Once the hedge fund selling done PBY will rocket higher. Monro also spoke of increased repair costs etc... PBY will not be sold for $3. Try at least $7-$10. They just attained financing of $300 million so they should be fine shorter term as dealers go out of business.
"Robert G. Gross, Chairman and Chief Executive Officer, stated, ``We are pleased to have delivered another quarter of record performance and our third straight quarter of industry-leading comparable store sales increases in the mid-single digits. For the third quarter, we continued to reap the rewards of our effective advertising and promotions and our aggressive efforts to gain market share during a challenging time for many of our competitors. In addition, we are particularly pleased that our customers continue to return to us as their trusted service provider as tough economic conditions have, in many cases, caused them to extend the lives of their vehicles, thereby requiring more frequent and larger repairs.'' First Nine Month Results For the nine-month period, net sales increased 8.1% to $359.0 million from $332.2 million in the same period of the prior year. Net income for the first nine months of fiscal 2009 was a record $21.0 million, or $1.05 per diluted share, compared with $20.0 million, or $.89 per share in the comparable period of fiscal 2008. Company Outlook Based on year-to-date performance and current business trends, the Company anticipates fourth quarter comparable store sales growth to be in the range of 4% to 7% and diluted earnings per share to be in the range of $.09 to $.14, compared to $.10 for the fourth quarter of fiscal 2008, which included a gain on property sales of $1 million and an income tax benefit of $300,000. For fiscal 2009, the Company now anticipates sales in the range of $467 million to $471 million and comparable store sales growth of 5% to 6%. This compares with its previously expected sales of $460 million to $465 million and comparable store sales growth of 3% to 4%. The Company reiterated its expected full year diluted earnings per share range of $1.14 to $1.19. The estimates are based on 20.2 million weighted average shares outstanding and exclude the impact of any potential acquisitions. Mr. Gross concluded, ``We are very encouraged by our performance through the first nine months of fiscal 2009. Our business continues to perform well into the new calendar year with comparable store sale increases for January of 15%, with only three days left in the month. Notably, we remain on track to deliver our eighth consecutive year of positive comparable store sales results, highlighting our Company's ability to thrive during both strong and weak economies. That said, while we are certainly pleased with our performance to date this year, we recognize that we are operating in an environment of a weak economy and consumer confidence, and therefore remain cautiously optimistic about our prospects for the remainder of the fiscal year 2009. In addition, we will continue to actively evaluate the competitive landscape and pursue additional acquisitions when we believe that purchase prices are at appropriate levels.