Barbeques Galore Announces Financial Results For Fiscal 2005 and First Quarter of Fiscal 2006 Following Completion of Accounting Review.LAKE FOREST, Calif. -- 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. Limited (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BBQZ) today reported financial results for its fiscal year ended January January: see month. 31, 2005, along with results for its first fiscal quarter ended April 30, 2005. Results for fiscal year and fourth quarter ended January 31, 2005 and 2004:
Three Months Ended Twelve Months Ended
In US$ thousands except per January 31, January 31,
share data ------------------ -------------------
2005 2004(a) 2005 2004(a)
--------- -------- --------- ---------
Net Sales
Australia 36,347 37,879 96,848 91,112
U.S. 22,873 25,076 114,071 106,934
--------- -------- --------- ---------
Total net sales 59,220 82,955 210,919 198,046
Operating income 1,881 4,693 1,922 1,187
Net income 845 3,203 186 218
Earnings per share - diluted 0.19 0.76 0.04 0.05
US$/A$ conversion rate 0.7671 0.7412 0.7347 0.6736
Comparable Store Sales
Australia (in Australian $'s) -9.9% -2.8%
U.S. (in US $'s) -8.2% +6.3%
(a) As restated
Results for first fiscal quarter ended April 30, 2005 and 2004:
Three Months Ended
In US$ thousands except per share data April 30,
---------------------
2005 2004(a)
---------- ----------
Net Sales
Australia 18,976 18,346
U.S. 27,567 25,432
---------- ----------
Total net sales 46,543 43,778
Operating (loss) (3,967) (1,621)
Net (loss) (2,723) (1,238)
Earnings per share - diluted -0.64 -0.30
US$/A$ conversion rate 0.7798 0.7571
Comparable Store Sales
Australia (in Australian $'s) -4.5%
U.S. (in US $'s) +4.8%
(a) As restated
The company said reporting of results for fiscal year 2005 and the first fiscal quarter of 2006 was delayed due to an exhaustive review it undertook in consultation with its independent auditors Independent Auditor An external auditor with a certified public accounting designation that qualifies him or her to provide an auditor's report. Notes: These auditors aren't affiliated with the company being audited. , KPMG KPMG Klynveld Peat Marwick Goerdeler (accounting firm) KPMG Kaiser Permanente Medical Group KPMG Keiner Prüft Mehr Genau (German) KPMG Kommen Prüfen Meckern Gehen , related to the treatment of leases and other matters. The review was similar to that undertaken by numerous other retail companies following clarification Clarification The removal of small amounts of fine, particulate solids from liquids. The purpose is almost invariably to improve the quality of the liquid, and the removed solids often are discarded. by the U.S. Securities and Exchange Commission on lease accounting. It resulted in the restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. of the way the company accounts for leases, specifically in regard to operating leases Operating Lease A lease contract that allows the use of an asset, but does not convey rights similar to ownership of the asset. Notes: An operating lease is not capitalized it is accounted for as a rental expense. with scheduled rent increases and tenant allowances, and the recording of out-of-period adjustments. The restatement had no impact on previously reported cash flows, cash balances, sales or comparable sales. There was also no impact on the timing or amount of any actual lease payment or tax liability; compliance with any financial covenant covenant (kŭv`ənənt), agreement entered into voluntarily by two or more parties to do or refrain from doing certain acts. In the Bible and in theology the covenant is the agreement or engagement of God with man as revealed in the under its credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities ; or the current economic value of the company's leaseholds or freehold Freehold, borough, United States Freehold, borough (1990 pop. 10,742), seat of Monmouth co., E central N.J.; settled c.1650, called Monmouth Courthouse (1715–1801), inc. as a town 1869, as a borough 1919. . The company said the primary effect of the restatement was a decrease in total shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. of A$1,241,000 as originally stated at January 31, 2004. Barbeques