DF&R RESTAURANTS, INC. REPORTS SECOND QUARTER RESULTS; REVENUES INCREASED 47 PERCENT; NET INCOME UP 45 PERCENT.BEDFORD Bedford, town, England Bedford, town (1991 pop. 75,632), county seat of Bedfordshire, central England, on the Ouse River. It is an important industrial center; diesel engines, pumps, turbines, agricultural machinery, electrical equipment, and transistors , Texas--(BUSINESS WIRE)--Jan. 4, 1995--DF&R Restaurants, 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 :DFNR) today announced increased revenues and income for the second quarter of fiscal 1995, which ended Nov. 30, 1994. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. David Frazier Frazier, Joseph Known as "Joe." Born 1944. American prizefighter who won the Olympic heavyweight title (1964) and held the world professional heavyweight title from 1970 to 1973. , DF&R president and chief executive officer, second quarter revenues increased 47 percent to $21,505,098 compared to $14,604,627 for the comparable period in fiscal 1994. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. increased 35 percent to $2,162,047 from $1,596,637 for the comparable period last year. Net income increased 45 percent to $1,417,582 from $979,840, while earnings per share increased 28 percent to $0.23 cents from $0.18 cents. For the first six months of fiscal 1995, revenues increased 52 percent to $42,662,868 compared to $28,082,071 for the first six months of fiscal 1994. Operating income increased 51 percent to $4,644,385 compared with $3,078,613 for the comparable 1994 period. Net income increased 54 percent to $3,034,300 from $1,971,890 for the comparable 1994 period. Earnings per share increased 36 percent to $0.49 compared with $0.36 per share a year ago. DF&R Restaurants opened five Don Pablo's Don Pablo’s was founded in Lubbock, Texas, in 1985. The company has 91 restaurants in 18 states. The menu features Tex-Mex items, made-from-scratch salsa, tortillas and sauces and a range of other Mexican specialties. restaurants during the second quarter, including units in Ft. Wayne Wayne, city (1990 pop. 19,899), Wayne co., SE Mich., a suburb of Detroit, on the Lower Rouge River; inc. as a village 1869, and with surrounding areas as a city 1960. It has automobile and aircraft industries and other varied manufactures. , Ind IND Investigational new drug Therapeutics A status assigned by the FDA to a drug before allowing its use in humans, exempting it from premarketing approval requirements so that experimental clinical trials may be conducted. See Phase 1.2, 3 studies, Sponsorship. .; Columbus, Ohio Columbus is the capital and the largest city of the American state of Ohio. Named for explorer Christopher Columbus, the city was founded in 1812 at the confluence of the Scioto and Olentangy rivers, and assumed the functions of state capital in 1816. ; Cincinnati, Ohio “Cincinnati” redirects here. For other uses, see Cincinnati (disambiguation). Cincinnati is a city in the U.S. state of Ohio and the county seat of Hamilton County. ; Grapevine, Texas Grapevine is a city in Tarrant County, Texas, United States. As of the 2000 census the city population was 42,059, though the 2006 U.S. Census Bureau estimate puts the city's population at 48,583. ; and Flint flint, mineral flint, variety of quartz that commonly occurs in rounded nodules and whose crystal structure is not visible to the naked eye. Flint is dark gray, smoky brown, or black in color; pale gray flint is called chert. , Mich. In addition to the five Don Pablo's opened in the second quarter, one Don Pablo's opened December December: see month. 16 in Laurel Laurel, cities, United States Laurel. 1 Town (1990 pop. 19,438), Prince Georges co., central Md., about halfway between Washington, D.C., and Baltimore; patented in the late 1600s, inc. 1870. , Md. and one opened December 19 in Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. . DF&R Restaurants has opened 12 Don Pablo's during the first seven months of fiscal year 1995, and currently has one Don Pablo's under construction in Dallas, Texas. Based in Bedford, Texas Bedford is a suburban city located in northeast Tarrant County, Texas in the "mid-cities" area between Dallas and Fort Worth. The population was 48,390 as of a 2005 census estimate. Bedford is part of the Hurst-Euless-Bedford Independent School District. , DF&R Restaurants, Inc. owns and operates 45 full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. restaurants in nine states, including 33 Don Pablo's and 12 Harrigan's. Both feature a fresh, high quality, affordable dining experience at reasonable prices. Don Pablo's offers traditional Mexican Mexican named after or originating in Mexico. Mexican axolotl see ambystomamexicanum. Mexican beaded lizard (Heloderma horridum and Tex-Mex dishes served in a distinctive, festive fes·tive adj. 1. Of, relating to, or appropriate for a feast or festival. 2. Merry; joyous: a festive party. dining atmosphere reminiscent of a Mexican village plaza For the hotel in New York City, see . Plaza (IPA /'plaθa/ or /'plasa/ . Harrigan's features a wide variety of popular American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of food served in a relaxed relaxed, adj freed from tension, being at ease, as applied to muscles and the mind. setting which appeals to a broad range of customers. -0-
DF&R RESTAURANTS, INC.
