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Document and Entity Information
3 Months Ended
Dec. 29, 2012
Jan. 25, 2013
Document And Entity Information [Abstract]
Document Type 10-Q
Document Period End Date Dec 29, 2012
Amendment Flag false
Entity Registrant Name MONRO MUFFLER BRAKE INC
Entity Central Index Key 0000876427
Entity Current Reporting Status Yes
Entity Voluntary Filers No
Current Fiscal Year End Date --03-30
Entity Filer Category Large Accelerated Filer
Entity Well Known Seasoned Issuer No
Entity Common Stock Shares Outstanding 31,184,446
Document Fiscal Year Focus 2013
Document Fiscal Period Focus Q3
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Consolidated Balance Sheets (Unaudited) (USD $)
In Thousands, unless otherwise specified
Dec. 29, 2012
Mar. 31, 2012
Current assets
Cash and equivalents $ 7,562 $ 3,257
Trade receivables 2,576 1,828
Federal and state income taxes receivable 7 605
Inventories 115,334 97,356
Deferred income tax asset 12,424 10,687
Other current assets 22,608 20,567
Total current assets 160,511 134,300
Property, plant and equipment 464,540 424,425
Less - Accumulated depreciation and amortization (224,058) (211,431)
Net property, plant and equipment 240,482 212,994
Goodwill 227,762 132,656
Intangible assets 26,224 15,172
Other non-current assets 14,885 14,970
Total assets 669,864 510,092
Current liabilities
Current portion of long-term debt 3,584 3,908
Trade payables 53,351 45,349
Accrued payroll, payroll taxes and other payroll benefits 14,341 17,919
Accrued insurance 27,929 23,645
Warranty reserves 9,119 7,035
Other current liabilities 14,267 11,938
Total current liabilities 122,591 109,794
Obligations under capital leases 45,408 45,504
Other long-term debt 124,210 5,660
Accrued rent expense 5,995 6,133
Other long-term liabilities 6,902 5,143
Deferred income tax liability 5,722 6,424
Long-term income taxes payable 3,735 3,935
Total liabilities 314,563 182,593
Commitments      
Shareholders' equity
Class C Convertible Preferred Stock 49 49
Common Stock 372 368
Treasury Stock, at cost (89,832) (86,493)
Additional paid-in capital 129,126 119,690
Accumulated other comprehensive loss (3,555) (3,555)
Retained earnings 319,141 297,440
Total shareholders' equity 355,301 327,499
Total liabilities and shareholders' equity $ 669,864 $ 510,092
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Consolidated Balance Sheets (Parentheticals) (Unaudited) (USD $)
Dec. 29, 2012
Mar. 31, 2012
Common stock par value $ 0.01 $ 0.01
Common stock authorized 65,000,000 45,000,000
Common shares issued 37,244,677 36,855,258
Treasury stock 6,068,080 5,967,991
Preferred Class C [Member]
Preferred stock par value $ 1.5 $ 1.5
Preferred stock conversion value $ 0.064 $ 0.064
Preferred stock shares authorized 150,000 150,000
Preferred stock shares issued 32,500 32,500
Preferred stock shares outstanding 32,500 32,500
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Consolidated Statements of Comprehensive Income (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Dec. 29, 2012
Dec. 24, 2011
Dec. 29, 2012
Dec. 24, 2011
Statement of Comprehensive Income
Sales $ 190,437 $ 176,733 $ 536,088 $ 514,807
Cost of sales, including distribution and occupancy costs 120,827 108,954 328,515 304,903
Gross profit 69,610 67,779 207,573 209,904
Operating, selling, general and administrative expenses 50,782 45,146 149,331 135,939
Operating income 18,828 22,633 58,242 73,965
Interest expense, net 1,473 1,208 4,141 3,663
