Barbeques Galore's 1997 Third-Quarter Sales Up 23.5 Percent to A$43.5 Million; U.S. Comp Store Sales Increase by 19.3 Percent.IRVINE Irvine, town, Scotland Irvine (ûr`vĭn), town (1991 pop. 32,507), North Ayrshire, SW Scotland, on the Irvine River estuary. Industries include iron and brass foundries. Other products are chemicals, electric goods, and clothing. , Calif.--(BUSINESS WIRE)--Nov. 24, 1997--Barbeques Galore Limited (Nasdaq:BBQZY), a specialty retailer of barbecues and barbecue barbecue [West Indian or South American], in the United States, traditionally an open-air gathering, political or social, in which meats are roasted whole over a pit of embers and food and drink are liberally enjoyed. accessories, Monday Monday: see week. reported sales of A$43,539,000 for the third quarter ended Oct. 31, 1997, representing a 23.5 percent increase over the third-quarter sales of A$35,254,000 in the prior year. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of A$1,303,000 was up 55.1 percent from A$840,000 for the 1996 prior-year period. Third-quarter earnings per share on a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basis were A$.12 as compared with A$.06 a year ago. The pro forma results reflect capital structure changes as a result of the company's recent IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. . For the nine months ended Oct. 31, 1997, total sales were A$113,933,000, an increase of 20.1 percent over total sales of A$94,874,000 in the first nine months of the prior year. Operating income increased to A$1,336,000 from a loss of A$1,003,000 in the prior-year period. Earnings per share for the nine months were A$.09 vs. a loss of A$.18 per share on a pro forma basis for the same 1996 period. Third-quarter 1997 comparable store sales for the company's U.S. operations were up 19.3 percent from a year ago. Comparatively, the company's Australian Australian pertaining to or originating in Australia. Australian bat lyssavirus disease see Australian bat lyssavirus disease. Australian cattle dog a medium-sized, compact working dog used for control of cattle. operations reported comparable store sales increases of 7.2 percent. The company has opened six stores in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. during the first nine months of 1997, and plans to open five additional stores by year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. , including one franchise store. "Our strong U.S. sales numbers were driven by increased awareness of the Barbeques Galore Barbeques Galore is an Australian chain of retail stores specializing in barbecue grills that also has a large presence in the United States. There are 84 stores in covering all of Australia, and 75+ stores in 10 American states. name, particularly in the Texas and Bay Area markets where the company's presence continues to grow through the addition of new company-owned stores," stated Sydney Sydney, city, Australia Sydney, city (1991 pop. 3,097,956), capital of New South Wales, SE Australia, surrounding Port Jackson inlet on the Pacific Ocean. Sydney is Australia's largest city, chief port, and main cultural and industrial center. Selati, president of Barbeques Galore U.S.A. "In Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. , our newly relocated re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. and refurbished stores contributed to the strong sales gains. Our Australian results were also driven by greater than expected sales in our wholesale division due to increased business with mass merchandisers. In addition, we are continuing to experience manufacturing efficiencies as a result of the consolidation of our Australian factory operations." Barbeques Galore is the leading specialty retail chain of barbecue and barbecue accessory accessory, in criminal law, a person who, though not present at the commission of a crime, becomes a participator in the crime either before or after the fact of commission. stores in the United States and Australia. The company owns and operates 33 stores in the United States and 32 stores in Australia. In addition, there are six franchised stores in the United States and 45 licensed stores in Australia, all of which operate under the "Barbeques Galore" name. -0- This news release may contain 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. that involve risks and uncertainties. Reference is made to the "Risk Factors" section of the company's prospectus A document, notice, circular, advertisement, letter, or communication in written form or by radio or television that offers any security for sale, or confirms the sale of any security. dated Nov. 7, 1997, which has been filed with the Securities and Exchange Commission, for factors that, among others, could cause the actual results of the company to differ materially from those contained in the forward-looking statements. -0-
BARBEQUES GALORE LIMITED
Unaudited Pro Forma Results
(In thousands, except per-share data)
Third Quarter Ended Third Quarter Ended
Oct. 31, 1997 Oct. 31, 1996
A$ US$ A$ US$
Sales:
Australia 30,199 21,982 26,274 20,743
U.S. 13,340 9,710 8,980 7,090
Total sales 43,539 31,692 35,254 27,833
Cost of goods sold 29,815 21,702 24,248 19,144
Gross profit 13,724 9,990 11,006 8,689
Selling, general
& administrative 12,384 9,014 10,088 7,964
Store pre-opening costs 37 27 78 62
Relocation & closure costs 0 0 0 0
Other operating income 0 0 0 0
Operating income 1,303 948 840 663
Equity in income of affiliates 153 111 104 82
Interest expense 535 389 535 422
Other expense (income) 0 0 0 0
Income before income tax 921 670 409 323
Income tax expense 350 255 154 122
Net income 571 416 255 201
Net income per share 0.12 0.09 0.06 0.05
Weighted average shares
outstanding 4,635 -- 4,635 --
US$/A$ conversion rate -- .7279 -- .7895
-0-
Nine Months Ended Nine Months Ended
Oct. 31, 1997 Oct. 31, 1996
A$ US$ A$ US$
Sales:
Australia 68,054 51,354 63,709 49,986
U.S. 45,879 34,620 31,165 24,452
Total sales 113,933 85,974 94,874 74,438
Cost of goods sold 78,235 59,036 67,335 52,831
Gross profit 35,698 26,938 27,539 21,607
Selling, general
& administrative 34,118 25,745 28,400 22,283
Store pre-opening costs 246 186 142 111
Relocation & closure costs 0 0 0 0
Other operating income 3 2 0 0
Operating income (loss) 1,336 1,008 (1,003) (787)
Equity in income of affiliates 342 258 104 82
Interest expense 1,152 869 1,152 904
Other expense (income) 0 0 0 0
Income (loss) before income tax 526 397 (2,051) (1,609)
Income tax expense (benefit) 113 85 (1,207) (947)
Net income (loss) 413 312 (844) (662)
Net income (loss) per share 0.09 0.07 (0.18) (0.14)
Weighted average shares
outstanding 4,635 -- 4,635 --
US$/A$ conversion rate -- .7546 -- .7846
CONTACT: Barbeques Galore U.S.A., Irvine Sydney Selati, 714/597-2400 |
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