2005. For the nine months, Scheib reported net income of $99,000 or $0.02 per share, compared with a net loss of $688,000 or $0.16 per share in the first nine months of 2005.