Bugaboo Creek reports fiscal 1996 net income of $2,023,050.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. 12, 1996--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 $2,023,050 and earnings per share of $.39 for the year ended June 30, 1996, versus prior year net income of $2,170,743 and earnings per share of $.42. Net restaurant sales of $52,166,794 for the year increased by 74 percent from $29,939,836 in fiscal 1995. Earnings from restaurant operations of $6,900,045 increased by 29.0 percent versus last year's $5,349,257. Net income for the fourth quarter of $487,458 was 8.0 percent above the comparable period last year. Earnings per share of $.09 was the same as fourth quarter 1995. Net restaurant sales for the quarter of $14,246,205 increased by 69 percent from the $8,417,652 reported last year due to new unit operating weeks and the benefit of an additional fiscal week in the current quarter. Comparable store sales for the fourth quarter were down 3.6 percent. One 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. was opened during the quarter in Braintree, Mass. on June 17, 1996. For the year, a total of six Bugaboo Creek Steak Houses were opened. "Fiscal 1996 was a year of expansion success and operational challenge for Bugaboo Creek Steak House Inc.," commented Edward P. Grace, III. "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. financial results continued to exceed our expectations and we were able to sign leases for four new locations. Six Bugaboo Creek units were opened during the year; however, overall average wekly sales continued to reflect the impact of increased competitiion in the dinnerhouse segment. Despite this sales softening softening /sof·ten·ing/ (sof´en-ing) malacia. softening a change of consistency, with loss of firmness or hardness. , Bugaboo Creek average annual unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. are in excess of $3.2 million which puts us in the upper tier of the casual dinnerhouse competition. Sales at the newer units continue to run higher than average and we remain very pleased with the sales results at our new Bugaboo Creek prototype unit. However, our rapid expansion and resulting in-store inefficiencies adversely impacted our profit margins." "Our previously announced merger with Longhorn The code name for the Windows Vista operating system. After the client version was renamed "Vista" in 2005, Longhorn referred to the server version until it was officially named Windows Server 2008 in May of 2007. See Windows Vista. Steaks will strengthen both of our companies," added Grace. "Longhorn's strong financial position will enable us to continue the aggressive expansion of both The Capital Grille and Bugaboo Creek. We expect the merger to close in September." Restaurant operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. for the quarter of 12.6 percent compares to 16.1 percent for the same period last year. Cost of sales for the quarter at 37.9 percent were the same as last year. Restaurant operating costs operating costs npl → gastos mpl operacionales at 43.3 percent, up from 40.5 percent in the prior year, reflect the impact of lower average weekly sales, notwithstanding a 2.6 percent reduction in operating costs per week as compared to the prior year period. Depreciation and amortization, at 6.2 percent versus 5.5 percent last year, is higher primarily due to the new units. Our fourth Capital Grille opened in Chestnut Hill Chestnut Hill may refer to: In geography:
This press release contains forward looking statements which involve numerous risks and uncertainties. The company's actual results could differ materially from those anticipated in such forward looking statements as a result of certain factors, including those set forth in the company's filings with the Securities and Exchange Commission. Bugaboo Creek Steak House Inc. operates two restaurant concepts: Bugaboo Creek Steak House, a casual dining restaurant with a Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. 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 featuring dry-aged steaks and an extensive wine list. There are currently 18 restaurants, 14 Bugaboo Creek Steak House unites and four Capital Grille units, open in the states of Connecticut Connecticut, state, United States Connecticut (kənĕt`ĭkət), southernmost of the New England states of the NE United States. It is bordered by Massachusetts (N), Rhode Island (E), Long Island Sound (S), and New York (W). , Maine Maine, ship Maine, U.S. battleship destroyed (Feb. 15, 1898) in Havana harbor by an explosion that killed 260 men. The incident helped precipitate the Spanish-American War (Apr., 1898). Commanded by Capt. Charles Sigsbee, the ship had been sent (Jan. , 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 Income
(Unaudited)
Thirteen Twelve Fifty-three Fifty-two
weeks weeks weeks weeks
ended ended ended ended
June 30, June 25, June 30, June 25,
1996 1995 1996 1995
Net restaurant sales $14,246,205 $8,417,652 $52,166,794 $29,939,836 Restaurant costs and operating expenses: Food and beverage costs 5,398,356 3,186,950 19,440,018 11,047,693 Restaurant operating expenses 6,172,721 3,408,864 22,477,445 12,003,275 Depreciation and amortization 881,741 460,948 3,349,286 1,539,611 Total restaurant costs and operating expenses 12,452,818 7,056,762 45,266,749 24,590,579 Earnings from restaurant operations 1,793,387 1,360,890 6,900,045 5,349,257 Other (income) expense: General and administrative expense 1,008,784 735,526 3,673,534 2,527,866 Other (income) expense, net (27,450) (973) (60,239) (71,728) Interest and dividend income 0 (23,309) (75,756) (385,949) Interest expense 125,445 - 313,448 - Earnings before taxes 686,608 649,646 3,049,058 3,279,068 Income taxes 199,150 198,110 1,026,008 1,108,325 Net income $487,458 $451,536 $2,023,050 $2,170,743 Weighted average shares outstanding 5,225,000 5,230,280 5,225,000 5,226,767 Earnings per share $0.09 $0.09 $0.39 $0.42 -0-
Thirteen Twelve Fifty-three Fifty-two
weeks weeks weeks weeks
ended ended ended ended
June 30, June 25, June 30, June 25,
1996 1995 1996 1995
Net restaurant sales 100.0% 100.0% 100.0% 100.0% Restaurant costs and operating expenses: Food and beverage costs 37.9% 37.9% 37.3% 36.9% Restaurant operating expenses 43.3% 40.5% 43.1% 40.2% Depreciation and amortization 6.2% 5.5% 6.4% 5.1% Total restaurant costs and operating expenses 87.4% 83.9% 86.8% 82.2% Earnings from restaurant operations 12.6% 16.1% 13.2% 17.8% Other (income) expense: General and administrative expense 7.1% 8.6% 7.0% 8.4% Other (income) expense, net (0.2%) 0.0% (0.1%) (0.2%) Interest and dividend income 0.0% (0.3%) (0.1%) (1.3%) Interest expense 0.9% - 0.6% - Earnings before taxes 4.8% 7.8% 5.8% 10.9% Income taxes 1.4% 2.4% 2.0% 3.7% Net income 3.4% 5.4% 3.8% 7.2% CONTACT: Bugaboo Creek Steak House Inc. Edward P. "Ned" Grace III 401/433-5500 x120 or Mark A. Peterson 401/433-5500 x123 |
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