Boston Chicken Reports 115% Increase in Second Quarter Net Income; Earnings Per Share of $.24; Einstein/Noah Bagel Corp. Reports its First Profitable Quarter.GOLDEN, Colo.--(BUSINESS WIRE)--Aug. 13, 1996--Boston Chicken, Inc. (NASDAQ-NMS:BOST BOST Boston National Historic Park (US National Park Service) BOST Built Off-Chip Self Test ) today reported financial results for its second quarter and year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. ended July July: see month. 14, 1996, compared with results for the second quarter ended July 9, 1995. Highlights include: Second Quarter -- Company revenue increased 86% to $64,561,000 from $34,800,000. -- Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. increased 107% to $29,860,000 from $14,412,000. -- Net income increased 115% to $15,916,000 from $7,420,000. -- Earnings per share increased 60% to $.24 from $.15. -- Boston Market Boston Market (known before 1995 as Boston Chicken), headquartered in Golden, Colorado, is a chain of American fast-food restaurants. Founded in December 1985 in Newton, Massachusetts, the chain grew rapidly in the early and mid-1990s, filed bankruptcy in the late 1990s, and (R) systemwide gross revenue increased 52% to $260,472,000 from $171,374,000. Year-to-date -- Company revenue increased 49% to $111,908,000 from $74,907,000. -- Operating income increased 109% to $58,407,000 from $27,939,000. -- Net income increased 117% to $31,565,000 from $14,536,000. -- Earnings per share increased 60% to $.48 from $.30. -- Boston Market systemwide gross revenue increased 59% to $572,270,000 from $358,822,000. During the second quarter, Boston Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. Chicken, Inc. (BCI BCI Bat Conservation International BCI Brain-Computer Interface BCI Business Continuity Institute BCI Business Cycle Indicators BCI Banco de Credito e Inversiones (Chilean bank) BCI Bell Canada International ) acquired a 93% ownership interest in Mid-Atlantic Adj. 1. mid-Atlantic - of a region of the United States generally including Delaware; Maryland; Virginia; and usually New York; Pennsylvania; New Jersey; "mid-Atlantic states" middle Atlantic Restaurant Systems, which currently operates 78 Boston Market stores in the Philadelphia Philadelphia, ancient cities Philadelphia, name of several ancient cities. One was in Lydia, W Asia Minor (now W Turkey). At the foot of Mt. Tmolus and near the location of modern Alaşehir, it was founded in the 2d cent. B.C. area. BCI also converted its $120 million loan to Einstein/Noah Bagel Corp. (ENBC), effective for the final four-week period of the quarter. Following ENBC's recent initial public offering and concurrent At the same time. It implies that multiple processes are taking place simultaneously. See concurrent operation. public offering of 3.5 million shares (including the over-allotment) and BCI's concurrent purchase of 2 million ENBC shares, BCI's ownership of ENBC is approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 60%. ENBC (Nasdaq: ENBX) also reported financial results for the second quarter ended July 14, 1996. ENBC systemwide gross revenue for the second quarter increased 377% to $30,706,000 from $6,443,000. Total company revenue for the quarter was $18,206,000. Net income was $295,000, or $.01 per share. At the end of the second quarter, there were a total of 957 Boston Market stores open systemwide and a total of 188 bagel stores open systemwide. Scott Beck This article is about the musician. For other uses, see Beck (disambiguation). Beck Hansen (born Bek David Campbell, July 8, 1970) is a Grammy Award-winning American musician, singer-songwriter, and multi-instrumentalist, known by his simple stage name of , co-chairman and chief executive officer of BCI, said, The composition of Boston Chicken's income statement reflects our first experience in converting Boston Market area developer stores into company stores. Our 78 Philadelphia-area company stores are performing very well. In addition, our income statement now reflects BCI's ownership of approximately 60% of Einstein/Noah Bagel Corp. ENBC completed three new area development agreements during the quarter. With its network of 10 experienced area developers in place and its capital base strengthened by approximately $86 million in proceeds from its successful IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. , ENBC has the resources to