Back Yard Burgers Reports Record Revenues and Profits for First Quarter.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 22, 2003 Back Yard Burgers Burgers are hamburgers. Burgers may also refer to:
-- Total revenues for the 13-week period ended March 29, 2003, were $8,574,000, a record first quarter for the company and an increase of 4.8% over total revenues for the 13 weeks ended March 30, 2002. The increase primarily is the result of the net increase of three company-operated restaurants since March 30, 2002, offset by a decline in 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. since the prior year. Franchise and area development fees increased due to opening of five franchised restaurants in the 13-week period ended March 29, 2003, compared with two franchised restaurant openings in the year-earlier period. Royalty fees also rose over the year-earlier period due to a net increase of 14 franchised restaurants since March 30, 2002. -- The company reported record first quarter net income for the 13-week period ended March 29, 2003. Net income for the first quarter of 2003 was $250,000, or $0.05 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, an increase of 10.1% over net income for the first quarter of 2002 of $227,000, or $0.04 per diluted share. The increase is primarily due to the revenue growth described above. -- For the first quarter of 2003, same-store sales for company-operated restaurants decreased 6.0% from the comparable period in 2002 while same-store sales for franchised restaurants declined 6.1% for the same period. Management attributes the decline in same-store sales to several factors, including a weak overall economy, competitive discounting, inclement in·clem·ent adj. 1. Stormy: inclement weather. 2. Showing no clemency; unmerciful. in·clem weather in key markets, declining consumer confidence and concerns about the war in Iraq Iraq or Irak (both: ēräk`, ĭrăk`), officially Republic of Iraq, republic (2005 est. pop. 26,075,000), 167,924 sq mi (434,924 sq km), SW Asia. . -- Unit activity for the quarter included five franchised store openings (including one co-branded restaurant 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 company's Multi-Brand Development 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.) and one franchised store closing. As of March 29, 2003, the company's restaurant system comprised 123 units, including 42 company-operated stores and 81 franchised stores (of which six were co-branded restaurants under the agreement with Yum! Brands, Inc.). Expansion plans for the remainder of 2003 include the opening of three company-operated stores and 16 franchised stores (including four co-branded restaurants under the agreement with Yum! Brands, 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, 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 specialty 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
March 29, March 30,
2003 2002
---------- ----------
Restaurant sales $7,577,000 $7,311,000
Total revenues 8,574,000 8,179,000
Income before income taxes 385,000 360,000
Income taxes 135,000 133,000
Net income $ 250,000 $ 227,000
Income per share:
Basic $ 0.05 $ 0.05
Diluted $ 0.05 $ 0.04
Weighted average shares outstanding:
Basic 4,721,000 4,691,000
Diluted 4,979,000 5,111,000
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)
Thirteen Weeks Ended
03/29/03 03/30/02
-------- --------
Revenues:
Restaurant sales $ 7,577 $ 7,311
Franchise and area development fees 90 27
Royalty fees 582 516
Advertising fees 145 130
Other 180 195
-------- --------
Total revenues 8,574 8,179
-------- --------
Expenses:
Cost of restaurant sales 2,418 2,291
Restaurant operating expenses 3,641 3,470
General and administrative 1,095 1,066
Advertising 477 460
Depreciation and amortization 420 325
-------- --------
Total expenses 8,051 7,612
-------- --------
Operating income 523 567
Interest income 3 4
Interest expense (126) (132)
Other, net (15) (79)
-------- --------
Income before income taxes 385 360
Income tax expense 135 133
-------- --------
Net income $ 250 $ 227
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Income per share:
Basic $ 0.05 $ 0.05
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Diluted $ 0.05 $ 0.04
======== ========
Weighted average number of common shares and
common equivalent shares outstanding:
Basic 4,721 4,691
======== ========
Diluted 4,979 5,111
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