Barbeques Galore Reports 2002 Fourth Quarter, Fiscal Year Financial Results.Business Editors 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)--March 21, 2002 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:BBQZ) today reported results for the three months and fiscal year ended January January: see month. 31, 2002. Total company net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the 2002 fiscal fourth quarter were $50.5 million, compared with $52.0 million a year ago. Net sales in the U.S. increased 2.8% to $22.2 million from $21.6 million in the 2001 fiscal fourth 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. , net sales amounted to $28.4 million versus $30.4 million the prior-year quarter, and in Australian dollars Noun 1. Australian dollar - the basic unit of money in Australia and Nauru dollar - the basic monetary unit in many countries; equal to 100 cents , were A$55.0 million and A$56.2 million, respectively. Same store sales Same Store Sales A statistic used in retail industry analysis. It compares sales of stores that have been open for a year or more. Notes: This statistic allows investors to determine what portion of new sales has come from sales growth and what portion from the opening of in the 2002 fiscal fourth quarter fell by 4.7% in the U.S. and increased 2.2% in Australia. Net income for the 2002 fiscal fourth quarter decreased to $0.6 million, or $0.14 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 from $1.4 million, or $0.30 per diluted share, a year ago. The average exchange rate between the Australian dollar and the US dollar for the three months ended January 31, 2002 declined 4.6% to A$1 = US$0.5162 from A$1 = US$0.5413 in the corresponding quarter last year. "As with most retailers, Barbeques Galore felt the impact of the recessionary environment," said 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. "Consumer confidence remained low and demand shifted down to lower-priced ticket items. "During this period, we took aggressive measures to reduce inventory, lowered operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. and made some tough decisions regarding staff and non-performing stores. We were also pro-active pro·ac·tive or pro-ac·tive adj. Acting in advance to deal with an expected difficulty; anticipatory: proactive steps to prevent terrorism. in plans to expand certain product categories, namely backyard specialty items, such as outdoor heating Outdoor heating creates comfort for outdoor areas during the cooler days and months of the year. Heaters designed specifically for outdoor areas will provide the optimal warmth. , lighting and other products," Linz said. "Since January, we have experienced a steady rebound rebound (rē´bownd), n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective in retail, both in the U.S. and Australia," Linz added. For the 12 months ended January 31, 2002, total company net sales were marginally lower by 1.0% at $171.6 million, compared with $173.4 million the prior year. In the U.S., net sales increased 5.6% to $98.6 million from $93.4 million last year. Net sales in Australia decreased 7.6% in US dollars to $73.0 million from $79.0 million a year earlier, but rose 0.1% in Australian dollars to A$141.8 million from A$141.7 million. Same store sales for fiscal 2002 decreased 2.6% in the U.S. and were slightly lower by 0.2% in Australia. Barbeques Galore recorded net income for the 2002 fiscal year of $0.1 million, or $0.03 per diluted share, prior to pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta non-recurring charges totalling $2.2 million. Included in the non-recurring charges is an amount of $1.0 million relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the closure of seven U.S. stores, three of which have been closed, with a further four due for closure prior to January 2003. Net loss for the 2002 fiscal year was $1.3 million, or $0.31 per share after taking account of the non-recurring charges of $2.2 million. Last year, net income amounted to $2.5 million, or $0.52 per diluted share. The average exchange rate between the Australian dollar and the US dollar for the 2002 fiscal year was A$1 = US$0.5150, representing a 9.6% decline in the Australian dollar from a year ago when A$1 = US$0.5694. During the year, Barbeques Galore opened four new company-owned stores in the U.S. Two company-owned stores were closed, as were two franchise stores. In Australia, one licensed store was opened, and one company-owned store and one licensed store closed. The company does not expect to open any new stores this year in the U.S., but plans to refurbish re·fur·bish tr.v. re·fur·bished, re·fur·bish·ing, re·fur·bish·es To make clean, bright, or fresh again; renovate. re·fur three stores. It also plans to open one new store in Australia and undertake some refurbishment re·fur·bish tr.v. re·fur·bished, re·fur·bish·ing, re·fur·bish·es To make clean, bright, or fresh again; renovate. re·fur of existing stores to merchandise the new backyard products. During the year, Barbeques Galore repurchased a total of 425,000 of its American Depository Receipts American Depository Receipt n. called in the banking trade an ADR, it is a receipt issued by American banks to Americans as a substitute for actual ownership of shares of foreign stocks. under the previously announced repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. program, which expires when repurchases reach 450,000. As reported in previous press releases and public filings, a goods and services tax The Goods and Services Tax is a Value-added tax that exists in a number of countries. Please see:
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. sales has been removed from the February February: see month. 2000 through June 2000 sales and the sales for July 2000 through January 2002 do not include the goods and services tax. With effect from February this year, no further adjustments will be required to make proper comparisons. Barbeques Galore is the leading chain of specialty retail stores devoted to sales of barbecues, fireside products and related accessories. The company owns and operates 65 stores in the U.S. and 36 stores in Australia, two of which are heater outlets in Tasmania. In addition, it has 9 franchised stores in the U.S. and 49 licensed stores in Australia. Through its 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 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 that could cause results to differ materially from those contained in these forward-looking statements. Such statements include, but are not limited to our successful expansion of product categories, our plans with regard to store openings and closings and other "Risk Factors" as mentioned in our filings from time to time with the Securities and Exchange Commission.