Other income, net (59) (34) (250) (257)
Income before provision for income taxes 17,414 21,459 54,351 70,559
Provision for income taxes 6,159 7,907 19,911 26,449
Net income 11,255 13,552 34,440 44,110
Earnings per share
Basic $ 0.36 $ 0.44 $ 1.1 $ 1.43
Diluted $ 0.35 $ 0.42 $ 1.07 $ 1.37
Other comprehensive income 0 0 0 0
Comprehensive income $ 11,255 $ 13,552 $ 34,440 $ 44,110
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Consolidated Statement of Changes in Shareholders' Equity (Unaudited) (USD $)
Total
Preferred Stock
Common Stock [Member]
Treasury Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Loss
Retained Earnings
Balance beginning at Mar. 31, 2012 $ 327,499,000 $ 49,000 $ 368,000 $ (86,493,000) $ 119,690,000 $ (3,555,000) $ 297,440,000
Net income 34,440,000 34,440,000
Preferred stock cash dividends (304,000) (304,000)
Common stock cash dividends (12,435,000) (12,435,000)
Tax benefit from exercise of stock options 2,215,000 2,215,000
Exercise of stock options 1,474,000 4,000 (3,339,000) 4,809,000
Stock option compensation 2,412,000 2,412,000
Balance ending at Dec. 29, 2012 $ 355,301,000 $ 49,000 $ 372,000 $ (89,832,000) $ 129,126,000 $ (3,555,000) $ 319,141,000
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Consolidated Statement of Changes in Shareholders' Equity (Parentheticals) (USD $)
3 Months Ended
Dec. 29, 2012
Sep. 29, 2012
Jun. 30, 2012
Cash dividends
Preferred stock cash dividends per common stock equivalent $ 0.2 $ 0.1 $ 0.1
Common stock cash dividends per share $ 0.2 $ 0.1 $ 0.1
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Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Dec. 29, 2012
Dec. 24, 2011
Cash flows from operating activities
Net income $ 34,440 $ 44,110
Adjustments to reconcile net income to net cash provided by operating activities -
Depreciation and amortization 19,422 17,416
Loss on disposal of assets 320 (1,535)
Stock-based compensation expense 2,412 2,181
Excess tax benefits from share-based payment arrangements (270) (245)
Net change in deferred income taxes (280) 2,279
Change in operating assets and liabilities:
Trade receivables (252) (297)
Inventories (1,354) 639
Other current assets (1,383) 1,451
Other non-current assets 596 (3,971)
Trade payables 8,002 7,833
Accrued expenses (742) (1,923)
Federal and state income taxes payable 2,813 3,556
Other long-term liabilities (352) (144)
Long-term income taxes payable (200) (308)
Total adjustments 28,732 26,932
Net cash provided by operating activities 63,172 71,042
Cash flows from investing activities
Capital expenditures (21,066) (18,953)
Acquisitions, net of cash acquired (145,967) (37,843)
Proceeds from the disposal of assets 2,997 2,075
Net cash used for investing activities (164,036) (54,721)
Cash flows from financing activities
Proceeds from borrowings 284,675 142,909
Principal payments on long-term debt and capital lease obligations (169,112) (154,745)
Exercise of stock options 2,075 2,760
Excess tax benefits from share-based payment arrangements 270 245
Dividends to shareholders (12,739) (8,189)
Net cash provided by (used for) financing activities 105,169 (17,020)
Increase (decrease) in cash 4,305 (699)
Cash at beginning of period 3,257 2,670
Cash at end of period $ 7,562 $ 1,971
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Condensed Consolidated Financial Statements
9 Months Ended
Dec. 29, 2012
Organization Consolidation And Presentation Of Financial Statements Disclosure [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

