Corporate ActionJul 29, 2026, 08:02 AM
Monro Completes Preferred Stock Conversion; Q1 Net Loss Narrows
AI Summary
MONRO, INC. announced the completion of its Class C Preferred Stock conversion, with 19,664 shares converting into over 1.2 million common shares. The company also amended its Credit Facility, reducing it to $400 million while modifying covenants to provide additional flexibility. For Q1 2027, Monro reported a net loss of $(2.1) million, an improvement from $(8.1) million in the prior year, despite a decrease in sales to $287.1 million.
Key Highlights
- 19,664 Class C Preferred Stock shares converted into 1,204,908 Common Stock shares on June 18, 2026.
- Credit Facility permanently reduced from $500 million to $400 million, with modified covenants.
- Q1 2027 net loss narrowed to $(2.1) million, compared to $(8.1) million in Q1 2026.
- Q1 2027 sales decreased to $287.1 million from $301.0 million in Q1 2026.
- Basic and diluted loss per share improved to $(0.08) from $(0.28) in Q1 2026.
- Long-term debt increased to $108.4 million as of June 27, 2026, from $60.0 million as of March 28, 2026.
- Declared and paid $0.28 per common share dividend, totaling $8.7 million in Q1 2027.
- Sold four owned stores for $2.7 million net proceeds, recording a $1.6 million net gain.
Price Impact
More from MNRO