Monro Muffler Brake, Inc. Provides Fiscal 2003 Financial Outlook; Company Increases Fiscal 2002 EPS Guidance to $1.23 to $1.24

    ROCHESTER, N.Y.--April 9, 2002--Monro Muffler Brake, Inc. today provided its financial outlook for fiscal 2003 ending March 29, 2003.
    The Company currently expects fiscal 2003 earnings per diluted share to be in the range of $1.37 to $1.48 based on comparable store sales growth of 1.0% to 3.0% and weighted average shares outstanding of 9.4 million. Included in this forecast is the anticipated positive impact from the recently announced acquisition of Kimmel Automotive.
    The Company increased its fiscal 2002 fourth quarter earnings per share expectations to a new range of $0.20 to $0.21, bringing full year fiscal 2002 earnings to $1.23 to $1.24 per share. The increased guidance reflects anticipated improvement in operating margins during a challenging sales environment. Monro plans to report full year fiscal 2002 financial results on or about May 23, 2002.
    Robert G. Gross, Chief Executive Officer of Monro Muffler Brake, commented, "Our business has gained momentum over the past several quarters and we are confident in our fiscal 2003 prospects. We anticipate next year's sales to be driven by a number of factors, including the Kimmel acquisition, select price increases, our competitive scheduled maintenance services and continued growth in the commercial sales division."
    The Company will host a conference call and webcast today at 11:00 a.m., Eastern Time to provide more details on the Kimmel acquisition and full year fiscal 2003 financial projections. To access the call, please visit the following web address: www.vcall.com. An archive of the webcast will be available on 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.