APPLE SOUTH REPORTS RECORD RESULTS FOR THE SECOND QUARTER; EARNINGS PER SHARE UP 38 PERCENT.MADISON, Ga.--(BUSINESS WIRE)--July 31, 1995--Apple South, Inc. (Nasdaq/NM:APSO APSO Agency for Personal Service Overseas APSO Audio Precision System One (audio signal measurement device) APSO Appalachian People's Service Organization APSO Adaptive Particle Swarm Optimization ), the nation's largest operator of Applebee's Neighborhood Grill Grill may refer to: In food:
Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the quarter ended July 2, 1995, totaled $81.7 million, up 53 percent from $53.5 million a year earlier. Net earnings for the quarter increased 53 percent to $5.2 million, or $0.18 per share, compared with $3.4 million, or $0.13 per share, for the second quarter last year. The gains for the quarter brought sales for the first six months of 1995 to $149.7 million, up 45 percent from $102.9 million for the same period in 1994. Net earnings for the six months increased to $8.9 million, or $0.32 per share, compared with $6.0 million, or $0.23 per share, in the first six months of 1994. "In addition to achieving a new record in sales and earnings for the quarter, we have made significant progress in positioning Apple South for continued growth," commented Tom E. DuPree, Jr., Chairman and Chief Executive Officer. "We completed an acquisition during the quarter which is important to our Applebee's expansion strategy. In addition, we set a new record for the number of restaurants built during any given quarter while expanding the number and geographic coverage of our Applebee's restaurants as well as our Tomato Rumba's Pastaria Grill restaurants. We also completed a successful secondary offering of 900,000 shares of Apple South common stock on June 28, 1995. "Acquisitions during the first half of the year have created the Applebee's territories necessary to accommodate our expansion plans well beyond the next five years. In late May, we acquired 18 additional Applebee's restaurants and related real estate from The Marcus Corporation The Marcus Corporation (NYSE: MCS)is a publicly held company with two divisions, Marcus Theatres and Marcus Hotels and Resorts. Stephen H. Marcus, son of the company's founder, is chairman and chief executive officer. as well as the exclusive franchise rights to develop Applebee's restaurants in substantially all of the Chicago metropolitan area “Chicagoland” redirects here. For for the racing venue, see Chicagoland Speedway. The Chicago metropolitan area is the metropolitan area associated with the city of Chicago in the United States. , most of Wisconsin Wisconsin, state, United States Wisconsin (wĭskŏn`sən, –sĭn), upper midwestern state of the United States. It is bounded by Lake Superior and the Upper Peninsula of Michigan, from which it is divided by the Menominee and contiguous Adjacent or touching. Contrast with fragmentation. See contiguous file. counties in Minnesota This is a List of counties in Minnesota. There are 87 counties in the U.S. state of Minnesota. There are also several historical counties. The original five Minnesota counties were Benton, Isanti, Ramsey, Wabasha, and Washington. and Michigan. This acquisition as well as the acquisition completed in March 1995, will secure our system-wide rights to franchise territory which we believe can support more than 400 Applebee's restaurants. "We made significant progress during the second quarter in the development of Tomato Rumba's Pastaria Grill. Our customers are responding positively to the menu, value, food quality and fun dining experience that we have created at Tomato Rumba's. As anticipated, preopening and other operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. have been high for the six restaurants opened during the first half, three newly constructed and three Gianni's Little Italy
Little Italy is a general name for an ethnic enclave populated primarily by Italians or people of Italian ancestry, usually in an urban neighborhood. restaurant conversions, but we expect operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: to improve with further market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" . To this end, we plan to convert a majority of the remaining 11 Gianni's Little Italy restaurants to Tomato Rumba's by the end of 1995 and plan to open ten more Tomato Rumba's in 1996. "We will continue to aggressively pursue growth opportunities supported by our strong financial position and ability to successfully execute aggressive growth plans. By the end of 1995, we expect to be operating a total of 212 restaurants, up from 143 at the close of 1994. This brings the total number of newly constructed Applebee's and Tomato Rumba's restaurants for the year to 43 versus the 40 new restaurants previously announced." Apple South operated a total of 192 restaurants at the end of the second quarter, including 165 Applebee's, 17 Italian-theme restaurants operated as either Tomato Rumba's Pastaria Grill or Gianni's Little Italy, and 10 Hardee's. -0-
APPLE SOUTH, INC.
Unaudited Financial Highlights
(in thousands, except per share amounts)
Three Months Ended
July 2, June 30,
1995 1994
Sales $ 81,691 $ 53,467
Net earnings $ 5,226 $ 3,369
Earnings per share $ 0.18 $ 0.13
Average shares outstanding 29,626 26,349
Six Months Ended
July 2, June 30,
1995 1994
Sales $ 149,724 $ 102,918
Net earnings $ 8,934 $ 6,027
Earnings per share $ 0.32 $ 0.23
Average shares outstanding 28,342 26,330
CONTACT: Apple South Inc., Madison Erich Booth, 706/342-4552 |
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