This excerpt taken from the PBY 10-K filed Apr 12, 2006.
Management Overview-Fiscal 2005
Fiscal 2005 was a difficult year for the financial performance of the Company, as operating profit declined from $74,786,000 to an operating loss of $11,183,000. Comparable store sales decreased by 1.3% due to our efforts to improve product margins on newly introduced retail products and the effect of higher gasoline prices on our customers disposable income and product costs. Operating profit margins were impacted by (i) increased product costs, principally tires, which were not passed on to customers, (ii) incremental hiring and training costs associated with our efforts to improve the field organization and (iii) our store refurbishment capital expenditures. Net income declined from $23,579,000 (Basic Earnings Per Share of $0.42) to a Net Loss of $37,528,000 (Basic Loss Per Share of $0.69).