-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VFcVe7WBn5G1YpO8lh3i8i6huZZ3pc9WkehjU1ovecYBrTG49IgGMqsTCVjXzUZ1 uR3eYdXpOAVDZSZXahd6uw== 0000950152-03-008967.txt : 20031021 0000950152-03-008967.hdr.sgml : 20031021 20031021161919 ACCESSION NUMBER: 0000950152-03-008967 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031016 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031021 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MONRO MUFFLER BRAKE INC CENTRAL INDEX KEY: 0000876427 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-AUTOMOTIVE REPAIR, SERVICES & PARKING [7500] IRS NUMBER: 160838627 STATE OF INCORPORATION: NY FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-19357 FILM NUMBER: 03949993 BUSINESS ADDRESS: STREET 1: 200 HOLLEDER PKWY CITY: ROCHESTER STATE: NY ZIP: 14615-3808 BUSINESS PHONE: 7166476400 8-K 1 l03674ae8vk.txt MONRO MUFFLER BRAKE, INC. | FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. Date of Report (Date of Earliest Event Reported): October 16, 2003 MONRO MUFFLER BRAKE, INC. ------------------------- (Exact name of registrant as specified in its charter) New York 0-19357 16-0838627 - --------------------------------------------------------------------------------------------------- (State of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.) 200 Holleder Parkway, Rochester, New York 14615 - --------------------------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code (585) 647-6400 - ---------------------------------------------------------------------------------------------------
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. (a) Not applicable. (b) Not applicable. (c) The following is a list of exhibits furnished with this Current Report on Form 8-K:
Exhibit No. Description - ----------- ----------- 99.1 Press Release dated October 16, 2003
Item 12. Results of Operations and Financial Condition On October 16, 2003, the Registrant issued a press release announcing its operating results for the second quarter ended September 27, 2003. A copy of the press release is furnished herewith. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MONRO MUFFLER BRAKE, INC. ------------------------- (Registrant) October 21, 2003 By: /s/ John W. Van Heel -------------------------- John W. Van Heel Vice President-Finance EX-99.1 3 l03674aexv99w1.txt EX-99.1 EXHIBIT 99.1 CONTACT: Robert Gross President and Chief Executive Officer (585) 647-6400 Catherine D'Amico Executive Vice President - Finance Chief Financial Officer (585) 647-6400 Investor Relations: Cara O'Brien/Melissa Myron Media Contact: Stephanie Sampiere Financial Dynamics (212) 850-5600 FOR IMMEDIATE RELEASE MONRO MUFFLER BRAKE, INC. ANNOUNCES RECORD Q2 SALES AND EARNINGS ~ COMPARABLE STORE SALES INCREASE 6.6% ~ ~ NET INCOME INCREASES 20% GENERATING A RECORD $0.61 DILUTED EARNINGS PER SHARE ~ ROCHESTER, N.Y. - OCTOBER 16, 2003 - MONRO MUFFLER BRAKE, INC. (NASDAQ: MNRO) today announced record sales and earnings for the second quarter and six months ended September 27, 2003. Sales for the second quarter increased 9.0% to $74.1 million compared to $68.0 million for the comparable quarter last year. Same store sales increased 6.6% for the second quarter, versus last year's increase of 1.5%. These top line gains reflect consistent store traffic increases, a strong repeat customer business and continued growth of additional products and services that have translated into strength across nearly all of the Company's major product and service lines. During the second quarter, the Company's exhaust business was up approximately 8%, brakes increased approximately 10%, miscellaneous services grew approximately 11%, including a 6.5% increase in scheduled maintenance service and the commercial business posted an approximate 16% gain. Gross profit for the quarter increased to $31.5 million, or 42.4% of sales, from $28.6 million, or 42.1% of sales, last year. Net income for the second quarter increased 20.2% to a record $5.9 million, or $0.61 per diluted share, compared to $4.9 million, or $0.52 per share last year. The Company opened one store during the quarter, bringing the total store count at the end of the second quarter of 2003 to 562. Robert G. Gross, President and Chief Executive Officer stated, "We achieved another record quarter by consistently executing our strategy to drive store traffic with oil changes and to win repeat customers through our industry-leading customer service, our wide range of services and our targeted direct-to-consumer marketing. We believe our strong 10% increase in the high-margin brake category provides evidence that we have been successful in gaining the trust of our customers to complete significant repair and maintenance work on their automobiles. In addition, we were able to achieve these strong results in spite of the negative impact the September hurricane had on our Southern-based stores, which we estimate negatively affected our comparable store sales results by approximately 0.5% for the quarter." Sales for the six-month period increased 8.7% to $147.7 million from $135.9 million for the comparable period last year. Net income for the six months increased 33.3% to $11.8 million, or $1.22 per diluted share, compared to $8.9 million, or $0.94 per diluted share, in the year-ago period. Mr. Gross continued, "With five consecutive quarters of comparable store sales increases, our strategy to drive organic growth remains on target. In addition, we continue to actively pursue opportunities to increase our store base and anticipate further expansion during the balance of the year. As previously