Printer Friendly

QUANTUM RESTAURANT GROUP REPORTS SALES AND EARNINGS INCREASES FOR THE FIRST QUARTER OF 1993

 ROSLYN HEIGHTS, N.Y., April 20 /PRNewswire/ -- Quantum Restaurant Group, Inc. (NASDAQ: QRST) today reported net income of $1,102,000, or $.17 per share, for the three months ended March 31, 1993. This is comparable to income before an extraordinary item of $480,000, or $.14 per share, reported for the three months ended March 31, 1992. After an extraordinary benefit related to the utilization of a net operating loss carryforward of $272,000, or $.07 per share, Quantum reported net income of $752,000, or $.21 per share, for the three months ended March 31, 1992. There were no extraordinary items in 1993.
 1993 first quarter revenues of $27,862,000 were up 28.1 percent over revenues of $21,743,000 reported for the 1992 first quarter.
 Revenues for the 1993 first quarter were adversely impacted by unusually severe March weather in the Southeast and the Mid-Atlantic regions. More than half of the company's restaurants, including the 20 in Atlanta, are located in these areas, and were forced to close for as long as three days.
 Reduced interest expense is a function of lower debt balances after the application of the net proceeds of the company's initial and second public offerings which closed during June and December 1992, respectively.
 At March 31, 1993, Quantum owned and operated 46 full-service restaurants (two of which opened during the first three months of 1993) in 22 cities, under the names Morton's of Chicago, Mick's, Peasant Restaurants and Lombardi's.
 Morton's of Chicago restaurants are premium-quality classic steak houses, featuring U.S.D.A. prime aged beef, catering primarily to business-oriented clientele. Mick's are casual restaurants, which offer "fun food," such as hamburgers, pasta, salads, specialty sandwiches and impressive desserts. They are noted for their diverse menu and large portions of moderately-priced, high-quality food, served in attractive settings. The Peasant Restaurants are upscale "white tablecloth" dinner houses, offering well-prepared beef, fish, chicken and pasta dishes, and a variety of signature desserts, at reasonable prices, in elegant settings. Quantum opened a Lombardi's white tablecloth restaurant, specializing in Northern Italian cuisine, in Las Vegas in May 1992.
 During the first quarter of 1993, Quantum opened a Morton's of Chicago in Las Vegas and a Mick's in Washington D.C.
 Quantum currently owns and operates restaurants in Atlanta; Baltimore/Towson, Md.; Beverly Hills; Boston; Chicago, Oakbrook/Westchester and O'Hare/Rosemont, Ill.; Cincinnati, Cleveland and Columbus, Ohio; Dallas; Denver; Las Vegas; Minneapolis; Nashville; New Orleans; Palm Beach; Philadelphia; San Antonio; Southfield/Detroit, Mich.; Tysons Corner, Va., and Washington, D.C.
 QUANTUM RESTAURANT GROUP, INC.
 (Amounts in thousands, except per share data)
 Three months ended March 31 1993 1992
 Restaurant revenues:
 Food and beverage $27,637 $21,667
 Other 225 76
 Total restaurant revenues 27,862 21,743
 Restaurant expenses:
 Food and beverage costs 9,273 7,389
 Restaurant operating expenses 13,098 9,828
 Depreciation and other
 non-cash charges 479 308
 Total restaurant expenses 22,850 17,525
 General and administrative expenses 2,429 1,761
 Marketing and promotional expenses 330 269
 Other depreciation and amortization
 of intangibles 658 431
 Interest expense, net 14 995
 Income before income taxes
 and extraordinary item 1,581 762
 Income tax expense 479 282
 Income before extraordinary item 1,102 480
 Extraordinary benefit relating to
 utilization of net operating
 loss carryforward -- 272
 Net income after extraordinary item 1,102 752
 Income per share:
 Before extraordinary item $.17 $.14
 Extraordinary benefit relating
 to utilization of net operating
 loss carryforward -- .07
 Net income after extraordinary item $.17 .21
 Weighted average shares outstanding 6,669 3,518
 Number of restaurants at:
 Beginning of period 44 36
 End of period 46 37
 QUANTUM RESTAURANT GROUP, INC.
 (Amounts in thousands, except per share data)
 3/31/93 12/31/92
 Current assets:
 Cash and cash equivalents $627 $710
 Restricted cash 54 54
 Accounts receivable 1,422 1,018
 Inventories 2,245 2,323
 Prepaid expenses and other current assets 2,308 2,624
 Total current assets 6,656 6,729
 Property and equipment, at cost:
 Furniture, fixtures and equipment 9,452 8,853
 Leasehold improvements 7,370 7,530
 Construction in progress 798 1,023
 Total 17,620 17,406
 Less accumulated depreciation
 and amortization 6,684 6,585
 Net property and equipment 10,936 10,821
 Intangible assets, net of accumulated
 amortization of $2,350 in 1993 and
 $2,204 in 1992 20,971 21,117
 Other assets and deferred expenses,
 net of accumulated amortization of
 $1,622 in 1993 and $1,161 in 1992 3,231 2,742
 Total 41,794 41,409
 Current liabilities:
 Bank overdraft 1,504 909
 Accounts payable and accrued expenses 6,276 8,008
 Accrued income taxes 917 931
 Total current liabilities 8,697 9,848
 Bank debt 1,400 1,492
 Other liabilities 2,245 1,719
 Total liabilities 12,342 13,059
 Stockholders' Equity:
 Preferred stock; $.01 par value
 per share. Authorized 3 million
 shares, no shares issued
 or outstanding -- --
 Common stock, $.01 par value per
 share. Authorized 9 million shares,
 issued and outstanding, 6,357,413
 shares in 1993 and 1992 64 64
 Nonvoting common stock, $.01 par
 value per share. Authorized
 3 million shares, no shares
 issued or outstanding -- --
 Additional paid-in capital 61,329 61,329
 Accumulated deficit (31,941) (33,043)
 Total stockholders' equity 29,452 28,350
 Total 41,794 41,409
 -0- 3/20/93
 /CONTACT: Thomas J. Baldwin, senior vice president, finance of Quantum Restaurant Group, Inc., 516-484-0777/
 (QRST)


