Bertucci's announces fourth quarter and full year 1995 results.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. ), announced financial results for the 12-week fourth quarter ended Dec. 30, 1995. Revenues for the quarter were $28.1 million, compared with $28.2 million for the 13-week quarter ended Dec. 31, 1994. The company reported a net loss of $2.9 million, or ($0.33) per share, after a $3.2 million charge, or $0.36 per share, was taken for the closing of three restaurants. This compares with net income of $1.4 million, or $0.15 per share, for the 13-week quarter last year. For the 52-week fiscal year ended Dec. 30, 1995, revenues increased 17 percent to $120.2 million, compared with $102.8 million in the 53-week fiscal year ended Dec. 31, 1994. For the 1995 fiscal year, the company reported a net loss of $886,000, or ($0.10) per share, compared to a net income of $5.6 million, or $0.63 per share, for the 53-week fiscal year ended Dec. 31, 1994. Excluding the impact of three closed stores, net income and earnings per share would have been $2.3 million, or $0.26 per share, for fiscal 1995. Management intends to close two locations in Orlando, Fla., and a third location in Ocean, N.J. The restaurant closing charge consists primarily of the writedown writedown A reduction in the value of an asset carried on a firm's financial statements. For example, the firm's accountants, believing the inventory is overvalued, may decide to take a writedown by reducing inventory valuation. of certain fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → and the accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. of rent for which the company will continue to be responsible subsequent to the closing of the three restaurants. Joey Joey after Joseph Grimaldi, famous 19th-century clown. [Am. Hist.: Espy, 45] See : Clowns Crugnale, president, commented, "This decision was made in order to allow the company to focus its attention on profitable restaurants." Pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern operating losses 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. at the three locations were in excess of $550,000, or $0.04 per share after-tax, during fiscal year ended Dec. 30, 1995. Theodore 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. , Bertucci's newly elected senior vice president and 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. , is finalizing a strategic plan to increase the value of Bertucci's to its shareholders through sustained growth in earnings. The focus of this strategy is to provide opportunities through both short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. and long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. programs within the corporate and operating units operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon . Barber stated, "Bertucci's is a solid concept that will emerge stronger as a result of these new strategies. The mood is enthusiastic and optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op throughout the entire organization, which is essential in any turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. ." The announced restaurant closings are a significant part of this future strategy. The company opened nine restaurants in fiscal 1995, with two of those restaurants opening in the fourth quarter. Comparative restaurant sales for the 52-week fiscal year were down 2.0 percent, while sales for the fourth quarter were down less than 0.8 percent. Crugnale stated, "Despite adverse weather in December and January, the company continues to see improvements in comparable restaurant sales and customer counts. We are encouraged that we are beginning to see the positive impact of many of the measures we took in 1995. Having Ted Barber as chief operating officer and the closing of the three weak units will allow us to concentrate on further improvement of our operations and profitability in 1996." The company operates 76 full-service restaurants under the "Bertucci's Brick Oven Pizzeria" name in the Northeastern and Mid-Atlantic regions, the Chicago, Ill. and Atlanta, Ga. metropolitan areas. Currently, the company has four additional restaurants under construction and plans to open a total of eight new restaurants at locations within its existing markets during fiscal 1996. -0-
Bertucci's Inc.
Condensed Statement of Income
Quarter Ended Fiscal Year Ended
Dec. 30, Dec. 31, Dec. 30, Dec. 31,
1995 1994 1995 1994
(12 weeks) (13 weeks) (52 weeks) (53 weeks)
(in thousands, except per share data)
Sales $28,082 $28,214 $120,260 $102,797 Net income (2,923)(a) 1,358 (886)(a) 5,610 Earnings per share $(0.33)(a) $0.15 $(0.10)(a) $0.63 Weighted avg. shares 8,879,110 8,905,562 8,910,612 8,936,569 (a) Includes an after-tax charge in each period in 1995 of $3.2 million, or $0.36 per share for the closing of three restaurants. -0-
Bertucci's Inc.
Consolidated Condensed Statement of Income
Quarter Ended Fiscal Year Ended
Dec. 30, Dec. 31, Dec. 30, Dec. 31,
1995 1994 1995 1994
(12 weeks) (13 weeks) (52 weeks) (53 weeks)
(in thousands, except per share data)
NET SALES $28,082 $28,214 $120,260 $102,797 COST AND EXPENSES: Cost of sales 7,491 7,199 31,060 26,039 Operating expenses 14,615 13,608 60,672 48,762 General and administrative expenses 1,895 1,870 8,239 6,566 Depreciation and amortization 1,937 1,908 9,084 7,369 Taxes other than income 1,346 1,391 6,268 5,106 Restaurant closure expense 5,336 - 5,336 - Total cost and expenses 32,620 25,976 120,659 93,842 Operating income (4,538) 2,238 (399) 8,955 INTEREST EXPENSE 321 97 1,253 155 INTEREST INCOME 3 4 21 33 Income before income tax expense (4,856) 2,145 (1,631) 8,833 INCOME TAX EXPENSE (1,933) 787 (745) 3,223 NET INCOME (2,923) 1,358 (886) 5,610 EARNINGS PER SHARE $(0.33) $0.15 $(0.10) $0.63 WEIGHTED AVERAGE SHARES OUTSTANDING 8,879,110 8,905,562 8,910,612 8,936,569 -0- CONTACT: Bertucci's Inc. Norman Mallett, 617/246-6700 |
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