Barbeques Galore Reports Third 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)--Dec. 4, 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 results for the three- and nine-month periods ended October October: see month. 31, 2001. For the 2002 fiscal third quarter, total company sales increased 3.1% to $42.0 million from $40.7 million a year ago. In the U.S., 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 6.4% to $21.2 million from $19.9 million last year. 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. were unchanged at $20.8 million, but 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 , increased 8.1% to A$40.5 million from A$37.4 million in the prior-year quarter. Same stores sales were slightly lower by 0.8% in the U.S. and 0.5% in Australia. The company sustained a net loss for the most recent third quarter of $1.1 million, or $0.25 per share, compared with net income of $325,000, or $0.07 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, reported in the corresponding period last year. The average exchange rate between the Australian dollar and the US dollar for the 2002 third fiscal quarter declined 8.1% to A$1=US$0.5133 from A$1=US$0.5548 last year. The company previously reported that effective July July: see month. 1, 2000, 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:
During the third quarter, Barbeques Galore expanded its presence in the Western U.S. with the opening of new company-owned stores in North Phoenix, Ariz. and Elk Grove Elk Grove can refer to:
Orlando (ôrlăn`dō), city (1990 pop. 164,693), seat of Orange co., central Fla., in a lake region; inc. 1875. In a citrus fruit and farm area, it is one of the world's most visited vacation spots. and Tampa Tampa (tăm`pə), city (1990 pop. 280,015), seat of Hillsborough co., W Fla., a port of entry with an impressive harbor on Tampa Bay; inc. 1855. , Fla. In Australia, the company opened one licensed store in Alice Springs, Northern Territory Alice Springs is a town and the second largest centre in the Northern Territory of Australia. Popularly known as "the Alice" or simply "Alice", it had a population of 26,486 in 2005. , and closed one in Bunbury, Western Australia This article is about the city of Bunbury. For the local government area, see City of Bunbury. The port of Bunbury is the third largest city in Western Australia after Perth, the state capital, and Mandurah. . "We are continuing to monitor individual store operations and may close additional stores," 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. "Our approach for expansion in the U.S. remains cautious and we do not anticipate opening any new stores in the next twelve months. However, we will continue to review our expansion strategy as business dictates. "The events of September September: see month. 11 compounded what already was a difficult retail environment, with intense pressure on margins," said Linz. "While we are focused on maintaining strict cost and inventory controls throughout the company, based on current business trends, it is unlikely that we will achieve profitability for the full fiscal year ending January 31, 2002." For the nine-month period ended October 31, 2001, total company net sales rose slightly to $121.1 million, from $120.4 million last year. Net sales in the U.S. increased 6.4% to $76.4 million from $71.8 million reported in the same prior-year period. In Australia, net sales fell to $44.6 million from $48.6 million a year ago. However, in Australian dollars, net sales advanced 3.7% to A$86.8 million from A$83.8 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 the first nine months of fiscal 2002 declined 1.9% in the U.S. and 2.0% in Australia over the corresponding period last year. The net loss for the fiscal 2002 year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. period totalled $1.9 million, or $0.43 per share, compared with net income of $1.1 million, or $0.23 per diluted share, last year. The average exchange rate between the Australian dollar and the US dollar for the nine-month period ended October 31, 2001 was A$1=US$0.5144, and for the corresponding period last year, A$1=US$0.5825, representing a 13.2% 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 67 stores in the U.S. and 35 stores in Australia. In addition, it has 9 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 the company's performance for the remainder of the year, its plans with regard to store openings and closings 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
Third Quarter Ended Nine Months Ended
October 31 October 31
2001 2000 2001 2000
Sales
Australia $20,777 $20,772 $44,642 $48,567
U.S. 21,217 19,945 76,434 71,834
Total sales 41,994 40,717 121,076 120,401
Cost of goods sold 30,452 27,186 84,560 80,617
Gross profit 11,542 13,531 36,516 39,784
Selling, general
and administrative
expenses 12,925 12,496 38,281 36,542
Store pre-opening
costs 41 79 87 360
Operating income (1,424) 956 (1,852) 2,882
Equity in income of
affiliates 50 40 65 30
Interest expense 352 491 1,092 1,231
Income before tax (1,726) 505 (2,879) 1,681
Income tax expense -641 180 (1,001) 593
Net income $(1,085) $325 $(1,878) $1,088
Earnings per share
Basic $(0.25) $0.07 $(0.43) $0.24
Diluted $(0.25) $0.07 $(0.43) $0.23
Weighted average
shares outstanding
Basic 4,277 4,542 4,329 4,542
Diluted 4,277 4,686 4,329 4,718
US$/A$ conversion
rate 0.5133 0.5548 0.5144 0.5825
Note: A retail 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.
Goods and services tax is not included in reported sales
figures since this date.
BARBEQUES GALORE LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
In Australian dollars thousands, except per share data
Third Quarter Ended Nine Months Ended
October 31 October 31
2001 2000 2001 2000
Sales
Australia $40,478 $37,441 $86,832 $83,777
U.S. 41,335 35,950 148,528 122,930
Total sales 81,813 73,391 235,360 206,707
Cost of goods sold 59,325 49,002 164,390 138,356
Gross profit 22,488 24,389 70,970 68,351
Selling, general
and administrative
expenses 25,180 22,523 74,424 62,671
Store pre-opening
costs 80 142 169 603
Operating income (2,772) 1,724 (3,623) 5,077
Equity in income of
affiliates 98 72 128 54
Interest expense 686 885 2,124 2,122
Income before tax (3,360) 911 (5,619) 3,009
Income tax expense (1,248) 324 (1,952) 1,062
Net income $(2,112) $587 $(3,667) $1,947
Earnings per share
Basic $(0.49) $0.13 $(0.85) $0.43
Diluted $(0.49) $0.13 $(0.85) $0.41
Weighted average
shares outstanding
Basic 4,277 4,542 4,329 4,542
Diluted 4,277 4,686 4,329 4,718
Note: A retail 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.
Goods and services tax is not included in reported sales
figures since this date.
BARBEQUES GALORE LIMITED
CONSOLIDATED BALANCE STATEMENT
In Australian dollar thousands
October 31, 2001 January 31, 2001
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $35 $34
Accounts receivable, net 19,526 15,797
Receivables from affiliates -- 3
Inventories, net 74,158 65,122
Deferred income taxes 4,869 1,736
Prepaid expenses and other
current assets 1,588 2,872
Total current assets 100,175 85,564
Non-current assets:
Receivables from affiliates 839 642
Property, plant and
equipment, net 38,829 40,007
Goodwill, net 1,155 1,238
Deferred income taxes 1,823 1,435
Other non-current assets 2,437 2,611
Total assets $145,258 $131,497
Liabilities and
shareholders' equity
Current liabilities:
Accounts payable and
accrued liabilities $33,382 $26,160
Payables to related parties 150 349
Current maturities of
long-term debt 1 15
Current portion of
obligations under capital
leases 1,665 2,520
Total current
liabilities 35,198 29,044
Non-current liabilities:
Long-term debt 40,720 30,456
Obligations under capital
leases, excluding current
portion 5,233 6,098
Other long-term liabilities 1,736 1,667
Total liabilities 82,887 67,265
Shareholders' equity:
Ordinary shares, $3.64 par
value; authorized
27,437,853 shares 39,178 40,733
Accumulated other
comprehensive income 9,291 5,931
Retained earnings 13,902 17,568
Total shareholders'
equity 62,371 64,232
Total liabilities and
shareholders' equity $145,258 $131,497
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion