Monro Muffler Brake, Inc. Provides Fiscal 2004 Financial Outlook
ROCHESTER, N.Y.--April 15, 2003--Monro Muffler Brake, Inc.- Annual Comparable Store Sales Expected To Increase 4% - 6% -
Monro Muffler Brake, Inc. today provided its financial outlook for fiscal 2004 ending March 27, 2004.
The Company currently expects fiscal 2004 earnings per diluted share to be in the range of $1.70 to $1.80, based upon comparable store sales growth of 4% to 6% and weighted average shares outstanding of 9.6 million. This represents a significant increase over the Company's estimated Fiscal 2003 diluted earnings per share of $1.44 to $1.46. The Company anticipates the first quarter of Fiscal 2004 will represent $0.58 to $0.62 of the year's total forecasted diluted earnings per share.
Robert G. Gross, President and Chief Executive Officer of Monro, commented, "As previously announced, we achieved an estimated 7% increase in comparable store sales in the fourth quarter. We expect to see this positive momentum continue into Fiscal 2004 as we benefit from continued growth in same store traffic, strong sales across our tire, commercial and scheduled maintenance businesses, the recent acquisition of ten Frasier Tire retail stores and select price increases. Importantly, we continue to expand our product and service offerings, as well as our successful direct-to-consumer marketing efforts, and our employees remain motivated and dedicated to providing the industry-leading customer service that is the cornerstone of the Monro value proposition."
Mr. Gross concluded, "In addition to our organic growth initiatives, we are actively seeking cost-effective acquisitions that will strengthen our geographic presence, increase our market share, and diversify our product lines. While these potential acquisitions are not reflected in our earnings projections for Fiscal 2004, we believe the economic environment combined with our superior business model and strong performance will create opportunities during the year."
The Company plans to release its full fourth quarter and fiscal 2003 results on May 22, 2003.
The Company will host a conference call and webcast today at 11:00 a.m., Eastern Time to provide more details on the Company's Fiscal 2004 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 22, 2003.
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, Speedy Auto Service by Monro, Kimmel Tires - Auto Service and Tread Quarters Discount Tires. The Company currently operates 561 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, tires, steering and suspension systems and many vehicle maintenance services.
The statements contained in this Form 10-Q that are not historical facts, including (without limitation) statements made in the Management's Discussion and Analysis of Financial Condition and Results of Operations, 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 or incorporated elsewhere herein and in the Company's other Securities and Exchange Commission filings.