Printer Friendly

HAMBURGER HAMLET REPORTS THIRD QUARTER EARNINGS

 SHERMAN OAKS, Calif., Oct. 19 /PRNewswire/ -- Hamburger Hamlet Restaurants Inc. (NASDAQ-NMS: HAMB) announced earnings today for the third fiscal quarter of 1993.
 Net income for the third quarter ended Sept. 26, 1993, decreased 54.8 percent to $400,000, or $.10 per share, compared to $885,000, or $.21 per share for the third quarter of 1992.
 Income from operations decreased 53.9 percent to $670,000 for the third quarter of 1993 compared to $1.45 million for the third quarter of 1992.
 Total revenues increased 2.8 percent to $17.14 million for the third quarter of 1993 from $16.67 million in the same period of 1992. Same store sales for the third quarter of 1993 decreased 4.8 percent compared to the same period in 1992.
 Net income for the nine months ended Sept. 26, 1993, decreased 52.7 percent to $1.06 million, or $.25 per share, compared to $2.25 million, or $.53 per share for the same period of 1992. Included in net income reported for the nine months ended Sept. 26, 1993 was a $550,000, or $.08 per share second quarter charge for the write-down of a note receivable and reserve for possible future lease obligations, both related to the 1989 sale of a non-Hamburger Hamlet restaurant.
 Income from operations decreased 32.6 percent to $2.62 million for the first nine months of 1993 compared to $3.89 million for the same period of 1992.
 Total revenues increased 10.0 percent to $51.64 million for the nine months ended Sept. 26, 1993, from $46.95 million in the same period of 1992. Same store sales for the first nine months of 1993 decreased 4.4 percent, compared to the same period in 1992.
 "Our third quarter results were significantly impacted by continued weakness in same store sales in our Southern California market," said Thomas A. McFall, chairman and chief executive officer. "While our Washington, D.C. and Chicago locations reported a combined same store sales increase of 2.7 percent, our California stores suffered a same store sales decline of 8.8 percent.
 Two other factors contributing to the net earnings decrease were the nine-week closure of our Chevy Chase location for remodeling and the loss of our Woodland Hills lease. The Chevy Chase store was re-opened Oct. 5, 1993, and thus far has experienced sales increases of over 20 percent compared to the same period of the prior year," added McFall.
 "Although the Southern California economy has clearly impacted our results throughout 1993, sales in the company's other markets (Chicago and Mid-Atlantic) continue to build, which verifies the strength of our concept. We intend to focus future growth in these markets, where our strengths, as well as those of the underlying economies, are evident," stated McFall.
 Founded in 1950, Hamburger Hamlet Restaurants Inc. owns and operates 33 restaurants located in the Southern California (21), Washington, D.C. (7), Chicago (4) and Northern California (1) metropolitan areas. The company's common stock is traded through the NASDAQ National Market under the symbol "HAMB."
 HAMBURGER HAMLET RESTAURANTS INC.
 Consolidated Statements of Operations
 (Dollars in thousands except per share data)
 Three Months Ended Nine Months Ended
 Sept. 26, Sept. 27, Sept. 26, Sept. 27,
 1993 1992 1993 1992
 Revenues $17,139 $16,677 $51,641 $46,954
 Costs and expenses:
 Food & beverage costs 4,334 4,250 13,242 11,999
 Operating expenses,
 including occupancy 9,347 8,687 27,723 24,416
 General & administrative
 expenses 1,716 1,510 5,122 4,529
 Depreciation &
 amortization expense 1,072 776 2,930 2,119
 Total 16,469 15,223 49,017 43,063
 Income from operations 670 1,454 2,624 3,891
 Interest expense 135 116 402 337
 Other expense (income) (31) (16) (97) (157)
 Write-down of real estate
 note receivable and
 reserve for future lease
 obligations --- --- 550 ---
 Income before income taxes 566 1,354 1,769 3,711
 Income tax expense 166 469 706 1,462
 Net income $400 $885 $1,063 $2,249
 Per share data:
 Net income per share $0.10 $0.21 $0.25 $0.53
 Average number of
 shares outstanding 4,199,635 4,226,996 4,208,658 4,223,790
 Revenues and expenses as
 a percentage of
 revenues:
 Revenues 100.0 pct 100.0 pct 100.0 pct 100.0 pct
 Costs and expenses:
 Food & beverage costs 25.3 pct 25.5 pct 25.6 pct 25.6 pct
 Operating expenses,
 including occupancy 54.5 pct 52.1 pct 53.7 pct 52.0 pct
 General and administrative
 expenses 10.0 pct 9.1 pct 9.9 pct 9.6 pct
 Depreciation &
 amortization expense 6.3 pct 4.7 pct 5.7 pct 4.5 pct
 Income from operations 3.9 pct 8.7 pct 5.1 pct 8.3 pct
 -0- 10/19/93
 /CONTACT: Doug Hailey of Hamburger Hamlet Restaurants, 818-995-7333/
 (HAMB)


CO: Hamburger Hamlet Restaurants Inc. ST: California IN: LEI SU: ERN

EH -- LA018 -- 3857 10/19/93 10:28 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:Oct 19, 1993
Words:840
Previous Article:HARRIS NET INCOME FROM OPERATIONS UP 19 PERCENT IN FIRST QUARTER
Next Article:SHELDAHL TO ACQUIRE DATAKEY IN STOCK EXCHANGE
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters