Boston Restaurant Associates Announces First-Quarter Profit and Increase in Sales.BOSTON--(BUSINESS WIRE)--Sept. 18, 1998--Boston Restaurant Associates, 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 : BRAI, BRAIW) (BSE See Bombay Stock Exchange. BSE See Boston Stock Exchange (BSE). : BNR BNR Bulgarian National Radio BNR Banca Nationala a României (National Bank of Romania) BNR Biological Nutrient Removal (sewage treatment) BNR Bell Northern Research BNR Body Not Recovered BNR Big Nerd Ranch , BNRW) today announced results for the first quarter FY1999 ended July 26, 1998, including a 10-percent increase in net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight compared with first-quarter FY1998 sales, it was announced by George Chapdelaine, president and chief executive officer. Results for the first quarter FY 1999 included net income of $65,003 or $0.01 per share (fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ) on average of 7,424,825 shares, and net sales of $2,956,700. These results compared with net earnings of $65,833 and net sales of $2,718,554, or $0.01 per share (fully diluted) on average of 5,156,014 shares for the same period one year before. Commenting on the results, Chapdelaine said: "We have never been more excited about our prospects for a profitable future. Our profitability is now well-established and we are on track for continued growth with our plan to expand both our network of company-owned units and our domestic and international franchise organizations." Chapdelaine added: "Boston Restaurants provides a number of attractive vehicles in its portfolio, including our flagship high-margin food court pizza concept, Pizzeria Regina. Plans to franchise this concept are on track. We are actively negotiating domestic and international franchise agreements and anticipate that we will have agreements in place within the next 12 months." Boston Restaurant Associates Inc. owns and operates a chain of nine Pizzerias under the name of Pizzeria Regina in Massachusetts Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. and
Virginia, and an Italian restaurant, Polcari's North End, in
Boston.Statements about the company's future expectations, including future expansions, franchising, revenues and earnings, and all other statements in the press release other than historical facts are "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. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The Company intends that such forward-looking statements be subject to the safe harbors Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. create thereby. Since these statements involve risks and uncertainties and are subject to change at any time the company's actual results could differ materially from expected results. -0-
BOSTON RESTAURANT ASSOCIATES, INC. (Nq)
QUARTER ENDING
July 26, July 27,
1998 1997
Sales $2,956,700 $2,845,885
Net income 65,003 65,833
Average Shares 7,023,445 5,015,693
Average Dilutive Shares 7,424,825 5,156,014
Share Earnings (Basic)
Net income $0.01 $0.01
Share Earnings (Dilutive)
Net income $0.01 $0.01
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