Monro Muffler Brake Reports 26 Percent Increase in Third Quarter Net Income

Monro Muffler Brake has announced record sales and net income for the third quarter and nine months, which ended December 27, 2003. During the third quarter, sales totaled $64.5 million compared to $60.7 million last year. Comparable store sales experienced a four percent increase following a 3.8 percent comparable store sales increase in the same period for the prior year. The key drivers of the comparable store sales increase included an approximate 10 percent increase in the brake category, a 2 percent increase in exhaust sales, a 25 percent increase in scheduled maintenance and a 12 percent increase in commercial sales.

ROCHESTER, NY — Monro Muffler Brake has announced record sales and net income for the third quarter and nine months, which ended December 27, 2003.

During the third quarter, sales totaled $64.5 million compared to $60.7 million last year. Comparable store sales experienced a four percent increase following a 3.8 percent comparable store sales increase in the same period for the prior year. The key drivers of the comparable store sales increase included an approximate 10 percent increase in the brake category, a 2 percent increase in exhaust sales, a 25 percent increase in scheduled maintenance and a 12 percent increase in commercial sales.

For the quarter, net income increased 25.6 percent to $3 million compared to $2.4 million in the prior year. Diluted earnings per share were $0.21 versus $0.17, taking into account the three-for-two stock split that became effective October 31. During the quarter, the company opened five stores and closed two for a total of 565 at the end of the period.

Sales for the nine-month period were $212.3 million versus $196.6 million last year. Net income for the nine months increased 31.7 percent to $14.8 million, or $1.02 per diluted share, compared to $11.3 million, or $0.80 per diluted share last year, as adjusted for the three-for-two stock split.

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