Back Yard Burgers Announces Second Quarter 2003 Results.Business Editors MEMPHIS Memphis, city, ancient Egypt Memphis (mĕm`fĭs), ancient city of Egypt, capital of the Old Kingdom (c.3100–c.2258 B.C.), at the apex of the Nile delta and 12 mi (18 km) from Cairo. , Tenn.--(BUSINESS WIRE)--July 25, 2003 Back Yard Burgers Burgers are hamburgers. Burgers may also refer to:
-- Total revenues for the 13-week period ended June June: see month. 28, 2003, were $10,188,000, a record second quarter for the company and an increase of 10.8% over total revenues for the 13 weeks ended June 29, 2002. The increase primarily is the result of the net increase of three company-operated restaurants since June 29, 2002. Franchise and area development fees increased due to opening of seven franchised restaurants in the 13-week period ended June 28, 2003, compared with three franchised restaurant openings in the year-earlier period. Royalty fees also rose over the year-earlier period due to a net increase of 19 franchised restaurants since June 29, 2002. Other revenues for the 13-week period ended June 28, 2003, also increased over the year-earlier period due to higher volume rebates from vendors, sales of proprietary spices to franchisees, and other miscellaneous revenues. -- Net income for the 13-week period ended June 28, 2003, was $435,000, or $0.09 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, a decrease of 19.0% from net income for the second quarter of 2002 of $537,000, or $0.11 per diluted share. During the second quarter of 2003, the company began testing a late-night late-night also late night adj. 1. Occurring late at night: a late-night television show. 2. Open late at night: a late-night diner. operations program during which operations at company-operated restaurants were extended by three business hours BUSINESS HOURS. The time of the day during which business is transacted. In respect to the time of presentment and demand of bills and notes, business hours generally range through the whole day down to the hours of rest in the evening, except when the paper is payable it a bank or by a . Management believes the implementation of a late-night operations program had a positive impact on sales in the short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. and should continue that trend over the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. . However, implementation of the program has had and could continue to have a negative impact on profitability in the short term, due primarily to the additional investment in labor at the stores. The implementation of such a program takes time to communicate to the general public and to generate incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. sales adequate to offset the incremental costs Costs which are additional costs to the Service appropriations that would not have been incurred absent support of the contingency operation. See also financial management. . The company is currently communicating its new hours of operations at its stores with point-of-purchase material and in its radio and television advertisements. The cost of beef increased approximately 4.5% over the prior year and this, too, had a negative impact on quarterly earnings versus the prior year. -- For the second quarter of 2003, same-store sales Same-store sales is a business term which refers to the revenue generated by one of a retail chain's specific outlets during a certain period of time (often a fiscal quarter or a particular shopping season), compared to an identical period in the past, usually in the previous year. for company-operated restaurants increased 0.9% from the comparable period in 2002 while same-store sales for franchised restaurants declined 6.9% for the same period. Same-store sales at company-operated restaurants were positively affected by the implementation of a late-night program and promotions offering certain menu items at discounted prices during the month of June 2003. These programs were not utilized by franchised restaurants during the second quarter of 2003. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. same-store sales for 2003 decreased 2.3% from the comparable period in 2002 for company-operated restaurants and 6.6% for franchised restaurants. -- Total revenues for the 26-week period ended June 28, 2003, totaled $18,762,000, compared with $17,375,000 in the prior-year period. Net income for the 26-week period ended June 28, 2003, was $685,000, or $0.14 per diluted share, compared with $764,000, or $0.15 per diluted share in the prior-year period. -- Unit activity for the quarter included seven franchised store openings (including four co-branded restaurants with Taco Bell Taco Bell Corp., a subsidiary of Yum! Brands, Inc., is a Mexican-style quick service restaurant chain based in Irvine, California, United States. The restaurant has locations primarily in the United States and Canada, but also operates outlets in several other markets. operations under the company's Multi-Brand Development Agreement with YUM! Brands Yum! Brands, Inc. (NYSE: YUM) or Yum! is a Fortune 500 corporation, that operates or licenses A&W (excluding Canada), KFC, Long John Silver's, Pizza Hut, and Taco Bell restaurants worldwide. Based in Louisville, Kentucky, it is the world's largest quick-service (a.k.a. , Inc.) and two franchised store closings (both were co-branded restaurants with Pizza Hut operations under the company's Multi-Brand Development Agreement with YUM! Brands, Inc.). As of June 28, 2003, the company's restaurant system comprised 128 units, including 42 company-operated stores and 86 franchised stores (of which eight were co-branded restaurants under the agreement with Yum! Brands, Inc.). Expansion plans for the remainder of 2003 include the opening of two company-operated stores and nine franchised stores. Back Yard Burgers operates and franchises quick-service restaurants in the Memphis, Little Rock and Nashville Nashville, city (1990 pop. 487,969), state capital, coextensive with Davidson co., central Tenn., on the Cumberland River, in a fertile farm area; inc. as a city 1806, merged with Davidson co. 1963. markets as well as other markets across 17 states. The restaurants specialize spe·cial·ize v. 1. To limit one's profession to a particular specialty or subject area for study, research, or treatment. 2. To adapt to a particular function or environment. in charbroiled, freshly prepared, great-tasting food. As its name implies, Back Yard Burgers strives to offer the same high-quality ingredients and special care typified by outdoor grilling in the backyard. Its menu features made-to-order gourmet Black Angus Angus (ăng`gəs), council area (1993 est. pop. 111,020), 842 sq mi (2,181 sq km), and former county, NE Scotland. Under the Local Government Act of 1973, the county of Angus became part of the Tayside region in 1975. hamburgers and chicken sandwiches Noun 1. chicken sandwich - a sandwich made with a filling of sliced chicken sandwich - two (or more) slices of bread with a filling between them - charbroiled over an open flame, fresh salads, chili (language) CHILI - D.L. Abt. A language for systems programming, based on ALGOL 60 with extensions for structures and type declarations. ["CHILI, An Algorithmic Language for Systems Programming", CHI-1014, Chi Corp, Sep 1975] and other specialty items, including hand-dipped milkshakes, fresh-made lemonade and fresh-baked cobblers.
