Monro Muffler Brake Announces Share Repurchase Program
22 December 1999
Monro Muffler Brake Announces Share Repurchase Program
ROCHESTER, N.Y.--December 22, 1999--Monro Muffler Brake, Inc. announced today that it has received approval from its Board of Directors for a share repurchase program initially authorizing the Company to buy up to 300,000 shares of its common stock. Under the plan, the Company may purchase common stock from time to time in the open market. The amount and timing of any purchases will depend upon a number of factors, including the price and availability of the Company's shares and general market conditions. The shares of common stock will be kept as treasury shares and will be used for general corporate purposes.Robert Gross, President and Chief Executive Officer of Monro Muffler Brake, commented, "After assessing our valuation in the public market, the Company believes that a conservative share repurchase program is a good investment of the Company's capital. Our business today is on track and we believe the outlook for Monro remains bright as we continue to realize benefits from the Speedy acquisition, implement programs to drive sales performance and expand our products and services."
Monro Muffler Brake operates a chain of stores providing automotive undercar repair services in the United States. The Company currently operates 512 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 brake systems, steering and suspension systems, exhaust 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; 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, 1999.