Boston Restaurant Associates reports third quarter results.BOSTON--(BUSINESS WIRE)--March 16, 1995--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) announced today its third quarter results for the fiscal year ending April 30, 1995. The company's results of operations for the third quarter of 1995 was significantly affected by the company's implementation of its strategy to expand its Pizzeria Regina Regina (rĭjī`nə), city (1991 pop. 179,178), provincial capital, S Sask., Canada, on Wascana Creek. The city is the distribution and service center for one of the world's largest wheat-growing areas. restaurant operations and to convert its Capucino's restaurants into a Polcari's North End format. In November November: see month. 1994, the company opened a new Pizzeria Regina restaurant at the food court in the Burlington Mall Burlington Mall may refer to the following shopping malls:
Burlington, town (1991 pop. 129,575), SE Ont., Canada, on Lake Ontario. First settled (1798) by Mohawk Loyalist Joseph Brandt, Burlington's economy was built on the shipment of wheat, lumber, and quarried rock by waterway. , Mass., and in December 1994, the company closed its Capucino's restaurant in Saugus, Mass. for remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling . This restaurant was reopened as the company's first Polcari's North End restaurant in March 1995. The results of operations for the first three quarters of fiscal 1995 were affected by the improvement of Pizzeria Regina restaurant operations. In addition to increased Pizzeria Regina restaurant revenues, the company also achieved both a lower cost of food and beverages F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. and payroll expenses as a percentage of 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 for its Pizzeria Regina restaurants in the thirteen and thirty-nine week periods ended Jan. 29, 1995 as compared to the fiscal 1994 periods. These improvements in Pizzeria Regina restaurant operations were offset by increased losses at one of the company's two Bel Canto bel can·to n. A style of operatic singing characterized by full, even tones and a brilliant display of vocal technique. [Italian : bel, bello, beautiful + canto, singing. restaurants as a result of new competition to that restaurant and by the continued decrease in Capucino's restaurant sales. On April 29, 1994, the stockholders of Pizzeria Regina, Inc. ("PRI PRI: see Institutional Revolutionary party. (Primary Rate Interface) An ISDN service that provides 23 64 Kbps B (Bearer) channels and one 64 Kbps D (Data) channel (23B+D), which is equivalent to the 24 channels of a T1 line. ") acquired 60% of the then outstanding shares of common stock of the company in exchange for all of the issued and outstanding capital stock of PRI. The transaction has been accounted for as a reverse acquisition. Accordingly the condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. consolidated statements of operations and cash flows for the thirteen and thirty-nine week periods ended Jan. 21, 1994 reflect the financial position and operations of PRI only and do not contain any financial information concerning Capucino's, Inc. (now known as Boston Restaurant Associates, Inc.). The pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma condensed consolidated statements of operations and cash flows for the periods ended Jan. 21, 1994 give effect to the acquisition as if it occurred on the first day of the periods presented. -0-
BOSTON RESTAURANT ASSOCIATES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three Months Ended
Jan. 29 Jan. 21 Jan. 21
1995 1994 1994
(proforma)
Sales $2,970,371 $3,418,368 $1,962,381 Cost of Food and Beverage $741,567 $885,744 $419,829 Payroll $1,075,063 $1,208,454 $720,569 Other Operating Costs $1,481,400 $1,616,626 $937,973 Loss from Operations ($327,659) ($292,456) ($115,990) Interest Income $37,864 $949 -- Interest Expense $8,278 $31,317 $26,316 Net Loss ($298,073) ($322,824) ($142,306) Loss per Share ($0.06) ($0.16) ($0.13) -0-
Nine Months Ended
Jan. 29 Jan. 21 Jan. 21
1995 1994 1994
(proforma)
Sales $9,928,315 $11,781,001 $6,434,214 Cost of Food and Beverage $2,474,645 $3,093,326 $1,400,067 Payroll $3,489,464 $4,024,380 $2,856,013 Other Operating Costs $4,420,821 $5,381,523 $2,856,013 Loss from Operations ($456,615) ($718,228) ($55,508) Interest Income $50,275 $5,584 -- Interest Expense $212,501 $103,507 $87,655 Net Loss ($618,841) ($816,151) ($143,163) Loss per Share ($0.17) ($0.40) ($0.13) -0-
Boston Restaurant Associates, Inc. owns and operates seven
pizzerias under the name Pizzeria Regina, three Italian restaurants
under the name Capucino's, two Italian restaurants under the name
Bel Canto, and the newest one, Polcari's North end. The restaurants
are located in the Boston area.
CONTACT: Boston Restaurant Associates, Inc. George R. Chapdelaine, 617/720-5684 or L.G. Zangani, Inc. Leonardo G. Zangani, 908/788-9660 |
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