accelerate its aggressive development and position itself as a clear leader in the bagel business. Larry Lar´ry n. 1. Same as Lorry, or Lorrie. Zwain, president and chief executive officer of Boston Market, said, "Boston Market continues to reap the rewards of the system's focus on store performance and operations. In the second quarter, gross weekly per store average revenue increased 7.2% over last year to $23,826, with associated increases in store level performance. Boston Market's increase in store revenue is particularly impressive given the generally flat-to-down trends throughout the quick service restaurant industry. We've we've Contraction of we have. we've have never been more excited by the momentum we're we're Contraction of we are. we're we are seeing in the system and the 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. potential of the brand," added Zwain. Boston Chicken, Inc. franchises and operates Boston Market food service stores that specialize spe·cial·ize v. 1. To limit one's profession to a particular specialty or subject area for study, research, or treatment. 2. To adapt to a particular function or environment. in homestyle meals featuring rotisserie-roasted Boston Chicken(R) and turkey breast, Hearth Honey honey, sweet, viscid fluid produced by honeybees from the nectar of flowers. The nectar is taken from the flower by the worker bee and is carried in the honey sac back to the hive. (TM) hams, double-sauced meat loaf, hot, hand-carved Boston Carver carver /car·ver/ (kahr´ver) a tool for producing anatomic form in artificial teeth and dental restorations. carver (carving instrument), n sandwiches and fresh vegetables, salads and other side dishes side dish n. A dish served as an accompaniment to the main course. Noun 1. side dish - a dish that is served with, but is subordinate to, a main course entremets, side order , including mashed potatoes n. pl. 1. Potatoes which have been boiled and mashed to a pulpy consistency, usu. with sparing addition of milk, salt, butter, or other flavoring. It is a popular accompaniment to a meat course [U.S., 1900's], providing bulk and calories to a meal. made from scratch scratch v. scratched, scratch·ing, scratch·es v.tr. 1. To make a thin shallow cut or mark on (a surface) with a sharp instrument. 2. To use the nails or claws to dig or scrape at. . Boston Market meals combine the freshness and quality of traditional home cooking with convenience and value. As of August 12, 1996, there were 965 Boston Market stores in 37 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). . Einstein/Noah Bagel Corp. operates and franchises approximately 200 bagel stores in 19 states primarily under the Einstein Ein·stein , Albert 1879-1955. German-born American theoretical physicist whose special and general theories of relativity revolutionized modern thought on the nature of space and time and formed a theoretical base for the exploitation of atomic energy. Bros BROS Brothers BROS Benefits and Retirement Operations Section (King County, Washington) BROS Barnes and Richmond Operatic Society (London, UK) . and Noah's 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 Bagels brand names. Certain statements in this release constitute 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. and involve risks, uncertainties, and other factors which may cause the actual performance of Boston Chicken, its area developers, Boston Market stores, and Einstein/Noah Bagel Corp. to be materially different from the performance expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by such statements. Such factors include, among others: competition; success of operating initiatives; area developers adherence adherence /ad·her·ence/ (ad-her´ens) the act or condition of sticking to something. immune adherence to development schedules; advertising and promotional efforts; adverse publicity; changes in business strategy or development plans; availability and terms of capital; regional weather conditions; and other factors set forth in the Company's 10-K. The success of the companies is dependent on their respective area developers and franchisees and the manner in which they operate and develop their stores. -0-
BOSTON CHICKEN, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(In thousands, except per share data)
(Unaudited)
Two
Quarter Ended Quarters Ended
________________ ________________
July 9 July 14 July 9 July 14
