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Midas Reports Third Quarter Results
- Earnings increase by 67 percent to $0.10 per diluted share after special items of $0.05 per share
- U.S. and Canadian comparable shop sales up 3 percent
- Company-operated shop comparable sales up 4.6 percent
- Company raises second-half 2011 guidance
- Strategic and financial review progressing; real estate appraisal completed
ITASCA, Ill.--(BUSINESS WIRE)--October 27, 2011--Midas, Inc. (NYSE: MDS) reported net earnings of $1.4 million—or $0.10 per diluted share—for the third quarter ended Oct. 1, 2011, compared to $0.8 million—or $0.06 per diluted share—in the third quarter of 2010.
Third quarter 2011 results were negatively impacted by $0.03 per share for real estate appraisal, legal and investment banking expenses related to the process of reviewing strategic alternatives announced on Aug. 11, and by $0.02 per share as a result of losses on the sale of nine company-operated shops to franchisees.
For the first nine months of 2011, net earnings were $4.4 million—or $0.32 per diluted share—an increase from $2.3 million—or $0.17 per diluted share—in 2010.
The following information was filed by Midas Inc (MDS) on Thursday, October 27, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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