ITASCA, Ill. — Midas announced that it discovered an error in the calculation of its annual projected pension benefit obligation. Midas has corrected the error, which will result in the company’s recording the cumulative impact as an adjustment to opening equity as of the beginning of fiscal 2006, as well as recording additional pension expense for fiscal 2008 and the two previous years.

As a result of needing time to research and correct this error, the company was missed Thursday’s 5:30 p.m. [ET] deadline for filing its Annual Report on Form10-K with the Securities and Exchange Commission (SEC). Correcting this error will result in minor revisions to Midas’ fourth quarter and fiscal year 2008 results previously reported in a March 5 press release.

Certain pension plan amendments made in 1988 and 1991 provided for revised benefits for certain plan participants. These amendments were not considered when calculating the projected benefit obligation for some plan participants. As a result, the company’s projected pension benefit obligation was understated by $3.8 million at the end of fiscal 2008.

To correct the error, Midas will record a $2.1 million reduction to the pension asset, a $0.8 million deferred tax asset and a $1.3 million reduction to retained earnings as of the beginning of fiscal 2006.

Midas will also record additional pre-tax pension expense of $0.2 million for 2008, as well as additional pre-tax pension expense of $0.4 million and $0.3 million for fiscal 2007 and 2006, respectively.

Adjustments for fiscal 2008 result in revisions from previously reported earnings per diluted share to 56 cents from 57 cents and operating income of $21.3 million from $21.5 million. Net cash provided by operating activities of $1.90 per diluted share will remain unchanged.

The company expects to file its Annual Report on Form 10-K within the 15-day extension period afforded by Rule 12b-25.