Reddi Brake Supply Corp., a Ventura-based supplier of automobile parts to professional mechanics, reported net income of $342,152 for the fiscal second quarter that ended Dec. 31, reversing a year-earlier loss of $3.16 million. The quarterly loss a year earlier reflected a charge of $1.59 million related to the closure of the company's Wesco Auto Parts Division.
Sales in the second quarter totaled $10.7 million, up sharply from $4.18 million for the same three-month period a year earlier.
For its six-month period, Reddi reported a profit of $843,575 on sales of $19.9 million, compared to a year-earlier loss of $3.14 million on sales of $7.83 million.
Bruce Douglass, founder and chief executive of Reddi, said the company opened 16 new outlets in the second quarter, bringing the total to 87 spread among 27 states in the West, Southwest, Southeast and Midwest. The company, Douglass said, expects to open about seven new outlets each month, ending the fiscal year with about 115 outlets.