Barbeques Galore Reports First Fiscal Quarter 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)--June 5, 2001 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 its operating results for the first fiscal quarter ended April 30, 2001. The company reported a net loss for the quarter of $1.8 million, equal to $0.40 per share, compared with a net loss of $815,000, or $0.18 per share, last year. The first quarter typically is the company's weakest period because of the seasonal nature of its business. Total company sales for the first quarter amounted to $32.4 million, compared with $34.1 million in the prior year. 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 were lower in the U.S. by 5.0% and decreased 2.8% 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 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 in the U.S. for the three-month period increased 4.7% to $20.9 million from $19.9 million a year earlier. Net sales in Australia totaled $11.5 million, an 18.7% decline from $14.2 million reported last year, 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 fell by 3.0% to A$22.4 million from A$23.1 million a year ago. Gross margin for the quarter decreased to 29.4% of total sales, from 31.4% in the prior year period. Operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. was $2.1 million compared with a loss of $959,000 in the first quarter a year ago. "Difficult economic conditions and low consumer confidence in both the U.S. and Australia continued to adversely impact the company's performance. The results also reflect an increased operating base of 65 company stores with a lower leverage available during this traditionally slow quarter," 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 of Barbeques Galore. The average exchange rate between the Australian dollar and the US dollar for the fiscal quarter ended April 30, 2001 was A$1 = US$0.5135 compared with last year, when A$1 = US$0.6131 representing a 16.2% decline in the Australian dollar. Recently, the company announced its acquisition of Saxon Saxon Any member of a Germanic people who lived along the Baltic coast in ancient times and later migrated west as far as the British Isles. The Saxons became pirates in the North Sea during the decline of the Roman empire, and in the early 5th century they spread through Wood Heaters, an Australian-based manufacturer of wood heaters and gas-fired gas-fired adj → de gas gas-fired adj → au gaz gas-fired adj (heater etc) → Gas- barbecues. Linz said Saxon is expected to contribute to earnings immediately. The acquisition adds two well-reputed brand names to Barbeques Galore and expands the company's line of self-manufactured products. During the first quarter, Barbeques Galore opened a new company store in Cupertino Cu·per·ti·no A city of western California west of San Jose. It has an electronics industry. Population: 50,000. , Calif., increasing its penetration in the San Francisco Bay area “Bay Area” redirects here. For other uses, see Bay Area (disambiguation). The San Francisco Bay Area, colloquially known as the Bay Area or The Bay to eight stores, and refurbished two of its older U.S. stores. Subsequent to close of the quarter, the company 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. one store in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. . As previously announced, 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 April 2000 sales, and the sales for February 2001 through April 2001 do not include the goods and services tax. Barbeques Galore is the leading chain of specialty retail stores devoted to sales of barbecues, fireside products and related accessories. The company now owns and operates 65 stores in the U.S. and 35 stores in Australia. In addition, it has 11 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. Certain statements contained in this news release are considered "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 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, and it is Barbeques Galore's intent that such statements be protected by the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. created thereby. Such statements include, but are not limited to, statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the company's acquisition of Saxon. Such forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to: a) the company's ability to realize operational and financial synergies from its acquisition of Saxon; b) whether the company can manage growth and successfully meet challenges from competitors; and c) the strength of demand for the company's products, as well as other risks and uncertainties detailed from time to time in the company's Securities and Exchange Commission filings.
BARBEQUES GALORE LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
In US dollars thousands, except per share data
First Quarter Ended
April 30,
2001 2000
Sales
Australia $11,515 $14,168
U.S. 20,850 19,923
Total sales 32,365 34,091
Cost of goods sold 22,854 23,395
Gross profit 9,511 10,696
Selling, general and
administrative expenses 11,626 11,408
Store pre-opening costs 26 247
Operating loss (2,141) (959)
Equity in income of affiliates (4) 11
Interest expense 377 325
Loss before tax (2,522) (1,273)
Income tax benefit (738) (458)
Net loss $(1,784) $(815)
Earnings per share
Basic $(0.40) $(0.18)
Diluted $(0.40) $(0.18)
Weighted average shares
outstanding
Basic 4,435 4,542
Diluted 4,435 4,542
US$/A$ conversion rate 0.5135 0.6131
Notes: 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.
The basic and diluted number of shares outstanding has been
reduced to take into account the repurchase by the company of
265,000 American Depositary Receipts.
BARBEQUES GALORE LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
In Australian dollars thousands, except per share data
First Quarter Ended
April 30,
2001 2000
Sales
Australia $22,425 $23,109
U.S. 40,604 32,496
Total sales 63,029 55,605
Cost of goods sold 44,506 38,159
Gross profit 18,523 17,446
Selling, general and
administrative expenses 22,641 18,607
Store pre-opening costs 51 403
Operating loss (4,169) (1,564)
Equity in income of affiliates (7) 18
Interest expense 734 530
Loss before tax (4,910) (2,076)
Income tax benefit (1,437) (747)
Net loss $(3,473) $(1,329)
Earnings per share
Basic $(0.78) $(0.29)
Diluted $(0.78) $(0.29)
Weighted average shares
outstanding
Basic 4,435 4,542
Diluted 4,435 4,542
Notes: 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.
The basic and diluted number of shares outstanding has been
reduced to take into account the repurchase by the company of
265,000 American Depositary Receipts.
BARBEQUES GALORE LIMITED
CONSOLIDATED BALANCE STATEMENT
In Australian dollars thousands, except share data
April 30, January 31,
2001 2001
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $35 $34
Accounts receivable, net 13,142 15,797
Receivables from affiliates -- 3
Inventories, net 71,389 65,122
Deferred income taxes 1,743 1,736
Prepaid expenses and other
current assets 6,571 2,872
Total current assets 92,880 85,564
Non-current assets:
Receivables from affiliates 740 642
Property, plant and equipment,
net 41,037 40,007
Goodwill, net 1,211 1,238
Deferred income taxes 1,518 1,435
Other non-current assets 2,891 2,611
Total assets $140,277 $131,497
Liabilities and shareholders'
equity
Current liabilities:
Accounts payable and accrued
liabilities $30,771 $26,160
Payables to related parties 278 349
Current maturities of
long-term debt 12 15
Current portion of obligations
under capital leases 1,891 2,520
Total current liabilities 32,952 29,044
Non-current liabilities:
Long-term debt 37,334 30,456
Obligations under capital
leases, excluding current
portion 6,076 6,098
Other long-term liabilities 2,388 1,667
Total liabilities 78,750 67,265
Shareholders' equity:
Ordinary shares, no par value;
authorized 27,437,853 shares;
4,541,652 issued shares 40,733 40,733
Accumulated other
comprehensive income 8,254 5,931
Retained earnings 14,095 17,568
Total shareholders'
equity 63,082 64,232
Less:
Treasury stock at cost -
265,000 American
Depositary Receipts (1,555) --
Total shareholders'
equity 61,527 64,232
Total liabilities
and shareholders'
equity $140,277 $131,497
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