Company Narrows Second Quarter Comparable Store Sales and EPS Guidance to High End of Previously Expected Ranges
Announces Participation in Two Upcoming Investor Conferences
ROCHESTER, N.Y., Sept. 13, 2010 (GLOBE NEWSWIRE) -- Monro Muffler Brake, Inc. (Nasdaq:MNRO), a leading provider of automotive undercar repair and tire services, today announced that the Company has narrowed its second quarter fiscal 2011 financial guidance to the high end of its previously expected range. The Company also announced today that it will participate in two upcoming investor conferences.
BUSINESS UPDATE
For the second quarter of fiscal 2011, the Company now anticipates comparable store sales growth in the range of 6.0% to 6.5%, which is at the high end of the Company's previously anticipated range of 4.5% to 6.5%. The Company also now expects diluted earnings per share for the second quarter of fiscal 2011 to be in the range of $.60 to $.62, which is also at the high-end of the Company's previously anticipated range of $.58 to $.62. This estimate compares to $.49 in the prior year quarter and is based on 21.1 million weighted average shares outstanding.
Robert G. Gross, Chairman and Chief Executive Officer, commented, "We are pleased with our continuing momentum in the second quarter of fiscal 2011. We remain encouraged by the industry trends that are benefiting our business as consumers continue to invest in maintaining older vehicles. Our ongoing strong sales trends and anticipated significant year-over-year earnings growth indicates to us that consumers are continuing to turn to Monro as their trusted provider for tires and auto repair services."
The data provided for the second quarter is based on preliminary unaudited internal results and is subject to change as the Company completes the preparation of full consolidated financial statements for the period. The Company plans to release its second quarter fiscal 2011 results on October 21, 2010.
INVESTOR CONFERENCES
The Company also announced that Mr. Gross will participate in two upcoming investor conferences.
| Conference: | Credit Suisse Small and Mid Cap Conference |
| Date/Time: | September 14, 2010 at 11:20 a.m. Eastern Time |
| Location: | Boston, MA |
| Conference: | C.L. King Best Ideas Conference |
| Date/Time: | September 16, 2010 at 11:45 a.m. Eastern Time |
| Location: | New York, NY |
Webcasts of both presentations will be available via the Investor Relations section of the Company's website (www.monro.com) and archived for two weeks following the conclusion of each presentation.
About Monro Muffler Brake
Monro Muffler Brake operates a chain of stores providing automotive undercar repair and tire services in the United States, operating under the brand names of Monro Muffler Brake and Service, Mr. Tire, Tread Quarters Discount Tires, Autotire and Tire Warehouse. The Company currently operates 784 stores in New York, Pennsylvania, Ohio, Connecticut, Massachusetts, West Virginia, Virginia, Maryland, Vermont, New Hampshire, New Jersey, North Carolina, South Carolina, Indiana, Rhode Island, Delaware, Maine, Illinois and Missouri. Monro's stores provide a full range of services for brake systems, steering and suspension systems, tires, exhaust systems and many vehicle maintenance services.
The statements contained in this press release that are not historical facts may contain statements of future expectations and other forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed. These factors include, but are not necessarily limited to, product demand, dependence on and competition within the primary markets in which the Company's stores are located, the need for and costs associated with store renovations and other capital expenditures, the effect of economic conditions, the impact of competitive services and pricing, product development, parts supply restraints or difficulties, industry regulation, risks relating to leverage and debt service (including sensitivity to fluctuations in interest rates), continued availability of capital resources and financing, risks relating to integration of acquired businesses and other factors set forth elsewhere herein and in the Company's Securities and Exchange Commission filings, including the report on Form 10-K for the fiscal year ended March 27, 2010.