JB'S RESTAURANTS ANNOUNCES THIRD QUARTER RESULTS
JB'S RESTAURANTS ANNOUNCES THIRD QUARTER RESULTS SALT LAKE CITY, July 22 /PRNewswire/ -- JB's Restaurants Inc.
(NASDAQ: JBBB), announced today that net income for the fiscal third quarter ended July 6, 1992, increased 59 percent to $773,000, or $0.17 per share. This compares with net income of $486,000, or $0.11 per share, for the same quarter last year. For the 10 periods just ended, net income of $957,000 or $0.21 per share, is approximately equal to the net income of $952,000, or $0.21 per share, for the same period the prior year.
Revenues for the third quarter were $39.2 million, a decrease of 2.1 percent from revenues of $40.1 million for the same quarter last year. For the first three quarters, revenues decreased 4.5 percent to $93.0 million compared with $94.3 million for the same period last year. The decreases in revenues for the third quarter and year-to-date period are a result of a 3.4 percent decline in same-store sales for the JB's Restaurant concept in the third quarter and a 2.7 percent decline for the year-to-date period due to continued softness in certain major markets in which the company operates, a reduction in operating units in accordance with the company's previously announced restructuring plan partially offset by the opening of new restaurants. "We are very pleased to report third quarter earnings were 59 percent above the year-ago period," said David E. Pertl, vice president and chief financial officer. "The retail environment remains difficult in some of our key markets. However, we have been very active in controlling our costs which has enabled us to show this substantial profit improvement. Meanwhile, we continue to focus on increasing sales in our JB's Restaurants." During the quarter the company opened an additional HomeTown Buffet restaurant in Phoenix, and another HomeTown Buffet opened shortly after the end of the quarter in Salt Lake City, bringing the current number of HomeTown Buffet restaurants in operation to three. "We are enthusiastic about the results of our HomeTown Buffet restaurants," commented Fred P. Gonzales, president and chief executive officer. "Sales at each unit have exceeded our expectations with annualized volumes surpassing $2.0 million. The company's long-term growth strategy focuses on the development of the HomeTown Buffet concept, within our existing markets, with 10 HomeTown Buffet restaurants planned for next fiscal year." JB's Restaurants Inc. has restaurant operations in 10 western states in which it operates 131 and franchises four JB's family-style restaurants, operates 12 franchised Sbarro restaurants and operates three franchised HomeTown Buffet restaurants. The company also owns an approximately one-fourth interest in Americana Entertainment Group Inc., the parent company of HomeTown Buffet Inc., which currently operates three HomeTown Buffet restaurants in California and Oregon. JB'S RESTAURANTS Consolidated Statements of Operations (Unaudited) 16 Weeks Ended 40 Weeks Ended July 6, July 1, July 6, July 1, 1992 1991 1992 1991 Total revenues $39,232,000 $40,007,000 $92,979,000 $94,274,000 Costs and expenses: Food costs 11,894,000 13,155,000 28,118,000 30,431,000 Operating, selling and administrative expenses 23,122,000 23,207,000 56,014,000 55,440,000 Depreciation and amortization 2,357,000 2,357,000 5,803,000 5,746,000 Total costs and expenses 37,373,000 38,719,000 89,935,000 91,617,000 Income from operations 1,859,000 1,288,000 3,044,000 2,657,000 Interest and other (expense), net (740,000) (531,000) (1,637,000) (1,177,000) Income before income taxes 1,119,000 757,000 1,407,000 1,480,000 Income taxes 346,000 271,000 450,000 528,000 Net income $773,000 $486,000 $957,000 $952,000 Net income per common share $0.17 $0.11 $0.21 $0.21 Weighted average shares outstanding 4,626,464 4,626,101 4,617,303 4,588,314 -0- 7/22/92 /CONTACT: David E. Pertl of JB's Restaurants, 801-974-4300/ (JBBB) CO: JB's Restaurants ST: Utah IN: SU: ERN
RM-MM -- DV019 -- 2111 07/22/92 16:35 EDT
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|Date:||Jul 22, 1992|
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