ROCHESTER, N.Y. -- Monro Muffler Brake has announced financial results for its fourth quarter and fiscal year ended March 27.

Sales for the fourth quarter of fiscal 2010 increased 25.7 percent to a record $147.2 million compared to $117.1 million for the fourth quarter of fiscal 2009. The company said sales growth was driven by recent acquisitions, as well as strong in-store sales execution across all product and service categories. Comparable store sales increased 8 percent (on top of an 11.2 percent increase last year) exceeding the company's previous estimate of approximately 7.5 percent. Comparable store sales increased approximately 15 percent for tires, 11 percent for alignments, 6 percent for exhaust, 5 percent for brakes and 4 percent for maintenance services.

Operating income for the quarter increased 73.8 percent to $10.5 million from $6 million in the fourth quarter of fiscal 2009. Interest expense was $1.8 million compared to $1.3 million in the fourth quarter of fiscal 2009.

Net income for the fourth quarter increased 92.8 percent to a record $5.9 million from $3 million in the prior year period. Diluted earnings per share for the quarter increased 86.7 percent to 28 cents, compared to diluted earnings per share of 15 cents in the fourth quarter of fiscal 2009, and exceeded the company's recently increased estimated range of 23 cents to 25 cents. Net income for the fourth quarter reflects an effective tax rate of 33 percent compared with 36 percent for the prior year period.

Net sales for fiscal 2010 increased 18.6 percent to a record $564.6 million from $476.1 million for fiscal 2009. Comparable store sales increased 7.2 percent for the year, marking the ninth consecutive year of comparable store sales increases for the company.

Net income for fiscal 2010 increased 37.8 percent to a record $33.2 million, or $1.61 per diluted share, from $24.1 million, or $1.20 per diluted share, for fiscal 2009, exceeding the company's recently increased estimated range of $1.56 to $1.58.

Chairman and CEO Robert Gross commented, "We are very pleased with our strong performance for the fourth quarter and fiscal year 2010. Throughout the year, we drove traffic and sales in all of our key categories and acquired and integrated 74 stores. Additionally, during the quarter we converted 54 Monro service stores in New England to our Black Gold format, which is expected to provide additional momentum in those markets heading into fiscal 2011 and represents a further benefit of the Tire Warehouse acquisition. Further, Tire Warehouse, along with our two other acquisitions during the year – Autotire and Midwest Tire – saw comparable store sales growth of approximately 11 percent for the fourth quarter, exceeding our expectations and contributing to our top and bottom-line performance. We are delighted with our comparable store sales increase of 7.2 percent for the year, on top of a 6.7 percent increase last year. Notably, fiscal 2010 marked our ninth consecutive year of same store sales growth, proving that our company-operated business model is well positioned to deliver solid results in both favorable and challenging economic times. Overall, we remain very pleased with our performance, which is a direct result of the ability of our employees to execute well and consistently provide excellent service to our loyal customers."

Based on current visibility and business and economic trends, the company anticipates fiscal 2011 comparable store sales growth in the range of 4 percent to 6 percent and fiscal 2011 diluted earnings per share in the range of $1.92 to $2. The estimate is based on 21.1 million weighted average shares outstanding. The company's expected sales range for the year is $625 million to $640 million.

For the first quarter of fiscal 2011, the company anticipates comparable store sales growth in the range of 4 percent to 6 percent. The company expects diluted earnings per share for the first quarter to be between 58 cents and 62 cents, compared to 46 cents for the first quarter of fiscal 2010.

Gross added, "We continue to experience positive trends in our business as we enter fiscal 2011. To date in the first quarter, we achieved comparable store sales growth of approximately 5 percent. We remain encouraged by the momentum that we are experiencing in our business, particularly as macro trends in the automotive sector continue to evolve in our favor. We are excited about the opportunities for further market share expansion in fiscal 2011 as we continue to integrate our recent acquisitions into our business and look opportunistically for additional acquisitions in our existing markets. We look forward to becoming the trusted auto service provider for a broader base of loyal customers."