Buffalo Wild Wings, Inc. Announces 2003 Results; Fourth Quarter GAAP Earnings Per Diluted Share of $0.18; Fourth Quarter Pro Forma Earnings Per Diluted Share of $0.19.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--March 4, 2004 Buffalo Wild Wings Buffalo Wild Wings Grill & Bar (also commonly referred to as B-Dubs) is a sports bar and restaurant franchise in the United States that is best-known for its buffalo wings. , Inc. (Nasdaq:BWLD), today announced financial results for the fourth quarter and full year ended December December: see month. 28, 2003. Highlights for the fourth quarter compared to the same quarter a year ago were as follows: -- Total revenue increased 37.5% to $36.7 million -- Company-owned restaurant sales grew 36.5% to $32.5 million -- System-wide 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 increased 10.0% -- GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). earnings per 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. share were $0.18 -- Pro forma earnings pro forma earnings Income not necessarily calculated in accordance with generally accepted accounting principles. For example, a company might report pro forma earnings that exclude depreciation expense and nonrecurring expenses such as restructuring costs. per diluted share were $0.19 Sally Smith, Chief Executive Officer and President of Buffalo Wild Wings commented, "We are proud of our fourth quarter results which were highlighted by impressive same-store sales Same-store sales is a business term which refers to the revenue generated by one of a retail chain's specific outlets during a certain period of time (often a fiscal quarter or a particular shopping season), compared to an identical period in the past, usually in the previous year. and solid profitability in the face of historically high chicken wing prices. We credit effective promotional planning during the period, as well as our ability to control our non-wing costs. Ultimately, our team effort made the difference and we look forward to building on our momentum in 2004." Total revenue, which includes company-owned restaurant sales and franchise royalties Not to be confused with Royal family. Royalties (sometimes, running royalties) are usage-based payments made by one party (the "licensee") to another (the "licensor") for ongoing use of an asset, most typically an intellectual property (IP) right. and fees increased 37.5% to $36.7 million in the fourth quarter compared to $26.7 million in the fourth quarter of 2002. System-wide same store sales increased 10.0% for the quarter compared to the same period last year. Company-owned restaurant sales for the quarter increased 36.5% to $32.5 million aided by a company-owned same store sales increase of 8.5% and 14 more company-owned locations in operation at the end of 2003 relative to the same period in 2002. Franchise royalty Compensation for the use of property, usually copyrighted works, patented inventions, or natural resources, expressed as a percentage of receipts from using the property or as a payment for each unit produced. and fees increased 45.4% to $4.2 million versus $2.9 million in the prior year. This was due to a franchised same store sales increase of 10.7% and 32 more franchised restaurants. Average weekly sales for company-owned restaurants were $31,171 for the fourth quarter of 2003 compared to $28,466 for the same quarter last year, a 9.5% increase. Franchised restaurants averaged $39,014 for the period versus $34,023 in the fourth quarter a year ago, a 14.7% increase. For the fourth quarter, GAAP earnings per diluted share were $0.18 versus $0.24 in the fourth quarter of 2002. Diluted weighted average shares outstanding in fourth quarter 2003 were 5.5 million versus 4.8 million shares in the prior year period. The incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. shares outstanding during the period are mainly the result of the Company's November November: see month. 21, 2003 initial public offering that raised approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $50 million on the issuance of 3,250,000 shares, and the conversion of all outstanding preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. into 1,849,415 shares of common stock on the date the Company went public. The preferred stock conversion increased weighted average shares by 751,960 in the fourth quarter of 2003. In the fourth quarter of 2002, the Company's preferred stock was dilutive and included in the weighted average shares outstanding. On a 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 basis, a measure that management believes offers the best year-over-year performance comparison, earnings per diluted share for the fourth quarter