Buffalo Wild Wings, Inc. Announces Third Quarter 2006 Results.* 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. increased 11.8% at company-owned and 6.4% at franchised restaurants * 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 increased 82% to $0.40 MINNEAPOLIS Minneapolis (mĭn'ēăp`əlĭs), city (1990 pop. 368,383), seat of Hennepin co., E Minn., at the head of navigation on the Mississippi River, at St. Anthony Falls; inc. 1856. -- 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), announced today financial results for the third quarter ended September September: see month. 24, 2006. Highlights for the third quarter versus the same period a year ago were: * Total revenue increased 32.1% to $68.3 million * Company-owned restaurant sales grew 32.5% to $60.8 million * Same-store sales increased 11.8% at company-owned restaurants and 6.4% at franchised restaurants * Earnings per diluted share increased 82% to $0.40 from $0.22 Sally Smith, President and Chief Executive Officer, remarked, "Our top-line performance drove earnings per diluted share of $0.40, an impressive increase over prior year. We are extremely pleased with our strong sales, proving that our new advertising tag line tag line also tag·line n. 1. An ending line, as in a play or joke, that makes a point. 2. An often repeated phrase associated with an individual, organization, or commercial product; a slogan. Noun 1. YOU HAVE TO BE HERE[TM] is on the mark. Company-owned restaurants had 11.8% same-store sales and 12.8% average weekly sales volume increases, signs of our growing brand strength. Franchised locations also continued strong same-store sales at 6.4% for the quarter, with average unit volumes on pace to exceed $2.3 million for the year." 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 32.1% to $68.3 million in the third quarter compared to $51.7 million in the third quarter of 2005. Company-owned restaurant sales for the quarter grew 32.5% to $60.8 million driven by a company-owned same-store sales increase of 11.8% and 18 more company-owned locations in operation at the end of the third quarter 2006 relative to the same period in 2005. Franchise royalties and fees increased 29.2% to $7.5 million versus $5.8 million in the prior year, due to a franchised same-store sales increase of 6.4% and 44 more franchised restaurants at the end of the period versus a year ago. Average weekly sales for company-owned restaurants were $35,380 for the third quarter of 2006 compared to $31,361 for the same quarter last year, a 12.8% increase. Franchised restaurants averaged $42,964 for the period versus $40,149 in the third quarter a year ago, a 7.0% increase. For the third quarter of 2006, earnings per diluted share were $0.40. For the third quarter of 2005, earnings per diluted share were $0.22, which included an impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charge of $622,000 or $0.04 per share. Future Earnings Guidance Ms. Smith continued, "Buffalo Wild Wings is a growing and dynamic company, with myriad Myriad is a classical Greek name for the number 104 = 10 000. In modern English the word refers to an unspecified large quantity. The term myriad is a progression in the commonly used system of describing numbers using tens and hundreds. variables such as same-store sales, wing prices, self-insurance self-insurance, n the setting aside of funds by an individual or organization to meet anticipated dental care expenses or dental care claims, and accumulation of a fund to absorb fluctuations in the amount of expenses and claims. costs, and tax rates, making accurate guidance on a quarterly basis challenging. Compounding this challenge is a low share count, which rounds a penny of earnings on $44,000 of net income - less than one-tenth of one percent of this quarter's revenue. As a result, we will provide annual performance goals consistent with our internal measures of success, but will not provide quarterly ranges for earnings per diluted share. However, during our conference calls, we will share factors that we believe are relevant to our current business trends." Ms. Smith concluded, "Our annual goals for the next three years are to expand our unit base by over 15%, grow revenues by over 20%, and leverage this growth to increase our bottom line by over 25%. We have delivered increased value to our shareholders in previous years, and we plan to continue increasing value as we build the Buffalo Wild Wings system nationwide." Buffalo Wild Wings will be hosting a conference call today, October October: see month. 