FinishMaster Inc., the Indianapolis-based distributor of automotive paints and accessories, reported Friday that its first-quarter profit slipped 14 percent, to $2.1 million, from the same period a year earlier as fallout from the recession continued to take a toll.
Revenue fell 8.3 percent, to $101.6 million.
Vehicles are being driven fewer miles, resulting in fewer accidents and a diminished need for paint for repairs, FinishMaster said. Another drag on earnings is the greater number of cars deemed total losses following accidents.
Both issues have dogged FinishMaster through the recession and its aftermath.
Having peaked above $30 in late 2007, FinishMaster shares eroded to the $17 range a year later. Since early this year the thinly traded stock has held near $18.50.