Boston Chicken Third Quarter Net Income up 88%; Systemwide store revenue up 99%.Inc. (Nasdaq-NMS: BOST BOST Boston National Historic Park (US National Park Service) BOST Built Off-Chip Self Test ) today reported financial results for the third 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 October October: see month. 1, 1995. Highlights include: Third quarter ------------- -- Net earnings increased 88% to $8,814,000, or $.17 per share, from $4,679,000, or $.11 per share in 1994. -- 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 142% to $18,881,000 from $7,818,000 in 1994. -- Systemwide store gross revenue increased 99% to $197,496,000 from revenue of $99,281,000 in 1994. Year-to-date ------------ -- Net earnings increased 120% to $23,350,000, or $.47 per share, from $10,623,000, or $.26 per share in 1994. -- Operating income increased 208% to $46,820,000 from $15,201,000 in 1994. -- Systemwide store gross revenue increased 108% to $556,318,000 from revenue of $266,884,000. The company ended the third quarter with a total of 754 stores open compared with 437 stores open at the end of the third quarter of 1994. Total company revenue was $38,671,000 in the third quarter compared with $25,186,000 in 1994. Royalties Not to be confused with Royal family. Royalties (sometimes, running royalties) are usage-based payments made by one party (the "licensee") to another (the "licensor") for ongoing use of an asset, most typically an intellectual property (IP) right. and franchise-related fees increased to $26,566,000 from $14,590,000 in 1994 primarily due to an increase in royalties associated with higher systemwide sales, an increase in interest income generated on loans made to financed area developers, and an increase in real estate income. Initial franchise and area development fees declined from 15% of total company revenue in the third quarter of 1994 to 8% in the third quarter of 1995. Revenue from company-operated stores was $12,105,000 in the quarter compared with $10,596,000 in the third quarter of 1994, reflecting higher average revenue at stores operated by the company during the current quarter. "Customer response to our new entrees has been very strong, leading to steady increases in weekly revenue at 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. MarketTM stores," Saad Nadhir, vice chairman, said. "We're we're Contraction of we are. we're we are on track with the nationwide roll-out of whole and half Hearth HoneyTM Hams, a new brand we created. We expect the sale of 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. Hams and banquet-size 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 will boost sales during the holidays -- which have previously been some of our seasonally lowest volume weeks of the year. Customers can also purchase these products for home and office parties as well as gift-giving," Nadhir added. Mark Stephens Ste·phens , Alexander Hamilton 1812-1883. American politician who was vice president of the Confederacy (1861-1865) under Jefferson Davis. , chief financial officer, said, "During the quarter we completed a $75 million equipment lease facility to be used primarily by our financed area developers for the development of new stores. The ability of our financed area developers to obtain this senior financing at such attractive rates and terms, demonstrates the financial community's confidence in the quality of our area developer organizations and the 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 concept." 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 , chairman, said, "Last week, we announced that our area developers are expected to assist Progressive Bagel Concepts, Inc. in the nationwide roll-out of Einste!n Bros BROS Brothers BROS Benefits and Retirement Operations Section (King County, Washington) BROS Barnes and Richmond Operatic Society (London, UK) . retail bagel stores." PBCI plans to franchise the Einste!n Bros. concept to newly formed legal entities that will contractually con·trac·tu·al adj. Of, relating to, or having the nature of a contract. con·trac  tu·al·ly adv.Adv. 1. share existing market development resources with Boston Market area developers. "Einste!n Bros. franchisees will be sharing development resources with Boston Market area developers, while the core elements of each concept -- operations, recruiting, training and marketing will remain totally separate," Beck added. Boston Chicken, Inc. operates and franchises 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 fresh, convenient meals featuring homestyle entrees, fresh vegetables, salads and other side dishes, 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. . The Boston Market concept combines the freshness and quality of traditional home cooking with convenience and value. There are currently 761 Boston Market/Boston Chicken stores in 35 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). . -0-