Note 1 – Condensed Consolidated Financial Statements

 

       The consolidated balance sheets as of December 29, 2012 and March 31, 2012, the consolidated statements of comprehensive income for the quarters and nine months ended December 29, 2012 and December 24, 2011, the consolidated statements of cash flows for the nine months ended December 29, 2012 and December 24, 2011, and the consolidated statement of changes in shareholders' equity for the nine months ended December 29, 2012, include financial information for Monro Muffler Brake, Inc. and its wholly-owned subsidiary, Monro Service Corporation (collectively, “Monro”, “we”, “us”, “our”). These unaudited, condensed consolidated financial statements have been prepared by Monro. We believe all known adjustments (consisting of normal recurring accruals or adjustments) have been made to fairly state the financial position, results of operations and cash flows for the unaudited periods presented.

 

       Interim results are not necessarily indicative of results for a full year. The information included in this Form 10-Q should be read in conjunction with the audited financial statements and notes thereto included in our annual report on Form 10-K for the year ended March 31, 2012.

 

       We report our results on a 52/53 week fiscal year with the fiscal year ending on the last Saturday in March of each year. The following are the dates represented by each fiscal period reported in these condensed financial statements:

 

       “Quarter Ended Fiscal December 2012”               September 30, 2012 – December 29, 2012 (13 weeks)
“Quarter Ended Fiscal December 2011
               September 25, 2011 – December 24, 2011 (13 weeks)

       Nine Months Ended Fiscal December 2012”              April 1, 2012 - December 29, 2012 (39 weeks)

       “Nine Months Ended Fiscal December 2011              March 27, 2011 - December 24, 2011 (39 weeks)

       

       Fiscal year 2013, ending March 30, 2013, is a 52 week year.

 

       In March 2012, Monro's Board of Directors approved a resolution to amend our Restated Certificate of Incorporation, subject to shareholder approval, to increase the number of authorized shares of common stock from 45,000,000 to 65,000,000. Our shareholders approved the increase at our Annual Shareholders' meeting on August 7, 2012.

 

Certain reclassifications have been made to the prior year's consolidated financial statements to conform to the current year's presentation.

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Acquisitions
9 Months Ended
Dec. 29, 2012
Business Combinations [Abstract]
Mergers Acquisitions And Dispositions Disclosures [Text Block]

Note 2 – Acquisitions

 

       Acquisitions are strategic moves in our plan to fill in and expand our presence in existing and contiguous markets, and leverage fixed operating costs such as distribution and advertising.

 

Subsequent Events

 

On December 30, 2012, we acquired 12 retail tire and automotive repair stores located in Ohio from Enger Auto Service Mentor, Inc. These stores produced approximately $9 million in net sales in their previous twelve months based on unaudited pre-acquisition historical information. These stores operate under the Mr. Tire name. The acquisition was financed through our existing credit facility.

 

Also, on December 30, 2012, we acquired nine retail tire and automotive repair stores located in North Carolina from Tire King of Durham, Inc. These stores produced approximately $11 million in net sales in their previous twelve months based on unaudited pre-acquisition historical information. These stores operate under the Mr. Tire name. The acquisition was financed through our existing credit facility.

 

Fiscal 2013

 

On December 16, 2012, we acquired 27 retail tire and automotive repair stores located in Indiana and Kentucky and a wholesale operation and warehouse in Kentucky from Ken Towery's Auto Care of Kentucky, Inc. and Ken Towery's Auto Care of Indiana, Inc. These stores and the wholesale operation produced approximately $54 million in net sales in their previous twelve months based on unaudited pre-acquisition historical information. These retail stores operate under the Ken Towery Tire and Auto Care name and the wholesale operation operates under the America's Best Tires name. The acquisition was financed through our existing credit facility.

 

On November 18, 2012, we acquired 31 retail tire stores located in Indiana, Tennessee and Illinois from Everybody's Oil Corporation. These stores produced approximately $64 million in net sales in their previous twelve months based on unaudited pre-acquisition historical information. These stores operate under the Tire Barn Warehouse name. The acquisition was financed through our existing credit facility.

 

On October 13, 2012, we acquired one retail tire and automotive repair store located in Massachusetts from Brothers Tire, Inc. This store produced approximately $1 million in net sales in its previous twelve months based on unaudited pre-acquisition historical information. This store operates under the Monro brand name. The acquisition was financed through our existing credit facility.

 

On October 7, 2012, we acquired five retail tire and automotive repair stores located in New York from Chesley Co. Inc., a former Midas franchisee. These stores produced approximately $3 million in net sales in their previous twelve months based on unaudited pre-acquisition historical information. These stores operate under the Mr. Tire and Monro brand names. The acquisition was financed through our existing credit facility.

