Midas Fourth Quarter Revenue Up 7.3 Percent

Midas Inc. Thursday said fourth-quarter net income rose to $5.1 million, or 36 cents a share, from $1.7 million, or 11 cents a share, in the year-ago period. The mean estimate of analysts polled by Thomson Financial was for earnings of 19 cents a share for the quarter. Revenue at the Itasca, IL-based retail automotive services provider rose 7.3 percent to $46.9 million from $43.7 million a year earlier.

From AFX News Limited

ITASCA, IL — Midas Inc. Thursday said fourth-quarter net income rose to $5.1 million, or 36 cents a share, from $1.7 million, or 11 cents a share, in the year-ago period.

The mean estimate of analysts polled by Thomson Financial was for earnings of 19 cents a share for the quarter.

Revenue at the Itasca, IL-based retail automotive services provider rose 7.3 percent to $46.9 million from $43.7 million a year earlier.

For 2008, Midas expects revenue of about $190 million, up from $180 million in 2007. The company forecast operating income of $27 million to $29 million, excluding an estimated $1 million in business transformation costs, gains on the sale of assets and any year-end warranty liability adjustment.

Three analysts polled by Thomson Financial, on average, estimate 2008 revenue of $180.2 million.

The company’s shares closed Wednesday at $18.20.