were $0.19 compared to $0.24 a year ago. These pro forma calculations, illustrated in the attached reconciliation table, give effect to the conversion of Preferred Stock and eliminates the related dividend accretion The act of adding portions of soil to the soil already in possession of the owner by gradual deposition through the operation of natural causes. The growth of the value of a particular item given to a person as a specific bequest under the provisions of a will between the for all periods presented. For both GAAP and proforma Proforma A financial projection based on assumptions. earnings per diluted share in fourth quarter of 2003 were affected by a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charge of $251,000 after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. , or $0.05 per share and $0.04 per share respectively, for cost of debt extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. in connection with the repayment Repayment The act of paying back a debt. Notes: Everyone has to repay their debts eventually. See also: Debt, Defeasance, Loan of long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. and capital lease obligations. For the full year ended December 28, 2003 total revenue increased 31.6% to $126.5 million from $96.1 million in 2002. System-wide same store sales increased 5.2% for 2003 compared to last year. Company-owned restaurant sales for fiscal year 2003 increased 32.1% over fiscal 2002 to $113.0 million aided by a company-owned same store sales increase of 4.3% and more locations. Franchise royalty and fees increased 27.5% to $13.5 million versus $10.6 million in the prior year, the result of franchised same store sales increasing by 5.6% and more locations. Average weekly sales for company-owned restaurants were $28,886 for fiscal 2003 compared to $27,547 in 2002, a 4.9% increase. Franchised restaurants averaged $35,491 for the period versus $32,574 a year ago, a 9% increase. For the year, GAAP earnings per diluted share were $0.55 versus $0.54 in fiscal 2002. On a pro forma basis, earnings per diluted share were $0.65 compared to $0.64 in the prior year. The reconciliation of GAAP to pro forma earnings per share is detailed in the attached table. Smith concluded, "As a newly public company, our strong balance sheet positions us well for long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. growth. To that end, in 2004 we expect to open 20 new company-owned and 45 franchised restaurants. We plan to continue our company-owned restaurant expansion in Atlanta Atlanta (ətlăn`tə, ăt–), city (1990 pop. 394,017), state capital and seat of Fulton co., NW Ga., on the Chattahoochee R. and Peachtree Creek, near the Appalachian foothills; inc. 1847. and expand into Charlotte, Dallas Dallas, city (1990 pop. 1,006,877), seat of Dallas co., N Tex., on the Trinity River near the junction of its three forks; inc. 1871. The second largest Texas city, after Houston, and the eighth largest U.S. and Denver Denver, city (1990 pop. 467,610), alt. 5,280 ft (1,609 m), state capital, coextensive with Denver co., N central Colo., on a plateau at the foot of the Front Range of the Rocky Mts., along the South Platte River where Cherry Creek meets it; inc. 1861. , cities that expand our boundaries Natural or artificial separations or divisions between adjoining properties that show their limits. Boundaries are used to establish private and public ownership by determining the exact location of the points at which one piece of land is distinguishable from another. beyond the Midwest Midwest or Middle West, region of the United States centered on the western Great Lakes and the upper-middle Mississippi valley. It is a somewhat imprecise term that has been applied to the northern section of the land between the Appalachians and further establish the portability of our concept. In terms of franchising, we believe fiscal 2004 will demonstrate our ability to continue to engage the highest quality partners in critical new regions of the country. Our development plans represent another tangible Possessing a physical form that can be touched or felt. Tangible refers to that which can be seen, weighed, measured, or apprehended by the senses. A tangible object is something that is real and substantial. An automobile is an example of tangible Personal Property. step in creating a national brand presence." First Quarter 2004 Outlook For the first quarter ending March 28, 2004, management expects total revenue to be approximately $39 million based on a company-owned same-store sales increase of 9% to 10%. Revenue assumptions are also based on 3 new company-owned restaurants during the first quarter and 6 new franchised units. Management