FinishMaster reports lower sales, profit

August 11, 2010

FinishMaster Inc., the Indianapolis-based distributor of automotive paints and accessories, reported Wednesday that its second-quarter profit slipped nearly 2 percent, to $3.7 million, from the same period a year earlier.

The profit translated to 48 cents per share, a penny less than the company earned in the second quarter of 2009.

Revenue dipped 1.4 percent, to $107.1 million.

FinishMaster said same-store sales began to improve late in the second quarter as the result of new customers and increased purchases from existing customers.

The company has suffered during the recession and its aftermath from vehicles being driven fewer miles, resulting in fewer accidents and a diminished need for paint for repairs.

The thinly traded stock has held recently at $17.50, down about $1 from earlier this year.
 

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