Galore recently filed its Annual Report on Form 20-F for fiscal 2005 which contains full details. Sam (1) (Security Accounts Manager) The part of Windows NT that manages the database of usernames, passwords and permissions. A SAM resides in each server as well as in each domain controller. See PDC and trust relationship. Linz Linz (lĭnts), city (1991 pop. 203,044), capital of Upper Austria, NW Austria, a major port on the Danube River. It is a commercial and industrial center and a rail junction. , Executive Chairman, said operating results for the year and first quarter 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. were affected by generally weak consumer spending Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. , along with heightened competition which placed pressure on margins. Linz said unusually harsh weather conditions 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. , including record rainfall in the company's largest geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. market, California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). , also impacted results. Subsequent to the close of the first quarter, the company closed underperforming stores in Coral Springs Coral Springs, city (1990 pop. 79,443), Broward co., SE Fla.; inc. 1963. Largely residential, it is a city that has grown rapidly along with the southern Florida and Fort Lauderdale area. The population of Coral Springs nearly doubled between 1980 and 1990. , FL, Cupertino Cu·per·ti·no A city of western California west of San Jose. It has an electronics industry. Population: 50,000. , CA and Stafford Stafford, city (1991 pop. 60,915) and district, Staffordshire, W central England, on the Sow River, above its junction with the Trent. Stafford's chief industry is the manufacture of electrical goods; other products are concrete, shoes and shoe-repairing machinery, (Houston Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; ), TX. "Proceeding into fiscal 2006, the retail environment in Australia remains difficult, and we plan to roll out a new marketing strategy for Australia's summer season," Linz said. "We also are proceeding with selective expansion in the U.S." During the first quarter, Barbeques Galore opened a new store in Norwalk Norwalk (nôr`wôk'). 1 City (1990 pop. 94,279), Los Angeles co., S Calif.; settled in the 1850s, inc. 1957. With the arrival (1875) of the Southern Pacific RR, it became a center for the dairy and logging industries, but , CT, its first in the tri-state region For other tri-state regions, see . The Tri-State Region is commonly used in the area surrounding New York City to unambiguously refer to the greater metropolitan area. Sometimes the phrase is shortened to "the Tri-State," or "the Tri-State Area" is used instead. of the eastern U.S., and plans its second opening in the area by September September: see month. of this year in Scarsdale Scarsdale, village (1990 pop. 16,987), Westchester co., SE N.Y., a residential suburb of New York City; settled c.1701, inc. 1915. Scarsdale is often considered typical of upper-class suburban communities. Bibliography See C. , NY. Recently, new stores were opened in Alpharetta, GA, near Atlanta Atlanta (ətlăn`tə, ăt–), city (1990 pop. 394,017), state capital and seat of Fulton co., NW Ga., on the Chattahoochee R. and Peachtree Creek, near the Appalachian foothills; inc. 1847. , and Temecula, CA, near San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. . In Australia, the Mile End SA store was 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. , the licensed store at Tweed Heads, NSW NSW New South Wales Noun 1. NSW - the agency that provides units to conduct unconventional and counter-guerilla warfare Naval Special Warfare was purchased, and the Bowral store was sold to a licensee licensee n. a person given a license by government or under private agreement. (See: license, licensor) LICENSEE. One to whom a license has been given. 