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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): September 29, 1999
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PRECISION AUTO CARE, INC.
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(Exact name of registrant as specified in its charter)
Virginia 1-14510 54-1847851
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(State or other jurisdiction (Commission File) (IRS Employer ID No.)
of incorporation or organization)
748 Miller Drive, S.E.
Leesburg, Virginia 20175
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (703) 777-9095
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ITEM 5. Other Events.
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A copy of the Registrant's press release dated September 29, 1999 is
attached hereto as Exhibit 99 and incorporated herein by reference.
ITEM 7. Financial Statements and Exhibits.
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(c) Exhibits
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99 Press Release of Precision Auto Care, Inc., dated September
29, 1999.
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized, in Leesburg, Virginia, on September 29,
1999.
Precision Auto Care, Inc.
By: /s/ Charles L. Dunlap
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Charles L. Dunlap
President and Chief Executive
Officer
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FOR: CONTACT:
Precision Auto Care, Inc. Jerry Little x268
748 Miller Drive, SE SVP/Chief Financial Officer
Leesburg, VA 20175 (800) 438-8863
FOR IMMEDIATE RELEASE
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PRECISION AUTO CARE ANNOUNCES ANTICIPATED
4TH QUARTER AND ANNUAL RESULTS
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LEESBURG, VA - September 29, 1999, Precision Auto Care, Inc. (NASDAQ: PACI)
today announced that the Company is in the final stages of completing the audit
for its fiscal year ended June 30, 1999. The Company expects that it will report
losses before taxes of approximately $5.1 million for the quarter ended June 30,
1999 and losses before taxes of approximately $17.6 million for the fiscal year
ended on that date. These amounts compare with losses before taxes of $504,000
for the quarter ended June 30, 1998 and income before taxes of $3.0 million for
the fiscal year ended on that date. The Company's losses for the quarter ended
June 30, 1999 principally reflect charges related to the refinement of estimates
related to accounts receivable, allowances for bad debts and inventory. The
Company's annual results were also adversely impacted by costs associated with
abandoned acquisitions, severance charges and cash constraints which negatively
impacted revenues for the Company's manufacturing and distribution operations.
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