DF&R Restaurants, Inc. reports first quarter results; Revenues increased 37 percent; Net income up 30 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)--Sept. 26, 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 first quarter of fiscal 1995, which ended Aug. 31, 1995. 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, first quarter revenues increased 37 percent to $28,895,000 compared to $21,200,000 for the comparable period in fiscal 1995. 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 31 percent to $3,256,000 from $2,482,000 for the comparable period last year. Net income increased 30 percent to $2,099,000 from $1,617,000, while earnings per share increased 31 percent to 34 cents from 26 cents. DF&R Restaurants opened six 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 first quarter, including one in Canton Canton, cities, United States Canton. 1 City (1990 pop. 13,922), Fulton co., W central Ill., in the corn belt; inc. 1849. It is a trade and industrial center for a coal and farm area. 2 Town (1990 pop. 18,530), Norfolk co. , Mich., one in Dayton, Ohio Dayton is a city in southwestern Ohio, United States. It is the county seat and largest city of Montgomery County. As of the 2005 census estimate, the population of Dayton was 158,873. , one in 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. , one in Hobart Hobart, city, Australia Hobart, city (1990 pop. 127,134), capital and principal port of Tasmania, SE Australia, at the foot of Mt. Wellington (4,166 ft/1,270 m high). Hobart's harbor is one of the finest in the world. , 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. ., one in 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. , and one in Lafayette Lafayette (lä'fēĕt`, lăf'ēĕt`). 1 City (1990 pop. 23,501), Contra Costa co., NW Calif., a residential suburb in the San Francisco–Oakland area; settled 1848, inc. 1968. , Ind. In addition to the six Don Pablo's opened in the first quarter, one Don Pablo's opened in September September: see month. in Indianapolis, Ind. DF&R Restaurants plans to open 15 Don Pablo's during fiscal year 1996, with three Don Pablo's currently under construction. 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 54 full-service restaurants in nine states under the name of Don Pablo's and Harrigan's featuring 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. Harrigan's features a wide variety of popular American food served in a relaxed setting which appeals to a broad range of customers. -0-
DF&R RESTAURANTS, INC.
BALANCE SHEETS
August 31, May 31,
1995 1995
------------- -------------
(Unaudited)
ASSETS
------
CURRENT ASSETS:
Cash and cash equivalents $ 10,008,008 $ 11,012,529
Investments 206,371 1,373,482
Accounts receivable 269,354 336,534
Inventories 1,777,170 1,315,043
Other current assets, net 1,839,885 1,778,997
------------- -------------
Total current assets 14,100,788 15,816,585
PROPERTY, PLANT AND EQUIPMENT:
Land 3,256,788 4,142,839
Buildings 38,164,181 31,191,417
Furniture, fixtures and equipment 23,653,627 20,662,514
Leasehold improvements 5,689,291 5,256,721
Property under capital leases 2,402,000 2,402,000
Construction in process 4,125,862 5,781,446
------------- -------------
77,291,749 69,436,937
Less accumulated depreciation
and amortization (16,619,743) (15,256,195)
------------- -------------
Property, plant and equipment, net 60,672,006 54,180,742
OTHER ASSETS, net 559,546 432,973
------------- -------------
TOTAL ASSETS $ 75,332,340 $ 70,430,300
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY ------------------------------------
CURRENT LIABILITIES
Accounts payable $ 7,469,904 $ 5,793,023
Other current liabilities 4,430,983 3,652,498
Deferred income taxes 466,228 454,288
------------- -------------
Total current liabilities 12,367,115 9,899,809
------------- -------------
DEFERRED INCOME TAXES 600,772 524,419 CAPITAL LEASE OBLIGATIONS, excluding, current portion 1,605,359 1,641,778
SHAREHOLDERS' EQUITY
Preferred stock: $0.01 par value;
1,000,000 shares authorized,
none issued and outstanding
Common stock: $0.01 par value;
30,000,000 shares authorized;
6,153,596 and 6,132,296 issued
and outstanding at Aug. 31, 1995
and May 31, 1995, respectively 61,536 61,323
Additional paid-in capital 40,456,894 40,161,307
Retained earnings 20,240,664 18,141,664
------------- -------------
Total shareholders' equity 60,759,094 58,364,294
------------- -------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 75,332,340 $ 70,430,300
============= =============
DF&R RESTAURANTS, INC. STATEMENTS OF INCOME (Unaudited)
Three Months Ended August 31,
-----------------------------
1995 1994
------------- -------------
SALES $ 28,895,111 $ 21,157,770
OPERATING COSTS AND EXPENSES
Cost of sales 8,089,381 5,943,056
Restaurant labor 8,766,120 6,482,660
Other restaurant operating
expenses 5,639,751 4,064,476
Depreciation and amortization 1,633,239 1,033,216
General and
administrative expenses 1,511,079 1,152,024
------------- -------------
Total operating costs
and expenses 25,639,570 18,675,432
OPERATING INCOME 3,255,541 2,482,338
OTHER INCOME (EXPENSE), net 76,391 104,380
------------- -------------
INCOME BEFORE INCOME TAXES 3,331,932 2,586,718
INCOME TAXES:
Current expense 1,144,639 927,000
Deferred expense 88,293 43,000
------------- -------------
Total income taxes 1,232,932 970,000
------------- -------------
NET INCOME $ 2,099,000 $ 1,616,718
============= =============
NET INCOME PER COMMON AND COMMON
EQUIVALENT SHARE $ 0.34 $ 0.26
============= =============
WEIGHTED AVERAGE NUMBER
OF COMMON AND
COMMON EQUIVALENT
SHARES OUTSTANDING 6,231,494 6,188,879
============= =============
CONTACT: Larry Folk DF&R Restaurants, Inc. 817/571-6682 |
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