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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowFinishMaster Inc. today reported a $1.6 million profit in the fourth quarter, down nearly 30 percent from the same period in 2007.
Sales decreased 7.6 percent, to $108 million, in the quarter ended Dec. 31 due entirely to same-branch sales declines, the Indianapolis-based automotive paint distributor said.
“Economic conditions throughout the United States continued to result in lower repairable automobile claim activity, impacting the company’s overall market opportunity for the sale of its products and services,” the company said in a written statement.
For the entire year, FinishMaster earned $18 million on sales of $486 million, a 20-percent rise in profit and 4-percent increase in revenue from 2007.
Sales resulting from four acquisitions accounted for the increase in revenue, the company said.
FinishMaster shares opened this morning at $16.50, down from $26 a year ago.
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