Bugaboo Creek reports annual earnings up 44 percent.EAST PROVIDENCE East Providence, city (1990 pop. 50,380), Providence co., E R.I., on the Providence and Seekonk rivers; inc. as a city 1958. It has a petrochemical production facility and is a wholesale and distribution center for petroleum products in the S New England area. , R.I.--(BUSINESS WIRE)--Aug. 8, 1995--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) today reported net income of $2,170,743 on sales of $29,939,836 for the year ended June 25, 1995. Net income and sales represented an increase of 44 percent and 75 percent, respectively, over supplemental pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma results for fiscal 1994. Fiscal 1995 earnings per share at $.42 were the same as 1994 supplemental pro forma earnings pro forma earnings Income not necessarily calculated in accordance with generally accepted accounting principles. For example, a company might report pro forma earnings that exclude depreciation expense and nonrecurring expenses such as restructuring costs. per share on a 38 percent increase in average shares outstanding. Net income for the fourth quarter was $451,536, which was lower than supplemental pro forma earnings of $574,521 last year, due primarily to higher food costs and new unit operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. . Earnings per share for the quarter were $.09 compared to $.11 for the same period last year. Sales for the fourth quarter increased 62 percent to $8,417,652 from $5,209,024. Comparable store sales in the fourth quarter were up 5.9 percent, the fifth consecutive quarter of growth, and 5.1 percent for the year. During the quarter, two new Bugaboo Creek units were opened in Albany, N.Y. (May 29) and Gaithersburg, Md. (June 19) bringing to eight the number of Bugaboo Creek Steak Houses 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. in operation as of fiscal year-end Fiscal Year-End The completion of a one-year, or 12-month, accounting period. Notes: The reason that a company's fiscal year often differs from the calendar year and does not close on Dec 31, is due to the nature of company's needs. . "Our first full year as a public company was a year of success and challenge for Bugaboo Creek Steak House," commented Edward. P. "Ned" Grace III. "We met our expansion target with five openings, all of which are meeting our expectations. Our 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 continued to be positive throughout the year. Despite the sales growth in the fourth quarter, our results were adversely impacted by high beef and produce costs. In addition, our Bugaboo Creek concept grew by 50 percent from May to July with the opening of three new units within 45 days. Overall, we are very pleased with what has been accomplished during the year and the demonstrated viability of both of our concepts as we expanded our geographical presence." Cost of sales of 37.8 percent for the quarter compared unfavorably to the 35.7 percent recorded in the comparable quarter last year. Beef prices, which continued to rise during the fourth quarter, have begun to come down, however, they have not returned to year-ago levels. Restaurant operating costs operating costs npl → gastos mpl operacionales increased to 40.5 percent from 37.3 percent in the comparable period last year due to higher costs associated with new units. Depreciation and amortization of 5.5 percent vs. 4.6 percent in the comparable period last year, reflects the opening of new units during the year. James Kuhn has been promoted to regional manager for the Bugaboo Creek concept. Kuhn's casual dinnerhouse experience includes multi-unit management experience with the Quantum Restaurant Group, as well as management experience with TGI TGI Tribunal de Grande Instance TGI Target Group Index TGI Thank God It's Friday (US restaurant chain) TGI Tracheal Gas Insufflation TGI Tumor Growth Inhibition TGI Trato Gastrointestinal (Portugese) Friday's and Steak and Ale Steak and Ale is a semi-casual dining American restaurant chain founded by Norman E. Brinker with over 60 locations in 19 states in the United States. It is part of the Metromedia Restaurant Group, which also leases franchises for Bennigan's, Bonanza, and Ponderosa restaurants. . Additionally, Mark Running, EVP EVP Executive Vice President EVP EGR (Exhaust Gas Recirculation) Valve Position Sensor EVP Electronic Voice Phenomenon EVP Europäische Volkspartei (Germany) EVP Employee Value Proposition of Operations, has resigned to pursue other interests. "Expansion of the Bugaboo Creek concept continued with the opening of the first unit in fiscal 1996 Franklin Mills Franklin Mills is an enclosed shopping mall located in northeast Philadelphia, Pennsylvania, bordering Bensalem in Bucks County and 15 miles outside Center City.[1] (Philadelphia) on July 10," Grace explained. "In addition, there are three Bugaboo Creeks under construction in Henrietta, N.Y.; Portland, Maine Portland is the largest city in the U.S. state of Maine, with a 2004 population of 63,882. Portland is Maine's cultural, social and economic capital. Tourists are drawn to Portland's historic Old Port district along Portland Harbor, which is at the mouth of the Fore River and part and Framingham, Mass. There are two 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. locations in the final stages of lease negotiation. We currently expect to open eight units during fiscal 1996." "Comparable store sales are up 5 percent for the first five weeks of fiscal 1996. The new Bugaboo Creek units' sales continue to be very strong in a seasonally slow period." 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 12 restaurants, nine Bugaboo Creek units and three Capital Grille units, open in the states of Connecticut, Maryland, Massachusetts, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Pennsylvania, 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. , Virginia and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . -0-
BUGABOO CREEK STEAK HOUSE INC.
