Monro Muffler Brake Inc. (MNRO, Financial) filed Quarterly Report for the period ended 2010-09-25.
Monro Muffler Brake Inc. has a market cap of $938.3 million; its shares were traded at around $47.63 with a P/E ratio of 24.3 and P/S ratio of 1.7. The dividend yield of Monro Muffler Brake Inc. stocks is 0.8%. Monro Muffler Brake Inc. had an annual average earning growth of 10% over the past 10 years. GuruFocus rated Monro Muffler Brake Inc. the business predictability rank of 4-star.MNRO is in the portfolios of Chuck Royce of Royce& Associates, Mario Gabelli of GAMCO Investors, Jim Simons of Renaissance Technologies LLC.
Sales were $320.3 million for the six months ended September 25, 2010 as compared with $264.7 million in the six months ended September 26, 2009. The sales increase of $55.7 million or 21.0%, was partially due to a comparable store sales increase of 5.8%. Additionally, there was an increase of $42.5 million related to new stores, of which $40.3 million came from the fiscal year 2010 and 2011 acquisitions. Partially offsetting this sales increase was a decrease in sales from closed stores amounting to $2.1 million.
Gross profit for the quarter ended September 25, 2010 was $66.4 million or 40.9% of sales as compared with $58.9 million or 43.1% of sales for the quarter ended September 26, 2009. The decrease in gross profit for the quarter ended September 25, 2010, as a
Operating expenses for the quarter ended September 25, 2010 were $43.7 million or 26.9% of sales as compared with $41.3 million or 30.2% of sales for the quarter ended September 26, 2009. Within operating expenses, selling, general and administrative (SG&A) expenses for the quarter ended September 25, 2010 increased by $2.0 million to $43.1 million from the quarter ended September 26, 2009, and decreased as a percentage of sales from 30.1% to 26.6%. The increase in dollars is directly attributed to the acquired stores operating expenses. The decrease in percentage of sales is due to improved sales which have allowed the Company to leverage largely fixed costs, as well as a continued focus on cost control.
For the six months ended September 25, 2010, operating expenses increased by $6.3 million to $87.0 million from the comparable period of the prior year and were 27.2% of sales compared to 30.5%.
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 $46.8 million was outstanding at September 25, 2010, including $16.8 million of outstanding letters of credit.
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Monro Muffler Brake Inc. has a market cap of $938.3 million; its shares were traded at around $47.63 with a P/E ratio of 24.3 and P/S ratio of 1.7. The dividend yield of Monro Muffler Brake Inc. stocks is 0.8%. Monro Muffler Brake Inc. had an annual average earning growth of 10% over the past 10 years. GuruFocus rated Monro Muffler Brake Inc. the business predictability rank of 4-star.MNRO is in the portfolios of Chuck Royce of Royce& Associates, Mario Gabelli of GAMCO Investors, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Sales were $162.1 million for the quarter ended September 25, 2010 as compared with $136.6 million in the quarter ended September 26, 2009. The sales increase of $25.5 million or 18.6%, was partially due to a comparable store sales increase of 6.4%. Additionally, there was an increase of $18.0 million related to new stores, of which $16.8 million came from the fiscal year 2010 andSales were $320.3 million for the six months ended September 25, 2010 as compared with $264.7 million in the six months ended September 26, 2009. The sales increase of $55.7 million or 21.0%, was partially due to a comparable store sales increase of 5.8%. Additionally, there was an increase of $42.5 million related to new stores, of which $40.3 million came from the fiscal year 2010 and 2011 acquisitions. Partially offsetting this sales increase was a decrease in sales from closed stores amounting to $2.1 million.
Gross profit for the quarter ended September 25, 2010 was $66.4 million or 40.9% of sales as compared with $58.9 million or 43.1% of sales for the quarter ended September 26, 2009. The decrease in gross profit for the quarter ended September 25, 2010, as a
Operating expenses for the quarter ended September 25, 2010 were $43.7 million or 26.9% of sales as compared with $41.3 million or 30.2% of sales for the quarter ended September 26, 2009. Within operating expenses, selling, general and administrative (SG&A) expenses for the quarter ended September 25, 2010 increased by $2.0 million to $43.1 million from the quarter ended September 26, 2009, and decreased as a percentage of sales from 30.1% to 26.6%. The increase in dollars is directly attributed to the acquired stores operating expenses. The decrease in percentage of sales is due to improved sales which have allowed the Company to leverage largely fixed costs, as well as a continued focus on cost control.
For the six months ended September 25, 2010, operating expenses increased by $6.3 million to $87.0 million from the comparable period of the prior year and were 27.2% of sales compared to 30.5%.
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 $46.8 million was outstanding at September 25, 2010, including $16.8 million of outstanding letters of credit.
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