also believes that GAAP and proforma earnings per diluted share for the first quarter will range from $0.17 to $0.19. This is based on the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. revenue assumptions, average chicken wing prices for the first quarter of $1.49 per pound, and diluted weighted average shares outstanding of 8.5 million shares. Information included in this release includes commentary on franchised and system-wide restaurant units, same store sales, and average weekly sales volumes. Management believes such system-wide sales information is an important measure of our performance, and is useful in assessing consumer acceptance of the Buffalo Wild Wings(R) Grill Grill may refer to: In food:
As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with GAAP, should not be considered in isolation or as a substitute for other measures of performance prepared in accordance with GAAP and may not be comparable to system-wide financial information as defined or used by other companies. The Company is hosting a conference call today, Thursday Thursday: see week. , March 4, 2004 at 4:00 p.m. CST CST abbr. 1. Central Standard Time 2. convulsive shock treatment CST Central Standard Time Noun 1. to discuss these results. There will be a simultaneous webcast conducted at the Company's website http://www.buffalowildwings.com. A replay of the call will be available until March 11, 2004. To access this replay please dial 973-341-3080, password A secret word or code used to serve as a security measure against unauthorized access to data. It is normally managed by the operating system or DBMS. However, the computer can only verify the legitimacy of the password, not the legitimacy of the user. See NCSC. 4548390. About the Company: Buffalo Wild Wings, Inc., founded in 1982 and headquartered in Minneapolis, Minnesota “Minneapolis” redirects here. For other uses, see Minneapolis (disambiguation). Minneapolis (pronounced IPA: /ˌmɪniˈæpəlɪs/) is the largest city in the U.S. , is an established and growing owner, operator and franchisor of Buffalo Wild Wings Grill & Bar restaurants featuring a variety of boldly bold adj. bold·er, bold·est 1. Fearless and daring; courageous. 2. Requiring or exhibiting courage and bravery. See Synonyms at brave. 3. flavored fla·vor n. 1. Distinctive taste; savor: a flavor of smoke in bacon. See Synonyms at taste. 2. , made-to-order made-to-or·der adj. 1. Made in accordance with particular instructions or requirements; custom-made. 2. Very suitable: a made-to-order job. Adj. 1. menu items including Buffalo, New York-style chicken wings Chicken Wings can refer to:
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. Certain statements in this release that are not historical facts, including, without limitation, those relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc our anticipated financial performance for the first quarter of 2004 and our expected store openings, are forward-looking statements that involve risks and uncertainties. Such statements are based upon the current beliefs and expectations of the management of the Company. Actual results may vary materially from those contained in forward-looking statements based on a number of factors including, without limitation, the actual number of locations opening during the first quarter of 2004, the sales at these and our other company-owned and franchised locations, the cost of wings, our ability to control other restaurant operating costs operating costs npl → gastos mpl operacionales and other factors disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). from time to time in the Company's filings with the U.S. Securities and Exchange Commission. Investors should take such risks into account when making investment decisions. Shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update any forward-looking statements.
BUFFALO WILD WINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
Three months and fiscal years ended
December 29, 2002 and December 28, 2003
(Dollar amounts in thousands except per share data)
Three months ended Fiscal years ended
--------------------- ---------------------
Dec. 29, Dec. 28, Dec. 29, Dec. 28,
2002 2003 2002 2003
---------- ---------- ---------- ----------
Revenue:
Restaurant sales $ 23,824 32,528 85,493 112,965
Franchising royalties and
fees 2,890 4,201 10,614 13,532
---------- ---------- ---------- ----------
Total revenue 26,714 36,729 96,107 126,497
---------- ---------- ---------- ----------
Costs and expenses:
Restaurant operating
costs:
Cost of sales 6,997 10,507 24,983 35,423
Labor 6,666 9,112 24,640 32,684
Operating 3,825 4,989 13,311 17,559
Occupancy 1,579 2,111 5,734 7,738
Depreciation and
amortization 1,531 1,897 5,528 7,021
