FinishMaster reports higher quarterly sales, profit

November 2, 2010

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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