BACK YARD BURGERS, INC.
Unaudited Financial Highlights
Thirteen Weeks Ended Twenty-six Weeks Ended
------------------------ -------------------------
June 28, June 29, June 28, June 29,
2003 2002 2003 2002
----------- ---------- ----------- -----------
Restaurant sales $ 8,870,000 $8,279,000 $16,447,000 $15,590,000
Total revenues 10,188,000 9,196,000 18,762,000 17,375,000
Income before
income taxes 669,000 853,000 1,054,000 1,213,000
Income taxes 234,000 316,000 369,000 449,000
Net income $ 435,000 $ 537,000 $ 685,000 $ 764,000
Income per share:
Basic $ 0.09 $ 0.11 $ 0.14 $ 0.16
Diluted $ 0.09 $ 0.11 $ 0.14 $ 0.15
Weighted average
shares
outstanding:
Basic 4,728,000 4,713,000 4,725,000 4,702,000
Diluted 5,061,000 5,097,000 5,020,000 5,078,000
This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the federal securities laws, including statements regarding the number of company-operated and franchised restaurants and co-branded outlets the company anticipates opening during fiscal year 2003. There are certain important factors that could cause actual results to differ materially from those anticipated by the statements made herein. Among the factors that could cause actual results to differ from predicted or expected results are: delays in opening new stores or outlets because of weather, local permitting or other reasons; increased competition and competitive discounting; cost increases or shortages in raw food products; and the possibility of unforeseen events affecting the industry generally. The forward-looking statements reflect management's current expectations. The company undertakes no obligation to publicly release revisions to these forward-looking statements to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" or to reflect the occurrence of unforeseen events, except as required to be reported to be spoken of; to be mentioned, whether favorably or unfavorably. See also: Report under the rules and regulations of the Securities and Exchange Commission.
BACK YARD BURGERS, INC
Unaudited Consolidated Statements of Operations
(in thousands, except per share amounts)
13 Weeks Ended 26 Weeks Ended
06/28/03 06/29/02 06/28/03 06/29/02
-------- -------- -------- --------
Revenues:
Restaurant sales $ 8,870 $ 8,279 $ 16,447 $ 15,590
Franchise and area
development fees 75 17 165 44
Royalty fees 668 566 1,250 1,082
Advertising fees 167 135 312 265
Other 408 199 588 394
-------- -------- -------- --------
Total revenues 10,188 9,196 18,762 17,375
-------- -------- -------- --------
Expenses:
Cost of restaurant
sales 2,939 2,588 5,357 4,879
Restaurant operating
expenses 4,190 3,746 7,831 7,216
General and
administrative 1,188 1,040 2,283 2,106
Advertising 599 525 1,076 985
Depreciation and
amortization 465 345 885 670
-------- -------- -------- --------
Total expenses 9,381 8,244 17,432 15,856
-------- -------- -------- --------
Operating income 807 952 1,330 1,519
Interest income 1 4 4 8
Interest expense (126) (117) (252) (249)
Other, net (13) 14 (28) (65)
-------- -------- -------- --------
Income before
income taxes 669 853 1,054 1,213
Income tax provision 234 316 369 449
-------- -------- -------- --------
Net income $ 435 $ 537 $ 685 $ 764
======== ======== ======== ========
Income per share:
Basic $ 0.09 $ 0.11 $ 0.14 $ 0.16
======== ======== ======== ========
Diluted $ 0.09 $ 0.11 $ 0.14 $ 0.15
======== ======== ======== ========
Weighted average
number of common
shares and common
equivalent shares
outstanding:
Basic 4,728 4,713 4,725 4,702
======== ======== ======== ========
Diluted 5,061 5,097 5,020 5,078
======== ======== ======== ========
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion