Midas Reports First Quarter Earnings of 7 Cents per Diluted Share
Company reports 6 percent growth in shop traffic, offset by lower average ticket; SpeeDee co-brand test shops post 15 percent sales increase.
Midas Delays Filing Annual Report on Form 10-K
Company says additional pension expenses will affect 2006-2008 results.
Midas Reports 2008 Earnings of 57 Cents Per Diluted Share
Company says SpeeDee co-brand test shops continue to produce significant sales increases.
Midas Reports Third Quarter Net Earnings of $1.7 Million
Revenues for the third quarter were up $1.4 million to $47.1 million.
Midas Reports Second Quarter Results; Begins Co-Branding of Midas Services at SpeeDee Shops
Midas has reported net earnings of $2.2 million, or 16 cents per diluted share, for the second quarter ended June 28, compared to $3 million, or 21 cents per diluted share, in 2007. The 2008 results include 3 cents per share of special items relating to business transformation activities and losses on sales of assets, while the 2007 number includes 4 cents per share of special items.
Midas Reports First Quarter Earnings of 9 Cents Per Diluted Share
Midas has reported net earnings of $1.3 million, or 9 cents per diluted share, for the first quarter ended March 29. That’s compared to $2.2 million, or 14 cents per diluted share, in the first quarter of 2007. Both the 2008 and 2007 results include 2 cents per diluted share for special items. Revenues for the quarter increased 8.5 percent to $44.8 million. Operating income declined $1.7 million to $4.1 million in 2008 from $5.8 million last year.
Midas Acquires Franchisor of 181 SpeeDee Auto Service Centers
Midas has acquired the assets of G.C. & K.B. Investments, Inc., and its affiliated entities that franchise or sub-franchise 181 SpeeDee quick-lube and automotive maintenance shops in the United States and Mexico. G.C. & K.B. Investments, Inc., is owned by Gary Copp and Kevin Bennett, who founded the company in 1980. SpeeDee, which is based in New Orleans, generated U.S. system-wide retail sales of approximately $78 million in 2007 through its network of 116 U.S. shops. The SpeeDee system also includes 65 shops in Mexico that are licensed to a master franchisee.
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.
Midas to Open Shops in Costa Rica
Midas has signed an exclusive franchise agreement with Talleres Rapidos Centramericanos TRC, S.A., a subsidiary of Purdy Motor S.A., to build and operate Midas shops in Costa Rica. Purdy, founded in San Jose, Costa Rica, in 1957, is the fourth oldest Toyota distributorship in the world. It employs more than 500 people in 12 sales outlets and parts distribution centers in Costa Rica. Purdy will initially build five Midas shops, with the first outlet in San Jose expected to open later this year.
Midas Reports Third Quarter Net Earnings of $3 Million
Midas has reported net earnings of $3 million, or 21 cents per diluted share, for the third quarter ended Sept. 29, compared to net earnings of $2.4 million, or 16 cents per diluted share, in the prior year. Third quarter results in both years included special items of 2 cents per share, primarily consisting of business transformation charges related to the continuing shop re-imaging program.