Boston Chicken second quarter net income up 119%; systemwide store revenue up 107%.GOLDEN, Colo.--(BUSINESS WIRE)--Aug. 1, 1995--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 the 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. 9, 1995. Highlights include: Second quarter: -- Net income increased 119% to $7,420,000, or $.15 per share, from $3,383,000, or $.08 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 150% to $14,412,000 from $5,775,000 in 1994. -- Systemwide store gross revenue increased 107% to $171,374,000 from revenue of $82,800,000 in the second quarter of 1994. Year-to-date: -- Net earnings increased 145% to $14,536,000 or $.30 per share, from $5,944,000, or $.15 per share in 1994. --Operating income increased 278% to $27,939,000 from $7,383,000 in 1994. -- Systemwide store gross revenue increased 114% to $358,822,000 from revenue of $167,603,000. The company ended the second quarter with a total of 683 stores open compared with 352 stores open at the end of the second quarter of 1994. Total company revenue was $34,800,000 in the second quarter compared with $20,360,000 in 1994. Royalties and franchise-related fees increased to $21,808,000 from $12,148,000 primarily due to the 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 lease income. Initial franchise and area development fees declined from 13% of total company revenue in the second quarter of 1994 to 8% in the second quarter of 1995. Revenue from company-operated stores was $12,992,000 compared with $8,212,000 in the 1994 quarter, reflecting a higher average number of stores operated by the company during the quarter. "We are extremely pleased with the trend in average weekly volumes, especially since the majority of total stores open are within 5 miles of another 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 store," 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. "Consumers clearly have embraced the Boston Market concept and while we expect to continue aggressively opening new stores, our major focus will be on effectively marketing the changes in the concept and achieving operational excellence at the stores," Beck added. The company also said it is very pleased with the early results from the addition of three new entrees -- ham, turkey and meat loaf -- at its Boston Market stores. Saad J. Nadhir, vice chairman, said, "Not only does the added variety broaden the concept's appeal and generate increased trial among consumers, it also appears to be increasing the frequency of customer visits." Currently, over 540 stores have been converted to Boston Market stores, and the company expects conversions to be virtually complete by early October October: see month. . Nadhir added, "Consumer acceptance of our fresh carved carve v. carved, carv·ing, carves v.tr. 1. a. To divide into pieces by cutting; slice: carved a roast. b. sandwiches also has been very strong. We began an advertising test of our new sandwiches in Pittsburgh Pittsburgh (pĭts`bərg), city (1990 pop. 369,879), seat of Allegheny co., SW Pa., at the confluence of the Allegheny and the Monongahela rivers, which there form the Ohio River; inc. 1816. in June June: see month. and have noted significant increases in sandwich Sandwich, city, Canada Sandwich, Ont., Canada, part (since 1935) of the city of Windsor. Sandwich, town, England Sandwich, town (1991 pop. 4,184), Kent, SE England, on the Stour River. sales in that market. Sandwich advertising for the remainder of the system won't won't Contraction of will not. won't will not won't will be kicked off until early 1996, as our new advertising, which began last week, will first focus on positioning the Boston Market concept and the new entrees." 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 strengthened our capital base by successfully raising $172.5 million through the offering of Liquid Yield Option Notes Liquid yield option note (LYON) Zero-coupon, callable, putable, convertible bond developed by Merrill Lynch & Co. (TM) (LYONs Lyons, city, France Lyons, Fr. Lyon (both: lyôN`), city (1990 pop. 422,444), capital of Rhône dept., E central France, at the confluence of the Rhône and Saône rivers. (TM)). We were pleased with the interest from the financial community, which led us to increase the size of the offering from the original filing of $100 million. In addition, the equity base of our financed area developers is now nearly $154 million -- up $16 million over the first quarter. This increase is primarily a result of new equity investment into BC GoldenGate, a newly formed financed area developer." 