Bugaboo Creek opens the Capital Grille in Washington; Updates development plans; appoints Leonard/Monahan.PROVIDENCE, R.I.--(BUSINESS WIRE)--Dec. 16, 1994--Bugaboo Creek Steak House steak house or steak·house n. A restaurant that specializes in beefsteak dishes. Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :RARE) announced today the successful opening of The Capital Grille grille, in architecture, a system of bars, usually of decorative metalwork, forming an openwork barrier or enclosure. In its usual materials of wrought iron or bronze, it has been favored for decorative treatment in all periods. in Washington, D.C. The Washington opening The Washington Open is the Washington state open golf tournament, open to both amateur and professional golfers. It is organized by the Pacific Northwest section of the PGA of America. It has been played annually since 1922 at a variety of courses around the state. brings the total number of restaurants open to eight; five Bugaboo Creek and three Capital Grille units. Ned Grace, president and chief executive officer, commented, "We are very pleased with the results of the new restaurant through its first four weeks. After an expected slow Thanksgiving Thanksgiving annual U.S. holiday celebrating harvest and yearly blessings; originated with Pilgrims (1621). [Am. Culture: EB, IX: 922] See : America Thanksgiving national holiday with luxurious dinner as chief ritual. [Am. Pop. week, our guest count has blossomed to exceed both our expectations and the start-up curve of the last Capital Grille we opened in Boston several years ago. The Washington restaurant is located in a historic building at 601 Pennsylvania Ave., only blocks from the Capitol Capitol, seat of the U.S. Congress Capitol, seat of the U.S. government at Washington, D.C. It is the city's dominating monument, built on an elevated site that was chosen by George Washington in consultation with Major Pierre L'Enfant. itself. We expect the restaurant to make a significant contribution to both our top and bottom lines this fiscal year ending June 25, 1995. Since our public offering last April, we have opened three new restaurants bringing our total count to eight. All three new units have performed above our budget projections. The only unit in the system performing materially below expectations is the Springfield, Va. Bugaboo Creek unit. The success of the Washington restaurant buttresses the solid performance of existing restaurants during the quarter. The comparable store sales grew 1.5 percent during the quarter ended Dec. 11, 1994, bringing the year to date sales growth to 2.5 percent. Quarterly earnings will be released the week of Jan. 9, 1995." Grace continued, "Turning to our development pipeline, we now have a total of eight units that are either under construction; leases have been signed; or are in the lease documentation phase. Of the eight units, seven are Bugaboo Creek units and one will be a Capital Grille unit in the following areas:
Bugaboo Creek Capital Grille
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Manchester, CT Henrietta, NY (Rochester) Chicago, IL
Albany, NY Portland, ME
Gaithersburg, MD Framingham, MA
No. Philadelphia, PA "These eight units should all open during calendar year 1995, which will double our total restaurant count to 16. We are targeting 10 to 12 new restaurants for calendar 1997." Additionally, the company is very pleased to announce the appointment of Leonard/Monahan Inc. of Providence, R.I. as the advertising agency of record for the Bugaboo Creek Steak House Bugaboo Creek Steak House is an American steak house with locations in ten states. It is decorated as a hunting lodge in the Canadian Rockies and has won numerous 'Best Steak House' awards from CitySearch and AOL. concept. Grace said, "Leonard/Monahan brings world-class brand building experience to our team. They have been recognized nationally by their peers for their creative genius on many occasions." Bugaboo Creek Steak House Inc. operates two restaurant concepts: Bugaboo Creek Steak House, a casual dining restaurant with a Canadian mountain lodge Mountain Lodge was once the alternate summer residence of the Governor of Hong Kong since 1900. It was located on Victoria Peak on the Hong Kong Island in Hong Kong. The commanding view gave the then-Governor a view of the entire colony. theme; and The Capital Grille, a fine dining restaurant emphasizing dry aged steaks. There are currently eight restaurants, five Bugaboo Creek units and three Capital Grille units, open in the states of Massachusetts, Rhode Island Rhode Island, island, United States Rhode Island, island, 15 mi (24 km) long and 5 mi (8 km) wide, S R.I., at the entrance to Narragansett Bay. It is the largest island in the state, with steep cliffs and excellent beaches. and Virginia and in Washington, D.C. Additionally, the company manages three non-owned restaurants on a fee basis. CONTACT: Bugaboo Creek Steak House Inc. Edward P. "Ned" Grace, III, 401/433-5500, ext. 120 |
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