 

On August 12, 2012, we acquired 17 retail automotive repair and tire stores located in Wisconsin and South Carolina from Tuffy Associates Corp. These stores produced approximately $9 million in annualized net sales for their previous full fiscal year based on unaudited pre-acquisition historical information. These retail tire and automotive repair stores operate under the Monro and Tread Quarters brand names.

 

       On June 3, 2012, we acquired 18 retail tire and automotive repair stores located in North Carolina from Colony Tire Corporation. These stores produced approximately $25 million in net sales for their previous full fiscal year based on unaudited pre-acquisition historical information. These retail tire and automotive repair stores operate primarily under the Mr. Tire name.

 

On April 1, 2012, we acquired 20 retail tire and automotive repair stores located in Virginia from Kramer Tire Co. These stores produced approximately $25 million in net sales for their previous full fiscal year based on audited pre-acquisition historical information. These retail tire and automotive repair stores operate primarily under the Tread Quarters name. As part of the Kramer acquisition, two heavy truck tire and truck repair stores, two wholesale operations and a retread facility also located in Virginia were acquired. The non-retail facilities and the two heavy truck tire and truck repair stores were disposed of during May 2012.

 

The acquisitions resulted in goodwill related to, among other things, growth opportunities and unidentifiable intangible assets. All of the goodwill is expected to be deductible for tax purposes. We have recorded finite-lived intangible assets at their estimated fair value related to customer relationships and trade names.

In accordance with accounting guidance on business combinations, we expensed all costs related to the acquisitions in the nine months ended December 29, 2012. The total costs related to the acquisitions were $.9 million and $1.6 million for the three and nine months ended December 29, 2012, respectively. These costs are included in the Consolidated Statements of Comprehensive Income primarily under operating, selling, general and administrative expenses.

The purchase price of the acquisitions has been preliminarily allocated to the net tangible and intangible assets acquired, with the remainder recorded as goodwill on the basis of estimated fair values, as follows:

 

    
 As of December 29, 2012
 (Dollars in thousands)
Inventory $ 18,573
Other current assets   1,215
Intangible assets   13,114
Other non-current assets   25,139
Current liabilities   (5,261)
Long-term liabilities   (1,977)
Total net identifiable assets acquired $ 50,803
    
Total consideration transferred $ 146,209
Less: total net identifiable assets acquired   50,803
Goodwill $ 95,406

The goodwill increase of $95.4 million is before the adjustment for the sale of the Kramer assets which reduced goodwill by $.7 million.

 

Intangible assets consist of customer relationships ($8,299,000) and trade names ($4,815,000). Customer relationships and trade names are being amortized over their estimated useful lives. The weighted average useful lives are approximately five and seven years, respectively. The weighted average useful life of all intangible assets is six years.

Sales for the fiscal 2013 acquired entities for the three and nine months ended December 29, 2012 totaled $21.7 million and $42.8 million, respectively for the period from acquisition date through December 29, 2012.

 

Supplemental pro forma information for the current or prior reporting periods has not been presented due to the impracticability of obtaining detailed, accurate or reliable data for the periods the acquired entities were not owned by Monro.

 

The purchase price allocations for the fiscal 2013 acquisitions remain preliminary due to the finalization of the valuation of inventory, fixed and intangible assets, real estate and real property leases. We believe that any adjustments to the purchase price allocations will not be material.

 

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Earnings Per Share
9 Months Ended
Dec. 29, 2012
Earnings Per Share Basic And Diluted [Abstract]
Earnings Per Share Text Block

Note 3 Earnings Per Share

 

       Basic earnings per common share (EPS) amounts are computed by dividing income available to common shareholders, after deducting preferred stock dividends, by the average number of common shares outstanding. Diluted EPS amounts assume the issuance of common stock for all potentially dilutive equivalent securities outstanding.

