Midas Reports Earnings; Completes Exit from Exhaust Distribution
Midas reported net income of $3.8 million, or 24 cents per diluted share, for the first quarter ended April 1, an increase from $2.6 million, or 16 cents per share last year. The 2006 first quarter results include pre-tax gains on asset sales of $3.4 million related to the final recognition of gains from the liquidation of exhaust-related equipment and the sale of the Chicago exhaust warehouse. The company also reported operating losses in the quarter of $1.1 million related to the exhaust distribution business and recorded business transformation charges of $0.1 million for image upgrades at Midas shops. Incremental stock option expense under provisions of SFAS 123R was $0.5 million for the quarter.
Midas Launches New Safety and Reliability Advertising
Midas is launching a new series of television commercials that feature everyday life stories to dramatize how people can depend on Midas automotive services to help customers keep their vehicles operating safely and reliably. With the focus on safety and reliability, the new commercials add a higher level of importance to the “trust” campaign that Midas began in March 2004.
Midas Board of Directors Elects Alan Feldman Chairman
At its quarterly meeting yesterday, the Midas board of directors elected Alan Feldman to the additional post of chairman. Since joining the company in 2003, Feldman has been president and CEO. Feldman will succeed Robert Schoeberl who has served as chairman since September 2002. Schoeberl will assume the new role of lead director. The changes will become effective at the company’s annual shareholders meeting on May 9.
Midas Celebrates 50 Years with ‘America’s Longest Commute’ Contest
Midas, Inc. is kicking off a year-long 50th anniversary celebration by making the daily drive a little easier for at least one lucky commuter. Now through Feb. 6, Midas will conduct a search for the motorist who has the dubious distinction of having the longest driving commute to work in the U.S. The contest will be based on mileage, not driving time.
Midas, Uni-Select Sign Agreement for Supply of Walker Exhaust to Midas Shops in Canada
Midas has agreed to let Uni-Select become the exclusively endorsed supplier of Tenneco Automotive, Inc.’s Walker-brand exhaust products to more than 200 Midas shops in Canada. The Walker products replace Midas-brand exhaust products that had been manufactured by Midas and sold to Uni-Select. Midas closed its exhaust manufacturing plant in Hartford, WI, in September.
Midas Completes First Independent Shop Conversion, Growing its Presence in Nashville, TN
The conversion of independently owned repair outlets to the Midas brand is part of a strategic effort to accelerate the growth of the Midas system in North America. Owners of independent shops who convert are being offered special incentives from Midas to assist in shop renovation and purchase of equipment.
Midas Signs New Unsecured Credit Agreement
Midas has signed a new five-year credit agreement with its existing bank group for an unsecured $110 million revolving credit facility.
Midas Reports Third Quarter Results
Midas has reported net income of $1.5 million — or 9 cents per diluted share — for the third quarter ending Oct. 1, after special items related to the company’s exit from exhaust manufacturing and distribution.
Midas Reports First Quarter Earnings; Company to Exit Exhaust Business, Enters Supply Agreement with AutoZone
Midas today reported a net income of $2.6 million, or 16 cents per diluted share, for the first quarter, which ended on April 2, compared to a net loss of $2.6 million, or 16 cents per diluted share, last year. The first quarter of 2005 includes a 3 cents per share gain on the sale of assets, while the prior year includes a 18 cents per share loss on the early extinguishment of debt. Excluding these items in both years results in net income of 13 cents per diluted share in 2005 versus 2 cents per diluted share in 2004.
Midas Anticipates First Quarter U.S. Comparable Shop Sales Increase of 4 Percent
Midas said today it expects to report first quarter increases of 4 percent in comparable shop retail sales at Midas shops in the U.S., with an increase of approximately 3.5 percent in North American shops. The company will report its first quarter results in early May.