1995 1996 1995 1996
_______ _______ _______ _______
Revenue:
Royalties and
franchise-related
fees............... $21,808 $39,137 $46,597 $85,170
Company-operated
stores............. 12,992 25,424 28,310 26,738
______ ______ ______ ______
Total revenue...... 34,800 64,561 74,907 111,908
Costs and Expenses:
Cost of products
sold............... 4,811 9,468 10,601 9,948
Salaries and
benefits........... 7,480 9,328 16,028 16,837
General and
administrative..... 8,097 15,905 20,339 26,716
______ ______ ______ ______
Total costs and
expenses......... 20,388 34,701 46,968 53,501
______ ______ ______ ______
Income from
Operations........... 14,412 29,860 27,939 58,407
Other Expense:
Interest expense,
net................ (2,440) (3,435) (4,497) (6,335)
Other income, net.... 6 203 34 312
______ ______ ______ ______
Total other
expense.......... (2,434) (3,232) (4,463) (6,023)
______ ______ ______ ______
Income Before
Income Taxes
and Minority
Interest............. 11,978 26,628 23,476 52,384
Income Taxes........... 4,558 9,691 8,940 19,798
Minority Interest
in Earnings
of Subsidiary........ - (1,021) - (1,021)
______ ______ ______ ______
Net Income............. $ 7,420 $15,916 $14,536 $31,565
====== ====== ====== ======
Net Income
per Common and
Equivalent Share..... $ 0.15 $ 0.24 $ 0.30 $ 0.48
====== ====== ====== ======
Weighted Average
Number of Common and
Equivalent Shares
Outstanding.......... 50,033 67,131 49,189 65,523
====== ====== ====== ======
BOSTON CHICKEN, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
4/21/96 7/14/96
________ _________
(Unaudited) (Unaudited)
ASSETS
______
Current Assets:
Cash and cash equivalents...........$ 155,483 $ 110,932
Accounts receivable, net............ 14,002 18,002
Due from affiliates................. 9,741 13,741
Notes Receivable.................... 38,497 -
Prepaid expenses and other
current assets.................... 2,717 4,088
Deferred income taxes............... 3,841 3,720
______ ______
Total current assets.............. 224,281 150,483
Property and Equipment, net........... 265,521 354,429
Notes Receivable...................... 671,504 622,868
Deferred Financing Costs, net......... 17,985 19,027
Excess of Purchase Price Over
Fair Value of Net Assets
Acquired, net....................... - 171,605
Other Assets, net..................... 8,266 53,002
_______ _______
Total assets..................... $1,187,557 $1,371,414
======= =======
LIABILITIES AND STOCKHOLDERS EQUITY
____________________________________
Current Liabilities:
Accounts payable....................$ 7,388 $ 16,472
Accrued expenses.................... 8,911 18,892
Deferred franchise revenue.......... 9,229 9,842
_______ _______
Total current liabilities......... 25,528 45,206
Deferred Franchise Revenue............ 3,940 8,456
Revolving Credit Facility............. - 42,650
Liquid Yield Option Notes............. 173,024 176,169
Convertible Subordinated Debt......... 129,862 129,862
Deferred Income Taxes................. 18,685 20,358
Other Noncurrent Liabilities.......... 726 9,807
Minority Interest..................... - 33,185
Repurchase Common Stock and Series
A Preferred Stock................... - 20,360
Commitments and Contingencies
Stockholders' Equity:
Preferred Stock -- $.01 par value;
20,000,000 shares authorized; no
shares issued and outstanding..... - -
Common Stock -- $.01 par value;
100,000,000 shares authorized;
issued and outstanding:
62,624,702 in April and
63,902,895 in July................ 626 639
Additional paid-in capital.......... 778,888 812,528
Retained Earnings................... 56,278 72,194
_______ _______
Total stockholders' equity........ 835,792 885,361
_______ _______
Total liabilities and
stockholders' equity............$1,187,557 $1,371,414
======= =======
EINSTEIN/NOAH BAGEL CORP
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Quarter Ended Two
________________ Inception Quarters
through Ended
July 9 July 14 July 9 July 14
1995 1996 1995(a) 1996
_______ _______ _______ _______
Revenue:
Company-operated
stores............. $ 6,292 $ 13,092 $ 7,715 $ 31,489
Royalties and
franchise-related
fees............... - 5,114 - 9,096
______ ______ ______ ______
Total revenue...... 6,292 18,206 7,715 40,585
Costs and Expenses:
Cost of products
sold............... 1,918 4,588 2,356 10,078
Salaries and
benefits........... 2,993 5,316 3,636 14,444
General and
administrative..... 3,165 5,999 3,687 15,030
