Midas To Present At Sidoti Conference In San Francisco; Retail Sales Helped By Lower Gas Prices, Brake Promotion

By: Midas | 0 Shares 102 Reads

(Wednesday, September 27, 2006) - Midas, Inc. (NYSE: MDS) will present at the Sidoti & Company Emerging Growth Conference in San Francisco on Thursday, Sept. 28 at 10:25 a.m. PDT.

Alan D. Feldman, Midas chairman and chief executive officer, and William M. Guzik, senior vice president and chief financial officer, will lead the presentation.

Midas will discuss preliminary reports of improving retail sales at its 1,600 automotive service shops in the United States in September, as a result of lower gas prices and the effects of an aggressive brake promotion.

"Preliminary reports for the first three weeks of September show an increase in comparable shop sales in U. S. shops in the mid-single digits," Feldman said.

"We have been running a heavy schedule of network and cable television advertising in support of our $89.95 brake promotion, which in the past has led to improvements in the brake category for Midas shops," Feldman said.

Feldman said the company expects to report a decline in overall third quarter U. S. comparable shop retail sales of about two percent, despite the September improvement. Comparable shop sales at the 200 shops in Canada are expected to be up about three percent for the quarter.

"During the second quarter, consumers began deferring spending on auto repairs and maintenance when gas prices topped the $2.75 per gallon mark," Feldman said. "As expected, now that gas prices are moderating, our shops are starting to see some of these customers who had been postponing those repairs."

Feldman said that Midas re-affirms its guidance of 2006 revenues of $177 million and full-year operating income of $29 to $30 million, excluding the effects of exhaust-related operating losses, restructuring charges, incremental SFAS 123R expenses and gains on asset sales.

Midas' presentation for the Sidoti conference is accessible at "Financial Reports" on its corporate website: www.midasinc.com

Midas will report its third quarter results on Thursday, Oct. 26.

Midas is one of the world's largest providers of automotive service, offering brake, exhaust, maintenance, tires, steering and suspension services at more than 2,600 franchised, licensed and company-owned Midas shops in 19 countries, including nearly 1,800 in the United States and Canada.

NOTE: This news release contains certain forward-looking statements that are based on management's beliefs as well as assumptions made by and information currently available to management. Such statements are subject to risks and uncertainties, both known and unknown, that could cause actual results, performance or achievement to vary materially from those expressed or implied in the forward-looking statements. The company may experience significant fluctuations in future results, performance or achievements due to a number of economic, competitive, governmental, technological or other factors. Additional information with respect to these and other factors, which could materially affect the company and its operations, is included in the company's filings with the Securities and Exchange Commission, including the company's 2005 annual report of Form 10-K and subsequent filings.