DenAmerica reports second quarter results.SCOTTSDALE Scottsdale, city (1990 pop. 130,069), Maricopa co., central Ariz.; settled in 1895 by Winfield Scott, inc. 1951. It is a resort and retirement center in the Phoenix metropolitan area. , Ariz.--(BUSINESS WIRE)--Aug. 14, 1996--DenAmerica Corp. (AMEX AMEX See: American Stock Exchange : DEN (Directory Enabled Networks) The management of a network from a central depository of information about users, applications and network resources. Originally an initiative from Microsoft and Cisco, DEN was turned over to the DMTF in 1998, and its extensions were made ), the nation's largest franchisee of Denny's restaurants and the owner and franchisor of the Black-eyed Pea restaurant chain, today announced results for the 14-week second quarter and 27-week six months periods ended July 3, 1996. The comparable year ago periods are the 13-week second quarter and 26-week six months ended June 28, 1995. Revenue and operating results for the 14 weeks and 27 weeks ended July 3, 1996 include results for Black-eyed Pea (BEP BEP Black Eyed Peas (band) BEP Brevet d’Études Professionnelles (French: vocational qualification) BEP Business Entry Point BEP Break-Even Point BEP Bit Error Probability BEP Bureau of Engraving & Printing ) from the effective date of the acquisition (June 24, 1996) and for American Family American Family is a photographic artwork exhibition by Renée Cox. See also
AFR Australian Financial Review AFR Afrikaans (South African language) AFR Air France (ICAO code) AFR Alternate Frame Rendering AFR Applicable Federal Rate ) from the effective date of the merger (March 29, 1996). Year-ago operating results reflect only the operating results of Denwest Restaurant Corp. Accordingly, operating results for the 1996 second quarter and six months periods are not comparable to results from previous years. Earnings per share prior to the merger date were calculated after deducting the preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. dividends and accretion The act of adding portions of soil to the soil already in possession of the owner by gradual deposition through the operation of natural causes. The growth of the value of a particular item given to a person as a specific bequest under the provisions of a will between the applicable to the preferred stock retired on the date of the merger. For the second quarter period ended July 3, 1996, the Company reported revenues of $59.0 million, compared with revenues of $17.3 million for the comparable period ended June 28, 1995. Net income for the second quarter ended July 3, 1996 was $697,000, or $0.05 per share, compared to net income of $358,000, or $0.03 per share, for the year-ago period. Per share results for the 1996 and 1995 second quarter periods are based on 13,649,000 and 6,937,000 weighted average shares outstanding, respectively. Same store Denny's sales during the quarter were essentially flat, declining less than 1% during the period. For the first six months ended July 3, 1996, the Company had revenues of $79.2 million, compared to $33.1 million for the comparable year-earlier period. For the first six months of 1996, DenAmerica reported a net loss of $626,000, or $0.05 per share, compared to net income of $427,000, or $0.02 per share, in the year-ago period. The six months results include an extraordinary loss of $497,000, or $0.05 due to debt extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. . Per share results for the 1996 and 1995 six months periods are based on 10,293,000 and 6,937,000 weighted average shares outstanding, respectively. Jack M. Lloyd, Chairman and Chief Executive Officer of DenAmerica, commented, "We are encouraged by the quarter's results given the recent consolidation of Denwest and American Family and the completion of the BEP acquisition. After discontinuing the Denny's Breakaway break·a·way adj. 1. Designed to break, bend, or fall apart easily upon impact, especially to create an illusion, as with a theater prop, or for safety, as with a highway sign or barrier. 2. Breakfast value pricing For the strategic management concept, see . In public roads and transport, value pricing or road pricing is the practice of raising funds by charging users directly rather than via taxation. strategy, which had a negative effect on operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: in the first quarter, management has increased the price of our well-known Grand Slam grand slam n. 1. The winning of all the tricks during the play of one hand in bridge and other whist-derived card games. 2. Sports The winning of all the major or specified events, especially on a professional circuit. Breakfast in selected markets, which should have a positive impact on operating margins. We are also continuing with our plan to develop and convert existing restaurants to the Denny's concept and expanding our presence in existing regions. With respect to the Black-eyed Pea format, we plan to pursue additional development opportunities in franchising and expanding this popular concept. "Additionally, DenAmerica's significant increases in both revenues and units resulting from the merger and BEP acquisition should improve corporate operating efficiencies leading to improved profitability, while also allowing us to continue to retain and attract top management talent at both the corporate and restaurant level. We are quite pleased with the experience and professionalism professionalism the upholding by individuals of the principles, laws, ethics and conventions of their profession. of our management team and look forward to continued improvements in our bottom line performance." DenAmerica Corp., headquartered in Scottsdale, Arizona Scottsdale (O'odham Vaṣai S-vaṣonĭ) is a city in Maricopa County, Arizona, United States, adjacent to Phoenix. Scottsdale has become internationally recognized as a premier and posh tourist destination, while maintaining its own identity and culture as " , operates approximately 325 family-oriented and casual dining full-service restaurants, including 180 Denny's restaurants and 100 Black-eyed Pea restaurants. Company restaurants are located in 31 states, with the largest concentration in the West, Midwest and Southeast regions. -0-
DENAMERICA CORP. AND SUBSIDIARIES
Unaudited Consolidated Condensed Statements of Operations(a)
(In thousands, except per share data)
Second Quarter Ended Six Months Ended
7/3/96 6/28/95 7/3/96 6/28/95
(14 weeks) (13 weeks) (27 weeks) (26 weeks)
Revenues:
Denny's $45,922 $17,294 $64,078 $33,137
Other 9,688 -- 11,693 --
Black-eyed Pea 3,402 -- 3,402 --
Total Revenues 59,012 17,294 79,173 33,137
Restaurant Operating Expenses: Food 16,339 4,565 21,971 8,827 Payroll 20,156 5,655 27,416 11,026 Depreciation and amortization 1,920 613 2,836 1,183 Other 14,590 4,424 20,074 8,652 Total operating expenses 53,006 15,257 72,298 29,688 Restaurant operating income 6,006 2,037 6,875 3,449 Administrative expenses 2,134 804 3,181 1,603 Operating income 3,873 1,233 3,695 1,846 Interest expense, net 2,791 538 3,651 1,020 Income before minority interest in joint venture, income taxes and extraordinary item 1,082 695 44 826 Minority interest 13 98 11 120 Income before income taxes and extraordinary item 1,069 597 33 706 Income tax expense 372 239 13 279 Income before extraordinary item 697 358 20 427 Extraordinary item - loss on debt extinguishment -- -- (497) -- Net income (loss) 697 358 (477) 427 Preferred stock dividend and accretion -- 120 (149) 286 Net income (loss) applicable to common shareholders $697 $238 ($626) $141 Net income (loss) per share $0.05 $0.03 ($0.06) $0.02 Weighted average shares outstanding 13,649 6,937 10,293 6,937
(a) Historical Company financial statements are those of Denwest
Restaurant Corp., and as a result of the reverse acquisition,
historical American Family Restaurants financials are not be
presented.
CONTACT: DenAmerica Corp., Scottsdale Todd S Todd , Sir Alexander Robertus 1907-1997. British chemist. He won a 1957 Nobel Prize for his study of nucleic acids and nucleotide structures. . Brown, Chief Financial Officer, 602/483-7055 or Jaffoni & Collins Inc., 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 Joseph N. Jaffoni, Robert L. Rinderman, 212/505-3015 jci_ir@aol.com |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion