Opaque look.California's paint-job king, Earl Scheib Earl Scheib is a company that specializes in repainting and collision repair of automobiles, with locations in 23 states in the US. Company History Founded by Earl Scheib (1908-1992) in Los Angeles in 1937 the company grew quickly following World War II and by 1975 had Inc. has painted its shares pink. Last week, the company delisted itself from the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. and moved to the Pink Sheets. Last week's delisting Delisting When the stock of a company is removed from a stock exchange. Notes: Reasons for delisting include violating regulations and/or failure to meet financial specifications set out by the stock exchange. is the culmination of a two-year effort to change the corporate structure of the Sherman Oaks-based company known for its inexpensive paint jobs. Scheib's board decided in 2003 that it should merge or sell itself to another company. "Quite frankly, the company was not doing very well at that time," said Chief Executive Chris Bement. "We needed to absorb administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. with another entity or enter a strategic alliance with somebody else." In 2004, the company hired investment bank Ryan Beck & Co. and it was close to cementing a $15 million sale last August to a private real estate investment firm--a $3 million premium over its market value at the time. But Earl Scheib withdrew from the deal when the investment firm failed to honor As a verb, to accept a bill of exchange, or to pay a note, check, or accepted bill, at maturity. To pay or to accept and pay, or, where a credit so engages, to purchase or discount a draft complying with the terms of the draft. certain deadlines. Now, Bement said he sees delisting as a way to end Scheib's obligation to provide periodic financial filings with the Securities and Exchange Commission. Many small companies maintain that the strengthened reporting duties that arose from Sarbanes-Oxley requirements have made being a public company too burdensome. Scheib, known for its founder/TV pitchman Earl Scheib, who died in 1992, is one of the largest automotive paint body shops in the country, with 108 stores in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). , Nevada and Arizona. For the third quarter ended Jan. 31, Scheib reported a loss of $1.3 million compared with a loss of $2 million for the like period a year earlier. Revenues rose to $9.7 million from $9 million. |
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