Bugaboo Creek reports second quarter sales up 86 percent; Comparable store sales increase of 4.3 percent and Capital Grille lease signings.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)--Jan. 10, 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 $541,050 and earnings per share of $.10 for the second quarter ended Dec. 10, 1995, versus prior year net income of $497,750 and earnings per share of $.10. Net restaurant sales for the quarter of $11,451,700 increased by 85.7 percent from $6,167,450 during the same period a year ago. 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. of $1,624,000 for the quarter increased by 46.2 percent over the $1,110,600 reported last year. For the 24 weeks ended Dec. 10, 1995, year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. earnings of $962,650 and earnings per share of $.18 compare to $998,900 and $.19, respectively, for the year ago period. Restaurant operating profit for the first two periods increased by 38.8 percent to $2,946,800 from $2,122,400 in the prior year. Year-to-date sales of $21,430,000 were higher than last year's $11,240,000 by 90.7 percent. Comparable store sales increased by 4.3 percent in the second quarter. During the quarter, 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. were opened in Henrietta (Rochester), N.Y. and 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 bringing total units in operation as of quarter-end to 14; 11 Bugaboo Creek Steak Houses and three and Capital Grilles. "Sales for the quarter were strong despite a soft retail environment and some winter weather impact during the last period," commented Edward P. "Ned" Grace, III, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "While sales during a seasonally slower period at Bugaboo Creek were slightly below projections, sales levels at the Capital Grilles continued to exceed our expectations. Our newest Bugaboo Creek units were well received in their respective markets. Overall, costs were at expected levels with beef costs down from the prior quarter. Restaurant operating profit at 14.2 percent reflects the higher proportion of Bugaboo Creek operating weeks as well as the impact of five units which have been in operation for six months or less. Our general and administrative expenses at 7.0 percent of sales improved vs. the 8.4 percent recorded last year reflecting the continued leveraging of these expenses against increased sales. We continue to focus on the development and training of management and staff within our operations and are pleased to have added Ellen Moore Moore, city (1990 pop. 40,761), Cleveland co., central Okla., a suburb of Oklahoma City; inc. 1887. Its manufactures include lightning- and surge-protection equipment, packaging for foods, and auto parts. to our team as vice president of training." Cost of sales was 36.9 percent for the quarter, comparable to last year, and better than the 37.4 percent recorded in the previous quarter. Forward purchasing contracts have been executed to ensure stable beef prices through calender CALENDER. An almanac. Julius Caesar ordained that the Roman year should consist of 365 days, except every fourth year, which should contain 366, the additional day to be reckoned by counting the twenty-fourth day of February (which was the 6th of the calends of March) twice. 1996. Restaurant 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. at 42.9 percent were up from 40.1 percent in the comparable period last year, due primarily to higher marketing, labor, occupancy and repair expenses. Depreciation and amortization of 6.0 percent vs. 5.0 percent last year, reflects principally the impact of increased new unit pre-opening expense amortization. Grace continued "The expansion picture for the rest of calendar 1996 looks good for both the Bugaboo Creek and 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. concepts. The twelfth Bugaboo Creek unit is opening in Framingham, Mass. on January 15 and we plan to open units in Poughkeepsie N.Y. and Braintree, Mass. in fourth quarter of the current fiscal year. Our fourth Capital Grille is scheduled to open in late June in Chestnut Hill Chestnut Hill may refer to: In geography:
"The board of directors, at their meeting on Jan. 5, 1996, voted to approve a corporate name change to RARE Hospitality International Inc. to more appropriately reflect our multi-concepted operations as well as our vision for the future. It is anticipated that this change, subject to shareholder approval, would be made in conjunction with the company's annual shareholder meeting in October 1996." 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 14 restaurants, 11 Bugaboo Creek units and three 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 Earnings
(Unaudited)
12 weeks ended 12 weeks ended
12/10/95 12/11/94 12/10/95 12/11/94
Net restaurant sales $11,451,736 $6,167,454 100.0% 100.0% Restaurant costs and operating expenses: Food and beverage costs 4,222,807 2,274,929 36.9% 36.9% Restaurant operating expenses 4,913,061 2,470,924 42.9% 40.1% Depreciation and amortization 691,821 310,979 6.0% 5.0% Total restaurant costs and operating expenses 9,827,689 5,056,832 85.8% 82.0% Earnings from restaurant operations 1,624,047 1,110,622 14.2% 18.0% Other (income) expenses: General and administrative expenses 804,153 518,520 7.0% 8.4% Other income, net (25,620) (61,181) (0.2%) (1.0%) Interest and dividend income (40,787) (106,177) (0.4%) (1.7%) Interest expense 53,904 0 0.5% 0.0% Earnings before taxes 832,397 759,460 7.3% 12.3% Provision for income taxes 291,339 261,709 2.5% 4.2% Net income $541,058 $497,751 4.8% 8.1% Weighted average shares outstanding 5,225,000 5,225,711 Earnings per share $0.10 $0.10 -0-
24 weeks ended 24 weeks ended
12/10/95 12/11/94 12/10/95 12/11/94
Net restaurant sales $21,429,266 $11,238,737 100.0% 100.0% Restaurant costs and operating expenses: Food and beverage costs 7,962,544 4,091,569 37.2% 36.4% Restaurant operating expenses 9,193,485 4,477,587 42.9% 39.8% Depreciation and amortization 1,326,403 547,159 6.2% 4.9% Total restaurant costs and operating expenses 18,482,432 9,116,315 86.3% 81.1% Earnings from restaurant operations 2,946,834 2,122,422 13.7% 18.9% Other (income) expenses: General and administrative expenses 1,503,776 984,966 7.0% 8.8% Other income, net (32,329) (77,756) (0.2%) (0.7%) Interest and dividend income (59,530) (309,071) (0.3%) (2.8%) Interest expense 53,904 0 0.3% 0.0% Earnings before taxes 1,481,013 1,524,283 6.9% 13.6% Provision for income taxes 518,355 525,393 2.4% 4.7% Net income $962,658 $998,890 4.5% 8.9% Weighted average shares outstanding 5,225,000 5,225,356 Earnings per share $0.18 $0.19 CONTACT: Bugaboo Creek Steak House Inc. Edward P. "Ned" Grace III 401/433-5500, ext. 120 or Mark A. Peterson 401/433-5500, ext. 123 |
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