Monro Muffler Brake Comments on Anticipated Second Quarter Results
23 September 1997
Monro Muffler Brake Comments on Anticipated Second Quarter Results
ROCHESTER, N.Y., Sept. 23 -- Monro Muffler Brake, Inc.
, today reported anticipated results for the second quarter of
fiscal 1998 ending September 30, 1997. Based on sales trends to date, the
Company expects fiscal 1998 second quarter net income to be in the range of
$3.1 - $3.4 million or $0.36 - $0.40 per share and revenues to be
approximately $41.0 - $41.6 million. This compares to net income of $3.7
million or $0.43 per share and revenues of $37.8 million reported in the
second quarter of fiscal 1997. Same store sales volume in the second quarter
of fiscal 1998 is expected to be about the same as in the prior year quarter.
The Company noted that soft market conditions for the automotive service
industry in the Northeast continued into the second quarter.
Lawrence C. Day, President and Chief Executive Officer, commented, "While
current conditions continue to be challenging, we are maintaining our focus on
identifying and capitalizing upon the substantial growth opportunities in the
"Do-It-For-Me" sector of the automotive aftermarket. We are in the process of
repositioning the Company as a branded consumer service company. We also have
formed new, strong, strategic alliances with well-known brand names such as
Bridgestone Firestone and Walker Manufacturing to increase consumer awareness
of Monro."
Monro Muffler Brake operates a chain of stores providing automotive
undercar repair services in the United States. The Company currently operates
327 stores in New York, Pennsylvania, Ohio, Connecticut, Massachusetts,
West Virginia, Virginia, Maryland, Vermont, New Hampshire, New Jersey, North
Carolina, South Carolina and Indiana. 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, demand
for auto repair and the weather); 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; and the risks described from time to time in the
Company's SEC reports which include the report on Form 10-K for the fiscal
year ended March 31, 1997.
SOURCE Monro Muffler Brake, Inc.