Back Yard Burgers Reports Fourth Quarter and Year-end 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)--Feb. 27, 2001 Back Yard Burgers Burgers are hamburgers. Burgers may also refer to:
Total revenues for the thirteen weeks ended December 30, 2000, rose 2.0% to $7,146,000 compared with $7,006,000 last year. The improvement resulted from increased sales of company-operated restaurants, as well as increased royalties due to net unit growth of seven franchised stores over the prior year. 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 for the thirteen weeks ended December 30, 2000, was $594,000 compared with negative $774,000 in the year-earlier period. For the thirteen weeks ended December 30, 2000, net income totaled $35,000, or $0.01 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, compared with a loss of $790,000, or $0.17 per diluted share in the year-earlier period. Prior year amounts include a $1,362,000 impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charge taken in the fourth quarter of fiscal year 1999. Total revenues for the year ended December 30, 2000, decreased 0.1% to $29,260,000 from $29,295,000 last year. EBITDA was $2,706,000 for the year ended December 30, 2000, compared with $991,000 for the year ended January 2, 1999. Net income totaled $466,000, or $0.10 per diluted share, compared with a loss of $558,000, or $0.12 per diluted share in fiscal year 1999. Prior year amounts include a $1,362,000 impairment charge taken in the fourth quarter of fiscal year 1999. 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. at company-operated restaurants decreased 1.1% for the fourth quarter and 5.6% for the year, while same-store sales at franchised restaurants decreased 5.1% in the fourth quarter and 4.5% in the year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. period. System-wide same-store sales decreased 3.4% for the fourth quarter and 5.0% in the year-to-date period. Commenting on the results, Lattimore M. Michael, Chairman and Chief Executive Officer, said, "The infrastructure of the company has changed dramatically over the past two years with the hiring of a new Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , Michael Myers Michael Myers or variants of the name can refer to:
Also commenting, Michael Myers, Chief Operating Officer, said, "We are focused on improving the economic model of our restaurants, which in turn should improve the growth rate of the company. It's simple: the more profitable our products, the faster the company can build stores and the easier it becomes to sell more franchises. During the last half of 2000, we introduced our new "100% 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. Beef Burgers" in all company-operated stores and have been pleased with the results thus far. All franchised and company-operated stores will be serving this product by March 1, 2001. Black Angus Beef, which many consider the gold standard of beef, has helped further position the company as a premium fast-food chain as well as improve the overall profitability of the company. Our plans are to continue to improve product quality and customer satisfaction by enhancing existing products and service as well as introducing new products in the future." During the fourth quarter, the company sold one company-operated store in Benton, Arkansas Benton is the largest city and county seat of Saline CountyGR6, Arkansas, United States. According to 2006 Census Bureau estimates, the population of the city is 27,700, ranking it as the state's 15th largest city, behind West Memphis. , which will continue to be operated as a franchised restaurant. Franchise activity for the quarter included the opening of franchised restaurants in Louisville, Kentucky  “Louisville” redirects here. For other uses, see Louisville (disambiguation). , and Broken Arrow, Oklahoma Broken Arrow is a city located in the northeastern part of the U.S. state of Oklahoma, primarily in Tulsa County with an extension into western Wagoner County. It is the largest suburb of Tulsa. . As of December 30, 2000, the company's restaurant system comprised 93 units, including 35 company-operated stores and 58 franchised stores. Back Yard Burgers operates and franchises quick-service restaurants in Memphis, Little Rock, Nashville and other markets across 16 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 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 special entrees as well as hand-dipped milkshakes, fresh-made lemonade and fresh-baked cobblers.
BACK YARD BURGERS, INC.
Unaudited Financial Highlights
13 Weeks Ended 52 Weeks Ended
12/30/00 01/01/00 12/30/00 01/01/00
Restaurant sales $6,321,000 $6,271,000 $26,182,000 $26,480,000
Total revenues 7,146,000 7,006,000 29,260,000 29,295,000
Income (loss)
before income
taxes 57,000 (1,295,000) 728,000 (930,000)
Income tax expense
(benefit) 22,000 (505,000) 262,000 (372,000)
Net Income (loss) $35,000 $(790,000) $466,000 $(558,000)
Income (loss) per share:
Basic $0.01 $(0.17) $0.10 $(0.12)
Diluted $0.01 $(0.17) $0.10 $(0.12)
Weighted average shares
outstanding:
Basic 4,644,000 4,617,000 4,632,000 4,609,000
Diluted 4,663,000 4,617,000 4,653,000 4,609,000
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. 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 because of weather, local permitting or other reasons; increased competition; cost increases or shortages in raw food products; and the possibility of unforeseen events affecting the industry generally. 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 52 Weeks Ended
Revenues: 12/30/00 01/01/00 12/30/00 01/01/00
Restaurant sales $6,321 $6,271 $26,182 $26,480
Franchise and area
development fees 42 35 202 132
Royalty fees 420 375 1,658 1,508
Advertising fees 117 143 467 568
Other 246 182 751 607
------ ------ ------- -------
Total revenues 7,146 7,006 29,260 29,295
------ ------ ------- -------
Expenses:
Cost of restaurant
sales 1,962 2,022 8,476 8,943
Restaurant operating
expenses 3,176 3,102 13,007 12,709
General and
administrative 948 897 3,531 3,619
Advertising 437 430 1,760 1,701
Depreciation and
amortization 401 370 1,384 1,355
Impairment of
long-lived assets -- 1,362 -- 1,362
------ ------ ------- -------
Total expenses 6,924 8,183 28,158 29,689
------ ------ ------- -------
Operating income (loss) 222 (1,177) 1,102 (394)
Interest income 4 9 34 30
Interest expense (136) (151) (594) (566)
Other, net (33) 24 186 --
------ ------ ------- -------
Income (loss) before
income taxes 57 (1,295) 728 (930)
Income tax expense
(benefit) 22 (505) 262 (372)
------ ------ ------- -------
Net income (loss) $35 $(790) $466 $(558)
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Income (loss) per share:
Basic $0.01 $(0.17) $0.10 $(0.12)
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Diluted $0.01 $(0.17) $0.10 $(0.12)
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Weighted average number of common shares
and common equivalent shares outstanding:
Basic 4,644 4,617 4,632 4,609
====== ====== ======= =======
Diluted 4,663 4,617 4,653 4,609
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