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Earl Scheib Same-Store Sales Rise

Earl Scheib Inc. said today that its same store sales increased 4.6 percent for the first quarter ended July 31, 2005 and total company sales rose 2.5 percent for the same period. The Sherman Oaks-based operator of auto paint and body shops recorded net income of $136,000 or $0.03 per diluted share, compared to net income of $594,000 or $0.13 per share for the first quarter of 2005. The decrease was attributed to a workers compensation insurance credit taken in the comparable period last year that was not available this year and an increase in material and labor costs, the company said. “While the company continued its trend of same-day, same-shop sales increases in the first quarter, we are disappointed with our operating results in the first quarter of fiscal 2006,” said Chris Bement, CEO of Earl Scheib, in a statement. “We know the reasons for the decrease and have taken affirmative action in our second quarter to help correct the loss of gross margin.”

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