Midas, Inc., Announces Increase to Its Share Repurchase Plan

10 January 2000

Midas, Inc., Announces Increase to Its Share Repurchase Plan

    ITASCA, Ill.--Jan. 10, 2000--Midas, Inc. (MDS:NYSE) announced today that its board of directors has authorized an increase of 2.0 million shares to the share repurchase plan originally approved in early 1999.
    In February 1999, Midas' board authorized the repurchase of up to 3.0 million of the company's common shares outstanding. With the increase approved by the company's board, the total authorization is now 5.0 million shares.
    To date, Midas has repurchased 2.3 million shares and there currently are 15.7 million common shares outstanding.
    Share repurchases will be made from time to time over the next 36 months, depending on market and business conditions, in the open market or in privately negotiated transactions.
    "In approving the repurchase of the additional 2 million shares, the board considered the company's generally strong financial position, favorable prospects for continued strong cash flow and the apparent under valuation of the company's shares at recent trading ranges," said Wendel H. Province, chairman and chief executive officer. "We believe the repurchase program is in the best interests of shareholders and further demonstrates confidence in Midas' long-term growth strategy."
    Midas is one of the world's largest providers of automotive service, including exhaust, brakes, steering and suspension, as well as batteries and maintenance services. There are more than 2,700 Midas franchised and licensed Midas locations in 19 countries, including 2,100 in North America.

    NOTE: This news release contains certain forward-looking statements that are based on management's beliefs as well as assumptions made by and information currently available to management. Such statements are subject to risks and uncertainties, both known and unknown, that could cause actual results, performance or achievement to vary materially from those expressed or implied in the forward-looking statements. The company may experience significant fluctuations in future results, performance or achievements due to a number of economic, competitive, governmental, technological or other factors. Additional information with respect to these and other factors, which could materially affect the company and its operations are included in the company's filings with the Securities and Exchange Commission, including the company's 1998 annual report on Form 10-K.