Barbeques Galore Reports Increased Earnings for Fiscal 2003 Year and Fourth Quarter.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)--April 9, 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 improved operating results for the fourth quarter and fiscal year ended January January: see month. 31, 2003. For fiscal 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 rose 4.5% to $179.3 million, from $171.6 million last year. Net sales in the U.S. increased 3.5% to $102.1 million from $98.6 million in the corresponding prior-year period. 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 increased 5.8% to $77.2 million from $73.0 million a year ago, 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 , declined 1.5% to A$139.7 million from A$141.8 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 for fiscal 2003 increased 1.9% in the U.S. In Australia, same store sales increased 0.3% in Australian dollars. Net income increased to $2.6 million, or $0.63 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, for fiscal 2003, contrasted with a net loss of $1.3 million, or $0.31 per share, a year earlier. Net income for fiscal 2003 includes a net gain of $1.4 million related to previously reported compensation for the closure of the company's Chatswood store in Australia and costs associated with U.S. store closures. Excluding such compensation and costs net income totalled $1.2 million or $0.29 per diluted share. For the 2003 fiscal fourth quarter, total company sales increased to $50.8 million from $50.5 million a year ago. Net sales in the U.S. amounted to $21.6 million, compared with $22.2 million last year. In Australia, net sales rose to $29.2 million from $28.4 million in the same period a year ago, and in Australian dollars, decreased to A$51.4 million from A$55.0 million. Same stores sales increased by 0.4% in the U.S. in the fourth quarter. In Australia, same store sales decreased by 2.5% in Australian dollars. The company recorded net income of $1.1 million, or $0.27 per diluted share in the fiscal 2003 fourth quarter, compared with $584,000, or $0.14 per diluted share a year earlier, which included relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. and closure costs of $1.1 million. During the year, no stores were opened in the U.S., and three were closed. In Australia, one new store opened at Knox City Knox City may mean:
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 heater outlet outlet /out·let/ (-let) a means or route of exit or egress. pelvic outlet the inferior opening of the pelvis. was incorporated into the company's Hobart Hobart, city, Australia Hobart, city (1990 pop. 127,134), capital and principal port of Tasmania, SE Australia, at the foot of Mt. Wellington (4,166 ft/1,270 m high). Hobart's harbor is one of the finest in the world. store in Tasmania Tasmania (tăzmā`nēə), island state (1991 pop. 359,286), 26,383 sq mi (68,332 sq km), SE Commonwealth of Australia. It is separated from Australia by the Bass Strait and lies 150 mi (240 km) south of the state of Victoria. . "Barbeques Galore performed relatively well despite challenging economic conditions and eroding consumer confidence," 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. "In the fourth quarter, geopolitical ge·o·pol·i·tics n. (used with a sing. verb) 1. The study of the relationship among politics and geography, demography, and economics, especially with respect to the foreign policy of a nation. 2. a. issues added to the uncertainties and dampened results in both the U.S. and Australia. Australia's performance was particularly impacted during the fiscal fourth quarter, which is seasonally the country's strongest retail period covering the Christmas Christmas [Christ's Mass], in the Christian calendar, feast of the nativity of Jesus, celebrated in Roman Catholic and Protestant Churches on Dec. 25. In liturgical importance it ranks after Easter, Pentecost, and Epiphany (Jan. 6). holidays. "We also experienced pressure on margins, due primarily to sales mix sales mix See product mix. reflecting the competitive and economic environment," said Linz. "Currently, we are implementing potentially significant cost savings and margin enhancement opportunities which will begin to flow through later this year through the establishment of manufacturing alliances in China." Linz said the company is maintaining a cautious stance stance the posture or position. sawhorse stance see sawhorse posture. stance A body position. See Pugilistic stance. with regard to its plans for fiscal 2004 and is evaluating additional operating efficiencies. Subsequent to the close of the year, one store in New South Wales New South Wales, state (1991 pop. 5,164,549), 309,443 sq mi (801,457 sq km), SE Australia. It is bounded on the E by the Pacific Ocean. Sydney is the capital. The other principal urban centers are Newcastle, Wagga Wagga, Lismore, Wollongong, and Broken Hill. 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. and two new store openings have been scheduled in existing markets in Australia. On April 5, a company-owned store in Keswick, South Australia
Keswick is a suburb of Adelaide in the City of West Torrens. • • was totally destroyed by fire. The company believes that it is adequately covered by insurance and is currently looking at options to re-establish re-establish Verb to create or set up (an organization, link, etc.) again re-establishment n the store at another location. At the present time, no new store openings are planned in the U.S. However, revitalized re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. marketing and advertising campaigns are being developed on both continents to focus on growth at existing stores. The average exchange rate between the Australian dollar and the US dollar for the 2002 fourth fiscal quarter increased 10.2% to A$1=US$0.5691 from A$1=US$0.5162 last year. The average exchange rate for fiscal 2003 was A$1=US$0.5509, and for the corresponding period last year, A$1=US$0.5150, representing a 7.0% increase in the Australian dollar. Barbeques Galore is the leading chain of specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. retail stores devoted to sales of barbecues, backyard accents, fireside products and related accessories. The company now owns and operates 63 stores in the U.S. and 34 stores in Australia. In addition, it has 9 franchised stores in the U.S. and 50 licensed stores in Australia. Through its U.S. e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. Web site, www.bbqgalore.com, the company sells an extensive line of barbecue barbecue [West Indian or South American], in the United States, traditionally an open-air gathering, political or social, in which meats are roasted whole over a pit of embers and food and drink are liberally enjoyed. and fireside products and related accessories. This press release contains forward looking statements that involve risks and uncertainties that could cause results to differ materially from those contained in these forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Such statements include, but are not limited to the company's ability to effect new, lower cost manufacturing alliances in China, its plans with regard to store openings and closing and other "Risk Factors" as mentioned in the company's filings from time to time with the Securities and Exchange Commission.
