Automotive repair chain Midas Inc. said Thursday first-quarter STI fell 30 percent net income as the cost of preparing for a legal case outweighed a gain in sales.
Midas Reported net income of $ 700,000, or 5 cents per share, compared with $ 1,000,000, or 7 cents per share, in the same quarter last year.
Midas said the cost of preparing for July arbitration with its master licensee in Europe there was a 5 cent per share impact on first quarter results.
Revenue rose 07.06 percent to $ 47,700,000 from $ 44.3 million. The company said the sales gain was driven by factors such as an increase in the number of sexually transmitted infections in the U.S. Customers shopping.
Analysts polled by Thomson Reuters Expected Income for the first quarter of 8 cents per share, on revenue of $ 47,800,000.
Midas shares fell 17 cents to U.S. $ 10.53 in midday trading.