Bertucci's announces 1997 first quarter earnings; 1st quarter earnings per share $0.11 vs. $0.06.WAKEFIELD Wakefield, estate, United States Wakefield, family estate of George Washington, on the Potomac River, E Va.; part of the George Washington Birthplace National Monument (see National Parks and Monuments, table). , Mass.--(BUSINESS WIRE)--May 12, 1997--Bertucci's, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : BERT (Bit Error Rate Test) An analysis of network transmission efficiency that computes the percentage of bits received in error from the total number sent. ), today announced its financial results for the first 16-week quarter of fiscal year 1997. The Company reported net revenues of $40.3 million for the quarter ended April 19, 1997, a gain of 5.4 percent over net revenues of $38.3 million for the first quarter of 1996. Net income for the 16-week period was $1.0 million, compared with $549,000 the previous year, which represents an increase of 83 percent. Earnings per share in the 1997 first quarter were $0.11, compared with $0.06 in the prior year. This quarter's performance marks the fourth consecutive comparative quarter of increases in net income and earnings per share. For the quarter ended April 19, 1997, comparable-store sales were positive by 1 percent. This modest increase reflects the Company's first year of being closed on Easter Easter [A.S. Eastre, name of a spring goddess], chief Christian feast, commemorating the resurrection of Jesus after his crucifixion. In the West, Easter is celebrated on the Sunday following the full moon next after the vernal equinox (see calendar); thus, it Day, as well as the higher amount of advertising that was going on in the second half of the first quarter last year. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Theodore Theodore. For Russian rulers thus named, use Feodor. Barber A barber (from the Latin barba, "beard") is someone whose occupation is to cut any type of hair, give shaves, and trim beards. In previous times, barbers also performed surgery and dentistry. , Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , the first-quarter results indicate the impact of initiatives taken to improve the performance of the Company. These initiatives include improved employee-selection and employee-recruiting methods, a new training focus, and a revised variable-compensation plan for operations which focuses on operating efficiencies and ties directly into the Company's performance. In addition, the Company has introduced a new labor-management tool and revised productivity programs in areas such as food management. These initiatives, coupled with enhanced career opportunities and benefit programs for employees, should continue to contribute to improved company performance. Bertucci's operates 80 casual, full-service Italian restaurants in 11 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . In addition, the Company opened its first Sal and Vinnie's Sicilian Steakhouse during the first quarter of 1997 in Norwood, Massachusetts Norwood is a town and census-designated place in Norfolk County, Massachusetts, USA. As of the 2000 census, the population was 28,587. The community was named after Norwood, England. . Plans are to open six more Bertucci's restaurants in the remainder of fiscal year 1997.
Bertucci's, Inc.
Condensed Statements of Operations
16 Weeks Ended
April 19, April 20,
1997 1996
(in thousands, except per share data)
Sales $ 40,337 $ 38,259
Net Income 1,003 549
Earnings Per Share $ 0.11 $ 0.06
Weighted Average Shares 8,883,801 8,892,502
-0-
BERTUCCI'S, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
16 Weeks Ended
April 19, 1997 April 20, 1996
NET SALES $40,336,914 100.00% $38,258,872 100.00%
COSTS AND EXPENSES:
Cost of sales 10,118,421 25.08 9,797,707 25.61
Operating expenses 20,944,477 51.92 19,881,497 51.97
General and administrative
expense 2,431,591 6.03 2,477,232 6.47
Depreciation and amortization 2,719,152 6.74 2,711,546 7.09
Taxes other than income 2,181,243 5.41 2,100,646 5.49
Total costs and expenses 38,394,884 95.19 36,968,628 96.63
Operating income 1,942,030 4.81 1,290,244 3.37
INTEREST EXPENSE 366,740 0.91 418,307 1.09
INTEREST INCOME 3,440 0.01 6,216 0.02
Income before income tax
expense 1,578,730 3.91 878,153 2.30
INCOME TAX EXPENSE (BENEFIT) 575,600 1.43 329,000 0.86
NET INCOME $ 1,003,130 2.49% $ 549,153 1.44%
EARNINGS PER SHARE $ 0.11 $ 0.06
WEIGHTED AVERAGE SHARES
OUTSTANDING 8,883,801 8,892,502
CONTACT: Bertucci's, Inc. Norman S Norman, city (1990 pop. 80,071), seat of Cleveland co., central Okla.; inc. 1891. It is the center of a livestock region. Oil wells, food processing, and printing and publishing contribute to the economy, and there is diverse manufacturing (machinery, communication . Mallett, 617/246-6700 |
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