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FinishMaster reports higher quarterly sales, profit

IBJ Staff
November 2, 2010
Keywords
Automotive, Financial Results, Public Companies, Transportation, Distribution & Logistics
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FinishMaster Inc., the Indianapolis-based distributor of automotive paints and accessories, reported Tuesday that its third-quarter profit climbed nearly 16 percent, to $3.5 million, from the same period a year ago.

The profit translated to 44 cents per share, 6 cents more than the company earned in the third quarter of 2009.

FinishMaster attributed the rise in profit to a July acquisition in Stockton, Calif., as well as the addition of new customers and more purchases from existing ones.

Revenue increased 3 percent, to $108.8 million.

The company had 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.

For the nine months ended Sept. 30, profit essentially remained flat, at $9.4 million, or $1.19 per diluted share, compared with $9.3 million, or $1.18 per diluted share, for the prior year's nine-month period.

The thinly traded stock has held recently at $16.
 

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  1. First, the Athenaeum is going to have to get past the hurdle with the Lockerbie residents and the agreement that the parcel would be residential. Second, and in my opinion, this prime piece of property should include parking, PLUS, a black box theater(s), some market rate and affordable artist housing and a plan to renovate and reconfigure the second story theater. I would negotiate to add the DeHaan property surface parking lot into the development mix, place a one story surface parking garage on the DeHaan lot on the street level (for the Dehaan tenants use during the daytime) and add a second story to the garage that would become an addition to the current second story theater and then change the direction of the theater by moving the stage across the alley and on top of the DeHaan lot parking. You can add all the stage elements that are currently missing from the Athenaeum stage to make it more attractive for use by Ballet, Opera and traveling productions. Plus, the theater changes would probably help solve some of the soundproofing issues. Alas,it does not seem to be a part of the strategic plan to conduct a study to determine best use of the property. Seems like the current plan is a quick and easy move that ignores the property best use/potential and any strategic property planning for the effect on future generations.

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