Back Bay Restaurant Group reports first quarter 1997 financial results.BOSTON--(BUSINESS WIRE)--April 28, 1997--Back Bay Restaurant Group, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : PAPA) announced today its operating results for the thirteen-week period ended March 30, 1997. 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 in the first quarter of 1997 increased by $1,413,000 to $21,896,000 from $20,483,000 in the same quarter last year. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. improved by $330,000 to $24,000 from a deficit of $306,000 in last year's first quarter. The Company reported a net loss of $89,000, an improvement of $235,000 from the net loss of $324,000 reported in last year's comparable period. In making today's announcement, Charles F. Sarkis, Chairman of the Board and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Back Bay said: "Financial results in the first quarter of 1997 have exceeded both the first quarter of 1995 and 1996 and is the fourth consecutive fiscal quarter that the Company has reported year-to-year earnings improvement. The improved performance is due to higher margins, the contribution of a new restaurant which opened in September, 1996 and flat comparable unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. ." Back Bay also announced today that it has scheduled to open a Joe's American Bar The American Bar is a drinking establishment at the Savoy Hotel in London. Opened in 1898 when cocktail were being first introduced to London. The term American Bar comes from the 1930s when cocktails were first gaining popularity in the United States. & Grill on Boston's historic waterfront on May 1, 1997. "This is an important restaurant opening for Back Bay," said Sarkis, "the restaurant will add to the momentum the Company has built over the past year. Being able to operate the restaurant beginning in early May will position Joe's to take full advantage of the very strong seasonal business anticipated at this location through Autumn." Back Bay Restaurant Group, Inc. owns and operates 34 full-service restaurants located in New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. , New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , New Jersey and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . Fourteen feature Italian cuisine Italian cuisine as a national cuisine known today has evolved from centuries of social and political change. Its roots can be traced back to 4th century BCE and into the Middle Ages which brought Arab and Norman influence to certain regions along with introduction of notable chefs and are operated under the Papa.Razzi trade name. Twenty restaurants service American-style food and are operated under several trade names including Joe's American Bar & Grill, Charley's Eating & Drinking Saloon, J.C. Hillary's Ltd., Famous Atlantic Fish Company, and Rayz Riverside Cafe. -0-
SELECTED FINANCIAL DATA
(unaudited)
(in 000's except share data)
Thirteen Weeks Ended
March 30, 1997 March 31,1996
$ % of sales $ % of sales
Sales 21,896 100.0 20,483 100.0
Cost of sales 6,095 27.8 5,821 28.4
Payroll and related
costs 7,376 33.7 6,801 33.2
Operating expenses 5,283 24.1 4,965 24.2
Depreciation and
amortization 952 4.4 956 4.7
Income from restaurant
operations 2,190 10.0 1,940 9.5
General and
administrative expenses 2,166 9.9 2,246 11.0
Operating income/(loss) 24 0.1 (306) (1.5)
Net interest expense 165 0.7 208 1.0
Income/(loss) before
income taxes (141) (0.6) (514) (2.5)
Income taxes (52) (0.2) (190) (0.9)
Net income (loss) (89) (0.4) (324) (1.6)
Net income (loss)
per share (.03) (.09)
Weighted average
shares outstanding 3,434 3,436
Number of restaurants:
Restaurants open at
beginning of Period 34 33
Restaurants open at
end of Period 34 33
CONTACT: Back Bay Restaurant Group Francis P. Bissaillon (617) 425-5205 or Robert J. Ciampa (617) 425-5216 |
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