1 M. Q. & S. 699 n. . The company last month opened a new store at Capalaba, Qld, and later this year will relocate 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. its stores in Castle Hill, NSW and Camperdown Camperdown (kăm`pərdoun'), Du. Kamperduin [the dune of Kamp], locality near the village of Kamp, North Holland prov., NW Netherlands, on the North Sea. In 1797 the British defeated the Dutch in a naval battle off Camperdown. , NSW to larger locations. In a separate news release today, the company announced it has signed an agreement for a proposed transaction with Ironbridge Capital, a leading 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. private equity firm, to acquire all the outstanding stock and options in the company in a cash transaction valued at approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. US$45 million. Ironbridge will offer A$13.00 per share in cash, equal to US$9.91, based on present currency exchange rates. The agreement is subject to the grant of the appropriate approvals and fulfilment ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. of certain financial and other conditions. Barbeques Galore is the leading chain of 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. retail stores devoted to sales of barbecues, backyard accents, fireside products and related accessories. The company now owns and operates 68 stores in the U.S. and 44 stores in Australia. In addition, it has seven franchised stores in the U.S. and 48 licensed stores in Australia. Through its U.S. e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. Web site, www.bbqgalore.com, the company sells an extensive line of 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. and fireside products and related accessories. This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such statements include, but are not limited to the company's ability to successfully execute To run a program, which causes the computer to carry out its instructions. See executable code, instruction and EXE file. execute - execution its expansion plans in existing as well as new geographic markets, its ability to successfully open planned and negotiated stores, the success of its new marketing strategy in Australia and consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of the acquisition transaction. Forward looking statements are based on management's current expectations and beliefs, and are subject to risks and uncertainties. Accordingly, actual results may differ materially from the 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. contained herein. Risks that relate to these forward looking statements include the risk that the transaction will not receive the required shareholder and government approvals and the risk that the transaction will otherwise not be completed. Further detailed information about risk factors that may impact the company's business is set forth in the company's periodic filings with the U.S. Securities and Exchange Commission. Barbeques Galore expressly disclaims any obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
BARBEQUES GALORE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
In US$ thousands, except share and per share data
Fourth Quarter
ended Year ended
January 31 January 31
--------------- -----------------
2005 2004 2005 2004
------- ------- -------- --------
Net Sales
Australia 36,347 37,879 96,848 91,112
U.S. 22,873 25,076 114,071 106,934
------- ------- -------- --------
Total net sales 59,220 62,955 210,919 198,046
------- ------- -------- --------
Cost of goods sold, warehouse,
distribution & occupancy costs 40,293 42,260 145,822 139,355
------- ------- -------- --------
Gross profit 18,927 20,695 65,097 58,691
------- ------- -------- --------
Selling, general &
administration expenses 17,046 15,919 63,840 57,489
Store pre opening costs (11) 0 145 9
Relocation and closure costs (gains) 8 28 (125) 2,031
Other expense (income) 3 55 (685) (2,025)
------- ------- -------- --------
Operating income 1,881 4,693 1,922 1,187
------- ------- -------- --------
Equity in (loss) of affiliates 0 (329) 0 (189)
Interest expense 430 374 1,539 1,366
------- ------- -------- --------
Income (loss) before income tax 1,451 3,990 383 (368)
------- ------- -------- --------
Income tax expense (benefit) 606 787 197 (586)
------- ------- -------- --------
Net income (loss) 845 3,203 186 218
======= ======= ======== ========
