Barbeques Galore Reports Second 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)--Aug. 31, 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 second fiscal quarter ended July July: see month. 31, 2001. 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 to $46.7 million from $45.6 million last year. Net sales in the U.S. rose to $34.4 million from $32.0 million in the 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 declined to $12.4 million from $13.6 million last year. However, 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 rose to A$23.9 million from A$23.2 million a year ago. 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. declined 0.8% for the second fiscal quarter, and 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, declined 3.3%. Net income amounted to $1.0 million for the second fiscal quarter, or $0.23 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, compared with $1.6 million, or $0.33 per diluted share, reported in the corresponding quarter of last year. The gross margin for the quarter declined to 33.1% of total sales from 34.1% reported in the same period last year. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the quarter was $1.7 million compared to $2.9 million in the corresponding prior year period. The average exchange rate between the Australian dollar and the U.S. dollar for the second fiscal quarter ended July 31, 2001 was A$1=US$0.52, compared with A$1=US$0.59 last year, representing an 11.9% decline in the Australian dollar. As previously reported, the wholesale sales tax sales tax, levy on the sale of goods or services, generally calculated as a percentage of the selling price, and sometimes called a purchase tax. It is usually collected in the form of an extra charge by the retailer, who remits the tax to the government. , which applied in Australia, was abolished, and a retail goods and services tax The Goods and Services Tax is a Value-added tax that exists in a number of countries. Please see:
"The specialty retail sector has not been immune to the difficult economic environment, which adversely affected our second quarter performance," 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. "Margins have been impacted by price competition and product mix, with consumers trading down to less expensive merchandise." "With a modest net increase in sales for the quarter, we held up reasonably well, demonstrating the strength of the Barbeques Galore brand name and the uniqueness of our niche," Linz said. "We will continue to closely monitor all costs and inventory levels and for the time being, maintain a cautious approach with regard to store expansion in the U.S." The 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 barbecues, was completed during the quarter and the manufacturing operation will be consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: in the company's plant 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. in September September: see month. 2001. This cements Barbeques Galore's position as the leading wood heater manufacturer and distributor in Australia. During the second quarter, Barbeques Galore opened a store in San Jose, California San Jose (IPA: /ˌsænhoʊˈzeɪ/) is the third-largest city in California, and the tenth-largest in the United States. It is the county seat of Santa Clara County. , marking its ninth store 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 . In August, the store in Towson, Maryland “Towson” redirects here. For other uses, see Towson (disambiguation). Towson is an unincorporated community and a census-designated place in Baltimore County, Maryland, United States. The population was 51,793 at the 2000 census. was closed. The company said it is committed to opening a new store in Sacramento, California “Sacramento” redirects here. For other uses, see Sacramento (disambiguation). Sacramento is the capital of the State of California and the county seat of Sacramento County. and a store in North Phoenix by the end of the current fiscal year. For the first six months of the current fiscal year, total company net sales amounted to $79.1 million, compared with $79.7 million last year. Net sales in the U.S. rose to $55.2 million from $51.9 million in the corresponding prior year period. Net sales in Australia totalled $23.9 million, compared with $27.8 million reported last year. In Australian dollars, net sales rose to A$46.4 million from A$46.3 million a year ago. Same store sales for the first half