Buffets, Inc. Announces Sale of Original Roadhouse Grill and Updates Same Store Sales Expectations.Business Editors EAGAN, Minn.--(BUSINESS WIRE)--June 6, 2003 Buffets, Inc. today announced the completion of the sale of its 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 restaurants for approximately $30 million in gross proceeds, comprised of approximately $26 million in cash proceeds, $1.3 million in net assumed liabilities and $2.5 million in notes receivable. Buffets applied the net cash proceeds from the sale of its Original Roadhouse Grill restaurants, totaling approximately $24.5 million, toward the reduction of its senior indebtedness. Buffets also announced that comparable store sales for the fourth quarter of its 2003 fiscal year (the twelve-week period ending July 2, 2003) are expected to be down 2.5% to 3.5% versus the same period in the prior year. Previous guidance issued by Buffets anticipated comparable restaurant sales declining by approximately 5% to 6%. Buffets, Inc. currently operates 372 restaurants in 35 states (364 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), and 8 Tahoe Joe's Famous Steakhouse(R) restaurants) and franchises 23 buffet restaurants in ten states. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 The statements in this release regarding comparable store sales expectations 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. that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in, or implied by, such forward-looking statements. The risks and uncertainties involving forward-looking statements include, but are not limited to, general business and economic conditions, negative publicity, the impact of competition, the seasonality of Buffets' business, adverse weather conditions, future commodity prices, fuel and utility costs, labor costs, employment and environmental laws, 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 filed with the Securities and Exchange Commission on December 27, 2002. These statements reflect Buffets' current beliefs and are based upon information currently available to it. Be advised that developments subsequent to this release are likely to cause these statements to become outdated out·dat·ed adj. Out-of-date; old-fashioned. outdated Adjective old-fashioned or obsolete Adj. 1. with the passage of time. Buffets disclaims any obligation to update forward-looking statements. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion