Barbeques Galore Reports Improved Operating Results for First Fiscal Quarter; Sales Increase to Record High.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 2, 2000 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 improved operating results for the first fiscal quarter ended April 30, 2000, with total company sales increasing 17.2% to a record high. The company reported that its net loss for the quarter was reduced to US$815,000, equal to US$0.18 per share, from a net loss of US$848,000, or US$0.19 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 advanced to US$34.7 million for the current year's first quarter from US$29.6 million in the first quarter last year. 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. increased 26.8% to US$19.9 million from US$15.7 million in the prior year period. 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. rose 5.7% to US$14.8 million (A$24.1 million) from US$14.0 million (A$21.9 million), 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 for the first quarter increased 12.7% at the company's U.S. locations and 5.9% at its 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. locations. Gross margin for the quarter improved to 30.8% of total sales, from 29.5% 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 reduced to US$959,000 from US$1.1 million in the first quarter a year ago. "The first quarter performance exceeded expectations. We are very pleased with these results, particularly with regard to our larger store base and the lower leverage available in this traditionally slow period. The results were especially gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. in the U.S. where we continued to experience double digit Noun 1. double digit - a two-digit integer; from 10 to 99 integer, whole number - any of the natural numbers (positive or negative) or zero; "an integer is a number that is not a fraction" same store sales for the eighth consecutive 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. "We have now geared up in the U.S. for the all important summer selling season in the second quarter, and are on plan to continue our U.S. store expansion program of opening 10 to 15 stores this year." Linz said that during the first quarter, the company opened a new distribution center in Charlotte, North Carolina “Charlotte” redirects here. For other uses, see Charlotte (disambiguation). Charlotte is the largest city in the state of North Carolina and the 20th largest city in the United States. , that now serves the company's eastern stores. He also said that three company-owned stores were opened in 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). , in Dublin, Santa Rosa Santa Rosa, city, Argentina Santa Rosa, city (1991 pop. 80,629), capital of La Pampa prov., central Argentina. It is a modern city and road junction surrounded by a rich agricultural and cattle-raising area. and Studio City. Second quarter plans call for entering the Miami market for the first time with two store openings and the opening of an additional two stores in California. In Australia, one store will be 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 two refurbished in the second quarter. 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 57 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. This news 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, growing demand for the company's products, the company's ability to open new stores, the success of its new e-commerce Web site, and other "Risk Factors" as mentioned in the company's filings from time to time with the Securities and Exchange Commission.
Barbeques Galore Limited
Consolidated Statements of Operations
The following are Barbeques Galore Limited's unaudited results for
the three months ended April 30, 2000 compared to the three months
ended April 30, 1999.
First Quarter First Quarter
Ended Ended
April 30, April 30,
2000 1999
(in thousands except per share data)
A$ US$ A$ US$
Sales
Australia 24,144 14,803 21,936 13,982
U.S. 32,496 19,923 24,579 15,667
Total sales 56,640 34,726 46,515 29,649
Cost of goods sold 39,194 24,030 32,804 20,909
Gross profit 17,446 10,696 13,711 8,740
Selling, general and
administration expenses 18,607 11,408 14,899 9,497
Store pre opening costs 403 247 496 316
Operating loss (1,564) (959) (1,684) (1,073)
Equity in income of affiliates 18 11 38 24
Interest expense 530 325 519 331
Loss before tax (2,076) (1,273) (2,165) (1,380)
Income tax benefit (747) (458) (834) (532)
Net loss (1,329) (815) (1,331) (848)
Basic earnings per share (0.29) (0.18) (0.29) (0.19)
Weighted average shares outstanding 4,542 4,542 4,542 4,542
US$/A$ conversion rate 0.6131 0.6374
Barbeques Galore Limited
Condensed Consolidated Balance Sheets
In A$ thousands, except share and per share data
April 30, January 31,
2000 2000
Assets
Current assets:
Cash and cash equivalents 978 33
Accounts receivable, net 12,213 14,792
Inventories 60,653 54,022
Deferred income taxes 2,780 2,368
Prepaid expenses and other current assets 1,922 1,039
Total current assets 78,546 72,254
Non-current assets:
Receivables from affiliates 1,248 748
Property, plant and equipment, net 35,478 34,970
Goodwill, net 1,320 1,327
Deferred income taxes 1,712 1,646
Other non-current assets 1,833 1,934
Total assets 120,137 112,879
Liabilities and shareholders' equity
Current liabilities:
Accounts payable and accrued liabilities 23,391 26,014
Payables to related parties 612 700
Payables to affiliates -- 47
Current maturities of long-term debt 24 22
Current portion of obligations
under capital leases 1,916 2,405
Income taxes payable 1,127 1,856
Total current liabilities 27,070 31,044
Non-current liabilities:
Long-term debt 30,476 20,692
Obligations under capital leases,
excluding current portion 5,160 5,237
Other long-term liabilities 1,745 983
Total liabilities 64,451 57,956
Shareholders' equity:
Ordinary shares, $3.64 par value;
authorized 27,437,853 shares 40,733 40,733
Accumulated other comprehensive income 3,197 1,105
Retained earnings 11,756 13,085
Total shareholders' equity 55,686 54,923
Total liabilities and shareholders' equity 120,137 112,879
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