Back Yard Burgers Reports Record First Quarter Revenues and Profits.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 23, 2002 Back Yard Burgers Burgers are hamburgers. Burgers may also refer to:
-- Total revenues for the thirteen-week period ended March 30, 2002, representing a record first quarter for the company, were $8,179,000, an increase of 14.6% over total revenues for the thirteen weeks ended March 31, 2001. The increase is the result of improvements in same-store sales over the thirteen weeks ended March 31, 2001, as well as revenues from the opening of four new company-operated restaurants since March 31, 2001. A 17.5% increase in royalty fees due to net growth of seven franchised stores since March 31, 2001, also contributed to the increase. -- The company also reported record first quarter income for the thirteen-week period ended March 30, 2002. Net income increased 45.5% for the first quarter of 2002 to $227,000, or $.04 per diluted share, from $156,000, or $.03 per diluted share, during the first quarter of 2001. The increase is primarily due to the revenue growth described above as well as improved margins at company-operated restaurants. The company has reported increases of 40.0% or more in net income over the same quarter in the prior year for nine consecutive quarters. -- Same-store sales for the first quarter of 2002 increased 4.4% over the comparable period in 2001 for company-operated restaurants and 0.8% for franchised restaurants. The company has reported year-over-year same-store sales growth for five consecutive quarters for company-operated restaurants and for two consecutive quarters for franchised restaurants. -- Unit activity for the quarter included two company-operated store openings, two franchised store openings and two franchised store closings. Of the two franchised openings, one included the opening of the first co-branded restaurant under the Multi-Brand Development Agreement the company entered with Tricon Global Restaurants, Inc. on January 2, 2002. This outlet is located in Shepherdsville, Kentucky, and was an existing Taco Bell converted into a Taco Bell-Back Yard Burgers co-branded restaurant. Under the terms of the Development Agreement, Back Yard Burgers granted Tricon the right to use the Back Yard Burgers trademarks in the United States in connection with the establishment and operation of up to ten Back Yard Burgers outlets as part of multi-brand units with Taco Bell, Pizza Hut and/or KFC operations. It is anticipated that the first ten outlets will be constructed and opened by the end of 2003. The Development Agreement also grants to Tricon an option to co-brand up to 500 additional restaurants within certain geographic areas if the development schedule for the initial ten outlets is being met. As of March 30, 2002, the company's restaurant system comprised 106 units, including 39 company-operated stores and 67 franchised stores. Expansion plans for the remainder of 2002 include four company-operated stores, seven franchised stores and five outlets co-branded 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. , Pizza pizza Food of Neapolitan origin. It consists of a flattened disk of bread dough, typically topped with olive oil, tomatoes, and mozzarella cheese, baked quickly, and served hot. Pizza is eaten throughout Italy, with regional variations in toppings. Pizza came to the U.S. Hut and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. KFC KFC Kentucky Fried Chicken (restaurant chain) KFC Kenya Flower Council KFC Kitchen Fresh Chicken (Kentucky Fried Chicken motto) KFC Kung Fu Cult (Cinema) KFC Kitchen Fixed Charge operations under the agreement with Tricon Global Restaurants, Inc. 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 (logic) implies - (=> or a thin right arrow) A binary Boolean function and logical connective. A => B is true unless A is true and B is false. The truth table is A B | A => B ----+------- F F | T F T | T T F | F T T | T It is surprising at first that A => , 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 flame, phenomenon associated with the chemical reaction of a gas that has been heated above its kindling temperature with some other gas, usually atmospheric oxygen (see combustion). , 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 cobblers Noun, pl Brit, Austral & NZ slang nonsense [rhyming slang cobblers' awls balls] Noun 1. cobblers - nonsense; "I think that is a load of cobblers" .
BACK YARD BURGERS, INC.
Unaudited Financial Highlights
Thirteen Weeks Ended
March 30, March 31,
2002 2001
---------- ----------
Restaurant sales $7,311,000 $6,331,000
Total revenues 8,179,000 7,134,000
Income before income taxes 360,000 248,000
Income taxes 133,000 92,000
Net Income $ 227,000 $ 156,000
Income per share:
Basic $ 0.05 $ 0.03
Diluted $ 0.04 $ 0.03
Weighted average number of common shares and common equivalent shares
outstanding:
Basic 4,691,000 4,632,000
Diluted 5,111,000 4,708,000
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 2002. 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; 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: 03/30/02 03/31/01
-------- --------
Restaurant sales $ 7,311 $ 6,331
Franchise and area development fees 27 99
Royalty fees 516 439
Advertising fees 130 113
Other 195 152
-------- --------
Total revenues 8,179 7,134
-------- --------
Expenses:
Cost of restaurant sales 2,291 2,017
Restaurant operating expenses 3,470 3,106
General and administrative 1,066 816
Advertising 460 455
Depreciation and amortization 325 331
-------- --------
Total expenses 7,612 6,725
-------- --------
Operating income 567 409
Interest income 4 7
Interest expense (132) (147)
Other, net (79) (21)
-------- --------
Income before income taxes 360 248
Income tax expense 133 92
-------- --------
Net income $ 227 $ 156
======== ========
Income per share:
Basic $ 0.05 $ 0.03
Diluted $ 0.04 $ 0.03
======== ========
Weighted average number of common shares and common equivalent shares
outstanding:
Basic 4,691 4,632
Diluted 5,111 4,708
======== ========
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