Scheib Loss Narrows as It Closes Shops
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Earl Scheib Inc. said its operating loss narrowed to $1.57 million in its fiscal third quarter from a loss of $2.23 million a year ago, helped in part by lower administrative costs. The Sherman Oaks-based company said sales at its auto paint and body shops open at least a year jumped 7.7%. Total sales declined 1.5% to $10.2 million, as the company operated 26 fewer shops in the latest quarter than in the year-ago period.
Earl Scheib’s net loss was $778,000, or 18 cents a share, compared with $2.3 million, or 53 cents, a year ago.
The company, which operates 135 shops in more than 100 cities, said it plans to close at least seven more shops by the end of the next fiscal year.
Its shares rose 10 cents to $2.70 on the American Stock Exchange, before the results were announced.
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