of fiscal 2001 declined 2.3% in the U.S. and 3.0% in Australia. The gross margin for the six-month period of the current fiscal year was 31.6% of total sales, versus 33.0% reported for the first half of the prior year. The company sustained an 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. of $428,000 for the first half of the year, compared with operating income of $1.9 million in the corresponding six-month period last year. The net loss for the first half of fiscal 2002 amounted to $793,000, or $0.18 per diluted share, compared with net income of $763,000, or $.016 per diluted share, reported in the first half of fiscal 2001. The average exchange rate between the Australian dollar and the U.S. dollar for the six-month period ended July 31, 2001 was A$1=US$0.52, and for the corresponding period last year, A$1=US$0.60, representing a 13.3% decline in the Australian dollar. 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. 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, opening new stores 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
(unaudited)
In U.S. dollars thousands, except per share data
Second Quarter Ended Six Months Ended
July 31 July 31
2001 2000 2001 2000
Sales
Australia $ 12,350 $ 13,627 $ 23,865 $ 27,795
U.S. 34,367 31,966 55,217 51,889
Total sales 46,717 45,593 79,082 79,684
Cost of goods sold 31,254 30,036 54,108 53,431
Gross profit 15,463 15,557 24,974 26,253
Selling, general and
administrative expenses 13,730 12,638 25,356 24,046
Store pre-opening costs 20 34 46 281
Operating income 1,713 2,885 (428) 1,926
Equity in income of
affiliates 19 (21) 15 (10)
Interest expense 363 415 740 740
Income before tax 1,369 2,449 (1,153) 1,176
Income tax expense 378 871 (360) 413
Net income $ 991 $ 1,578 $ (793) $ 763
Earnings per share
Basic $ 0.23 $ 0.35 $ (0.18) $ 0.17
Diluted $ 0.23 $ 0.33 $ (0.18) $ 0.16
Weighted average shares
outstanding
Basic 4,277 4,542 4,355 4,542
Diluted 4,277 4,757 4,355 4,763
US$/A$ conversion rate 0.5161 0.5867 0.5150 0.5978
BARBEQUES GALORE LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
In Australian dollars thousands, except per share data
Second Quarter Ended Six Months Ended
July 31 July 31
2001 2000 2001 2000
Sales
Australia $ 23,929 $ 23,227 $ 46,354 $ 46,336
U.S. 66,589 54,484 107,193 86,980
Total sales 90,518 77,711 153,547 133,316
Cost of goods sold 60,559 51,195 105,065 89,354
Gross profit 29,959 26,516 48,482 43,962
Selling, general and
administrative
expenses 26,603 21,541 49,244 40,148
Store pre-opening costs 38 58 89 461
Operating income 3,318 4,917 (851) 3,353
Equity in income of
affiliates 37 (36) 30 (18)
Interest expense 704 707 1,438 1,237
Income before tax 2,651 4,174 (2,259) 2,098
Income tax expense 733 1,485 (704) 738
Net income $ 1,918 $ 2,689 $ (1,555) $ 1,360
Earnings per share
Basic $ 0.45 $ 0.59 $ (0.36) $ 0.30
Diluted $ 0.45 $ 0.57 $ (0.36) $ 0.29
Weighted average shares outstanding
Basic 4,277 4,542 4,355 4,542
Diluted 4,277 4,757 4,355 4,763
BARBEQUES GALORE LIMITED
CONSOLIDATED BALANCE STATEMENT
In Australian dollar thousands
July 31, 2001 January 31, 2001
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $ 37 $ 34
Accounts receivable, net 12,559 15,797
Receivables from affiliates 0 3
Inventories, net 73,256 65,122
Deferred income taxes 1,987 1,736
Prepaid expenses and other
current assets 4,748 2,872
Total current assets 92,587 85,564
Non-current assets:
Receivables from affiliates 971 642
Property, plant and equipment, net 39,527 40,007
Goodwill, net 1,181 1,238
Deferred income taxes 2,162 1,435
Other non-current assets 2,370 2,611
Total assets $ 138,798 $ 131,497
Liabilities and shareholders' equity
Current liabilities:
Bank overdraft $ 0 $ 0
Accounts payable and accrued
liabilities 27,248 26,160
Payables to related parties 159 349
Current maturities of
long-term debt 9 15
Current portion of obligations
under capital leases 1,239 2,520
Income taxes payable 0 0
Total current liabilities 28,655 29,044
Non-current liabilities:
Long-term debt 37,720 30,456
Obligations under capital leases,
excluding current portion 6,059 6,098
Other long-term liabilities 1,888 1,667
Total liabilities 74,322 67,265
Shareholders' equity:
Ordinary shares, $3.64 par value;
authorized 27,437,853 shares 39,178 40,733
Accumulated other comprehensive
income 9,285 5,931
Retained earnings 16,013 17,568
Total shareholders' equity 64,476 64,232
Total liabilities and
shareholders' equity $ 138,798 $ 131,497
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