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Monro Muffler Brake, Inc. Announces Record Second Quarter Fiscal 2011 Financial Results

Earnings Conference Call and Webcast

The Company will host a conference call and audio webcast on Thursday, October 21, 2010 at 11:00 a.m. Eastern Time. The conference call may be accessed by dialing 888-427-9415 and using the required pass code 7441998. A replay will be available approximately one hour after the recording through Thursday, November 4, 2010 and can be accessed by dialing 877-870-5176. The live conference call and replay can also be accessed via audio webcast at the Investor Info section of the Company's website, located at An archive will be available at this website through November 4, 2010.

About Monro Muffler Brake

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, Mr. Tire, Tread Quarters Discount Tires, Autotire and Tire Warehouse. The Company currently operates 782 stores 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, Illinois and Missouri. Monro's stores provide a full range of services for brake systems, steering and suspension systems, tires, exhaust systems and many vehicle maintenance services.

Financial Highlights
(Dollars and share counts in thousands)
  Quarter Ended Fiscal September
  2010 2009 % Change
Sales $162,102 $136,634 18.6%
Cost of sales, including distribution and occupancy costs 95,736 77,781 23.1
Gross profit 66,366 58,853 12.8
Operating, selling, general and administrative expenses 43,138 41,148 4.8
Intangible amortization 296 198 49.5
Loss (gain) on disposal of assets 231 (20) --
Total operating expenses 43,665 41,326 5.7
Operating income 22,701 17,527 29.5
Interest expense, net 1,208 1,442 (16.2)
Other income, net (73) (75) (2.6)
Income before provision for income taxes 21,566 16,160 33.5
Provision for income taxes 8,242 6,158 33.9
Net income  $13,324 $10,002 33.2
Diluted earnings per share   $ .63  $ .49 28.6%
Weighted average number of diluted shares outstanding 21,144 20,546  
Number of stores open (at end of quarter)  783 739  
Financial Highlights
(Dollars and share counts in thousands)
  Six Months Ended Fiscal September
  2010 2009 % Change
Sales  $ 320,341  $ 264,679 21.0%
Cost of sales, including distribution and occupancy costs 187,976 149,417 25.8
Gross profit 132,365 115,262 14.8
Operating, selling, general and administrative expenses 86,199 80,306 7.3
Intangible amortization 591 331 78.4
Loss on disposal of assets 250 119 109.7
Total operating expenses 87,040 80,756 7.8
Operating income 45,325 34,506 31.4
Interest expense, net 2,679 3,338 (19.8)
Other income, net (140) (117) 19.1
Income before provision for income taxes 42,786 31,285 36.8
Provision for income taxes 16,251 11,872 36.9
Net income   $ 26,535  $ 19,413 36.7
Diluted earnings per share  $1.26 $.95 32.6%
Weighted average number of diluted shares outstanding 20,994 20,487  
Financial Highlights
(Dollars in thousands)
  September 25,    March 27,
  2010 2010
Current assets    
Cash  $ 4,346  $ 11,180
Inventories 95,526 85,817
Other current assets 30,061 27,095
Total current assets 129,933 124,092
Property, plant and equipment, net 199,495 202,746
Other noncurrent assets 121,609 117,305
Total assets  $ 451,037  $ 444,143
Liabilities and Shareholders' Equity    
Current liabilities  $ 100,314  $ 99,377
Long-term debt 72,529 96,427
Other long term liabilities 16,367 15,669
Total liabilities 189,210 211,473
Total shareholders' equity 261,827 232,670
Total liabilities and shareholders' equity  $ 451,037  $ 444,143
CONTACT:  Monro Muffler Brake, Inc.
          Robert Gross, Chairman and Chief Executive Officer
            (585) 647-6400
          Catherine D'Amico, Executive Vice President - Finance and 
           Chief Financial Officer
            (585) 647-6400

            Jessica Greenberger
            Samantha Cohen
            (212) 850-5600

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