BARBEQUES GALORE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
In US$ thousands, except share and per share data
Fourth Quarter
Ended Year Ended
----------------- -----------------
January 31 January 31
----------------- -----------------
2003 2002 2003 2002
-------- -------- -------- --------
Net Sales
Australia $29,236 $28,378 $77,235 $73,020
U.S. 21,595 22,167 102,096 98,601
-------- -------- -------- --------
Total net sales 50,831 50,545 179,331 171,621
-------- -------- -------- --------
Cost of goods sold, warehouse,
distribution & occupancy costs 35,651 35,509 126,884 121,184
-------- -------- -------- --------
Gross profit 15,180 15,036 52,447 50,437
-------- -------- -------- --------
Selling, general & administration
expenses 12,902 12,796 49,304 49,963
Store pre opening costs 67 (17) 78 70
Relocation and closure (gains)
costs (9) 1,139 (1,979) 1,139
-------- -------- -------- --------
Operating income (loss) 2,220 1,118 5,044 (735)
-------- -------- -------- --------
Equity in income of affiliates 60 86 249 151
Interest expense 336 341 1,237 1,433
-------- -------- -------- --------
Income before tax 1,944 863 4,056 (2,017)
-------- -------- -------- --------
Income tax expense (benefit) 814 279 1,464 (722)
-------- -------- -------- --------
Net income (loss) $1,130 $584 $2,592 $(1,295)
======== ======== ======== ========
Basic earnings per share $0.27 $0.14 $0.63 $(0.31)
======== ======== ======== ========
Diluted earnings per share $0.27 $0.14 $0.63 $(0.31)
======== ======== ======== ========
Basic 4,117 4,139 4,117 4,231
======== ======== ======== ========
Diluted 4,137 4,139 4,150 4,231
======== ======== ======== ========
US$/A$ conversion rate 0.5691 0.5162 0.5509 0.5150
BARBEQUES GALORE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
In Australian $ thousands, except share and per share data
Fourth Quarter
Ended Year Ended
----------------- -------------------
January 31 January 31
----------------- -------------------
2003 2002 2003 2002
-------- -------- --------- ---------
Net Sales
Australia $51,372 $54,974 $139,731 $141,806
U.S. 37,946 42,942 185,820 191,470
-------- -------- --------- ---------
Total net sales 89,318 97,916 325,551 333,276
-------- -------- --------- ---------
Cost of goods sold, warehouse,
distribution & occupancy costs 62,644 68,790 230,441 235,345
-------- -------- --------- ---------
Gross profit 26,674 29,126 95,110 97,931
-------- -------- --------- ---------
Selling, general & administration
expenses 22,671 24,788 89,679 97,047
Store pre opening costs 118 (32) 139 137
Relocation and closure (gains)
costs (15) 2,207 (3,552) 2,207
-------- -------- --------- ---------
Operating income (loss) 3,900 2,163 8,844 (1,460)
-------- -------- --------- ---------
Equity in income of affiliates 106 167 462 295
Interest expense 590 661 2,259 2,785
-------- -------- --------- ---------
Income before tax 3,416 1,669 7,047 (3,950)
-------- -------- --------- ---------
Income tax expense (benefit) 1,431 540 2,526 (1,412)
-------- -------- --------- ---------
Net income (loss) $1,985 $1,129 $4,521 $(2,538)
======== ======== ========= =========
Basic earnings per share $0.48 $0.27 $1.10 $(0.60)
======== ======== ========= =========
Diluted earnings per share $0.48 $0.27 $1.09 $(0.60)
======== ======== ========= =========
Weighted average shares
outstanding
Basic 4,117 4,139 4,117 4,231
======== ======== ========= =========
Diluted 4,137 4,139 4,150 4,231
======== ======== ========= =========
BARBEQUES GALORE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
In Australian $ thousands
January January
31, 31,
2003 2002
--------- ---------
Assets
Current assets:
Cash and cash equivalents $38 $35
Accounts receivable, net 9,489 13,238
Inventories 62,903 63,259
Deferred income taxes 2,857 1,182
Prepaid expenses and other current assets 1,445 2,009
--------- ---------
Total current assets 76,732 79,723
Non-current assets:
Receivables from affiliates 1,244 896
Property, plant and equipment, net 32,138 37,236
Goodwill, net 1,126 1,126
Deferred income taxes 1,936 3,600
Other non-current assets 3,126 2,515
--------- ---------
Total assets $116,302 $125,096
========= =========
Liabilities and shareholders' equity
Current liabilities:
Accounts payable and accrued liabilities 28,018 29,278
Payables to related parties 18 152
Current portion of obligations under capital
leases 2,778 2,289
Income taxes payable 1,314 0
--------- ---------
Total current liabilities 32,128 31,719
Non-current liabilities:
Long-term debt 21,132 25,076
Obligations under capital leases, excluding
current portion 3,060 4,124
Other long-term liabilities 229 1,885
--------- ---------
Total liabilities $56,549 $62,804
--------- ---------
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 2,804 8,725
Retained earnings 18,412 15,030
--------- ---------
61,949 64,488
Less: Treasury Stock at cost - 425,000 ordinary
shares (2,196) (2,196)
--------- ---------
Total shareholders' equity 59,753 62,292
--------- ---------
Total liabilities and shareholders' equity $116,302 $125,096
========= =========
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion