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Article: Midas Reports Second Quarter Earnings of $0.03 Per Diluted Share after $0.09 of Non-Cash Special Items; 11 Percent Increase in Traffic at U.S. Midas Shops Offset by Decline in Average Ticket; SpeeDee Co-Brand Test Shops Post 17 Percent Sales Increase.(Financial report)
- Article from:
- Economics Week
- Article date:
- August 21, 2009
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Midas, Inc. (NYSE: MDS) reported net earnings of $0.4 million-or $0.03 per diluted share for the second quarter ended July 4, 2009, compared to $2.2 million-or $0.16 per diluted share-in the second quarter of 2008. The second quarter 2009 results include $0.09 of non-cash special items, primarily related to the vesting of restricted stock issued in 2005 and 2006. These non-cash special items resulted in approximately $0.7 million of administrative expense and $0.8 million of additional income tax expense, which drove the effective tax rate to 78.6 percent for the quarter.
Midas also reported that marketing efforts to grow its U.S. customer base with oil change ...