Buffets Holdings, Inc. Reports Fourth Quarter Same Store Sales Results and Announces Conference Call to Discuss Operating Results for Fiscal Year 2005.EAGAN, Minn. -- Buffets Holdings, Inc. ("Buffets Holdings"), the parent of Buffets, Inc. ("Buffets"), reported a 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 increase of 1.3% for the fourth quarter of its 2005 fiscal year (the twelve-week period ended June 29, 2005) as compared to the comparable prior year period. However, it expects 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.
A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. for fair market adjustments to the carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of certain long-lived assets in accordance with Statement of Financial Accounting Standards No. 144, "Accounting for the Impairment of Long-Lived Assets," a $1.0 million charge related to store closures and asset disposals, and a $0.4 million charge for executive severance. Buffets Holdings also announced that it would be conducting a conference call to discuss operating results for its quarter and fiscal year ended June 29, 2005 on Thursday, August 25, 2005, at 11:00 a.m. (Eastern). You may access this call starting at 10:45 a.m. (Eastern). The conference phone number will be 1-888-228-7864 and the conference ID number will be 8152784. The conference call leader will be Roe Hatlen, Chief Executive Officer, of Buffets Holdings. In consideration of your fellow participants, Buffets Holdings requests that cellular phones not be used. The conference call will be recorded and available for playback through Friday, September 2, 2005 at 6:00 p.m. (Eastern). Playback can be reached by dialing 1-800-642-1687 and requesting conference ID number 8152784. Buffets currently operates 355 restaurants in 33 states comprising of 346 buffet restaurants and nine Tahoe Joe's Famous Steakhouse(R) restaurants. The buffet restaurants are principally operated under the 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) brands. Buffets also franchises 18 buffet restaurants in seven states. The following is a 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 contained in this release which are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results including, specifically, fourth quarter 2005 same store sales and EBITDA guidance, to differ materially from those set forth in, or implied by, forward looking statements. The risks and uncertainties involving forward-looking statements include, but are not limited to, general and economic conditions, negative publicity, the impact of competition, the seasonality of Buffets Holdings' business, adverse weather conditions, future commodity prices, fuel and utility costs, labor costs, employment and environmental laws, government regulations, and inflation. For a detailed discussion of risks and uncertainties that you should consider, please refer to the "Risk Factors/Forward-Looking Statements" section contained in Buffets Holdings' 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. which was filed with the Securities and Exchange Commission on September 28, 2004. The statements in this release reflect Buffets Holdings' 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 with the passage of time and no obligation is undertaken to provide updates with respect to the information. |
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