Monro Acquires 34 Tire and Automotive Stores

    ROCHESTER, N.Y.--April 8, 2002--Monro Muffler Brake, Inc. announced today that it has completed its acquisition of Kimmel Automotive, Inc., based in Baltimore, Maryland. Kimmel Automotive operates 34 tire and automotive repair stores in Maryland and Virginia, as well as Wholesale and Truck Tire Divisions (including two commercial tire stores). Sales for the acquired businesses for the fiscal year ended December 31, 2001 were approximately $29.5 million, including $22.6 million from the 34 stores. Monro expects the acquisition to begin to contribute to earnings per share during fiscal 2003, and to be increasingly accretive in subsequent years. The Company plans to hold a conference call and webcast on Tuesday, April 9, 2002, at 11:00 A.M. Eastern Time, to provide more details on the Kimmel acquisition and full year fiscal 2003 financial projections.
    The purchase price for the acquisition of 100% of Kimmel's outstanding common stock, as well as a portion of its preferred, was approximately $6 million in cash, plus the assumption of approximately $3 million of liabilities. The acquisition was financed through the Company's existing bank credit facility.
    "With this acquisition, we have substantially increased our presence in the mid-Atlantic market," said Robert G. Gross, Chief Executive Officer of Monro Muffler Brake. "The new locations bring our total number of stores to 550, and increase sales by over 10%.
    Mr. Gross continued, "I am confident that the planning and preparation by the Monro and Kimmel employees and vendors will result in a rapid and smooth integration of the two companies. Monro is now a stronger organization with the critical mass to compete even more successfully in the national automotive service arena."
    To access the above referenced April 9, 2002 conference call, please visit the following web address: www.vcall.com. An archive of the webcast will be available at this website through midnight Tuesday, April 16, 2002.
    Monro Muffler Brake operates a chain of stores providing automotive undercar repair services in the United States. The Company currently operates 550 stores and has 19 dealer locations in New York, Pennsylvania, Ohio, Connecticut, Massachusetts, West Virginia, Virginia, Maryland, Vermont, New Hampshire, New Jersey, North Carolina, South Carolina, Indiana, Rhode Island, Delaware and Michigan. Monro's stores provide a full range of services for exhaust systems, brake systems, steering and suspension systems and many vehicle maintenance services.

    Certain statements made above may be forward-looking and are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve uncertainties, which may cause the Company's actual results in future periods to differ materially from those expressed. These uncertainties include, but are not necessarily limited to, uncertainties affecting retail generally (such as consumer confidence and demand for auto repair); risks relating to leverage and debt service (including sensitivity to fluctuations in interest rates); 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; risks relating to integration of the acquired business; and the risks described from time to time in the Company's SEC reports which include the report on Form 10K for the fiscal year ended March 31, 2001.