Buffets, Inc. Announces Results for Quarter Ended September 25, 2002.Business Editors EAGAN, Minn.--(BUSINESS WIRE)--Nov. 8, 2002 Buffets, Inc., the leading owner and operator of buffet-style restaurants, today reported results for the first quarter of its 2003 fiscal year (the 12-week period ended September September: see month. 25, 2002). Buffets reported sales for the quarter ended September 25, 2002, of $235.5 million, versus sales for the 12-week period ended October October: see month. 10, 2001 (hereinafter here·in·af·ter adv. In a following part of this document, statement, or book. hereinafter Adverb Formal or law from this point on in this document, matter, or case Adv. 1. defined as the comparable quarter in the prior year) of $245.2 million. The reported 4.0% decline in sales for the quarter ended September 25, 2002 was attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to a reduction in operating weeks of approximately 4.0% associated with the closure of 21 under-performing units over the past year and a decline in 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 of 2.8%. This same store sales decline reflected a 2.0% increase in pricing and a 4.8% decline in guest traffic. Average weekly sales per unit of $50.0 thousand for the quarter ended September 25, 2002 increased by 0.2% as compared to average weekly sales per unit during the comparable quarter in the prior year. Net earnings were $4.9 million for the 12-week period ended September 25, 2002. The Company ceased the recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. amortization of goodwill in conjunction with the adoption of Statement of Accounting Standards ("SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System ") No. 142, "Goodwill and Other Intangible Assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. " in January January: see month. 2002. This cessation cessation Vox populi The stopping of a thing. See Smoking cessation. was the primary factor in the Company's reported 32.2% increase in net income over that reported in the comparable quarter in the prior year, when the Company recorded $2.5 million in goodwill amortization. The Company currently expects 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. for the second quarter of the 2003 fiscal year (the 12-week period to end on December December: see month. 18, 2002) to decline by approximately 3.5% to 4.0%. Net earnings for the second quarter of the 2003 fiscal year are expected to approximate $0.5 million, versus $3.1 million for the 12-week period ended January 2, 2002. The Company will be discussing its operating results in a conference call on Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , November November: see month. 8, 2002 at 11:00 EST EST electroshock therapy. EST abbr. electroshock therapy . The conference call phone and ID numbers are 1-888-228-7864 and 6445392, respectively. The conference call leader is Kerry Kerry, county (1991 pop. 121,894), 1,815 sq mi (4,701 sq km), SW Republic of Ireland. The county town is Tralee. Kerry consists of a series of mountainous peninsulas that extend into the Atlantic. Kramp of Buffets, Inc. The conference call will be available for playback Playback could mean:
The statements contained in this release that are not 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. . These forward-looking statements involve risks and uncertainties and, consequently, could be affected by, among other things, general business and economic conditions, the impact of competition, the seasonality of the Company's business, adverse weather conditions, future commodity prices, fuel and utility costs, governmental regulations, and inflation. For a detailed discussion of risks and uncertainties that you should consider, please refer to the "Risk Factors" section contained in Buffets' registration statement on Form S-4/A filed on October 2, 2002. Buffets, Inc. currently operates 393 restaurants in 36 states (372 buffet A buffet is a meal serving system where patrons serve themselves. It is a popular method of feeding large numbers of people with minimal staff. The term is also used to describe a sideboard, an antique form of furniture which was sometimes used to offer the dishes of a buffet meal restaurants, principally as Old Country Buffet Old Country Buffet is a buffet-style, sit-down restaurant chain headquartered in Eagan, Minnesota with locations throughout the United States. Menu Items Old Country Buffet restaurants feature a wide spread of menu items, in the following categories: Its wide selection of food include pizza, hot dogs, hot wings, sliced ham among many others. (R), 13 Original Roadhouse road·house n. An inn, restaurant, or nightclub located on a road outside a town or city. roadhouse Noun a pub or restaurant at the side of a road Noun 1. Grill Grill may refer to: In food:
A lake on the California-Nevada border west of Carson City, Nevada. It is a popular resort area. Joe's Joe's, known as G.I. Joe’s prior to April 1 2007, is a sporting goods and auto parts retailer dealer based in Oregon. The Wilsonville, Oregon based company has 26 stores in Oregon and Washington. The company is planning on opening two stores in Idaho in 2007. Famous Steakhouse steak house or steak·house n. A restaurant that specializes in beefsteak dishes. steakhouse Noun a restaurant that specializes in steaks Noun 1. (R) restaurants) and franchises 23 buffet restaurants in ten states.