General and administrative 3,153 4,838 14,133 16,926
Preopening 544 576 1,085 1,155
Restaurant closures and
impairment 277 130 708 868
---------- ---------- ---------- ----------
Total costs and
expenses 24,572 34,160 90,122 119,374
---------- ---------- ---------- ----------
Income from operations 2,142 2,569 5,985 7,123
---------- ---------- ---------- ----------
Other (income) expense:
Interest expense (250) (178) (966) (947)
Cost of debt
extinguishment --- (411) --- (411)
Interest income 14 58 88 112
---------- ---------- ---------- ----------
(236) (531) (878) (1,246)
---------- ---------- ---------- ----------
Earnings before income
taxes 1,906 2,038 5,107 5,877
Income tax expense 756 797 2,030 2,294
---------- ---------- ---------- ----------
Net earnings 1,150 1,241 3,077 3,583
Accretion resulting from
cumulative dividend and
mandatory redemption
feature of preferred
stock 371 247 1,457 1,452
---------- ---------- ---------- ----------
Net earnings
available to common
stockholders 779 994 1,620 2,131
---------- ---------- ---------- ----------
Earnings per common share
- basic 0.31 0.20 0.64 0.66
Earnings per common share
- diluted 0.24 0.18 0.54 0.55
Weighted average share
outstanding - basic 2,529,589 4,875,310 2,529,094 3,222,445
Weighted average share
outstanding - diluted 4,826,002 5,459,261 2,976,093 3,841,961
========== ========== ========== ==========
The following table expresses results of operations as a percentage of
total revenue for the periods presented, except for restaurant
operating costs which are expressed as a percentage of restaurant
sales:
Three months Fiscal years
ended ended
----------------- -----------------
Dec. 29, Dec. 28, Dec. 29, Dec. 28,
2002 2003 2002 2003
-------- -------- -------- --------
Revenue:
Restaurant sales 89.2% 88.6% 89.0% 89.3%
Franchising royalties and fees 10.8 11.4 11.0 10.7
-------- -------- -------- --------
Total revenue 100.0 100.0 100.0 100.0
-------- -------- -------- --------
Costs and expenses:
Restaurant operating costs:
Cost of sales 29.4 32.3 29.2 31.4
Labor 28.0 28.0 28.8 28.9
Operating 16.1 15.3 15.6 15.5
Occupancy 6.6 6.5 6.7 6.9
Depreciation and amortization 5.7 5.2 5.8 5.6
General and administrative 11.8 13.2 14.7 13.4
Preopening 2.0 1.6 1.1 0.9
Restaurant closures and impairment 1.0 0.4 0.7 0.7
-------- -------- -------- --------
Total costs and expenses 92.0 93.0 93.8 94.4
-------- -------- -------- --------
Income from operations 8.0 7.0 6.2 5.6
-------- -------- -------- --------
Other (income) expense
Interest expense (0.9) (0.5) (1.0) (0.8)
Cost of debt extinguishment -- (1.1) --- (0.3)
Interest income 0.1 0.2 0.1 0.1
-------- -------- -------- --------
(0.9) (1.5) (0.9) (1.0)
-------- -------- -------- --------
Earnings before income taxes 7.1 5.6 5.3 4.7
Income tax expense 2.8 2.2 2.1 1.8
-------- -------- -------- --------
Net earnings 4.3 3.4 3.2 2.8
-------- -------- -------- --------
Accretion resulting from
cumulative dividend and mandatory
redemption feature of preferred
stock 1.4 0.7 1.5 1.2
-------- -------- -------- --------
Net earnings available to common
stockholders 2.9% 2.7% 1.7% 1.7%
======== ======== ======== ========
BUFFALO WILD WINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 29, 2002 and December 28, 2003
(Dollar amounts in thousands)
Dec. 29, Dec. 28,
Assets 2002 2003
-------- --------
Current assets:
Cash and cash equivalents $ 4,652 49,538
Accounts receivable - franchisees, net of
allowance of $21 and $25, respectively 637 694
Accounts receivable - other 4,309 1,634
Inventory 784 978
Income taxes receivable 1,008 367
Prepaid expenses 533 1,230
Deferred income taxes 733 1,222
-------- --------
Total current assets 12,656 55,663
Property and equipment, net 34,874 44,450
Restricted cash 1,369 2,425
Marketing fund receivables 370 --
Other assets 713 702
Goodwill 759 759
-------- --------
Total assets $ 50,741 103,999
======== ========
Liabilities and Stockholders' Equity
Current liabilities:
Unearned franchise fees $ 1,043 1,959
Accounts payable 3,301 4,941
Accrued compensation and benefits 4,133 4,670
Accrued expenses 2,299 3,580
Current portion of deferred lease credits 229 491
Current portion of long-term debt 205 --
Current portion of obligations under capital
leases 3,617 --
-------- --------
Total current liabilities 14,827 15,641
-------- --------
Long-term liabilities:
Marketing fund payables 1,739 2,425
Deferred income taxes 3,328 4,733
Deferred lease credits, net of current portion 4,958 6,133
Long-term debt, net of current portion 502 --
Obligations under capital leases, net of current
portion 5,036 --
-------- --------
Total liabilities 30,390 28,932
-------- --------
Mandatorily redeemable Series A preferred stock, no
par value.
