Back Yard Burgers Reports Record Fourth Quarter and Year-End Results.Business Editors/Food Writers 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. 25, 2003 Back Yard Burgers Burgers are hamburgers. Burgers may also refer to:
-- Total revenues for the 13-week period ended December 28, 2002, were $8,536,000, a fourth-quarter record for the company and an increase of 10.3% over total revenues for the 13-week period ended December 29, 2001. The increase is primarily the result of net store unit growth of 14.4% over the prior year. -- Net income for the 13-week period ended December 28, 2002, was $327,000, or $.07 per diluted share, an increase of 41.6% over net income of $231,000, or $.05 per diluted share, for the 13-week period ended December 29, 2001. Pre-tax income for the 13-week period ended December 29, 2001, was reduced by $111,000 for a reserve on a note receivable from a former franchisee and $70,000 for a land lease reserve relating to a restaurant building the company assumed as collateral under the provisions of the note. -- Same-store sales for company-operated restaurants decreased 3.4% for the 13-week period ended December 28, 2002, and increased 0.1% for the year ended December 28, 2002. Same-store sales for franchised restaurants decreased 5.7% for the 13-week period ended December 28, 2002, and 1.8% for the year ended December 28, 2002. Management attributed the decline in same-store sales during the fourth quarter of 2002 to a decline in traffic counts due to competitive discounting. -- Unit activity for the quarter included two company-operated store openings and five franchised store openings (including one co-branded restaurant with Taco Bell operations under the company's Multi-Brand Development Agreement with YUM! Brands, Inc.). -- The company also reported record fiscal year revenues for the year ended December 28, 2002. Revenues for the company increased 11.4% to $34,687,000 in 2002 from $31,138,000 in the prior year. Net income increased 43.8% to $1,477,000, or $0.29 per diluted share, from $1,027,000, or $0.22 per diluted share in the prior year. As of December December: see month. 28, 2002, the company's restaurant system comprised 119 units, including 42 company-operated stores and 77 franchised stores. Expansion plans for fiscal year 2003 include three company-operated stores and 20 or more franchised stores (including five 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 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.). 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 (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 specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. items, including 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 Fifty-Two Weeks Ended
------------------------- -------------------------
December 28, December 29, December 28, December 29,
2002 2001 2002 2001
----------- ----------- ----------- -----------
Restaurant sales $ 7,538,000 $ 6,783,000 $30,951,000 $27,541,000
Total revenues 8,536,000 7,739,000 34,687,000 31,138,000
Income before
income taxes 387,000 277,000 2,203,000 1,579,000
Income taxes 60,000 46,000 726,000 552,000
Net income $ 327,000 $ 231,000 $ 1,477,000 $ 1,027,000
Income per share:
Basic $ 0.07 $ 0.05 $ 0.31 $ 0.22
Diluted $ 0.07 $ 0.05 $ 0.29 $ 0.22
Weighted average
shares
outstanding:
Basic 4,718,000 4,643,000 4,709,000 4,635,000
Diluted 4,990,000 4,795,000 5,058,000 4,757,000
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 52 Weeks Ended
-------------------- --------------------
12/28/02 12/29/01 12/28/02 12/29/01
-------- -------- -------- --------
Revenues:
Restaurant sales $ 7,538 $ 6,783 $ 30,951 $ 27,541
Franchise and area
development fees 102 139 227 320
Royalty fees 549 512 2,172 1,984
Advertising fees 141 125 548 502
Other 206 180 789 791
-------- -------- -------- --------
Total revenues 8,536 7,739 34,687 31,138
-------- -------- -------- --------
Expenses:
Cost of restaurant
sales 2,289 2,120 9,558 8,797
Restaurant operating
expenses 3,590 3,213 14,536 13,027
General and
administrative 1,280 1,196 4,433 3,935
Advertising 501 413 1,985 1,824
Depreciation and
amortization 348 370 1,381 1,383
-------- -------- -------- --------
Total expenses 8,008 7,312 31,893 28,966
-------- -------- -------- --------
Operating income 528 427 2,794 2,172
Interest income 5 4 17 20
Interest expense (138) (160) (520) (564)
Other, net (8) 6 (88) (49)
-------- -------- -------- --------
Income before income
taxes 387 277 2,203 1,579
Income tax expense 60 46 726 552
-------- -------- -------- --------
Net income $ 327 $ 231 $ 1,477 $ 1,027
======== ======== ======== ========
Income per share:
Basic $ 0.07 $ 0.05 $ 0.31 $ 0.22
======== ======== ======== ========
Diluted $ 0.07 $ 0.05 $ 0.29 $ 0.22
======== ======== ======== ========
Weighted average number
of common shares and
common equivalent
shares outstanding:
Basic 4,718 4,643 4,709 4,635
======== ======== ======== ========
Diluted 4,990 4,795 5,058 4,757
======== ======== ======== ========
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