Back Yard Burgers Reports Record Results for the Third Quarter and Year to Date in 2001.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)--Oct. 23, 2001 Back Yard Burgers Burgers are hamburgers. Burgers may also refer to:
-- Total revenues for the 13-week period ended September 29, 2001, were $7,922,000, a third-quarter record for the company and an increase of 1.8% over total revenues for the 13-week period ended September 30, 2000. The increase is primarily the result of improvements in same-store sales. -- Net income for the 13-week period ended September 29, 2001, was $275,000, or $.06 per diluted share, a third-quarter record for the company and an increase of 89.7% over net income for the 13-week period ended September 30, 2000. -- Same-store sales for the 13-week period ended September 29, 2001, increased 1.5% for company-operated restaurants and decreased 0.4% for franchised restaurants compared with same-store sales for the 13-week period ended September 30, 2000. -- Unit activity for the quarter included two franchised store openings and one franchised store closing. -- The company also reported record year-to-date revenues and net income through the thirty-nine weeks ended September 29, 2001. Year-to-date revenues for the company increased 5.8% to $23,399,000 from $22,114,000 in the prior year and net income increased 84.7% to $796,000, or $0.17 per diluted share, from $431,000, or $0.09 per diluted share in the prior year. Prior year-to-date net income includes $271,000 in gains on the sales of unutilized assets. As of September September: see month. 29, 2001, the company's restaurant system comprised 99 units, including 36 company-operated stores and 63 franchised stores. Expansion plans for the remainder of 2001 includes two company-operated stores and three 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 (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
13 Weeks Ended 39 Weeks Ended
---------------------- ------------------------
Sept. 29, Sept. 30, Sept. 29, Sept. 30,
2001 2000 2001 2000
---------- ---------- ----------- -----------
Restaurant sales $7,040,000 $7,009,000 $20,758,000 $19,861,000
Total revenues 7,922,000 7,781,000 23,399,000 22,114,000
Income before
income taxes 435,000 226,000 1,302,000 671,000
Income taxes 160,000 81,000 506,000 240,000
Net income $ 275,000 $ 145,000 $ 796,000 $ 431,000
Income per share:
Basic $ 0.06 $ 0.03 $ 0.17 $ 0.09
Diluted $ 0.06 $ 0.03 $ 0.17 $ 0.09
Weighted average shares
outstanding:
Basic 4,636,000 4,636,000 4,633,000 4,628,000
Diluted 4,771,000 4,656,000 4,744,000 4,649,000
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)
13 Weeks Ended 39 Weeks Ended
-------------------- --------------------
09/29/01 09/30/00 09/29/01 09/30/00
Revenues: -------- -------- -------- --------
Restaurant sales $ 7,040 $ 7,009 $ 20,758 $ 19,861
Franchise and
area development
fees 40 45 181 160
Royalty fees 508 416 1,472 1,238
Advertising fees 129 121 377 350
Other 205 190 611 505
-------- -------- -------- --------
Total revenues 7,922 7,781 23,399 22,114
-------- -------- -------- --------
Expenses:
Cost of restaurant
sales 2,289 2,250 6,677 6,514
Restaurant
operating
expenses 3,312 3,384 9,814 9,831
General and
administrative 945 920 2,739 2,583
Advertising 453 503 1,411 1,323
Depreciation
and amortization 346 327 1,013 983
-------- -------- -------- --------
Total expenses 7,345 7,384 21,654 21,234
-------- -------- -------- --------
Operating income 577 397 1,745 880
Interest income 5 12 16 30
Interest expense (130) (165) (404) (458)
Other, net (17) (18) (55) 219
-------- -------- -------- --------
Income before
income taxes 435 226 1,302 671
Income tax
provision 160 81 506 240
-------- -------- -------- --------
Net income $ 275 $ 145 $ 796 $ 431
======== ======== ======== ========
Income per share:
Basic $ 0.06 $ 0.03 $ 0.17 $ 0.09
Diluted $ 0.06 $ 0.03 $ 0.17 $ 0.09
======== ======== ======== ========
Weighted average number
of common shares and
common equivalent
shares outstanding:
Basic 4,636 4,636 4,633 4,628
======== ======== ======== ========
Diluted 4,771 4,656 4,744 4,649
======== ======== ======== ========
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