Basic earnings (loss) per share 0.20 0.78 0.04 0.05
======= ======= ======== ========
Diluted earnings (loss) per share 0.19 0.76 0.04 0.05
======= ======= ======== ========
Weighted average shares outstanding
outstanding - Basic 4,245 4,117 4,182 4,117
======= ======= ======== ========
- Diluted 4,412 4,207 4,385 4,117
======= ======= ======== ========
US$/A$ conversion rate 0.7671 0.7412 0.7347 0.6736
BARBEQUES GALORE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
In Australian $ thousands, except share and per share data
Fourth Quarter
ended Year ended
January 31 January 31
------------------ -----------------
2005 2004 2005 2004
--------- ------- -------- --------
Unaudited Restated Audited Restated
Net Sales
Australia 47,382 51,105 130,920 133,340
U.S. 29,818 33,832 156,172 160,689
--------- ------- -------- --------
Total net sales 77,200 84,937 287,092 294,029
--------- ------- -------- --------
Cost of goods sold, warehouse,
distribution & occupancy costs 52,526 57,015 198,480 207,451
--------- ------- -------- --------
Gross profit 24,674 27,922 88,612 86,578
--------- ------- -------- --------
Selling, general &
administration expenses 22,221 21,477 86,882 85,923
Store pre opening costs (14) 0 200 14
Relocation and closure costs
(gains) 11 38 (170) 3,427
Other expense (income) 4 74 (959) (3,004)
--------- ------- -------- --------
Operating income 2,452 6,333 2,659 218
--------- ------- -------- --------
Equity in (loss) of affiliates 0 (444) 0 (218)
Interest expense 560 504 2,091 2,044
--------- ------- -------- --------
Income (loss) before income tax 1,892 5,385 568 (2,044)
--------- ------- -------- --------
Income tax expense (benefit) 790 1,062 280 (1,267)
--------- ------- -------- --------
Net income (loss) 1,102 4,323 288 (777)
========= ======= ======== ========
Basic earnings (loss) per share 0.26 1.05 0.07 (0.19)
========= ======= ======== ========
Diluted earnings (loss) per
share 0.25 1.03 0.07 (0.19)
========= ======= ======== ========
Weighted average shares outstanding
outstanding - Basic 4,245 4,117 4,182 4,117
========= ======= ======== ========
- Diluted 4,412 4,207 4,385 4,117
========= ======= ======== ========
BARBEQUES GALORE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
In US $ thousands
January 31, 2005 January 31, 2004
----------------- -------------------
Restated
Assets
Current assets:
Cash and cash equivalents $ 848 $ 2,691
Accounts receivable, net 5,937 6,854
Other receivables 4,685 3,956
Receivables from
affiliates - 1,437
Inventories 45,226 42,381
Deferred income taxes 2,382 1,919
Prepaid expenses and
other current assets 1,450 760
-------------- -------------------
Total current assets 60,528 $ 59,998
Non-current assets:
Receivables from
affiliates - 956
Property, plant and
equipment, net 16,554 17,750
Goodwill 1,079 838
Deferred income taxes 2,709 3,082
Other non-current assets 653 194
-------------- -------------------
Total assets $ 81,523 $ 82,818
============== ===================
Liabilities and shareholders'
equity
Current liabilities:
Accounts payable and
accrued liabilities $ 22,787 $ 22,742
Payables to related
parties 3 69
Short-term bank
borrowings 15,648 -
Current portion of
obligations under capital
leases 979 1,362
Income tax payable 2 220
-------------- -------------------
Total current
liabilities 39,419 24,393
Non-current liabilities:
Long-term debt - 16,788
Obligations under capital
leases, excluding current
portion 1,807 1,644
Other long-term
liabilities 2,888 2,842
-------------- -------------------
Total liabilities $ 44,114 $ 45,667
-------------- -------------------
Shareholders' equity:
Ordinary shares, no par
value; authorized
27,437,853 shares;
4,670,291 shares issued;
4,245,291 shares
outstanding 32,267 31,136
Accumulated other
comprehensive (loss) (3,937) (3,724)
Retained earnings 10,780 11,418
-------------- -------------------
39,110 38,830
Less: Treasury Stock at
cost - 425,000 ordinary
shares (1,701) (1,679)
-------------- -------------------
Total shareholders'
equity 37,409 37,151
-------------- -------------------
Total liabilities
and shareholders'
equity $ 81,523 $ 82,818
============== ===================
BARBEQUES GALORE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
