Midas Announces $25 Million Addition to Share Repurchase Program

Midas’ board of directors has authorized adding $25 million to the current share repurchase program initially authorized in November 2004. From early 2005 through the end of the first quarter 2006, Midas spent $18.9 million to purchase 904,100 shares of its common stock under the original $25 million authorization.

ITASCA, IL — Midas’ board of directors has authorized adding $25 million to the current share repurchase program initially authorized in November 2004.

From early 2005 through the end of the first quarter 2006, Midas spent $18.9 million to purchase 904,100 shares of its common stock under the original $25 million authorization.

“Midas management is focused on enhancing shareholder value through retail sales growth, margin expansion and the share repurchase program,” said Alan Feldman, Midas president and chief executive officer, who also became chairman at the company’s annual meeting of shareholders. “The additional repurchase authorization is evidence of the board’s confidence in the continuing financial strength of the company.”

There currently are 15.4 million Midas shares outstanding. Midas shares closed at $21.74 on Tuesday. Midas will use cash generated internally to purchase shares from time to time in the open market and in privately negotiated transactions, depending on market and business conditions.

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