Midas Reports First Quarter Earnings of $2.2 Million
Midas reported net earnings of $2.2 million — or 14 cents per diluted share — for the first quarter ended March 31. First quarter results include business transformation charges of 2 cents per diluted share related to the continuing shop re-imaging program and the upcoming termination of the AutoZone supply agreement.
Midas Reports 2006 Earnings Per Share of 67 Cents after Special Charges for Shop Upgrades, Closings
Midas has reported net income of $10.5 million—or 67 cents per diluted share—for the fiscal year ended Dec. 30, 2006, after pre-tax business transformation charges of $3.3 million, operating losses related to the company’s former exhaust manufacturing business of $1.2 million and stock option expense of $2.2 million. Midas also realized pre-tax gains on asset sales of $3.4 million during the year.
Midas Will Take $1.9 Million Fourth Quarter Charge
Midas Inc. on Monday said it will take a $1.9 million charge in the fourth quarter for closing unprofitable stores. In December Midas closed six of its Florida stores, in the greater Tampa, Jacksonville and Stuart areas. High gas prices in the summer also hurt Midas’ results, the company said. It added that it expects same-store sales to fall 1.7 percent in the fourth quarter and 1.5 percent for the year. Same-store sales, or sales in stores open at least one year, are a key measure of retail industry performance.
New Look Coming For Midas Stores
Reports say that Midas is working to change its store image and has begun revamping the internal and external look of its stores. Midas said it will spend some $4 million over the next year on the effort.
Midas Chief Financial Officer William Guzik Becomes Executive Vice President
The board of directors of Midas, Inc. has elected CFO William Guzik to executive vice president of the company, effective immediately. He had served as senior vice president and chief financial officer since 2001. Guzik, 47, joined Midas in 1999. In addition to managing the company’s finance functions, Guzik is responsible for supply chain relationships, human resources and information technology.
Midas Third Quarter Profit Up
Auto service chain Midas Inc. said Thursday its third-quarter profit more than doubled as the elimination of restructuring charges more than offset a decline in sales. Midas earned $3.3 million, or 21 cents per share, up from $1.5 million, or 9 cents per share, for the same quarter in 2005. Revenue fell 7 percent to $45.3 million from $48.7 million in the year-ago period.
Midas and Comdata Launch National Fleet Service Agreement
Midas has been designated as an approved vendor partner of Comdata Corp. to begin providing automotive repair and maintenance services to certain Comdata fleet fuel card customers. Comdata, a provider of business-to-business fleet fuel and other payment card systems, is a partner in Midas’ fleet program, providing credit for Midas fleet customers and payment processing support for Midas shops. Comdata and Midas have been working together to establish joint relationships in which Comdata fleet fuel card customers can have their vehicles serviced at Midas shops.
Midas Reports Second Quarter Income of 17 Cents Per Share; Company Shops Achieve Break-Even
Midas reported net income of $2.6 million, or 17 cents per diluted share, for the second quarter ended July 1, compared to a loss of $2.5 million, or 16 cents per share in 2005, when the company recorded significant special items related to the company’s exit from exhaust manufacturing.
Raytheon to Provide Training Services, Technology to Midas International
Raytheon subsidiary Raytheon Professional Services LLC (RPS) was awarded a contract from Midas International to provide training services and technology for Midas’ shop network throughout the United States and Canada. Terms of the contract were not disclosed. RPS will design and develop 99 hours of courseware targeted at Midas’ 10,000 technicians working at nearly 1,800 locations. The curriculum will be structured in training paths enabling technicians to progress systematically from an entry level to more advanced levels.
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.