 

The following is a reconciliation of basic and diluted EPS for the respective periods:

 

             
   Quarter Ended  Nine Months Ended
   Fiscal December  Fiscal December
   2012  2011  2012  2011
  (Dollars in thousands,
  except per share data)
Numerator for earnings per common share calculation:           
Net Income$ 11,255 $ 13,552 $ 34,440 $ 44,110
Preferred stock dividends  (152)   (69)   (304)   (198)
Income available to common shareholders$ 11,103 $ 13,483 $ 34,136 $ 43,912
             
Denominator for earnings per common share calculation:           
Weighted average common shares, basic  31,116   30,823   31,020   30,659
Effect of dilutive securities:            
 Preferred stock  760   760   760   760
 Stock options  364   513   507   824
Weighted average number of common shares, diluted  32,240   32,096   32,287   32,243
Basic Earnings per common share:$ .36 $ .44 $ 1.10 $ 1.43
Diluted Earnings per common share:$ .35 $ .42 $ 1.07 $ 1.37

The computation of diluted EPS excludes the effect of the assumed exercise of approximately 1,034,000 and 967,000 stock options for the three and nine months ended fiscal December 29, 2012, respectively, and 588,000 and 687,000 stock options respectively, for the three and nine months ended December 24, 2011. Such amounts were excluded as the exercise prices of these stock options were greater than the average market value of our Common Stock for those periods, resulting in an anti-dilutive effect on diluted EPS.

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Income Taxes
9 Months Ended
Dec. 29, 2012
Income Tax Disclosure [Abstract]
Income Tax Disclosure Text Block

Note 4 – Income Taxes

 

       In the normal course of business, we provide for uncertain tax positions and the related interest and penalties, and adjust our unrecognized tax benefits and accrued interest and penalties accordingly. The total amounts of unrecognized tax benefits were $5.8 million and $5.5 million, respectively, at December 29, 2012 and March 31, 2012, the majority of which, if recognized, would affect the effective tax rate. As of December 29, 2012, we had approximately $.7 million of interest and penalties accrued related to unrecognized tax benefits.

 

       We are currently under audit by certain state tax jurisdictions for the fiscal 2001 through 2004 and fiscal 2007 through 2010 tax years. It is possible that the examination phase of the audits for these years may conclude in the next 12 months, and that the related unrecognized tax benefits for tax positions taken regarding previously filed tax returns may change from those recorded as liabilities for uncertain tax positions in our financial statements as of December 29, 2012. However, based on the status of the examinations, it is not possible to estimate the effect of any amount of such change to previously recorded uncertain tax positions.

 

       We file U.S. federal income tax returns and income tax returns in various state jurisdictions. Our fiscal 2011 and fiscal 2012 U.S. federal tax year and various state tax years remain subject to income tax examinations by tax authorities.

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Fair Value
9 Months Ended
Dec. 29, 2012
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]

Note 5Fair Value

       Other long-term debt had a carrying amount and a fair value of $124.2 million as of December 29, 2012, as compared to a carrying amount of $5.7 million and a fair value of $5.6 million as of March 31, 2012. The fair value of other long-term debt was estimated based on discounted cash flow analyses using either quoted market prices for the same or similar issues, or the current interest rates offered to us for debt with similar maturities.

 

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Supplemental Disclosure of Cash Flow Information
9 Months Ended
Dec. 29, 2012
Supplemental Cash Flow Information Abstract
Cash Flow Supplemental Disclosures Text Block

Note 6 – Supplemental Disclosure of Cash Flow Information

 

The following transactions represent non-cash investing and financing activities during the periods indicated:

 

Nine Months Ended December 29, 2012:

 

       In connection with the fiscal year 2013 acquisitions (see Note 2), liabilities were assumed as follows:

Fair value of assets acquired$58,041,000
Goodwill acquired 95,164,000
Cash paid, net of cash acquired (145,967,000)
   
Liabilities assumed$7,238,000

In connection with the exercise of stock options and the satisfaction of tax withholding obligations by two officers of Monro and two members of our Board of Directors, we increased current liabilities, Common Stock, paid-in capital and treasury stock by $601,000, $2,000, $2,736,000 and $3,339,000, respectively.

 

In connection with the accounting for income tax benefits related to the exercise of stock options, we decreased current liabilities and increased paid-in capital by $2,215,000.

 

In connection with the accounting for new capital leases, we increased property, plant and equipment and long-term debt by $2,567,000.

