Midas' Shares Plunge After Firm Lowers Guidance.(Brief Article)

Midas Inc. said its chief executive has quit and that the company is also experiencing higher medical claims, severance expenses and declining sales in its wholesale parts distribution business. As a result, the company said it will report a loss in the third quarter

Shares of Midas fell almost 28 percent between the middle of September and end of September, and more than 56 percent year-to-date.

Midas said it expects to post a "modest" loss for the third quarter, compared with a year-earlier profit of 35 cents a share. The company said revenue should be about flat with the $85.2 million it reported in third quarter 2001.

Midas also said Chief Executive Wendel Province, 54, has resigned, and Chief Operating Officer Gary Vonk will replace him on an interim basis. The company said it will begin a search for Province's permanent replacement.

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