Authorized 4,000,000 shares; issued and
outstanding 3,082,344 and 0 shares; liquidation
preferences of $12,080 and $0, respectively 11,788 --
-------- --------
Common stockholders' equity:
Undesignated stock, 5,600,000 shares authorized -- --
Common stock, no par value. Authorized 15,600,000
shares; issued and outstanding 2,534,929, and
7,981,945, respectively 1,862 66,235
Retained earnings 6,701 8,832
-------- --------
Total common stockholders' equity 8,563 75,067
-------- --------
Total liabilities and stockholders' equity $ 50,741 103,999
======== ========
BUFFALO WILD WINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Fiscal years ended December 29, 2002 and December 28, 2003
(Dollar amounts in thousands)
Fiscal years
ended
-----------------
Dec. 29, Dec. 28,
2002 2003
-------- --------
Cash flows from operating activities:
Net earnings $ 3,077 3,583
Adjustments to reconcile net earnings to cash
provided by operations:
Depreciation and amortization 5,528 7,021
Restaurant closures and impairment 708 868
Deferred lease credits (194) (248)
Deferred income taxes 2,085 916
Stock-based compensation -- 23
Change in operating assets and liabilities:
Accounts receivable (1,921) (15)
Inventory (133) (194)
Prepaid expenses 7 (697)
Other assets (206) (21)
Unearned franchise fees 34 916
Accounts payable 381 1,640
Income taxes (1,956) 641
Accrued expenses 1,084 1,635
-------- --------
Net cash provided by operating activities 8,494 16,068
-------- --------
Cash flows from investing activities:
Acquisition of property and equipment (9,592) (10,739)
-------- --------
Net cash used in investing activities (9,592) (10,739)
-------- --------
Cash flows from financing activities:
Issuance of common stock 20 51,110
Payments on notes payable (179) (706)
Payments on capital lease obligations (3,322) (12,532)
Proceeds from lessors 1,843 1,685
-------- --------
Net cash provided by (used in) financing
activities (1,638) 39,557
-------- --------
Net increase (decrease) in cash and cash
equivalents (2,736) 44,886
Cash and cash equivalents at beginning of year 7,388 4,652
-------- --------
Cash and cash equivalents at end of year $ 4,652 49,538
======== ========
BUFFALO WILD WINGS, INC. AND SUBSIDIARIES
Supplemental Information
Buffalo Wild Wings, Inc. Pro Forma Net Income and Earnings Per Common
Share - Diluted Reconciliation
The reconciliation of net income and earnings per common share -
diluted as reported under Accounting Principles Generally Accepted in
the United States of America (GAAP) to the Company's pro forma net
earnings and pro forma earnings per common share - diluted for the
fourth quarter 2003 and fiscal year 2003 are as follows:
Reconciliation of GAAP net earnings to pro forma net earnings (in
000's):
Three months ended Fiscal year ended
------------------ -----------------
Dec. 29, Dec. 28, Dec. 29, Dec. 28,
2002 2003 2002 2003
-------- --------- -------- --------
GAAP net earnings $ 779 994 1,620 2,131
Effect of accretion resulting
from cumulative dividend and
mandatory redemption feature of
preferred stock 371 247 1,457 1,452
-------- --------- -------- --------
Pro forma net earnings $ 1,150 1,241 3,077 3,583
======== ========= ======== ========
Reconciliation of GAAP earnings per common share - diluted to pro
forma earnings per common share - diluted:
Three months ended Fiscal year ended
------------------ -----------------
Dec. 29, Dec. 28, Dec. 29, Dec. 28,
2002 2003 2002 2003