Nine Months Ended December 24, 2011:

 

       In connection with the fiscal year 2012 acquisitions, liabilities were assumed as follows:

Fair value of assets acquired$ 7,799,000
Goodwill acquired  31,895,000
Cash paid, net of cash acquired  (37,843,000)
   
Liabilities assumed$ 1,851,000

In connection with the completion of purchase price accounting, we increased property, plant and equipment, deferred income tax asset, goodwill, intangible assets and obligations under capital leases by $1,331,000, $381,000, $325,000, $297,000 and $2,334,000, respectively.

 

In connection with the exercise of stock options and the satisfaction of tax withholding obligations by our Executive Chairman and another member of the Board of Directors, we increased current liabilities, Common Stock, paid-in capital and treasury stock by $5,485,000, $6,000, $8,685,000 and $14,176,000, respectively.

 

In connection with the accounting for income tax benefits related to the exercise of stock options, we decreased current liabilities and increased paid-in capital by $4,999,000.

 

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Cash Dividend
9 Months Ended
Dec. 29, 2012
Cash dividends
Cash Dividends [Text Block]

Note 7 Cash Dividend

 

       In May 2012, our Board of Directors declared a regular quarterly cash dividend during fiscal year 2013 of $.10 per common share or common share equivalent to be paid beginning with the first quarter of fiscal year 2013. Our Board of Directors accelerated the record and payment date of the $.10 per share regular quarterly cash dividend for the fourth quarter such that the dividend was paid together with the third quarter dividend in December 2012. This combined dividend of $.20 per share was paid on December 21, 2012 to shareholders of record as of December 11, 2012. However, the declaration of and any determination as to the payment of future dividends will be at the discretion of the Board of Directors and will depend on our financial condition, results of operations, capital requirements, compliance with charter and credit facility restrictions, and such other factors as the Board of Directors deems relevant.

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Debt
9 Months Ended
Dec. 29, 2012
Line Of Credit Facility Abstract
Line Of Credit Facility Abstract [Text Block]

Note 8 – Debt

 

In December 2012, we amended our revolving Credit Facility agreement to include the following: the committed sum was increased by $75 million to $250 million; the term was extended for another one and a half years, such that the Facility now expires in December 2017; and the $75 million accordion feature was maintained. There were no other changes in terms including those related to covenants or interest rates. There are now six banks participating in the syndication.

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Subsequent Events
9 Months Ended
Dec. 29, 2012
Subsequent Events [Abstract]
Subsequent Events [Text Block]

Note 9 – Subsequent Events

 

       See Note 2 for a discussion of acquisitions subsequent to December 29, 2012.

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Acquisitions (Tables)
9 Months Ended
Dec. 29, 2012
Business Combinations [Abstract]
Schedule Of Purchase Price Table Text Block 1
    
 As of December 29, 2012
 (Dollars in thousands)
Inventory $ 18,573
Other current assets   1,215
Intangible assets   13,114
Other non-current assets   25,139
Current liabilities   (5,261)
Long-term liabilities   (1,977)
Total net identifiable assets acquired $ 50,803
    
Total consideration transferred $ 146,209
Less: total net identifiable assets acquired   50,803
Goodwill $ 95,406
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Earnings Per Share (Tables)
9 Months Ended
Dec. 29, 2012
Earnings Per Share Basic And Diluted [Abstract]
Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share Table [Text Block]
             
   Quarter Ended  Nine Months Ended
   Fiscal December  Fiscal December
   2012  2011  2012  2011
  (Dollars in thousands,
  except per share data)
Numerator for earnings per common share calculation:           
Net Income$ 11,255 $ 13,552 $ 34,440 $ 44,110
Preferred stock dividends  (152)   (69)   (304)   (198)
Income available to common shareholders$ 11,103 $ 13,483 $ 34,136 $ 43,912
             
