Back Yard Burgers Reports Record First Quarter Revenues and 140% Increase in Profits; Also Names Myers as President.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)--April 24, 2001 Back Yard Burgers Burgers are hamburgers. Burgers may also refer to:
-- Total revenues for the thirteen-week period ended March 31, 2001, increased 8.5% to $7,134,000, which represents a record first quarter for the company. The increase is the result of improvements in same-store sales over the thirteen weeks ended April 1, 2000, as well as additional franchise fee income from the opening of five franchises in the first quarter of 2001 compared with three in the first quarter of 2000. A 14.0% increase in royalty fees due to net growth of seven franchised stores since April 1, 2000, also contributed to the increase. -- EBITDA increased 33.5% to $726,000 for the first quarter of 2001 from $544,000 in the year-earlier period. -- Net income increased 140.0% for the first quarter of 2001 to $156,000, or $.03 per diluted share, from $65,000, or $.01 per diluted share, during the first quarter of 2000. In the prior year, a $131,000 gain on the sale of unutilized assets had a positive impact on EBITDA and net income figures. -- Same-store sales for the first quarter of 2001 increased 2.4% for company-operated restaurants and decreased 2.0% for franchised restaurants. The company also announced the promotion of Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. W. Myers Myers can refer to: People
The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of the company as he has since joining the company in August of 1999. Myers previously served as regional vice president for Whataburger Whataburger is a privately held, regional fast food restaurant specializing in hamburgers. The company, established by Harmon Dobson, opened its first restaurant in Corpus Christi, Texas on August 8, 1950. By 1960 the chain had grown to 17 locations in Texas, Tennessee and Florida. , Inc. and has 17 years of restaurant industry experience. Commenting on the promotion, Lattimore Lattimore can refer to: People
As of March 31, 2001, the Company's restaurant system comprised 95 units, including 35 company-operated stores and 60 franchised stores. Expansion plans for the remainder of 2001 includes three company-operated stores and seven or more franchised stores. Back Yard Burgers operates and franchises quick-service restaurants in Memphis, Little Rock, 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. , and 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 made-to-or·der adj. 1. Made in accordance with particular instructions or requirements; custom-made. 2. Very suitable: a made-to-order job. Adj. 1. 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 special entrees, as well as hand-dipped milkshakes, fresh-made lemonade and fresh-baked cobblers.
BACK YARD BURGERS, INC.
Unaudited Financial Highlights
Thirteen Weeks Ended
March 31, April 1,
2001 2000
---------- ----------
Restaurant sales $6,331,000 $5,877,000
Total revenues 7,134,000 6,574,000
Income before income taxes 248,000 96,000
Income taxes 92,000 31,000
Net Income $ 156,000 $ 65,000
Income per share:
Basic $ 0.03 $ 0.01
Diluted $ 0.03 $ 0.01
Weighted average shares outstanding:
Basic 4,632,000 4,621,000
Diluted 4,708,000 4,641,000
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 the company anticipates opening during 2001. 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 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)
Thirteen Weeks Ended
Revenues: 03/31/01 04/01/00
Restaurant sales $ 6,331 $ 5,877
Franchise and area development fees 99 43
Royalty fees 439 385
Advertising fees 113 110
Other 152 159
-------- --------
Total revenues 7,134 6,574
Expenses:
Cost of restaurant sales 2,017 1,955
Restaurant operating expenses 3,106 3,072
General and administrative 816 804
Advertising 455 327
Depreciation and amortization 331 320
-------- --------
Total expenses 6,725 6,478
-------- --------
Operating income 409 96
Interest income 7 7
Interest expense (147) (128)
Other, net (21) 121
-------- --------
Income before income taxes 248 96
Income tax expense 92 31
-------- --------
Net income $ 156 $ 65
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Income per share:
Basic $ 0.03 $ 0.01
Diluted $ 0.03 $ 0.01
======== ========
Weighted average number of common shares and
common equivalent shares outstanding:
Basic 4,632 4,621
======== ========
Diluted 4,708 4,641
======== ========
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