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. operates and franchises food services food services Hospital services A 24/7 department in a hospital that provides for the nutritional needs of inpatients–eg, those needing special diets, preparing meals and transporting them to the floor and, through the cafeteria, the hospital staff and 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 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. The Boston Market concept combines the freshness and quality of traditional home cooking with convenience and value. There are currently 694 Boston Market/Boston Chicken stores in 32 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 STATEMENT
(In thousands, except per share data)
(Unaudited)
Two
Quarter Ended Quarters Ended
_________________ _______________
July 10 July 9 July 10 July 9
1994 1995 1994 1995
_______ _______ _______ _______
Revenue:
Royalties and
franchise-related
fees............... $12,148 $21,808 $22,152 $46,597
Company-operated
stores............. 8,212 12,992 21,648 28,310
______ ______ ______ ______
Total revenue...... 20,360 34,800 43,800 74,907
Cost and Expenses:
Cost of products
sold............... 3,191 4,811 8,374 10,601
Salaries and
benefits........... 4,758 7,480 11,573 16,028
General and
administrative..... 5,336 8,097 12,070 20,339
______ ______ ______ ______
Total cost and
expenses......... 13,285 20,388 32,017 46,968
______ ______ ______ ______
Income from
Operations before
Provision for
Relocation........... 7,075 14,412 11,783 27,939
Provision for
Relocation........... 1,300 - 4,400 -
______ ______ ______ ______
Income from
Operations.......... 5,775 14,412 7,383 27,939
Other Income (Expense):
Interest expense,
net................ (1,214) (2,440) (1,811) (4,497)
Other income, net.... 10 6 17 34
______ ______ ______ ______
Total other income
(expense)........ (1,204) (2,434) (1,794) (4,463)
Income Before
Income Taxes......... 4,571 11,978 5,589 23,476
Income Taxes (Benefit). 1,188 4,558 (355) 8,940
______ ______ ______ ______
Net Income............. $ 3,383 $ 7,420 $ 5,944 $ 14,536
====== ====== ====== ======
Net Income
per Common and
Equivalent Share..... $ 0.08 $ 0.15 $ 0.15 $ 0.30
====== ====== ====== ======
Weighted Average
Number of Common and
Equivalent Shares
Outstanding.......... 40,126 50,033 40,192 49,189
====== ====== ====== ======
BOSTON CHICKEN, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
4/16/95 7/09/95
________ _________
(Unaudited)
ASSETS
______
Current Assets:
Cash and cash equivalents........... $ 4,134 $ 74,525
Accounts receivable, net............ 7,658 7,779
Due from affiliates, net............ 6,139 6,068
Notes receivable.................... 3,239 618
Prepaid expenses and other
current assets.................... 2,030 1,841
Deferred income taxes............... 1,732 1,647
______ ______
Total current assets.............. 24,932 92,478
Property and Equipment, net........... 192,297 215,939
Notes Receivable...................... 239,752 314,791
Deferred Financing Costs.............. 7,815 14,116
Other Assets.......................... 8,502 3,203
_______ _______
Total assets...................... $473,298 $640,527
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
____________________________________
Current Liabilities:
Accounts payable.................... $ 10,745 $ 9,996
Accrued expenses.................... 6,553 6,988
Deferred franchise revenue.......... 7,238 6,634
_______ _______
Total current liabilities......... 24,536 23,618
Deferred Franchise Revenue............ 5,092 4,204
Revolving Credit Facility............. 17,075 -
Convertible Subordinated Debt......... 130,000 130,000
Liquid Yield Option Notes............. - 173,934
Deferred Income Taxes................. 6,212 10,021
Other Noncurrent Liabilities.......... 367 213
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:
46,243,035 shares in April 1995, and
46,441,691 shares in July 1995.... 462 464
Additional paid-in capital.......... 275,368 276,467
Retained Earnings................... 14,186 21,606
_______ _______
290,016 298,537
_______ _______
Total liabilities and
stockholders' equity............ $473,298 $640,527
======= =======
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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