Monro Muffler Brake Inc. (MNRO, Financial) filed Quarterly Report for the period ended 2009-09-26.
Monro Muffler/Brake Inc. is a chain of company-operated and dealer-operated stores providing automotive undercar repair services in the United States. Monro's stores provide a full range of services for exhaust systems brake systems steering and suspension systems and many other vehicle maintenance services. The company's stores typically are situated in high-visibility locations in suburban areas and small towns as well as in major metropolitan areas. Monro Muffler Brake Inc. has a market cap of $589.3 million; its shares were traded at around $30.2 with a P/E ratio of 21.9 and P/S ratio of 1.2. The dividend yield of Monro Muffler Brake Inc. stocks is 0.9%. Monro Muffler Brake Inc. had an annual average earning growth of 8.4% over the past 10 years. GuruFocus rated Monro Muffler Brake Inc. the business predictability rank of 4-star.
Sales were $264.7 million for the six months ended September 26, 2009 as compared with $240.3 million in the six months ended September 27, 2008. The sales increase of $24.4 million or 10.2%, was partially due to a comparable store sales increase of 6.8%. Additionally, there was an increase of $12.5 million related to new stores, of which $9.6 million came from the former Autotire stores acquired in June 2009. Partially offsetting this sales increase was a decrease in sales from closed stores amounting to $3.9 million.
Operating expenses for the quarter ended September 26, 2009 were $41.3 million or 30.2% of sales compared with $36.6 million or 30.5% of sales for the quarter ended September 27, 2008. Within operating expenses, selling, general and administrative (SG&A) expenses for the quarter ended September 26, 2009 increased by $4.4 million to $41.1 million from the quarter ended September 27, 2008, and were 30.1% of sales, compared with 30.7% for the prior year quarter.
Intangible amortization for the quarter ended September 26, 2009 increased from $.1 million to $.2 million due to the acquisitions that occurred in fiscal 2010, but was flat as a percentage of sales at .1%.
Gain on disposal of assets for the six months ended September 26, 2009 decreased $.4 million from a gain of $.3 million for the six months ended September 27, 2008, to a loss of $.1 million for the six months ended September 26, 2009.
In July 2005, the Company entered into a five-year, $125 million Revolving Credit Facility agreement with five banks. A sixth bank was added in June 2008. Interest only is payable monthly throughout the Credit Facilitys term. The facility included a provision allowing the Company to expand the amount of the overall facility to $160 million. Amendments in January 2007 and June 2008 were made to these amounts which increased the overall facility to $200 million and extended the expiration to January 2012. Currently, the committed sum is $163.3 million and the accordian feature is $36.7 million. Approximately $64.0 million was outstanding at September 26, 2009, including $15.3 million of outstanding letters of credit.
Read the The complete Report
Monro Muffler/Brake Inc. is a chain of company-operated and dealer-operated stores providing automotive undercar repair services in the United States. Monro's stores provide a full range of services for exhaust systems brake systems steering and suspension systems and many other vehicle maintenance services. The company's stores typically are situated in high-visibility locations in suburban areas and small towns as well as in major metropolitan areas. Monro Muffler Brake Inc. has a market cap of $589.3 million; its shares were traded at around $30.2 with a P/E ratio of 21.9 and P/S ratio of 1.2. The dividend yield of Monro Muffler Brake Inc. stocks is 0.9%. Monro Muffler Brake Inc. had an annual average earning growth of 8.4% over the past 10 years. GuruFocus rated Monro Muffler Brake Inc. the business predictability rank of 4-star.
Highlight of Business Operations:
Sales were $136.6 million for the quarter ended September 26, 2009 as compared with $119.9 million in the quarter ended September 27, 2008. The sales increase of $16.7 million or 13.9%, was partially due to a comparable store sales increase of 7.4%. The former Craven and Valley Forge stores acquired in July 2007 and the former Broad Elm stores acquired in January 2008 are now included in comparable store sales numbers. Additionally, there was an increase of $10.0 million related to new stores, of which $8.4 million came from the former Autotire stores acquired in June 2009. Partially offsetting this was a decrease in sales from closed stores amounting to $1.9 million.Sales were $264.7 million for the six months ended September 26, 2009 as compared with $240.3 million in the six months ended September 27, 2008. The sales increase of $24.4 million or 10.2%, was partially due to a comparable store sales increase of 6.8%. Additionally, there was an increase of $12.5 million related to new stores, of which $9.6 million came from the former Autotire stores acquired in June 2009. Partially offsetting this sales increase was a decrease in sales from closed stores amounting to $3.9 million.
Operating expenses for the quarter ended September 26, 2009 were $41.3 million or 30.2% of sales compared with $36.6 million or 30.5% of sales for the quarter ended September 27, 2008. Within operating expenses, selling, general and administrative (SG&A) expenses for the quarter ended September 26, 2009 increased by $4.4 million to $41.1 million from the quarter ended September 27, 2008, and were 30.1% of sales, compared with 30.7% for the prior year quarter.
Intangible amortization for the quarter ended September 26, 2009 increased from $.1 million to $.2 million due to the acquisitions that occurred in fiscal 2010, but was flat as a percentage of sales at .1%.
Gain on disposal of assets for the six months ended September 26, 2009 decreased $.4 million from a gain of $.3 million for the six months ended September 27, 2008, to a loss of $.1 million for the six months ended September 26, 2009.
In July 2005, the Company entered into a five-year, $125 million Revolving Credit Facility agreement with five banks. A sixth bank was added in June 2008. Interest only is payable monthly throughout the Credit Facilitys term. The facility included a provision allowing the Company to expand the amount of the overall facility to $160 million. Amendments in January 2007 and June 2008 were made to these amounts which increased the overall facility to $200 million and extended the expiration to January 2012. Currently, the committed sum is $163.3 million and the accordian feature is $36.7 million. Approximately $64.0 million was outstanding at September 26, 2009, including $15.3 million of outstanding letters of credit.
Read the The complete Report