Denominator for earnings per common share calculation:           
Weighted average common shares, basic  31,116   30,823   31,020   30,659
Effect of dilutive securities:            
 Preferred stock  760   760   760   760
 Stock options  364   513   507   824
Weighted average number of common shares, diluted  32,240   32,096   32,287   32,243
Basic Earnings per common share:$ .36 $ .44 $ 1.10 $ 1.43
Diluted Earnings per common share:$ .35 $ .42 $ 1.07 $ 1.37
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Supplemental Disclosure of Cash Flow Information (Tables)
9 Months Ended
Dec. 29, 2012
Supplemental Cash Flow Information Abstract
Schedule Of Purchase Price Allocation [Table Text Block]
Fair value of assets acquired$58,041,000
Goodwill acquired 95,164,000
Cash paid, net of cash acquired (145,967,000)
   
Liabilities assumed$7,238,000

Fair value of assets acquired$ 7,799,000
Goodwill acquired  31,895,000
Cash paid, net of cash acquired  (37,843,000)
   
Liabilities assumed$ 1,851,000
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Condensed Consolidated Financial Statements (Details)
9 Months Ended
Dec. 29, 2012
Mar. 31, 2012
Organization Consolidation And Presentation Of Financial Statements Disclosure [Abstract]
Company reported results maximum 53 weeks
Company reported results minimum 52 weeks
Company reported results current year fiscal quarter 13 weeks
Company reported results prior year fiscal quarter 13 weeks
Company reported results current fiscal year to date 39 weeks
Company reported results prior fiscal year to date 39 weeks
Company reported results current fiscal year 52 weeks
Common stock authorized 65,000,000 45,000,000
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Acquisitions (Details) (USD $)
3 Months Ended 9 Months Ended
Dec. 29, 2012
Dec. 29, 2012
Schedule Of Business Acquisitions Purchase Price Allocation [Line Items]
Inventory $ 18,573,000 $ 18,573,000
Other current assets 1,215,000 1,215,000
Intangible assets 13,114,000 13,114,000
Other noncurrent assets 25,139,000 25,139,000
Current liabilities (5,261,000) (5,261,000)
Long-term liabilities (1,977,000) (1,977,000)
Net identifiable assets acquired 50,803,000 50,803,000
Total consideration transferred 146,209,000 146,209,000
Net identifiable assets acquired 50,803,000 50,803,000
Goodwill 95,406,000 95,406,000
Goodwill reduction for the sale of Kramer assets 700,000
Total costs related to acquisitions 900,000 1,600,000
Sales for the fiscal 2013 acquired entities 21,700,000 42,800,000
Kramer Acquisition
Business Acquisition [Line Items]
Annual sales based on unaudited pre-acquisition historical information 25,000,000
Number of stores acquired 20
Number of heavy truck stores acquired 2
Number of wholesale operations acquired 2
Number of retread facilities acquired 1
Number of heavy truck stores disposed 2
Colony Acquisition
Business Acquisition [Line Items]
Annual sales based on unaudited pre-acquisition historical information 25,000,000
Number of stores acquired 18
Tuffy Acquisition
Business Acquisition [Line Items]
Annual sales based on unaudited pre-acquisition historical information 9,000,000
Number of stores acquired 17
Brothers Acquisition
Business Acquisition [Line Items]
Annual sales based on unaudited pre-acquisition historical information 1,000,000
Number of stores acquired 1
Chesley Acquisition
Business Acquisition [Line Items]
Annual sales based on unaudited pre-acquisition historical information 3,000,000
Number of stores acquired 5
Tire Barn Acquisition
Business Acquisition [Line Items]
Annual sales based on unaudited pre-acquisition historical information 64,000,000
Number of stores acquired 31
Towery Acquisition
Business Acquisition [Line Items]
Annual sales based on unaudited pre-acquisition historical information 54,000,000
Number of stores acquired 27
Tire King Acquisition
Business Acquisition [Line Items]
Annual sales based on unaudited pre-acquisition historical information 11,000,000
Number of stores acquired 9
Enger Acquisition [Member]
Business Acquisition [Line Items]
Annual sales based on unaudited pre-acquisition historical information $ 9,000,000
Number of stores acquired 12
