HOMESTYLE BUFFET REPORTS SECOND-QUARTER LOSS
HOMESTYLE BUFFET REPORTS SECOND-QUARTER LOSS PALM HARBOR, Fla., July 15 /PRNewswire/-- Homestyle Buffet, Inc.
(NASDAQ: HBUF) today reported a net loss of $142,000 or two cents per share on sales of $11.8 million for the second quarter (12 weeks) ended June 17, 1992. For the same quarter a year ago the company reported net income of $31,000 or one cent per share on sales of $10.9 million. The company had 33 restaurants in operation during the second quarter this year compared to 30 restaurants a year ago.
James H. Crivits, Homestyle president and chief executive officer, said the quarter's results were adversely affected by the troubled economy in the Northeast and by costs related to the company's restaurant renovation program. Crivits said the "New Homestyle" renovation program, begun during the second quarter, will be implemented at 23 restaurants by the end of July. He said the program includes new decor and uniforms and improved food presentation and hospitality. He noted that remodeling is under way at several restaurants at the same time, and none have been closed in the process. He stated, "This is a massive undertaking, requiring extra effort by almost all of the company's 2,000 employees and its suppliers and contractors." He added that customer response at the first two units to be renovated has been encouraging, and expects that results of the third and fourth quarters will show significant benefits from the renovation program. Homestyle's 34th restaurant opened at the end of the second quarter in Baltimore. Crivits said the restaurant has all the elements of the "New Homestyle," including the new scatter bar service system, and is meeting sales expectations. Homestyle owns and operates buffet restaurants in Florida, New York, New Jersey, Pennsylvania, Maryland and Virginia. The restaurants offer a wide variety of quality foods comprising complete meals in a self- service, low fixed price buffet format. HOMESTYLE BUFFET, INC. CONSOLIDATED STATEMENT OF EARNINGS (Unaudited) 12 Weeks Ended 24 Weeks Ended 6/17/92 6/19/91 6/17/92 6/19/91 Sales $11,807,564 $10,915,721 $24,085,245 $22,073,617 Earnings (loss) before taxes (230,720) 50,488 (179,976) 497,218 Net earnings (loss) (141,839) 31,131 (110,652) 306,567 Net earnings (loss) per share of common stock (.02) .01 (.02) .05 Weighted average common equivalent shares outstanding 5,970,933 5,987,300 5,992,684 5,939,700 Subject to year-end audit. -0- 7/15/92 /CONTACT: James H. Crivits, president and chief executive officer of Homestyle Buffet, Inc. 813-785-1370/ (HBUF) CO: Homestyle Buffet, Inc. ST: Florida IN: LEI SU: ERN
AW -- FL002 -- 9385 07/15/92 08:40 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Jul 15, 1992|
|Previous Article:||8.9 PERCENT RATE ON WACHOVIA CREDIT CARDS BEGINS TODAY|
|Next Article:||TERMIFLEX EXPECTS RECORD EARNINGS FOR 1992|