BOSTON CHICKEN, INC. AND SUBSIDIARY
CONSOLIDATED INCOME STATEMENTS
(In thousands, except per share data)
(Unaudited)
Three
Quarter Ended Quarters Ended
________________ ________________
Oct. 2, Oct. 1, Oct. 2, Oct. 1,
1994 1995 1994 1995
_______ _______ _______ _______
Revenue:
Royalties and
franchise-related
fees............... $14,590 $26,566 $36,742 $ 73,163
Company-operated
stores............. 10,596 12,105 32,244 40,415
______ ______ ______ _______
Total revenue...... 25,186 38,671 68,986 113,578
Cost and Expenses:
Cost of products
sold............... 4,136 4,510 12,510 15,111
Salaries and
benefits........... 5,307 6,930 16,880 22,958
General and
administrative..... 7,228 8,350 19,298 28,689
______ ______ ______ ______
Total cost and
expenses......... 16,671 19,790 48,688 66,758
______ ______ ______ ______
Income from Operations Before Provision for Relocation........... 8,515 18,881 20,298 46,820
Provision for
Relocation........... 697 - 5,097 -
______ ______ ______ ______
Income from Operations 7,818 18,881 15,201 46,820
Other Income (Expense):
Interest expense, net (1,150) (4,593) (2,961) (9,090)
Other income
(expense), net....... 38 (56) 55 (22)
______ ______ ______ ______
Total other
expense (1,112) (4,649) (2,906) (9,112)
Income Before
Income Taxes......... 6,706 14,232 12,295 37,708
Income Taxes........... 2,027 5,418 1,672 14,358
_______ _______ _______ ________
Net Income............. $ 4,679 $ 8,814 $10,623 $ 23,350
====== ====== ====== ======
Net Income
per Common and
Equivalent Share..... $ 0.11 $ 0.17 $ 0.26 $ 0.47
====== ====== ====== ======
Weighted Average
Number of Common and
Equivalent Shares
Outstanding.... ..... 44,141 50,863 41,393 49,695
====== ====== ====== ======
BOSTON CHICKEN, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
7/09/95 10/01/95
________ _________
ASSETS
______
Current Assets:
Cash and cash equivalents........... $ 74,525 $ 41,160
Accounts receivable, net............ 7,779 9,450
Due from affiliates................. 6,068 8,672
Notes receivable.................... 618 62
Prepaid expenses and other
current assets.................... 1,841 2,401
Deferred income taxes............... 1,647 1,527
_______ _______
Total current assets.............. 92,478 63,272
Property and Equipment, net........... 215,939 239,905
Notes Receivable...................... 314,791 371,271
Deferred Financing Costs.............. 14,116 15,404
Other Assets.......................... 3,203 8,053
_______ _______
Total assets...................... $640,527 $697,905
======= =======
LIABILITIES AND STOCKHOLDERS EQUITY
____________________________________
Current Liabilities:
Accounts payable.................... $ 9,996 $ 9,802
Accrued expenses.................... 6,988 4,874
Deferred franchise revenue.......... 6,634 8,629
_______ _______
Total current liabilities......... 23,618 23,305
Deferred Franchise Revenue............ 4,204 2,280
Convertible Subordinated Debt......... 130,000 130,000
Liquid Yield Option Notes............. 173,934 177,101
Deferred Income Taxes................. 10,021 13,797
Other Noncurrent Liabilities.......... 213 883
Commitments and Contingencies
Stockholders Equity:
Preferred Stock--$.01 par value;
authorized 20,000,000 shares; no
shares issued and outstanding..... - -
Common Stock--$.01 par value;
authorized 100,000,000 shares;
issued and outstanding:
46,441,691 shares in July 1995 and
48,225,608 shares in October 1995 464 482
Additional paid-in capital.......... 276,467 319,639
Retained Earnings................... 21,606 30,418
_______ _______
298,537 350,539
_______ _______
Total liabilities and
stockholders equity............ $640,527 $697,905
======= =======
CONTACT: Boston Chicken Inc., Golden 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:
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