In Australian $ thousands
Restated
January 31, 2005 January 31, 2004
----------------- ----------------
Audited Audited
Assets
Current assets:
Cash and cash equivalents $ 1,095 $ 3,521
Accounts receivable, net 7,666 8,966
Other receivables 6,050 5,175
Receivables from affiliates - 1,880
Inventories 58,401 55,444
Deferred income taxes 3,076 2,510
Prepaid expenses and other
current assets 1,873 994
---------------- -----------------
Total current assets 78,161 78,490
Non-current assets:
Receivables from affiliates - 1,250
Property, plant and
equipment, net 21,376 23,221
Goodwill 1,393 1,096
Deferred income taxes 3,498 4,032
Other non-current assets 845 255
---------------- -----------------
Total assets $ 105,273 $ 108,344
================ =================
Liabilities and shareholders'
equity
Current liabilities:
Accounts payable and
accrued liabilities $ 29,425 $ 29,751
Payables to related parties 4 90
Short-term bank borrowings 20,206 -
Current portion of
obligations under capital
leases 1,264 1,782
Income tax payable 3 288
---------------- -----------------
Total current
liabilities 50,902 31,911
Non-current liabilities:
Long-term debt - 21,962
Obligations under capital
leases, excluding current
portion 2,333 2,151
Other long-term liabilities 3,730 3,718
---------------- -----------------
Total liabilities $ 56,965 $ 59,742
---------------- -----------------
Shareholders' equity:
Ordinary shares, no par value;
authorized 27,437,853 shares;
4,670,291 shares issued;
4,245,291 shares
outstanding 41,667 40,733
Accumulated other
comprehensive (loss) (5,084) (4,872)
Retained earnings 13,921 14,937
---------------- -----------------
50,504 50,798
Less: Treasury Stock at cost
- 425,000 ordinary shares (2,196) (2,196)
---------------- -----------------
Total shareholders'
equity 48,308 48,602
---------------- -----------------
Total liabilities and
shareholders' equity $ 105,273 $ 108,344
================ =================
BARBEQUES GALORE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
In US$ thousands, except share and per share data
First Quarter ended
-------------------
April 30
-------------------
2005 2004
------- -------
Net Sales
Australia 18,976 18,346
U.S. 27,567 25,432
------- -------
Total net sales 46,543 43,778
------- -------
Cost of goods sold, warehouse,
distribution & occupancy costs 34,467 31,037
------- -------
Gross profit 12,076 12,741
------- -------
Selling, general &
administration expenses 15,963 14,363
Store pre opening costs 80 74
Relocation and closure costs (gains) 0 (75)
Other expense (income) 0 0
------- -------
Operating income (loss) (3,967) (1,621)
------- -------
Equity in income of affiliates 0 0
Interest expense 245 348
------- -------
Income (loss) before income tax (4,212) (1,969)
------- -------
Income tax expense (benefit) (1,489) (731)
------- -------
Net income (loss) (2,723) (1,238)
======= =======
Basic earnings (loss) per share (0.64) (0.30)
======= =======
Diluted earnings (loss) per share (0.64) (0.30)
======= =======
Weighted average shares outstanding
outstanding - Basic 4,245 4,117
======= =======
- Diluted 4,245 4,117
======= =======
US$/A$ conversion rate 0.7798 0.7571
BARBEQUES GALORE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
In Australian $ thousands, except share and per share data
First Quarter ended
-------------------
April 30
-------------------
2005 2004
------- -------
Net Sales
Australia 24,334 24,232
U.S. 35,351 33,591
------- -------
Total net sales 59,685 57,823
------- -------
Cost of goods sold, warehouse,
distribution & occupancy costs 44,200 40,995
------- -------
Gross profit 15,485 16,828
------- -------
Selling, general &
administration expenses 20,471 18,971
Store pre opening costs 103 98
Relocation and closure costs (gains) 0 (99)
Other expense (income) 0 0
------- -------
Operating income (loss) (5,089) (2,142)
------- -------
Equity in income of affiliates 0 0
Interest expense 314 459
------- -------
Income (loss) before income tax (5,403) (2,601)
------- -------
Income tax expense (benefit) (1,909) (966)
------- -------
Net income (loss) (3,494) (1,635)
======= =======
Basic earnings (loss) per share (0.82) (0.39)
======= =======
