Printer Friendly

SPAGHETTI WAREHOUSE REPORTS RECORD PROFITS AND REVENUES FOR THE SECOND QUARTER OF FISCAL 1992

           SPAGHETTI WAREHOUSE REPORTS RECORD PROFITS AND REVENUES
                   FOR THE SECOND QUARTER OF FISCAL 1992
    GARLAND, Texas, Feb. 3 /PRNewswire/ -- Spaghetti Warehouse, Inc., (NYSE: SWH) today announced results for the 14 weeks ended Jan. 4, 1992.
    Revenues for the 14 weeks ended Jan. 4, 1992 were $13.3 million, a 35.4 percent increase over revenue of $9.9 million for the 13 week period ended Dec. 29, 1990.  Net income for the quarter was up 44.3 percent from $858,150 last year to $1,238,276 this year.  Both primary and fully diluted earnings per share were $0.19 this year compared to $0.17 last year.
    For the 27 weeks ended Jan. 4, 1992 revenues were $26.4 million, a 31.2 percent increase over revenues of $20.1 million for the 26-week period ended Dec. 29, 1990.  Net income for the 27 weeks was up 51.3 percent at $2,495,780 compared with last year's $1,649,368.  Both primary and fully diluted earnings per share for the 27 weeks were $0.38 this year compared to $0.33 for the 26 week period last year.
    The 19-year-old company operates a chain of 20 restaurants in Texas, Ohio, Florida, Tennessee, Georgia, New York, Pennsylvania, Oklahoma, Arkansas, North Carolina and Rhode Island.  During the quarter the company opened its 20th restaurant in San Antonio, on Nov. 24, 1991. Construction is now underway on new units in Columbia, S.C. for scheduled opening in February, 1992 and in both Norfolk, Va., and Cleveland, Ohio, for scheduled openings in the fourth quarter of fiscal 1992.  Also the South Bend Spaghetti Works restaurant purchase which was announced on Jan. 17, 1992 will be completed during the current quarter and converted to a Spaghetti Warehouse in the fourth quarter.  The restaurants which operate under the name "The Spaghetti Warehouse," feature value-priced classic Italian food in a casual atmosphere.
                          SPAGHETTI WAREHOUSE, INC.
                      Consolidated Statements of Earnings
                                   (Unaudited)
             27-Week Period 26-Week Period 14-Week Period 13-Week Period
              Ended 1/4/92  Ended 12/29/90  Ended 1/4/92  Ended 12/29/90
    Revenues   $26,381,085    $20,113,233    $13,349,345     $9,858,065
    Costs and
     Expenses:
    Cost of
     sales       6,446,550      4,938,410      3,243,761      2,413,352
    Operating
     Expenses   12,142,895      9,094,167      6,162,602      4,530,761
    General and
     administrative
     expenses    3,213,226      2,669,676      1,631,090      1,222,709
    Depreciation
     and amorti-
      zation     1,442,899      1,020,531        754,312        529,253
    Interest
     expense            --        238,828             --        123,021
    Total costs
     and
     expenses   23,245,570     17,961,612     11,791,765      8,819,096
    Income before
     income
     taxes       3,135,515      2,151,621      1,557,580      1,038,969
    Income tax
     expense:
    Current      1,034,250        465,353        749,733        160,564
    Deferred      (394,515)        36,900       (430,429)        20,255
    Total          639,735        502,253        319,304        180,819
    Net
     income     $2,495,780     $1,649,368     $1,238,276       $858,150
    Net income
     per common
     share:
    Primary           $.38           $.33           $.19           $.17
    Fully Diluted     $.38           $.33           $.19           $.17
    Weighted average
     common and
     common share
     equivalents
     outstanding:
    Primary      6,509,569      5,036,070      6,531,518      5,016,057
    Fully
     Diluted     6,539,250      5,036,070      6,533,958      5,024,266
                             SPAGHETTI WAREHOUSE, INC.
                              Corporate Information
    Ticker symbol:               SWH
    Traded:                      New York Stock Exchange
    Transfer Agent:              NCNB Texas National Bank
                                 Transfer Agent and Registrar
                                 Dallas
    Quarterly Reports:           Issued in November, February and May
                                 covering the preceding fiscal quarter.
    Annual Report and
     SEC Reports:                Available upon request in writing to:
                                 Chief Financial Officer
                                 Spaghetti Warehouse, Inc.
                                 6120 Aldwick Drive
                                 Garland, Texas 75043
    Company Description:         National chain of dinner houses serving
                                 value priced Italian food located in
                                 the following cities:
                                 Dallas
                                 Houston
                                 Austin, Texas
                                 Ft. Worth, Texas
                                 Columbus, Ohio
                                 Dayton, Ohio
                                 Toledo, Ohio
                                 Tampa, Fla.
                                 Atlanta
                                 Memphis, Tenn.
                                 Buffalo, N.Y.
                                 Pittsburgh
                                 Syracuse, N.Y.
                                 Oklahoma City
                                 Rochester, N.Y.
                                 Little Rock, Ark.
                                 Charlotte, N.C.
                                 Philadelphia
                                 Providence, R.I.
                                 San Antonio
    Under Construction:          Columbia, S.C.
                                 Norfolk, Va.
                                 Cleveland
    -0-                          2/3/92
    /CONTACT:  William B. Rea Jr., vice president-finance of Spaghetti Warehouse, 214-226-6000/
    (SWH) CO:  Spaghetti Warehouse Inc. ST:  Texas IN:  LEI SU:  ERN SM -- NY019 -- 6037 02/03/92 09:34 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 3, 1992
Words:719
Previous Article:CHUBB REPORTS RESULTS
Next Article:BANDO McGLOCKLIN REPORTS SECOND-QUARTER RESULTS
Topics:


Related Articles
SPAGHETTI WAREHOUSE, INC. ANNOUNCES PRELIMINARY EARNINGS PER SHARE ESTIMATE FOR FISCAL YEAR ENDED JULY 4, 1992
SPAGHETTI WAREHOUSE REPORTS RECORD REVENUES AND INCOME FOR FISCAL YEAR ENDED JULY 4, 1992
SPAGHETTI WAREHOUSE, INC. REPORTS EARNINGS FOR THE FIRST QUARTER OF FISCAL 1993
SPAGHETTI WAREHOUSE, INC. REPORTS REVENUES AND INCOME FOR THE FIRST QUARTER OF FISCAL 1994
SPAGHETTI WAREHOUSE, INC. REPORTS REVENUES AND INCOME FOR FISCAL YEAR ENDED JULY 2, 1995
Spaghetti Warehouse, Inc. Reports Revenues and Earnings for the Second Fiscal Quarter Ended Dec. 29, 1996
Spaghetti Warehouse, Inc. Reports Revenues and Earnings For The Third Fiscal Quarter Ended March 30, 1997
Spaghetti Warehouse, Inc. Reports Improved Earnings for First Quarter Ended September 28, 1997
Spaghetti Warehouse, Inc. Reports Earnings for the Second Fiscal Quarter Ended December 28, 1997
Spaghetti Warehouse, Inc. Reports Continuation of Auction Process and Results for its Fiscal Year Ended June 28, 1998

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