BARBEQUES GALORE LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
In US $ thousands, except share and per share data
Fourth Quarter Ended Year Ended
January 31, January 31,
2002 2001 2002 2001
Sales
Australia $ 28,378 $ 30,405 $ 73,020 $ 79,967
U.S. 22,167 21,565 98,601 93,399
Total sales 50,545 51,970 171,621 173,366
Cost of goods sold, warehouse,
distribution and
occupancy costs 35,509 36,302 121,184 117,914
Gross profit 15,036 15,668 50,437 55,452
Selling, general and
administrative expenses 12,796 13,367 49,963 49,909
Store pre-opening costs (17) 19 70 379
Relocation and closure costs 1,139 0 1,139 0
Operating income (loss) 1,118 2,282 (735) 5,164
Equity in income of affiliates,
net of tax 86 155 151 185
Interest expense 341 432 1,433 1,663
Income (loss) before tax 863 2,005 (2,017) 3,686
Income tax expense (benefit) 279 632 (722) 1,225
Net income (loss) $ 584 $ 1,373 $(1,295) $ 2,461
Earnings (loss) per share
Basic $ 0.14 $ 0.30 $(0.31) $ 0.54
Diluted $ 0.14 $ 0.30 $(0.31) $ 0.52
Weighted average shares
outstanding
Basic 4,139 4,542 4,231 4,542
Diluted 4,139 4,542 4,231 4,689
US$/A$ conversion rate 0.5162 0.5413 0.5150 0.5694
Note: A goods and services tax was introduced in Australia from July
1, 2000. To make proper comparisons for reporting purposes, the
wholesale sales tax on Australian sales has been removed from all
reported sales prior to this date. The goods and services tax is not
included in reported sales figures since this date.
BARBEQUES GALORE LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
In Australian $ thousands, except share and per share data
Fourth Quarter Ended Year Ended
January 31, January 31,
2002 2001 2002 2001
Sales
Australia $ 54,974 $ 56,170 $ 141,806 $ 141,701
U.S. 42,942 39,840 191,470 162,770
Total sales 97,916 96,010 333,276 304,471
Cost of goods sold,
warehouse, distribution
and occupancy costs 68,790 67,065 235,345 207,175
Gross profit 29,126 28,945 97,931 97,296
Selling, general and
administrative expenses 24,788 24,694 97,047 87,365
Store pre-opening costs (32) 36 137 639
Relocation and closure
costs 2,207 0 2,207 0
Operating income (loss) 2,163 4,215 (1,460) 9,292
Equity in income of
affiliates, net of tax 167 286 295 340
Interest expense 661 798 2,785 2,920
Income (loss) before tax 1,669 3,703 (3,950) 6,712
Income tax expense
(benefit) 540 1,167 (1,412) 2,229
Net income (loss) $ 1,129 $ 2,536 $ (2,538) $ 4,483
Earnings (loss) per share
Basic $ 0.27 $ 0.56 $ (0.60) $ 0.99
Diluted $ 0.27 $ 0.56 $ (0.60) $ 0.96
Weighted average shares
outstanding
Basic 4,139 4,542 4,231 4,542
Diluted 4,139 4,542 4,231 4,689
Note: A goods and services tax was introduced in Australia from July
1, 2000. To make proper comparisons for reporting purposes, the
wholesale sales tax on Australian sales has been removed from all
reported sales prior to this date. The goods and services tax is not
included in reported sales figures since this date.
BARBEQUES GALORE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
In Australian $ thousands
January 31, January 31,
Assets 2002 2001
Current assets:
Cash and cash equivalents $ 35 $ 34
Accounts receivable, net 13,238 15,797
Receivables from affiliates -- 3
Inventories 63,259 65,122
Deferred income taxes 1,182 1,736
Prepaid expenses and other current assets 2,009 2,872
Total current assets 79,723 85,564
Non-current assets:
Receivables from affiliates 896 642
Property, plant and equipment, net 37,236 40,007
Goodwill, net 1,126 1,238
Deferred income taxes 3,600 1,435
Other non-current assets 2,515 2,611
Total assets $ 125,096 $ 131,497
Liabilities and shareholders' equity
Current liabilities:
Accounts payable and accrued liabilities $ 29,278 $ 26,160
Payables to related parties 152 349
Current maturities of long-term debt -- 15
Current portion of obligations under
capital leases 2,289 2,520
Total current liabilities 31,719 29,044
Non-current liabilities:
Long-term debt 25,076 30,456
Obligations under capital leases,
excluding current portion 4,124 6,098
Other long-term liabilities 1,885 1,667
Total liabilities $ 62,804 $ 67,265
Shareholders' equity:
Ordinary shares, no par value;
authorized 27,437,853 shares 38,537 40,733
Accumulated other comprehensive income 8,725 5,931
Retained earnings 15,030 17,568
Total shareholders' equity 62,292 64,232
Total liabilities and
shareholders' equity $ 125,096 $ 131,497
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