-------- --------- -------- --------
GAAP earnings per common
share - diluted $ 0.24 0.18 0.54 0.55
Effect of accretion resulting
from cumulative dividend and
mandatory redemption feature of
preferred stock -- 0.01 0.10 0.10
-------- --------- -------- --------
Pro forma earnings per common
share - diluted $ 0.24 0.19 0.64 0.65
======== ========= ======== ========
BUFFALO WILD WINGS, INC. AND SUBSIDIARIES
Supplemental Information
Reconciliation of GAAP weighted average shares outstanding- diluted to
pro forma weighted average shares outstanding- diluted:
Three months ended Fiscal year ended
----------------------- -----------------------
Dec. 29, Dec. 28, Dec. 29, Dec. 28,
2002 2003 2002 2003
----------- ----------- ----------- -----------
GAAP weighted average
shares outstanding -
diluted 4,826,002 5,459,261 2,976,093 3,841,961
Effect of conversion
of mandatorily
redeemable Series A
Preferred Stock into
common stock, which
occurred upon the
closing of the
Initial Public
Offering -- 1,097,455 1,849,415 1,661,425
----------- ----------- ----------- -----------
Pro forma weighted
average shares
outstanding - diluted 4,826,002 6,556,716 4,825,508 5,503,386
=========== =========== =========== ===========
BUFFALO WILD WINGS, INC. AND SUBSIDIARIES
Supplemental Information
Restaurant Count
Company-owned Restaurants:
Q1 Q2 Q3 Q4
---- ---- ---- ----
2003 73 74 77 84
2002 56 60 63 70
2001 45 47 48 53
2000 29 33 39 42
Franchised Restaurants:
Q1 Q2 Q3 Q4
---- ---- ---- ----
2003 131 138 142 161
2002 108 119 123 129
2001 95 97 100 105
2000 85 87 89 95
System-wide Restaurants:
Q1 Q2 Q3 Q4
---- ---- ---- ----
2003 204 212 219 245
2002 164 179 186 199
2001 140 144 148 158
2000 114 120 128 137
Quarterly Same Store Sales
Company-owned Restaurants:
Q1 Q2 Q3 Q4 Year
------ ------ ------ ------ ------
2003 (1.4%) 2.7% 6.7% 8.5% 4.3%
2002 5.6% 4.6% (0.7%) (1.8%) 1.6%
2001 9.1% 7.0% 6.4% 12.1% 8.8%
2000 11.1% 13.2% 12.6% 8.2% 11.0%
Franchised Restaurants:
Q1 Q2 Q3 Q4 Year
------ ------ ------ ------ ------
2003 (0.4%) 2.3% 8.5% 10.7% 5.6%
2002 4.2% 4.5% 0.0% (1.8%) 1.5%
2001 4.3% 3.7% 5.3% 8.4% 5.5%
2000 7.8% 6.0% 6.1% 3.0% 5.6%
System-wide Restaurants:
Q1 Q2 Q3 Q4 Year
------ ------ ------ ------ ------
2003 (0.7%) 2.4% 7.9% 10.0% 5.2%
2002 4.7% 4.5% (0.2%) (1.8%) 1.6%
2001 5.4% 4.5% 5.6% 9.4% 6.4%
2000 8.4% 7.4% 7.6% 4.2% 6.8%
BUFFALO WILD WINGS, INC. AND SUBSIDIARIES
Supplemental Information
Average Weekly Sales Volumes
Company-owned Restaurants:
Q1 Q2 Q3 Q4 Year
-------- -------- -------- -------- --------
2003 $28,782 27,132 28,281 31,171 28,886
2002 29,564 26,330 25,916 28,466 27,547
2001 27,675 25,644 26,722 29,426 27,382
2000 28,183 25,144 25,498 26,287 26,227
Franchised Restaurants:
Q1 Q2 Q3 Q4 Year
-------- -------- -------- -------- --------
2003 $33,920 33,393 35,289 39,014 35,491
2002 32,956 31,623 31,619 34,023 32,574
2001 30,533 28,820 29,835 33,267 30,652
2000 28,546 27,303 28,388 29,951 28,569
System-wide Restaurants:
Q1 Q2 Q3 Q4 Year
-------- -------- -------- -------- --------
2003 $32,093 31,154 32,779 36,223 33,134
2002 31,781 29,829 29,651 32,124 30,850
2001 29,639 27,774 28,788 32,007 29,583
2000 28,454 26,717 27,544 28,799 27,904
Average Quarterly Wing Prices Per Pound
Q1 Q2 Q3 Q4 Year
-------- -------- -------- -------- --------
2003 $1.01 1.02 1.00 1.21 1.06
2002 1.11 .87 .84 .78 .89
2001 1.14 1.22 1.22 1.16 1.18
2000 .87 .79 .86 1.00 .89
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