Consolidated Statements of Earnings
12 weeks ended 52 weeks ended
6/25/95 6/26/94 6/25/95 6/26/94
Net restaurant sales $8,417,652 $5,209,024 $29,939,836 $17,123,747 Restaurant costs and operating expenses: Food and beverage costs 3,186,950 1,859,629 11,047,693 6,182,985 Restaurant operating expenses 3,408,864 1,945,217 12,003,275 6,683,244 Depreciation and amortization 460,948 239,015 1,539,611 692,942 Total restaurant costs and operating expenses 7,056,762 4,043,861 24,590,579 13,559,171 Earnings from restaurant operations 1,360,890 1,165,163 5,349,257 3,564,576 Other (income) expenses: General and administrative expenses 735,526 435,427 2,527,866 2,151,219 Other income, net (973) (12,325) (71,728) (215,288) Interest and dividend income (23,309) (147,197) (385,949) (147,197) Interest expense 0 18,511 0 128,217 Earnings before taxes 649,646 870,747 3,279,068 1,647,625 Provision for income taxes 198,110 368,099 1,108,325 495,042 Net income $451,536 $502,648 $2,170,743 $1,152,583 Weighted average shares outstanding 5,230,280 5,150,000 5,226,767 3,778,905 EPS (Pro forma for 1994) $0.09 $0.11 $0.42 $0.29 Supplemental pro forma net income $574,521 $1,503,761 Supplemental pro forma EPS $0.11 $0.42 -0- BUGABOO CREEK STEAK HOUSE INC. Consolidated Statements of Earnings
12 weeks ended 52 weeks ended
6/25/95 6/26/94 6/25/95 6/26/94
Net restaurant sales 100.0% 100.0% 100.0% 100.0% Restaurant costs and operating expenses: Food and beverage costs 37.8% 35.7% 36.9% 36.1% Restaurant operating expenses 40.5% 37.3% 40.1% 39.0% Depreciation and amortization 5.5% 4.6% 5.1% 4.1% Total restaurant costs and operating expenses 83.8% 77.6% 82.1% 79.2% Earnings from restaurant operations 16.2% 22.4% 17.9% 20.8% Other (income) expenses: General and administrative expenses 8.7% 8.4% 8.4% 12.6% Other income, net 0.0% (0.2%) (0.2%) (1.3%) Interest and dividend income (0.2%) (2.8%) (1.3%) (0.9%) Interest expense 0.0% 0.3% 0.0% 0.8% Earnings before taxes 7.7% 16.7% 11.0% 9.6% Provision for income taxes 2.3% 7.1% 3.7% 2.9% Net income 5.4% 9.6% 7.3% 6.7% Weighted average shares outstanding EPS (Pro forma for 1994) Supplemental pro forma net income 11.0% 8.8% Supplemental pro forma EPS -0- Prior to Jan. 1, 1994, the company's operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. elected S corporation status and therefore were not subject to corporate income taxes. During such period, the company's stockholders, who were all employees, received bonuses based on their percentage interest in the company's earnings. As of Jan. 1, 1994, the company's operating subsidiaries ceased to be treated as S corporations. Supplemental pro forma adjustments have been made to net income (i) to reduce compensation paid to stockholders to the extent such amounts exceeded the maximum compensation payable to such individuals under current compensation arrangements and (ii) to give effect to federal and state income taxes as though the company had been subject to corporate income taxes for the periods presented. CONTACT: Bugaboo Creek Steak House Inc. Edward P. (Ned) Grace III, 401/433-5500 x. 120 or Mark A. Peterson, 401/433-5500 x. 123 |
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