[0] Briazz, Inc. Announces First Quarter Results for the 13 Week Period Ended April 1, 2001.Business Editors/Food Writers REPEATING...due to garble gar·ble tr.v. gar·bled, gar·bling, gar·bles 1. To mix up or distort to such an extent as to make misleading or incomprehensible: She garbled all the historical facts. 2. SEATTLE--(BUSINESS WIRE)--May 9, 2001 Briazz Briazz was a Seattle based sandwich restaurant chain founded in 1995. At one time its stores reached across America as far as Chicago and Los Angeles.[1] In June, 2004, Briazz filed for Chapter 11 bankruptcy protection. , Inc. (Nasdaq:BRZZ) today announced first quarter results for the 13 week period ended April 1, 2001. Total sales increased $0.75 million, or 10.0 % to $8.26 million for the 13 weeks ended April 1, 2001, compared to $7.51 million for the 13 weeks ended March 26, 2000. For the same period, retail sales increased $0.59 million, or 9.0% to $7.16 million from $6.57 million. Same store sales Same Store Sales A statistic used in retail industry analysis. It compares sales of stores that have been open for a year or more. Notes: This statistic allows investors to determine what portion of new sales has come from sales growth and what portion from the opening of (comps) increased by $0.44 million, or 8.4%, from $5.22 million to $5.66 million. Wholesale and other sales increased $0.17 million, or 18.1% to $1.11 million from $0.94 million. Net loss decreased by $0.42 million, or 24.3%, to $1.31 million from $1.73 million for the first quarter of 2000. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become loss decreased $0.34 million, or 33.3% to $0.68 million from $1.02 million for the comparable period in the prior year. Founded in Seattle Seattle (sēăt`əl), city (1990 pop. 516,259), seat of King co., W Wash., built on seven hills, between Elliott Bay of Puget Sound and Lake Washington; inc. 1869. , Wash. in 1995, Briazz prepares and sells high-quality, branded lunch and breakfast foods for the "on-the-go" consumer. It sells its products primarily through its company-operated cafes, through delivery of box lunches and catered platters directly to corporate customers and through selected wholesale accounts. On May 1, 2001, Briazz announced the initial public offering by the company of 2,000,000 shares of its common stock at a price of $8.00 per share
Briazz, Inc.
Consolidated Statements of Operations
(Unaudited, in thousands)
Thirteen weeks ended Thirteen weeks ended
04/01/01 03/26/00
Total Sales $ 8,263 $ 7,507
Cost of food and packaging 3,165 3,068
Occupancy expenses 932 945
Labor expenses 2,763 2,530
Depreciation & amortization 606 666
Other operating expenses 435 387
General & administrative
expenses 1,651 1,588
Provision for asset impairment -- 8
-------- --------
Total operating cost & expenses 9,552 9,192
-------- --------
Loss from operations (1,289) (1,685)
-------- --------
Other expense, net (22) (40)
-------- --------
Net loss (1,311) (1,725)
======== ========
Briazz, Inc.
Consolidated Balance Sheets
(Unaudited, in thousands)
As of As of
04/01/01 12/31/00
Assets
Current Assets
Cash & cash equivalents $ 613 $ 555
Accounts receivable,
(net of allowance of
$ 63, and $ 112) 651 547
Inventories 516 508
Prepaid expenses and other 280 490
Restricted certificates of deposit
current portion 134 149
-------- --------
Total Current Assets 2,194 2,249
Property and equipment, net 11,130 11,632
Restricted certificates of deposit
net of current portion 342 328
Deposits and other assets 578 200
-------- --------
Total Assets $14,244 $ 14,409
======== ========
Liabilities and Shareholders' Equity
Current Liabilities
Line of Credit, current $ 210 $ 160
Accounts payable 1,238 3,008
Accrued compensation 827 904
Accrued and other liabilities 576 653
Current portion of
long-term debt 122 144
-------- --------
Total Current Liabilities 2,973 4,869
Line of credit borrowings,
less current portion 1,780 1,840
Long-term debt, net of current 33 48
Mandatorily redeemable convertible
preferred stock:
Series A 11,148 10,984
Series B 23,463 23,104
Series C 20,052 19,521
-------- --------
Total redeemable Preferred 54,663 53,609
-------- --------
Shareholders' Equity
Common stock 2,081 2,076
Additional Paid-in Capital 3,034 --
Other comprehensive loss (1,165) (1,060)
Accumulated deficit (49,155) (46,973)
-------- --------
Total Shareholders' Equity (45,205) (45,957)
-------- --------
Total Liabilities & Shareholders'
Equity & Liability $14,244 $14,409
======== ========
This release does not constitute an offer to sell or the solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful Contrary to or unauthorized by law; illegal. When applied to promises, agreements, or contracts, the term denotes that such agreements have no legal effect. The law disapproves of such conduct because it is immoral or contrary to public policy. prior to registration or qualification under the securities laws of any such state or jurisdiction. A copy of the prospectus A document, notice, circular, advertisement, letter, or communication in written form or by radio or television that offers any security for sale, or confirms the sale of any security. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the offering may be obtained through WR Hambrecht + Co's website, www.wrhambrecht.com; by contacting WR Hambrecht + Co WR Hambrecht + Co. is a full service investment bank with headquarters in New York and San Francisco. It specializes in using its unique auction process called OpenIPO to compete with the traditional methods of larger and more established banks. in writing at P.O. Box 677, Berwyn Berwyn (bûr`wĭn), city (1990 pop. 45,426), Cook co., NE Ill., a residential suburb of Chicago, on the Chicago Sanitary and Ship Canal; inc. 1891. It has varied light industry and manufactures. , PA, 19312-0677; or by calling WR Hambrecht + Co toll free at 877/673-6476 (877/OPENIPO). |
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