BALANCE SHEETS
November 30, May 31,
1994 1994
------------ ------------
ASSETS (unaudited)
CURRENT ASSETS:
Cash $ 11,710,988 $ 12,698,145
Investments 2,661,252 12,328,763
Accounts receivable 455,296 699,848
Inventories 1,093,651 896,068
Other current assets, net 1,395,638 1,259,939
------------ ------------
Total current assets 17,316,825 27,882,763
PROPERTY, PLANT AND EQUIPMENT:
Land 4,450,877 2,117,659
Buildings 26,617,591 15,839,532
Furniture, fixtures and equipment 18,804,626 14,581,166
Leasehold improvements 4,383,319 2,946,518
Property under capital leases 2,402,000 2,402,000
Construction in process 2,894,502 5,752,617
------------ ------------
59,552,915 43,639,492
Less accumulated depreciation
and amortization (12,904,239) (11,068,343)
------------ ------------
Property, plant and equipment, net 46,648,676 32,571,149
OTHER ASSETS:
Investments 105,380 1,336,276
Deferred taxes 225,681 295,242
Other, net 344,598 310,337
------------ ------------
Total other assets 675,659 1,941,855
------------ ------------
TOTAL ASSETS $ 64,641,160 $ 62,395,767
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 4,929,179 $ 5,762,188
Other current liabilities 2,921,618 2,934,094
Deferred taxes 349,430 341,949
------------ ------------
Total current liabilities 8,200,227 9,038,231
CAPITAL LEASE OBLIGATIONS, excluding
current portion 1,710,508 1,763,661
SHAREHOLDERS' EQUITY
Preferred stock: $0.01 par value;
1,000,000 shares authorized, none
issued outstanding
Common stock: $0.01 par value;
30,000,000 shares authorized;
6,131,696 and 6,121,147 issued
and outstanding at Nov. 30, 1994
and May 31, 1994, respectively 61,317 61,215
Additional paid-in capital 40,155,313 40,053,165
Retained earnings 14,513,795 11,479,495
------------ ------------
Total shareholders' equity 54,730,425 51,593,875
------------ ------------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $ 64,641,160 $ 62,395,767
============ ============
DF&R RESTAURANTS, INC.
STATEMENTS OF INCOME
(Unaudited)
Three Months Ended November 30,
-------------------------------
1994 1993
------------ ------------
SALES $ 21,505,098 $ 14,604,627
OPERATING COSTS AND EXPENSES:
Cost of sales 6,090,719 4,350,567
Restaurant labor 6,691,219 4,251,827
Other restaurant operating expenses 4,247,151 2,980,479
Depreciation and amortization 1,238,308 718,709
General and administrative expenses 1,075,654 706,408
------------ ------------
Total operating costs and expenses 19,343,051 13,007,990
OPERATING INCOME 2,162,047 1,596,637
INTEREST INCOME (EXPENSE), net 106,535 (15,797)
------------ ------------
INCOME BEFORE INCOME TAXES 2,268,582 1,580,840
INCOME TAXES:
Current expense 802,000 604,698
Deferred expense 49,000 (3,698)
------------ ------------
Total income taxes 851,000 601,000
------------ ------------
NET INCOME $ 1,417,582 $ 979,840
============ ============
NET INCOME PER COMMON AND COMMON
EQUIVALENT SHARE $ 0.23 $ 0.18
============ ============
WEIGHTED AVERAGE NUMBER OF COMMON AND
COMMON EQUIVALENT SHARES OUTSTANDING 6,187,179 5,419,471
============ ============
DF&R RESTAURANTS, INC.
STATEMENTS OF INCOME
(Unaudited)
Six Months Ended November 30,
-----------------------------
1994 1993
------------ ------------
SALES $ 42,662,868 $ 28,082,071
OPERATING COSTS AND EXPENSES:
Cost of sales 12,033,775 8,411,695
Restaurant labor 13,173,879 8,151,685
Other restaurant operating expenses 8,311,627 5,695,010
Depreciation and amortization 2,271,524 1,369,206
General and administrative expenses 2,227,678 1,375,862
------------ ------------
Total operating costs and expenses 38,018,483 25,003,458
OPERATING INCOME 4,644,385 3,078,613
INTEREST INCOME, net 210,915 102,277
------------ ------------
INCOME BEFORE INCOME TAXES 4,855,300 3,180,890
INCOME TAXES:
Current expense 1,729,000 1,232,698
Deferred expense 92,000 (23,698)
------------ ------------
Total income taxes 1,821,000 1,209,000
------------ ------------
NET INCOME $ 3,034,300 $ 1,971,890
============ ============
NET INCOME PER COMMON AND COMMON
EQUIVALENT SHARE $ 0.49 $ 0.36
============ ============
WEIGHTED AVERAGE NUMBER OF COMMON AND
COMMON EQUIVALENT SHARES OUTSTANDING 6,187,179 5,411,077
CONTACT: DF&R Restaurants Inc., Bedford Larry Lar´ry n. 1. Same as Lorry, or Lorrie. Folk, 817/571-6682 |
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