Diluted earnings (loss) per share (0.82) (0.39)
======= =======
Weighted average shares outstanding
outstanding - Basic 4,245 4,117
======= =======
- Diluted 4,245 4,117
======= =======
BARBEQUES GALORE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
In US $ thousands
April 30, 2005 January 31, 2005
--------------- ------------------
Audited
Assets
Current assets:
Cash and cash equivalents $ 2,952 $ 848
Accounts receivable, net 6,338 5,937
Other receivables 985 4,685
Receivables from affiliates - -
Inventories 49,729 45,226
Deferred income taxes 3,141 2,382
Prepaid expenses and other
current assets 3,038 1,450
--------------- ------------------
Total current assets $ 66,183 $ 60,528
Non-current assets:
Receivables from affiliates - -
Property, plant and
equipment, net 18,060 16,554
Goodwill, net 1,109 1,079
Deferred income taxes 2,853 2,709
Other non-current assets 656 653
--------------- ------------------
Total assets $ 88,861 $ 81,523
=============== ==================
Liabilities and shareholders'
equity
Current liabilities:
Accounts payable and accrued
liabilities $ 30,114 $ 22,787
Payables to related parties 4 3
Short-term bank borrowings 17,796 15,648
Current portion of
obligations under capital
leases 609 979
Income taxes payable 2 2
--------------- ------------------
Total current
liabilities 48,525 39,419
Non-current liabilities:
Long-term debt - -
Obligations under capital
leases, excluding current
portion 2,532 1,807
Other long-term liabilities 2,890 2,888
--------------- ------------------
Total liabilities $ 53,947 $ 44,114
--------------- ------------------
Shareholders' equity:
Ordinary shares, no par value;
authorized 27,437,853 shares;
4,670,291 issued shares;
4,245,291 outstanding
shares 32,550 32,267
Accumulated other
comprehensive income (4,066) (3,937)
Retained earnings 8,145 10,780
--------------- ------------------
36,629 39,110
Less: Treasury Stock at cost
- 425,000 ordinary shares (1,715) (1,701)
--------------- ------------------
Total shareholders'
equity 34,914 37,409
--------------- ------------------
Total liabilities and
shareholders' equity $ 88,861 $ 81,523
=============== ==================
BARBEQUES GALORE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
In Australian $ thousands
April 30, 2005 January 31, 2005
--------------- -----------------
Audited
Assets
Current assets:
Cash and cash equivalents $ 3,779 $ 1,095
Accounts receivable, net 8,114 7,666
Other receivables 1,261 6,050
Receivables from affiliates - -
Inventories 63,665 58,401
Deferred income taxes 4,021 3,076
Prepaid expenses and other
current assets 3,890 1,873
--------------- -----------------
Total current assets 84,730 78,161
Non-current assets:
Receivables from affiliates - -
Property, plant and
equipment, net 23,121 21,376
Goodwill, net 1,420 1,393
Deferred income taxes 3,652 3,498
Other non-current assets 840 845
--------------- -----------------
Total assets $ 113,763 $ 105,273
=============== =================
Liabilities and shareholders'
equity
Current liabilities:
Accounts payable and accrued
liabilities $ 38,553 $ 29,425
Payables to related parties 5 4
Short-term bank borrowings 22,783 20,206
Current portion of
obligations under capital
leases 780 1,264
Income taxes payable 3 3
--------------- -----------------
Total current
liabilities 62,124 50,902
Non-current liabilities:
Long-term debt - -
Obligations under capital
leases, excluding current
portion 3,241 2,333
Other long-term liabilities 3,700 3,730
--------------- -----------------
Total liabilities $ 69,065 $ 56,965
--------------- -----------------
Shareholders' equity:
Ordinary shares, no par value;
authorized 27,437,853 shares;
4,670,291 issued shares;
4,245,291 outstanding shares 41,672 41,667
Accumulated other
comprehensive income (5,205) (5,084)
Retained earnings 10,427 13,921
--------------- -----------------
46,894 50,504
Less: Treasury Stock at cost
- 425,000 ordinary shares (2,196) (2,196)
--------------- -----------------
Total shareholders'
equity 44,698 48,308
--------------- -----------------
Total liabilities and
shareholders' equity $ 113,763 $ 105,273
=============== =================
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