Reddi Brake’s Sales Rise 25.8%, but Firm Posts Loss

Reddi Brake Supply Corp., based in Ventura, announced a 25.8% increase in sales for the third quarter ended March 31, even though the company closed 14 warehouses during the three months.

Despite improving sales, however, Reddi Brake showed a loss for the quarter.

Sales for the third quarter rose to $15.4 million from $12.25 million in the same quarter last year. For the nine-month period ended March 31, sales rose to $45.3 million from $32.19 million in the same period a year earlier.

The third-quarter loss was $1.79 million, or 11 cents per share, versus net income of $161,266, or 1 cent per share, last year. The loss for the nine-month period ended March 31 was $4.54 million, or 28 cents per share, versus income of $1 million, or 6 cents a share.

Richard J. McGorrian, Reddi Brake’s president and chief executive officer, said the recent results were expected.

“The company is now poised to make money, based on our new [business] plan,” McGorrian said.

Reddi Brake Supply operates 85 outlets in 26 states, providing brake systems, chassis components and other auto undercarriage parts to professional installers.