Bertucci's announces financial results for the second quarter of fiscal year 1995.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)--Aug. 7, 1995--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 financial results for the second quarter of fiscal year 1995. The company reported net revenues of $28.5 million for the 12-week second quarter ended July July: see month. 15, 1995, a gain of 29 percent over net revenues of $22.2 million for the 12-week second quarter of the previous year. Comparable restaurant sales for the 12-week period decreased 1.4 percent. Net income for the 12-week period was $525,000 compared with $1.2 million a year earlier. The company attributes the decrease in net income to two factors. One factor was the one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when cost associated with the May 5 departure, by mutual agreement, of the company's 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 other factor was the $750,000 cost of the company's first commercial broadcast advertising campaign, launched May 15, that was not offset by a corresponding increase in sales. Although the company realized favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. results from this campaign in some markets, the company is re-evaluating its overall advertising strategy. For the 28-week comparison, net revenues have increased 28 percent, while net income has decreased from $2.8 million to $1.4 million over last year's same period. The increase in revenues has come from new restaurants, while comparative store sales growth for the 28-week period declined 2.2 percent. The company operates a chain of 73 full service, casual dining Italian restaurants under the "Bertucci's Brick Oven  It has been suggested that , , , , and be merged into this article or section. Pizzeria" name, principally in the Eastern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . During
the second quarter the company opened three new restaurants. Currently
the company has three additional restaurants under construction.
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Bertucci's Inc.
Condensed Statement of Income
12 Weeks Ended 28 Weeks Ended
July 15, July 9, July 15, July 9,
1995 1994 1995 1994
(in thousands, except per share date)
Sales $ 28,521 $ 22,191 $ 63,967 $ 49,987 Net Income 525 1,186 1,427 2,769 Earnings Per Share $ 0.06 $ 0.13 $0.16 $0.31 Weighted Average Shares 8,857,734 8,909,381 8,878,124 8,935,334 -0-
Bertucci's Inc.
Consolidated Condensed Statements of Income
(Unaudited)
12 Weeks Ended 28 Weeks Ended
July 15, July 9, July 15, July 9,
1995 1994 1995 1994
(in thousands, except per share date)
NET SALES $ 28,521 $ 22,191 $ 63,967 $ 49,987 COSTS AND EXPENSES: Cost of sales 7,278 5,583 16,329 12,694 Operating expenses 14,380 10,484 31,706 23,458 General and administrative expenses 2,030 1,535 4,671 3,218 Depreciation and amortization 2,212 1,617 4,974 3,729 Taxes other than income 1,516 1,092 3,448 2,498 Total costs and expenses 27,416 20,311 61,128 45,597 Operating income 1,105 1,880 2,839 4,390 INTEREST EXPENSE 292 19 615 49 INTEREST INCOME 5 7 13 21 Income before income tax expense 818 1,868 2,237 4,362 INCOME TAX EXPENSE 293 682 810 1,593 NET INCOME $ 525 $ 1,186 $ 1,427 $ 2,769 EARNINGS PER SHARE $ 0.06 $ 0.13 $ 0.16 $ 0.31 WEIGHTED AVERAGE SHARES OUTSTANDING 8,857,734 8,909,381 8,878,124 8,935,334 -0- CONTACT: Bertucci's Inc. Norman 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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