Bayport Restaurant Group reports second quarter results; revenues increase 34%; net earnings increase 25%; same store sales increase 4.5%.HOLLYWOOD Hollywood. 1 Community within the city of Los Angeles, S Calif., on the slopes of the Santa Monica Mts.; inc. 1903, consolidated with Los Angeles 1910. , Fla.--(BUSINESS WIRE)--Aug. 7, 1995--Bayport Restaurant Group Inc. ("Bayport") (NASDAQ/NMS:PORT) Monday reported record revenues for the quarter ended June 26, 1995. Revenues for the quarter increased 34% to $13,334,299, from the $9,944,485 in revenues recorded during the same period last year. For the six months ended June 26, 1995 revenues increased by 35% to $25,763,245 from $19,041,631 for the six months ended June 27, 1994. 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 increased by 4.5% during the quarter as compared to the same period last year. Pre-tax earnings for the quarter increased by 37% to $616,717 from the $451,012 recorded for the same period last year. For the six month period, pre-tax earnings were $1,517,840 a 31% increase from the $1,156,811 recorded for the same period last year. Net earnings for the quarter increased by 25% to $407,033 from the $324,729 recorded in the same period last year. For the six months net earnings increased by 20% to $1,001,774 from the $832,904 recorded last year. During both the second quarter and the first six month period income tax expense increased to an effective rate of 34%, compared to the 28% effective tax rate recorded in the corresponding periods of 1994. Earnings per share for the quarter increased by 33% to $.04 compared to the $.03 recorded last year. For the six months, earnings per share increased by 25% to $.10 per share compared with the $.08 recorded for the same period last year. David J David J. Haskins (b. April 24, 1957, in Northampton, England) is a British alternative rock musician. He was the bassist for the seminal gothic rock band Bauhaus. Life and work . Connor, chief executive officer said: "We are again pleased to be able to report our 14th consecutive quarter of record revenues and operating results. We continue to show solid growth in our existing operations as we are implementing our expansion program. During the quarter we opened two new Crab House Restaurants; Biloxi, Miss. in the Grand Casino casino or cassino (both: kəsē`nō). 1 Card game played with a full deck by two to four players. Its origins are obscure though it probably traces back to the Italian game of Scopa. Hotel at the end of April, and Chicago, Ill. at the end of June and one Capt. Crab's Take-Away take·a·way n. 1. A concession, as in a lower level of health benefits, made by a labor union to a company in negotiating a new contract. 2. restaurant in Maryland Maryland (mâr`ələnd), one of the Middle Atlantic states of the United States. It is bounded by Delaware and the Atlantic Ocean (E), the District of Columbia (S), Virginia and West Virginia (S, W), and Pennsylvania (N). . Following the end of the quarter we have opened another Capt. Crab's Take-Away in Maryland and a second Crab House Restaurant in Myrtle Beach, S.C. is scheduled to open in Mid-August." Connor added: "During the balance of this year we will open Crab House restaurants in Aventura, Fla., Gulfport, Miss. in the Grand Casino Hotel, and in the Chelsea Piers Chelsea Piers, officially Chelsea Piers Sports & Entertainment Complex, is a series of sports and entertainment buildings constructed on four adjoining piers on the West Side of Manhattan in New York City. Sports and Entertainment Complex in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . A fourth Crab House Restaurant is scheduled to open in Great Neck, N.Y., in December or January 1996. We have signed three leases (Edgewater, N.J., Fairfax, Va. and Nashville, Tenn.) for Crab House Restaurants to be opened in 1996, and we are currently negotiating leases for four other locations." Bayport Restaurant Group Inc. owns and operates 13 Crab House Seafood Restaurants, five Capt. Crab's Take-Aways and a seafood processing plant. -0-
BAYPORT RESTAURANT GROUP INC.
Three Months Ended Six Months Ended
June 26, June 27, June 26, June 27,
1995 1994 1995 1994
Revenues $13,334,299 $9,944,485 $25,763,245 $19,041,631 Earnings Before Income Taxes 616,717 451,012 1,517,840 1,156,811 Provision for Income Taxes 209,684 126,283 516,066 323,907 Net Earnings $ 407,033 $ 324,729 $ 1,001,774 $ 832,904 Earnings Per Share $.04 $.03 $.10 $.08 Weighted Average Number of Shares Outstanding 10,394,571 10,441,923 10,397,899 10,440,448 CONTACT: Radcliffe & Associates Inc., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Donald Radcliffe, Investor Relations Investor relations The process by which the corporation communicates with its investors. 212/605-0599 |
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