CO: Quantum Restaurant Group, Inc. ST: New York IN: LEI SU: ERN

TM-LS -- NY001 -- 7709 04/20/93 06:46 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 20, 1993
Words:930
Previous Article:GROUND ROUND RESTAURANTS, INC. REPORTS INCREASED SECOND QUARTER EARNINGS
Next Article:MAGNA GROUP, INC. REPORTS RESULTS
Topics:


Related Articles
SONIC REPORTS INCREASED FIRST QUARTER EARNINGS
SONIC REPORTS 36 PERCENT INCREASE IN EARNINGS FOR SECOND QUARTER OF 1993
COOKER RESTAURANT CORPORATION ANNOUNCES RECORD EARNINGS
EL CHICO RESTAURANTS, INC. ANNOUNCES FIRST QUARTER PROFIT IMPROVEMENT
PERKINS FAMILY RESTAURANTS, L.P. REPORTS FIRST QUARTER NET INCOME
BUFFETS, INC. FIRST QUARTER 1993
APPLEBEE'S REPORTS 110 PERCENT INCREASE IN NET EARNINGS FOR FIRST QUARTER OF 1993
QUANTUM RESTAURANT GROUP REPORTS SECOND QUARTER AND YEAR-TO-DATE RESULTS; SALES RISE AND EARNINGS UP, LITIGATION SETTLED
GRUPO GIGANTE ANNOUNCES SECOND QUARTER RESULTS
QUANTUM RESTAURANT GROUP REPORTS INCREASED REVENUES AND EARNINGS FOR THE SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 1994

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters