Earl Scheib Announces Its Fourth Quarter and Fiscal Year 2008 Operating Results

Earl Scheib, Inc. (Pink Sheets: ESHB) reported its results for the fourth quarter and fiscal year ended April 30, 2008. Net sales for the fiscal year ended April 30, 2008 (“fiscal 2008”) were $43,028,000, as compared to $46,215,000 in the fiscal year ended April 30, 2007 (“fiscal 2007), a decrease of 6.9%, resulting primarily from a decrease in car volume. There was one additional sales day in fiscal 2008 and two fewer retail paint shops in operation. On a same-day basis, same-shop sales decreased by 6.2%. Combined sales in the Company’s fleet and truck center and commercial coatings operations decreased by $140,000 or 4.5% in fiscal 2008 from fiscal 2007. In fiscal 2008 the Company opened shops in Florida. However, it was a struggle almost from the start as the car painting economy in Florida, as elsewhere in the nation, was... [read full story]