Printer Friendly

APPLEBEE'S ANNOUNCES RECORD YEAR

 APPLEBEE'S ANNOUNCES RECORD YEAR
 KANSAS CITY, Mo., Feb. 12 /PRNewswire/ -- Applebee's International,


Inc., (NASDAQ: APPB) today reported record 1991 net earnings of $3,081,000, or 67 cents per share, an increase of 50 percent over 1990 net earnings of $2,058,000, or 44 cents per share.
 Applebee's operating revenue was $45,130,000 in 1991, an increase of 18 percent from $38,187,000 in 1990. Operating earnings increased 70 percent in 1991 to $4,572,000, compared with $2,695,000 in 1990. Operating earnings in 1991 included a gain of $781,678 in the first quarter from the sale of the company's St. Louis, Mo., restaurant interests to a franchisee. In the fourth quarter of 1991, operating earnings reflect a one-time charge of $200,000 resulting from the recent transfer of the operation of the company's Nashville restaurant to its Nashville franchisee, which is expected to result in future savings to the company.
 Despite the Nashville charge, fourth quarter net earnings increased 79 percent to $698,000, or 15 cents per share, compared with $391,000, or 9 cents per share in last year's fourth quarter. The company's operating revenue was $11,100,000 in the fourth quarter, compared with $10,079,000 in the same period last year.
 Applebee's total system sales were $76,374,000 in the fourth quarter of 1991 and $289,600,000 for the year. This compares with $60,990,000 in the fourth quarter of 1990 and $228,200,000 for the year. Comparable sales of company operated restaurants increased 6.2 percent in the fourth quarter and comparable franchisee sales were up one tenth of one percent. System-wide comparable sales were up one percent in the fourth quarter, but were down 1.4 percent for the year as a whole.
 At year end, Applebee's had 191 restaurants open in 29 states. Of these, 166 are operated by franchisees and 25 by the company. In addition, there were seven new restaurants under construction and 37 additional sites approved at year-end. The company pointed out that, while site approvals do not always result in new restaurant openings, the number of sites approved is an indicator of new restaurant potential.
 Abe J. Gustin, Jr., president and CEO, said, "1991 was an excellent year for Applebee's. We have now posted 10 consecutive quarters of strong earnings performance, despite the recessionary period. We think this demonstrates the strength of our concept in the growing casual dining segment of our industry.
 "In 1991 we saw some improvement in the availability of financing for our franchisees. In that regard, we ended 1991 with the largest number of restaurants under construction and sites approved we have ever had at a year-end."
 Applebee's International, Inc., headquartered in Kansas City, Mo., develops, franchises and operates a rapidly expanding national chain of restaurants under the trademark Applebee's Neighborhood Grill and Bar.
 APPLEBEE'S INTERNATIONAL, INC. AND SUBSIDIARIES
 CONSOLIDATED FINANCIAL SUMMARY
 (In thousands except per share data)
 13 weeks ended 52 weeks ended
 Dec. 29 Dec. 30 Dec. 29 Dec. 30
 1991 1990 1991 1990
 (unaudited) (unaudited)
 Company restaurant sales $ 8,409 $ 7,910 $35,089 $30,059
 Franchise income 2,691 2,169 10,041 8,128
 Total operating revenue 11,100 10,079 45,130 38,187
 Operating earnings 885 652 4,572 2,695
 Other income (expense) 155 (10) 450 239
 Earnings (loss) before tax
 and extraordinary item 1,040 642 5,022 2,934
 Income taxes 342 251 1,941 1,137
 Earnings (loss) before
 extraordinary item 698 391 3,081 1,797
 Extraordinary item -- -- -- 261
 Net earnings (loss) $ 698 $ 391 $ 3,081 $ 2,058
 Earnings (loss) per common
 share before
 extraordinary item $ 0.15 $ 0.09 $ 0.67 $ 0.38
 Extraordinary item(a) -- -- -- 0.06
 Earnings (loss) per common
 share after
 extraordinary item $ 0.15 $ 0.09 $ 0.67 $ 0.44
 Weighted average
 shares outstanding 4,612 4,613 4,611 4,680
 (a) Tax benefit from utilization of net operating loss carryforwards.
 -0- 02/12/92
 /CONTACT: Jack Falker of Swenson Falker Eilertsen, Minneapolis, 612-371-0000 or Sue Carroll of Applebee's International 816-421-2501/
 (APPB) CO: Applebee's International, Inc. ST: Minnesota IN: LEI SU: ERN


KH -- MN021 -- 9423 02/12/92 16:57 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 12, 1992
Words:706
Previous Article:UGI'S FOURTH QUARTER AND 1991 EARNINGS INCREASE DESPITE CONTINUED WARM WEATHER
Next Article:APPLEBEE'S INTERNATIONAL INC. INTENDS TO FILE REGISTRATION STATEMENT FOR PUBLIC OFFERING OF 2,800,000 SHARES
Topics:


Related Articles
APPLEBEE'S ESTABLISHES $25,000,000 FINANCING POOL FOR FRANCHISEES
APPLEBEE'S INCREASES FRANCHISEE FINANCING POOL TO $75 MILLION
APPLEBEE'S ANNOUNCES FOURTH QUARTER AND ANNUAL SYSTEM SALES
APPLEBEE'S REPORTS 110 PERCENT INCREASE IN NET EARNINGS FOR FIRST QUARTER OF 1993
APPLEBEE'S REPORTS 81 PERCENT INCREASE IN NET EARNINGS FOR THIRD QUARTER OF 1993
APPLEBEE'S REPORTS 85 PERCENT INCREASE IN NET EARNINGS FOR 1993
APPLEBEE'S REPORTS 49 PERCENT NET EARNINGS INCREASE FOR FIRST QUARTER OF 1994
APPLEBEE'S REPORTS RECORD 1994 RESULTS; PRO FORMA NET EARNINGS UP 46 PERCENT BEFORE ONE-TIME MERGER COSTS
APPLEBEE'S INTERNATIONAL EXPECTS SECOND QUARTER EARNINGS TO BE APPROXIMATELY 24 CENTS PER SHARE
APPLEBEE'S REPORTS 52 PERCENT NET EARNINGS INCREASE FOR THIRD QUARTER OF 1995 AND REACHES $1 BILLION IN SYSTEM-WIDE SALES

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