Boston Chicken reports 37% increase in net income; earnings per share of $.32.GOLDEN, Colo.--(BUSINESS WIRE)--May 12, 1997--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 first quarter ended April 20, 1997 (sixteen weeks), compared with results of the comparable period ended April 21, 1996. Highlights include: -- Systemwide gross revenue increased 33% to $415,238,000 from $311,798,000. -- Company revenue rose 147% to $116,764,000 from $47,347,000, reflecting an increase in revenue from company stores due primarily to a higher average number of company stores in 1997. -- 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 61% to $46,021,000 from $28,547,000. -- Net income increased 37% to $21,448,000 from $15,649,000. -- Earnings per share increased 33% to $0.32 from $0.24. Scott Beck, chairman, chief executive officer and president of Boston Chicken, Inc., said, "The first quarter was marked by several significant events. We increased our company store base through the 118-store conversion of BC 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 , which is already having a positive contribution to earnings; we completed installation of our Boston Carver line with the introduction of Extreme Carver(TM) sandwiches; and we began to explore the potential for 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) branded, ready-to-heat meals." Larry Zwain, president and chief executive officer of Boston Market, said "The introduction of Extreme Carver sandnue, despite an intensely competitive environmter of last year, reflecting the system s focus on store performance and operations. Company stores, which now account for approximately 20% of systemwide stores, alsoter," Zwain added. During the quarter, Boston Chicken, Inc. converted its loan to BC New York into a 73% majority equity interest and also agreed to purchase a portion of the minority equity interest in BC New York, which will result in Boston Chicken's ownership of approximately 84% of the metro New York area developer. As a result of this transaction, company stores numbered 226 at the end of the quarter. Mark Stephens, vice chairman and chief financial officer, said, "Early in the second quarterng public in November 1993." "We're also pleased with the progress being achieved by the management team at Einstein/Noah Bagel Corp., our majority-owned subsidiary majority-owned subsidiary A firm in which more than 50% of outstanding voting stock is owned by the parent company. , which is rapidly becoming the leading specialty bagel retailer in the U.S. ENBC continues to post strong earnings gains, and store level sales and profitability have exceeded our expectations relative to the average age of stores in ENBC's system," Stephens concluded. Boston Chicken, Inc. franchises and operates Boston Market food service stores that specialize in fresh, convenient meals featuring homestyle entrees, fresh vegetables, salads and side dishes, including mashed potatoes made from scratch. Boston Market combines the freshness and quality of traditional home cooking with convenience and value, and offers innovative meal solutions to today's consumers. As of April 20, 199elease constitute "forward-looking statements"nsees, Boston Market stores, and Einstein Bros BROS Brothers BROS Benefits and Retirement Operations Section (King County, Washington) BROS Barnes and Richmond Operatic Society (London, UK) . f operating initiatives, including the implementation of the F.A.S.T. Track system; area developers' adherent adherent /ad·her·ent/ (-ent) sticking or holding fast, or having such qualities. plans; availability and terms of capital; negd Exchange Commission. The success of the companies is dependent on their respective area developers and franchises and the manner in which they operate and develop th ________________ ,314 50,092 Interest Income............ 1laries and benefits...... 7,509 21,911 General and administrative. 10,811 30,088 ______ ______ Total costs and expenses............. 109 (26) 25,756 39,467 Income Taxes................. ====== ====== Net Income per Common and Equivalent Share........ $ 0.24 $ g.......... 64,317 67,966 h equivalents.......... $ 100,800 $ 2,443 id expenses and other current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. ................... 1,465 2,106 Deferred income taxes.............. 8,928 10,248 ............. 190,439 259,585 Other Asse ======= ======= LRevenue........... 7,740 6,761 Senior Secured Revolvers............. - 65,300 Convertible Subordinated Debt Subordinated Debt A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". ........ 129,841 129,520 Liquid Yield Option Notes Liquid yield option note (LYON) Zero-coupon, callable, putable, convertible bond developed by Merrill Lynch & Co. ............ 182,613 187,051 Deferred Income Taxes................ 40,216 43,053 Other Noncurrent Liabilities......... 833 726 8 in 1996 and 65,020,051 in 1997.......... _______ _______ ======= dia contact) KEYWORD: COLORADO NEW YORK 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). INDUSTRY KEYWORD: RESTAURANTS RETAIL FOODS/BEVERAGES EARNINGS REPEATS: New York 212-752-9600 or 800-221-2462; Boston 617-236-4266 or 800-225-2030; SF 415-986-4422 or 800-227-0845; LA 310-820-9473 Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. : http://www.businesswire.com |
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