Buffets, Inc. and Subsidiaries
Condensed consolidated balance sheet
(Unaudited)
(In thousands, except share data)
October 10, September 25,
2001 2002
----------- -------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $23,755 $25,994
Receivables 4,179 8,078
Inventories 18,365 19,006
Prepaid expenses and other current assets 6,185 6,580
Deferred income taxes 13,588 17,875
Due from parent 224 109
----------- -------------
Total current assets 66,296 77,642
PROPERTY AND EQUIPMENT, net 271,459 218,900
GOODWILL, net 314,559 312,163
DEFERRED INCOME TAXES 1,248 125
OTHER ASSETS, net 15,452 15,492
----------- -------------
Total assets $669,014 $624,322
=========== =============
LIABILITIES AND SHAREHOLDER'S EQUITY (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $29,966 $34,068
Accrued liabilities 75,231 97,965
Income taxes payable 6,738 4,144
Current maturities of long term debt 25,500 2,450
----------- -------------
Total current liabilities 137,435 138,627
LONG-TERM DEBT, net of current maturities 362,642 463,937
DEFERRED LEASE OBLIGATIONS 18,714 19,128
OTHER LONG-TERM LIABILITIES 4,691 4,523
----------- -------------
Total liabilities 523,482 626,215
SHAREHOLDER'S EQUITY (DEFICIT):
Common stock; $.01 par value, 100 shares - -
authorized; 100 shares issued and
outstanding
Additional paid-in capital 135,371 -
Retained earnings (accumulated deficit) 10,161 (1,893)
----------- -------------
Total shareholder's equity
(deficit) 145,532 (1,893)
----------- -------------
Total liabilities and
shareholder's equity (deficit) $669,014 $624,322
=========== =============
Buffets, Inc. and Subsidiaries
Condensed consolidated income statements
(Unaudited)
(In thousands)
Twelve Weeks Ended
-------------------
Oct. 10, Sept. 25,
2001 2002
--------- ---------
RESTAURANT SALES $245,245 $235,498
RESTAURANT COSTS:
Food 77,343 73,066
Labor 76,391 73,748
Direct and occupancy 55,036 53,979
--------- ---------
Total restaurant costs 208,770 200,793
ADVERTISING EXPENSES 6,052 6,759
GENERAL AND ADMINISTRATIVE EXPENSES 10,961 10,758
GOODWILL AMORTIZATION 2,483 -
--------- ---------
OPERATING INCOME 16,979 17,188
INTEREST EXPENSE 9,427 9,893
INTEREST INCOME (229) (120)
OTHER INCOME (305) (202)
--------- ---------
INCOME BEFORE INCOME TAXES 8,086 7,617
INCOME TAX EXPENSE 4,387 2,725
--------- ---------
Net income $3,699 $4,892
========= =========
Buffets, Inc. and Subsidiaries
Condensed consolidated statements of cash flows
(Unaudited)
(In thousands)
Twelve Weeks Ended
--------------------------
October 10, September 25,
2001 2002
------------ -------------
OPERATING ACTIVITIES:
Net income $3,699 $4,892
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 12,038 9,268
Amortization of debt issuance cost 901 437
Deferred income taxes 1,886 825
Accretion of original issue discount 179 170
Deferred interest 291 -
Loss on disposal of assets 136 31
Changes in assets and liabilities:
Receivables (852) 746
Inventories 695 206
Prepaid expenses and other current
assets (118) 3,506
Due from parent (76) (97)
Accounts payable (413) (1,359)
Accrued and other liabilities 1,743 5,820
Income tax payable (1,380) 1,340
------------ -------------
Net cash provided by operating
activities 18,729 25,785
------------ -------------
INVESTING ACTIVITIES:
Purchase of fixed assets (6,242) (5,323)
Purchase of other assets, net (298) (229)
------------ -------------
Net cash used in investing
activities (6,540) (5,552)
------------ -------------
FINANCING ACTIVITIES:
Repayment of debt (4,500) -
Debt issuance costs - (2,543)
------------ -------------
Net cash used in financing
activities (4,500) (2,543)
------------ -------------
NET CHANGE IN CASH AND CASH EQUIVALENTS 7,689 17,690
CASH AND CASH EQUIVALENTS, beginning of
period 16,066 8,304
------------ -------------
CASH AND CASH EQUIVALENTS, end of period $23,755 $25,994
============ =============
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