Reddi Brake Reports Increase in 2nd Quarter

Reddi Brake Supply Corp., a Ventura-based distributor of brake systems and other supplies to professional mechanics, reports that sales in its fiscal second quarter that ended Dec. 31 increased more than 150% over the same period a year earlier.

Much of the increase was due to the opening of 16 new outlets during the more recent period.

Sales during the three months totaled $10.7 million, up from $4.2 million a year earlier. Net income in the latest quarter was $342,000, or $0.02 a share compared to a loss of $3.1 million or $0.23 a share a year ago.

Reddi now operates 87 outlets in the West, Southwest, Southeast and Midwest. Bruce Douglass, president and chief executive, said the company hopes to open about seven new units a month, reaching a total of at least 115 outlets by mid-1995.

In a separate announcement, Reddi said it has received the final proceeds from $6.9 million in debentures. The company said the borrowing will help finance future expansion.