______ ______ ______ ______
Total costs and
expenses......... 8,076 15,903 9,679 39,552
______ ______ ______ ______
Income (Loss) from
Operations........... (1,784) 2,303 (1,964) 1,033
Other Expense:
Interest expense,
net................ (141) (2,651) (221) (5,984)
Other income, net.... 1 643 1 1,929
______ ______ ______ ______
Total other
expense.......... (140) (2,008) (220) (4,055)
______ ______ ______ ______
Income (Loss) Before
Income Taxes......... (1,924) 295 (2,184) (3,022)
Income Taxes........... - - - -
______ ______ ______ ______
Net Income (Loss)...... $(1,924) $ 295 $(2,184) $(3,022)
====== ====== ====== ======
Net Income (Loss)
per Common and
Equivalent Share..... $ (0.20) $ 0.01 $ (0.23)$ (0.23)
====== ====== ====== ======
Weighted Average
Number of Common and
Equivalent Shares
Outstanding.......... 9,679 20,370 9,626 14,261
====== ====== ====== ======
(a) From March 24, 1995 through July 9, 1995 ----------
EINSTEIN/NOAH BAGEL CORP
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
4/21/96 7/14/96
________ _________
(Unaudited) (Unaudited)
ASSETS
______
Current Assets:
Cash and cash equivalents...........$ 2,912 $ 569
Accounts receivable, net............ 5,334 5,354
Inventory........................... 1,408 1,054
Prepaid expenses and other
current assets.................... 3,953 481
______ ______
Total current assets.............. 13,607 7,458
Property and Equipment, net........... 34,564 28,828
Notes Receivable...................... 38,298 65,322
Excess of Purchase Price Over
Fair Value of Net Assets
Acquired, net....................... 69,547 69,706
Trademarks, net....................... 21,986 21,840
Recipes, net.......................... 5,121 5,000
Other Assets, net..................... 1,391 8,566
_______ _______
Total assets..................... $ 184,514 $ 206,720
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
____________________________________
Current Liabilities:
Accounts payable....................$ 5,418 $ 3,198
Accrued expenses.................... 6,556 6,055
Deferred franchise revenue.......... 990 2,415
_______ _______
Total current liabilities......... 12,964 11,668
Convertible Debt...................... 120,000 -
Revolving Credit Facilities........... 38,497 56,650
Deferred Franchise Revenue............ 1,595 5,550
Other Noncurrent Liabilities.......... 3,826 1,777
Repurchase Common Stock Shares -
1,721,250 shares issued
and outstanding..................... 11,852 12,548
Series A Preferred Stock -
6,250 shares issued
and outstanding..................... 7,813 7,813
Commitments
Stockholders' Equity (Deficit):
Preferred Stock -- $.01 par value;
20,000,000 shares authorized; no
shares issued and outstanding..... - -
Common Stock -- $.01 par value;
200,000,000 shares authorized;
issued and outstanding:
5,353,128 in April 1996 and
21,150,975 in July 1996.......... 54 212
Additional paid-in capital.......... 34,946 157,240
Accumulated deficit................. (47,033) (46,738)
_______ _______
Total stockholders'
equity (deficit)................ (12,033) 110,714
_______ _______
Total liabilities and
stockholders' equity............ $184,514 $206,720
======= =======
CONTACT: Boston Chicken, Inc. Melissa melissa: see bee balm. Marsden Marsden is both a surname and a place name. As a surname As a surname, Marsden may refer to:
Karen Karen Any member of a variety of tribal peoples of southern Myanmar (Burma). Constituting the second largest minority in Myanmar, the Karen are not a unitary group in any ethnic sense, as they differ among themselves linguistically, religiously, and economically. Rugen Rü·gen An island of northeast Germany in the Baltic Sea. Separated from the mainland by a narrow channel, it was seized by Denmark in 1168, passed to Pomerania in 1325 and to Sweden in 1648, and became part of Prussia in 1815. , 303/384-5076 (media) or Einstein/Noah Bagel Corp. Nancy Nancy (näNsē`), city (1990 pop. 102,410), capital of Meurthe-et-Moselle dept., NE France, on the Meurthe River and the Marne-Rhine Canal. It is the administrative, economic, and educational center of Lorraine. Shipp, 303/202-3738 (analyst) Gary Gary, city (1990 pop. 116,646), Lake co., NW Ind., a port of entry on Lake Michigan; inc. 1909. Gary was founded by the U.S. Steel Corporation, which purchased the land in 1905 and landscaped it for a city. Gerdemann, 303/202-3724 (media) |
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