24, 2006 at 4:00 p.m. Central Daylight For other uses, see Daylight (disambiguation). Daylight or the light of day is the combination of all direct and indirect sunlight outdoors during the daytime (and perhaps twilight). Time to discuss these results. There will be a simultaneous webcast conducted at our website http://www.buffalowildwings.com. A replay of the call will be available until October 31, 2006. To access this replay, please dial (719) 457-0820, 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. 7481806. Included in this release is information regarding restaurant unit counts, same-store sales, and average weekly sales volumes. Our management team believes such information is an important measure of our performance and is useful in assessing consumer acceptance of the Buffalo Wild Wings 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 U.S. Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (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 sales measures as defined or used by other companies. 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 a growing owner, operator and franchisor of restaurants featuring a variety of boldly-flavored, 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-style chicken wings Chicken Wings can refer to:
(communications) recipient - One who receives; receiver. E.g. "No recipient of the e-mail message will know about the other addressees who were listed in the BCC header." of dozens of "Best Wings" and "Best Sports Bar" awards from across the country. There are currently 415 Buffalo Wild Wings locations across 37 states. 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 projected growth rate and future financial performance, are forward-looking statements that involve risks and uncertainties. Such statements are based upon the current beliefs and expectations of our management. 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 in the future, the sales at these and our other company-owned and franchised locations, our ability to successfully operate in new markets, the cost of wings, the success of our marketing initiatives, 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 our 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. We undertake no obligation to update any forward-looking statements. [TABLE OMITTED] 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: [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] BUFFALO WILD WINGS, INC. AND SUBSIDIARIES Supplemental Information Restaurant Count Company-owned Restaurants:
> > Q1 > > Q2 >
Q3
Q4
2006 > > 124 > > 129 >
134
2005 > > 106 > > 110 >
116
122
2004 > > 88 > > 92 >
97
103
2003 > > 73 > > 74 >
77
84
2002 > > 56 > > 60 >
63
70
Franchised Restaurants:
> > Q1 > > Q2 >
Q3
Q4
2006 > > 260 > > 270 >
278
2005 > > 212 > > 224 >
234
248
2004 > > 168 > > 175 >
189
203
2003 > > 131 > > 138 >
142
161
2002 > > 108 > > 119 >
123
129
Same-Store Sales Company-owned Restaurants:
> > Q1 > > Q2 >
Q3
Q4
Year
2006 > > 7.7% > > 8.2% >
11.8%
2005 > > 6.1% > > 2.7% >
1.8%
2.5%
3.2%
2004 > > 11.1% > > 10.6% >
9.9%
7.6%
9.7%
2003 > > (1.4- > > 2.7% >
6.7%
8.5%
4.3%
2002 > > 5.6% > > 4.6% >
(0.7%)
(1.8%)
1.6%
Franchised Restaurants:
> > Q1 > > Q2 >
Q3
Q4
Year
2006 > > 6.7% > > 4.7% >
6.4%
2005 > > 3.2% > > 1.8% >
1.1%
2.6%
2.2%
2004 > > 12.0% > > 10.4% >
5.7%
3.7%
7.6%
2003 > > (0.4- > > 2.3% >
8.5%
10.7%
5.6%
2002 > > 4.2% > > 4.5% >
0.0%
(1.8%)
1.5%
BUFFALO WILD WINGS, INC. AND SUBSIDIARIES Supplemental Information Average Weekly Sales Volumes Company-owned Restaurants:
> > Q1 > > Q2 >
Q3
Q4
Year
2006 > > $35,857 > > $33,660 >
$35,380
2005 > > 33,195 > > 30,531 >
31,361
$33,953
$32,304
2004 > > 32,289 > > 30,248 >
30,983
33,038
31,663
2003 > > 28,782 > > 27,132 >
28,281
31,171
28,886
2002 > > 29,564 > > 26,330 >
25,916
28,466
27,547
Franchised Restaurants:
> > Q1 > > Q2 >
Q3
Q4
Year
2006 > > $44,342 > > $42,338 >
$42,964
2005 > > 41,309 > > 39,824 >
40,149
$42,533
$40,999
2004 > > 39,678 > > 38,072 >
38,727
40,926
39,402
2003 > > 33,920 > > 33,393 >
35,289
39,014
35,491
2002 > > 32,956 > > 31,623 >
31,619
34,023
32,574
Average Wing Price Per Pound
> > Q1 > > Q2 >
Q3
Q4
Year
2006 > > $1.24 > > $1.10 >
$1.14
2005 > > 1.45 > > 1.14 >
1.08
$1.17
$1.20
2004 > > 1.49 > > 1.46 >
1.35
1.30
1.39
2003 > > 1.01 > > 1.02 >
1.00
1.21
1.06
2002 > > 1.11 > > .87 >
.84
.78
.89
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