discussed, we seek to add high-quality stores that will strengthen our geographic presence and/or diversify our product mix while being accretive in a timely fashion." Mr. Gross concluded, "Our inclusion in the recently released Forbes 200 Best Small Companies list is a testament to the solid foundation we have built and the value we have delivered to our shareholders. Looking to the second half of the year, we will continue to build on our strong fundamentals and the traction we have gained in the marketplace. Currently, we are confident our strong performance will continue and expect diluted earnings per share for the third quarter to be in the range of $0.30 to $0.32 before accounting for the recently announced three-for-two stock split. In addition, we remain comfortable with our full year estimate of diluted earnings per share in the range of $1.74 to $1.80 pre-split." Monro Muffler Brake operates a chain of stores providing automotive undercar repair and tire services in the United States, operating under the brand names of Monro Muffler Brake and Service, Speedy Auto Service by Monro, Kimmel Tires - Auto Service and Tread Quarters Discount Tires. The Company currently operates 563 stores and has 18 dealer locations in New York, Pennsylvania, Ohio, Connecticut, Massachusetts, West Virginia, Virginia, Maryland, Vermont, New Hampshire, New Jersey, North Carolina, South Carolina, Indiana, Rhode Island, Delaware, Maine and Michigan. Monro's stores provide a full range of services for exhaust systems, brake systems, steering and suspension systems and many vehicle maintenance services. The statements contained in this press release that are not historical facts may contain statements of future expectations and other forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed. These factors include, but are not necessarily limited to, product demand, dependence on and competition within the primary markets in which the Company's stores are located, the need for and costs associated with store renovations and other capital expenditures, the effect of economic conditions, the impact of competitive services and pricing, product development, parts supply restraints or difficulties, industry regulation, risks relating to leverage and debt service (including sensitivity to fluctuations in interest rates), continued availability of capital resources and financing, risks relating to integration of acquired businesses and other factors set forth elsewhere herein and in the Company's Securities and Exchange Commission filings, including the report on Form 10-K for the fiscal year ended March 29, 2003. (Tables Follow) MONRO MUFFLER BRAKE, INC. Financial Highlights (Unaudited) (Dollars in thousands, except per share amounts)
Quarter Ended Fiscal September ------------------------------ 2003 2002 % Change ---- ---- -------- Restated Sales $ 74,107 $ 68,003 9.0% Cost of sales, including distribution and occupancy costs 42,653 39,392 8.3 ---------------- --------------- Gross profit 31,454 28,611 9.9 Operating, selling, general and administrative expenses 21,095 20,026 5.3 ---------------- --------------- Operating income 10,359 8,585 20.7 Interest expense, net 889 642 38.5 Other (income) expense, net (44) 31 ---------------- --------------- Income before provision for income taxes 9,514 7,912 20.3 Provision for income taxes 3,618 3,007 20.3 ---------------- --------------- Net income $ 5,896 $ 4,905 20.2 ================ =============== Diluted earnings per common share $ 0.61 $ 0.52 17.3% ================ =============== Weighted average number of diluted shares outstanding 9,721 9,375 Number of stores open (at end of quarter) 562 550
MONRO MUFFLER BRAKE, INC. Financial Highlights (Unaudited) (Dollars in thousands, except per share amounts)
Six Months Ended Fiscal September --------------------------------- 2003 2002 % Change ---- ---- -------- Restated Sales $ 147,750 $ 135,912 8.7% Cost of sales, including distribution and occupancy costs 84,061 77,406 8.6 ---------------- --------------- Gross profit 63,689 58,506 8.9 Operating, selling, general and administrative expenses 43,146 42,925 0.5 ---------------- --------------- Operating income 20,543 15,581 31.8 Interest expense, net 1,482 1,409 5.2 Other (income) expense, net - (120) ---------------- --------------- Income before provision for income taxes 19,061 14,292 33.4 Provision for income taxes 7,246 5,431 33.4 ---------------- --------------- Net income $ 11,815 $ 8,861 33.3 ================ =============== Diluted earnings per share $ 1.22 $ 0.94 29.8% ================ =============== Weighted average number of diluted shares outstanding 9,661 9,393
MONRO MUFFLER BRAKE, INC. Financial Highlights (Unaudited) (Dollars in thousands)
September 27, March 29, 2003 2003 ------------------ ------------------ ASSETS Current assets Cash $ 888 $ 69 Inventories 52,195 51,256 Other current assets 13,689 12,552 ------------------ ------------------ Total current assets 66,772 63,877 Property, plant and equipment, net 159,934 132,148 Other noncurrent assets 10,728 11,175 ------------------ ------------------ Total assets $ 237,434 $ 207,200 ================== ================== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities $ 43,363 $ 41,997 Long-term debt 51,198 36,183 Other long-term liabilities 5,161 4,628 ------------------ ------------------ Total liabilities 99,722 82,808 Total shareholders' equity 137,712 124,392 ------------------ ------------------ Total liabilities and shareholders' equity $ 237,434 $ 207,200 ================== ==================
-----END PRIVACY-ENHANCED MESSAGE-----