Barbeques Galore Reports Fiscal 2004 First 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 13, 2003 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 fiscal 2004 first quarter ended April 30, 2003. 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 amounted to $35.3 million for the most recent three-month period, compared with $35.4 million a year earlier. Net sales in the U.S. declined 5.9% to $21.5 million from $22.9 million in the prior year's first quarter. Net sales 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. benefited from the U.S./Australian currency exchange rate and rose 9.9% to $13.8 million from $12.5 million a year ago. 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 , net sales in Australia declined 6.5% to A$22.8 million from A$24.4 million in the corresponding period last 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 in the U.S. decreased 8.1% for the first quarter. For the 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. stores, comparable sales decreased 1.6%. The company usually reports a loss in its first fiscal quarter, and for the fiscal 2004 first quarter it sustained a net loss of $3.9 million, or $0.95 per share. This included a non-recurring after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. charge of $1.8 million, or $0.44 per share, of which $1.7 million related to the company's previously announced downsizing (1) Converting mainframe and mini-based systems to client/server LANs. (2) To reduce equipment and associated costs by switching to a less-expensive system. (jargon) downsizing of its manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. in 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. , Australia. A year earlier, the company incurred a net loss of $792,000, or $0.19 per share. "Poor consumer confidence in the lead up to, and during the Iraq War Iraq War: see under Persian Gulf Wars. Iraq War or Second Persian Gulf War Brief conflict in 2003 between Iraq and a combined force of troops largely from the U.S. and Great Britain; and a subsequent U.S. , and particularly weak economic conditions in the U.S. generally, resulted in disappointing results," 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. "Our first quarter was further impacted by costs specifically related to the implementation of our program to transition the company's 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. production from its own operations in Australia to third party manufacturers in China. "Solid progress has been made executing this program, including downsizing our Sydney plant from 133 to 49 employees," Linz said. "Although the transition is taking time, we are fortunate that no adverse impact has been experienced by us in China as a result of the SARS crisis. Through the downsizing program, we have begun to realize margin enhancements, the full benefit of which will flow through during next financial year and after existing higher-cost inventories have been sold." During the first quarter, one new company store was opened in Myaree, Western Australia Myaree is a suburb of Perth, Western Australia, located within the City of Melville. Myaree gets its name from an aboriginal word meaning foliage. Myaree is a predominantly light industrial area. , and the store in Blacktown, New South Wales
Blacktown , 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 Keswick Keswick may refer to: Geography A place in England:
Element of marketing concerned especially with the sale of goods and services to customers. One aspect of merchandising is advertising, which aims to capture the interest of the segment of the population most likely to buy the product. , including an extensive outdoor furniture and backyard accents offering. The average exchange rate between the Australian dollar and the U.S. dollar for the 2004 first fiscal quarter increased 15.1% to A$1=US$0.6036 from A$1=US$0.5243 last year. Barbeques Galore is the leading chain of specialty retail stores devoted to sales of barbecues, backyard accents, fireside products and related accessories. The company now owns and operates 63 stores in the U.S. and 35 stores in Australia. In addition, it has 9 franchised stores in the U.S. and 50 licensed stores in Australia. Through its U.S. e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. Web site, www.bbqgalore.com, the company sells an extensive line of barbecue and fireside products and related accessories. This press release contains forward looking statements that involve risks and uncertainties that could cause results to differ materially from those contained in these forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Such statements include, but are not limited to the company's ability to effect new, lower cost manufacturing alliances in China, its plans with regard to store openings and closing and other "Risk Factors" as mentioned in the company's filings from time to time with the Securities and Exchange Commission.
BARBEQUES GALORE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
In US$ thousands, except share and per share data
First Quarter Ended
April 30
2003 2002
-------- --------
Net Sales
Australia $13,789 $12,543
U.S. 21,518 22,871
Total net sales 35,307 35,414
Cost of goods sold, warehouse, distribution
and occupancy costs 26,436 25,687
Gross profit 8,871 9,727
Selling, general & administration expenses 11,631 10,704
Relocation and closure costs 33 0
Operating loss (2,793) (977)
Equity in income of affiliates 110 96
Interest expense 294 260
Other expense 2,606 0
Income before tax (5,583) (1,141)
Income tax benefit (1,691) (349)
Net loss $(3,892) $(792)
Basic earnings per share $(0.95) $(0.19)
Diluted earnings per share $(0.95) $(0.19)
Weighted average shares outstanding
- Basic 4,117 4,117
- Diluted 4,117 4,117
US$/A$ conversion rate 0.6036 0.5243
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
2003 2002
-------- --------
Net Sales
Australia $22,844 $24,427
U.S. 35,650 44,539
Total net sales 58,494 68,966
Cost of goods sold, warehouse, distribution
and occupancy costs 43,797 50,023
Gross profit 14,697 18,943
Selling, general & administration expenses 19,269 20,846
Relocation and closure costs 55 0
Operating loss (4,627) (1,903)
Equity in income of affiliates 183 187
Interest expense 487 507
Other expense 4,318 0
Income before tax (9,249) (2,223)
Income tax expense (2,801) (679)
Net loss $(6,448) $(1,544)
Basic earnings per share $(1.57) $(0.38)
Diluted earnings per share $(1.57) $(0.38)
Weighted average shares outstanding
- Basic 4,117 4,117
- Diluted 4,117 4,117
BARBEQUES GALORE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
In Australian $ thousands
April 30, Jan. 31,
2003 2003
-------- --------
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $36 $38
Accounts receivable, net 10,531 9,489
Inventories 66,873 62,903
Deferred income taxes 4,875 2,857
Prepaid expenses and other current assets 2,116 1,445
Total current assets 84,431 76,732
Non-current assets:
Receivables from affiliates 1,251 1,244
Property, plant and equipment, net 28,548 32,138
Goodwill, net 1,126 1,126
Deferred income taxes 1,845 1,936
Other non-current assets 3,289 3,126
Total assets $120,490 $116,302
Liabilities and shareholders' equity
Current liabilities:
Accounts payable and accrued liabilities $34,446 $28,018
Payables to related parties 89 18
Current portion of obligations under
capital leases 2,143 2,778
Income taxes payable 0 1,314
Total current liabilities 36,678 32,128
Non-current liabilities:
Long-term debt 28,576 21,132
Obligations under capital leases,
excluding current portion 3,684 3,060
Other long-term liabilities 233 229
Total liabilities $69,171 $56,549
Shareholders' equity:
Ordinary shares, no par value; authorized
27,437,853 shares;
4,541,652 issued shares; 4,116,652
outstanding shares 40,733 40,733
Accumulated other comprehensive income 818 2,804
Retained earnings 11,964 18,412
53,515 61,949
Less: Treasury Stock at cost - 425,000
ordinary shares (2,196) (2,196)
Total shareholders' equity 51,319 59,753
Total liabilities and shareholders'
equity $120,490 $116,302
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