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Acquisitions Additional Information (Details) (USD $)
9 Months Ended
Dec. 29, 2012
y
Acquired Finite-Lived Intangible Assets [Line Items]
Customer relationships 8,299,000
Trade names 4,815,000
All finite lived intangible assets
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average useful life 6
Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average useful life 7
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average useful life 5
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Earnings Per Share (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Dec. 29, 2012
Dec. 24, 2011
Dec. 29, 2012
Dec. 24, 2011
Numerator For Earnings Per Share Calculation [Abstract]
Net income $ 11,255 $ 13,552 $ 34,440 $ 44,110
Preferred stock dividends (152) (69) (304) (198)
Income available to common shareholders $ 11,103 $ 13,483 $ 34,136 $ 43,912
Denominator for earnings per common share calculation:
Weighted average common shares, basic 31,116,000 30,823,000 31,020,000 30,659,000
Effect of dilutive securities:
Preferred stock 760,000 760,000 760,000 760,000
Stock options 364,000 513,000 507,000 824,000
Weighted average number of common shares, diluted 32,240,000 32,096,000 32,287,000 32,243,000
Basic Earnings per common share: $ 0.36 $ 0.44 $ 1.1 $ 1.43
Diluted Earnings per common share: $ 0.35 $ 0.42 $ 1.07 $ 1.37
Antidilutive securities excluded from computation of earnings per share 1,034,000 588,000 967,000 687,000
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Income Taxes (Details) (USD $)
In Millions, unless otherwise specified
Dec. 29, 2012
Mar. 31, 2012
Income Tax Uncertainties
Unrecognized tax benefits $ 5.8 $ 5.5
Interest and penalties accrued related to unrecognized tax benefits $ 0.7
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Fair Value (Details) (USD $)
In Millions, unless otherwise specified
Dec. 29, 2012
Mar. 31, 2012
Fair Value Disclosures [Abstract]
Carrying amount of long-term debt ( including current portion) $ 124.2 $ 5.7
Fair value of long-term debt (including current portion) $ 124.2 $ 5.6
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Supplemental Disclosure of Cash Flow Information (Details) (USD $)
9 Months Ended
Dec. 29, 2012
Dec. 24, 2011
Supplemental Cash Flow [Line Items]
Goodwill $ 95,406,000
Acquisitions, net of cash acquired (145,967,000) (37,843,000)
Property, plant and equipment, purchase price adjustment 1,331,000
Deferred income tax asset, purchase price adjustment 381,000
Goodwill, purchase price adjustment 325,000
Intangible assets, purchase price adjustment 297,000
Long-term debt, purchase price adjustment 2,334,000
Current liabilities, exercise of stock options 601,000 5,485,000
Common Stock, exercise of stock options 2,000 6,000
Paid in capital, exercise of stock options 2,736,000 8,685,000
Treasury Stock, exercise of stock options 3,339,000 14,176,000
Capital Leases-property, plant and equipment 2,567,000
Capital Leases - Long-term debt 2,567,000
Accounting for income tax benefits related to the exercise of stock options 2,215,000 4,999,000
Fiscal Year 2012 Acquisitions
Supplemental Cash Flow [Line Items]
Fair value of assets acquired 7,799,000
Goodwill 31,895,000
Acquisitions, net of cash acquired (37,843,000)
Liabilities assumed 1,851,000
Fiscal Year 2013 Acquisitions
Supplemental Cash Flow [Line Items]
Fair value of assets acquired 58,041,000
Goodwill 95,164,000
Acquisitions, net of cash acquired (145,967,000)
Liabilities assumed $ 7,238,000
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Cash Dividends (Details) (USD $)
3 Months Ended
Mar. 30, 2013
Dec. 29, 2012
Sep. 29, 2012
Jun. 30, 2012
Cash dividends
Common stock cash dividends per share declared $ 0 $ 0.2 $ 0.1 $ 0.1
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Debt (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Dec. 29, 2012
numberofbanks
y
Line Of Credit Facility Abstract
Line Of Credit Facility Maximum Borrowing Capacity $ 250
Line Of Credit Facility Increase In Availability 75
Number Of Banks In Syndication 6
Extension of Debt Term 1.5
Line Of Credit Facility Amount of Accordian $ 75
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