Monro adds board member -- and dividend
Monro Muffler Brake Inc. recently added Stephen McCluski to its board of directors. He also was appointed to serve on the board’s Audit Committee.
The board also will pay out both its third- and fourth-quarter dividends to shareholders of record prior to the end of the year.
McCluski, 60, has more than 35 years of business and financial reporting experience. Most recently, he served as senior vice president and chief financial officer of Bausch & Lomb Inc. from 1995 until his retirement in 2007.
Prior to joining Bausch & Lomb in 1988, he held a variety of positions at the former Price Waterhouse & Co. in Rochester, N.Y., and Hartford, Conn.
McCluski serves as chairman of PACS Industries Inc., a DeltaPoint Capital Management LLC portfolio company, and ImmunoGen Inc. He is a board member of two private companies: American Aerogel Corp. and Lasermax Inc. He also is an operating director of DeltaPoint Capital.
"Steve brings to our board a wealth of financial experience and is a true leader with a proven track record of success," says Rob Gross, executive chairman. "His leadership ability and expertise will be invaluable in guiding our company as we continue to execute on our long-term strategy and capitalize on the opportunities we see in the marketplace."
The board accelerated the record and payment date of the $.10 per share regular quarterly cash dividend for the fourth quarter. That dividend will be paid out together with the $.10 third-quarter dividend on Dec. 21, 2012 to shareholders of record as of Dec. 11, 2012.
(The cash dividend is payable to shareholders of record on the company’s outstanding shares of common stock, including the shares of common stock to which the holders of the company’s Class C Convertible Preferred Stock are entitled.)
No additional dividend payment can be expected for the remainder of fiscal 2013, which ends March 30, 2013.
"Given our strong balance sheet and the likelihood of a change in the tax rates on dividends beginning next year that will subject a significant part of the company’s U.S. shareholder base to increased dividend taxation for 2013, we believe it is prudent to accelerate the timing of the payment of our fourth quarter dividend to our shareholders into calendar year 2012," says Gross.
Monro Muffler Brake posted net income of $11.5 million on net sales of $176.5 million for its second quarter ended Sept. 29, 2012. That compares to income of $15.1 million on sales of $173.3 million for the same period last year.
For more information on the company's most recent financial results, click here.