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CONSOLIDATED PRODUCTS REPORTS RECORD REVENUES AND EARNINGS

 INDIANAPOLIS, Nov. 15 /PRNewswire/ -- Consolidated Products, Inc. (NASDAQ: COPIC) reported net earnings for its fiscal year ended Sept. 29, 1993, increased 24 percent to a historical high of $5,190,734 ($.60 per share). Net earnings for the fourth quarter increased 31 percent to $1,675,442 ($.18 per share). Consolidated Products, Inc. is the parent company of Steak n Shake, Inc. which operates 129 restaurants, including 20 franchised, in 10 states and Consolidated Specialty Restaurants, Inc., which operates 11 theme restaurants.
 Revenues and operating earnings (earnings before interest and income taxes) reached record levels in fiscal 1993 for the seventh consecutive year and in the fourth quarter for the thirtieth consecutive quarter. In the fourth quarter (exclusive of the 53rd week included in the prior year) revenues increased 12.2 percent and systemwide sales (includes Steak n Shake's franchise sales, as reported to the company, as well as sales of company-operated restaurants) increased 14.0 percent. Comparable unit sales gains in the Steak n Shake restaurants for the fiscal year were 6.2 percent, exclusive of the 53rd week.
 The company's previously announced accelerated Steak n Shake expansion program will double the number of restaurants, as well as double sales and operating earnings during the five-year period 1994-98. This program provides for the opening of 70 new company-operated restaurants and 61 franchised restaurants during this period. Twelve new Steak n Shake restaurants, including three franchised, have been opened during calendar year 1993 to date. Currently, six additional restaurants are under construction, including two franchised. New company restaurants opened this year are currently producing, on average, sales that would annualize on a trailing year volume of $1,500,000. These volume levels are substantially above both company average unit volumes for all units and prior sales levels for new units.
 During fiscal 1993, three Steak n Shake restaurants were opened in the northern Indiana South Bend media market. Upon the opening in August of the third unit in this new market, a television marketing program was initiated. A fourth unit in the St. Joseph/Benton Harbor, Mich., area, the company's first unit in Michigan, is scheduled to open on Nov. 22, 1993. The entry into the South Bend media market follows the company's strategy of targeting new media markets in which a sufficient number of restaurants can be opened to cost effectively use its highly successful and proven marketing program to build awareness and strong sales results.
 CONSOLIDATED PRODUCTS, INC.
 SUMMARY OF CONSOLIDATED STATEMENTS OF EARNINGS
 (UNAUDITED)
 TWELVE THIRTEEN
 WEEKS ENDED WEEKS ENDED
 09/29/93 09/30/92
 Net sales $33,731,239 $32,460,845
 Total revenues 34,259,463 32,849,786
 Cost of sales 8,797,072 8,364,555
 Other costs and expenses 21,779,867 20,989,081
 Interest expense 1,157,082 1,303,148
 Earnings before income taxes 2,525,442 2,193,002
 Income taxes 850,000 910,000
 Net earnings $ 1,675,442 $ 1,283,002
 Net earnings per common and common
 equivalent share: (B)
 Primary $.26 $.23(A)
 Fully diluted $.18 $.16(A)
 Weighted average shares outstanding:
 Primary 6,498,852 5,705,406(A)
 Fully diluted 10,050,559 9,375,197(A)
 FIFTY-TWO FIFTY-THREE
 WEEKS ENDED WEEKS ENDED
 09/29/93 09/30/92
 Net sales $132,509,229 $126,023,909
 Total revenues 134,156,230 127,443,684
 Cost of sales 34,508,742 32,519,493
 Other costs and expenses 86,138,325 82,304,765
 Interest expense 5,100,429 5,597,231
 Earnings before income taxes 8,410,734 7,022,195
 Income taxes 3,220,000 2,850,000
 Net earnings $ 5,190,734 $ 4,172,195
 Net earnings per common and common
 equivalent share: (B)
 Primary $.82 $.74(A)
 Fully diluted $.60 $.53(A)
 Weighted average shares outstanding:
 Primary 6,327,026 5,655,354(A)
 Fully diluted 9,936,376 9,382,522(A)
 (A) -- Net earnings per share and average shares outstanding have been restated to give effect to the 10 percent stock dividend declared on Dec. 10, 1992, payable on Jan. 18, 1993, to shareholders of record on Dec. 31, 1992.
 (B) -- Earnings per share calculations for fiscal 1993 reflect an increase in the weighted average number of shares outstanding resulting from the company's sale in the first quarter of 495,000 shares of common stock and 550,795 shares issued in connection with the ten percent stock dividend distributed on Jan. 18, 1993.
 CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
 09/29/93
 (UNAUDITED) 09/30/92
 ASSETS
 Current assets $16,326,995 $19,359,169
 Property and equipment-net 43,467,160 35,132,356
 Leased property-net 8,167,795 9,441,307
 Other assets 2,681,521 3,129,077
 Total assets $70,643,471 $67,061,077
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities $18,286,211 $19,545,458
 Obligations under capital leases 11,177,749 12,741,519
 Long-term debt 17,996,158 20,500,000
 10 percent Subordinated convertible
 debenture 12,076,100 12,496,000
 Shareholders' equity 11,107,253 1,778,932
 Total liabilities and
 shareholders' equity $70,643,471 $67,061,909
 -0- 11/15/93
 /CONTACT: James W. Bear, senior vice president, of Consolidated Products, 317-633-4100/
 (COPIC)


CO: Consolidated Products, Inc. ST: Indiana IN: REA SU: ERN

KL-LC -- CL006 -- 4292 11/15/93 10:01 EST
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Publication:PR Newswire
Date:Nov 15, 1993
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