Midas 1Q Results

Midas corporate recently announced results from its fiscal first quarter. You can read the details here or here. The long and the short of the results were net earnings of $1.3 million (compared to $2.2 million for the same quarter in ’07), but revenue increased 8.5 percent to nearly $45 million. The company noted that domestic retail sales were down 1.6 percent system-wide, but up nearly 8.0 percent for Canadian facilities.

The company also noted its recent acquisition of the franchisor for SpeeDee Oil Change & Tune-Up, promising to include results from SpeeDee operations in its second quarter financial postings. Of particular interest was the company’s announcement that it will co-brand Midas and SpeeDee services, with some SpeeDee shops offering Midas-branded services, and some Midas shops offering SpeeDee-branded oil change services. The company plans to test co-branded services later this year. If successful, it could signal a paradigm shift for the entire auto maintenance industry. Imagine a SpeeDee-branded quick oil change service at all 1,700 domestic Midas shops. And, this is pure conjecture of course, but imagine Goodyear offering “Jiffy Lube” oil changes at its facilities. The co-branding possibilities are endless…and certainly thought-provoking.

About National Oil & Lube News

National Oil & Lube News is the fast oil change industry's oldest and largest trade publication. Started in 1986 by Steve Hurt (a former fast lube owner) and David Arrington, NOLN has grown and evolved right alongside the fast lube industry. Here at NOLN, our aim is to help fast lube operators with every facet of their business, from operations to technical issues. Our monthly magazine and this regularly updated website contain everything from technical tips, recall announcements and service guides to articles on handling customer complaints, building your brand and making your business the best it can be. With tips and advice from experts both inside and outside the industry, you're sure to learn something that can help your fast lube business grow and prosper.
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