Brazil Fast Food Reports Best 1st Quarter Operating Results in 4 Years and Announces Opening of 200th Restaurant.Business Editors RIO DE JANEIRO Rio de Janeiro, city, Brazil Rio de Janeiro (rē`ō də zhänā`rō, Port. rē`  thĭ zhənĕē`r , Brazil--(BUSINESS WIRE)--May 19, 2000
Brazil Fast Food Corp. (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 SmallCap: BOBS), the second largest fast-food chain operator in Brazil, today reported its best first quarter net operating results since the Company assumed control of the Bob's chain in March 1996, for the first quarter ended Mar. 31, 2000. In addition, the Company announced the opening of its 200th restaurant, located in Sao Paolo, Brazil. For the first quarter of 2000, system-wide gross sales Gross Sales A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. for the chain increased 25.7 percent to R$37.6 million, from R$29.9 million for the first three months of 1999. Same store sales Same Store Sales A statistic used in retail industry analysis. It compares sales of stores that have been open for a year or more. Notes: This statistic allows investors to determine what portion of new sales has come from sales growth and what portion from the opening of were up 15.1 percent for the first quarter of 2000. Total operating revenue operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. for the first three months of 2000 rose 11.5 percent to R$17.5 million, from R$15.7 million for the same period of the prior year. Earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
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. was R$487,000 for the first quarter of 2000, compared with a loss of R$263,000 for the same period in 1999. The Company's net profit was R$191,000, or R$.06 per basic and diluted share, for 2000's first quarter, compared with a net loss of R$(3.8) million, or R$(1.18) per basic and diluted share, for the first quarter of 1999. The first three months of the calendar year is summer in Brazil, which is historically the Company's second best season. Peter van Voorst Vader, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Brazil Fast Food Corp., commented, "This is an exciting time for our Company. After weathering such extreme economic challenges in Brazil in 1999, we are beginning to see the benefits of operating in an environment more conducive to the growth of our business. The hard work and strategic planning that allowed us to continue to operate in 1999, is now enabling us to strengthen our operating results - an accomplishment that we are striving to build upon throughout the rest of 2000. With the opening of our 200th Bob's restaurant, Brazil Fast Food has reached a milestone. For the remainder of the year, we expect to open an additional 30 locations, further expanding our presence in Brazil. We look forward to reporting our progress to our shareholders throughout the year as we continue to focus on improving our financial results and improving the value of our Company." Brazil Fast Food currently has 200 restaurant locations in its chain throughout Brazil. Brazil Fast Food Corp., through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Venbo Comercio de Alimentos Ltda., a limited liability company that conducts business under the trade name "Bob's," owns and operates (both directly and through franchisees) the second largest chain of hamburger fast food restaurants in Brazil. This press release may contain certain forward-looking statements, which are subject to change. Actual results may differ from those described in any forward-looking statements. Additional information concerning potential factors that could affect the Company's financial results are included in the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 1999.
BRAZIL FAST FOOD CORP.
Financial Highlights (Unaudited)(1)
(In thousands, except shares and earnings per share)
For the Three Months Ended
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3/31/00 3/31/99
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System-Wide Sales 37,555 29,867
Net Operating Revenue 17,492 15,682
EBITDA(2) 1,352 514
Operating Income (Loss) 487 (263)
Net Income (Loss) 191 (3,834)
Net earnings (loss) Per Share, .06 (1.18)
Basic and Diluted
Average Shares and 3,235,290 3,235,290
Equivalents Outstanding
(1) Expressed in Brazilian Reais.
(2) Earnings before interest, taxes, depreciation and amortization.
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