Printer Friendly

HOMESTYLE BUFFET REPORTS THIRD QUARTER LOSS

 HOMESTYLE BUFFET REPORTS THIRD QUARTER LOSS
 PALM HARBOR, Fla., Nov. 9 /PRNewswire/ -- Homestyle Buffet, Inc.


(NASDAQ: HBUF) today reported sales of $16.2 million for the third quarter (16 weeks) ended Oct. 7, 1992, with a net loss of $760,000 or 13 cents per share. For the same quarter a year ago the company reported a net loss of $138,000 or two cents per share on sales of $16.1 million.
 James H. Crivits, Homestyle president and chief executive officer, said the most recent quarter's results were adversely affected by several factors. These include long-term investments by the company in upgrading facilities and improving customer service and the cost of "substantial" marketing activity to support these improvements and maintain sales against competing restaurant promotions. The continuing impact of the troubled economy, particularly in the Northeast where the majority of the company's restaurants are located, was also an important factor, Crivits said.
 He added that sales have improved compared to a year ago as a result of the marketing activity. He said sales increases have not yet been sufficient to offset the promotional costs.
 Crivits said that Homestyle is proceeding with the plan to convert two of its buffet restaurants by the end of January 1993 from their straight, cafeteria-style food lines to eight scattered food-service bars. He said the investment in the conversions should have long-term benefits, borne out by the substantial evidence of the success of such conversions in buffet restaurants in other parts of the country.
 In the fourth quarter, Crivits said marketing activity will be reduced to more normal levels, emphasizing special food promotions. Crivits noted that the company continued to have a positive cash flow and very little debt.
 Homestyle Buffet owns and operates 34 buffet restaurants in Florida, New York, New Jersey, Pennsylvania, Maryland and Virginia compared to 33 restaurants a year ago. 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)
 16 Weeks Ended 40 Weeks Ended
 10/7/92 10/9/91 10/7/92 10/7/91
 Sales $16,237,722 $16,054,966 $40,322,966 $38,128,584
 Earnings (loss)
 before
 income
 taxes (1,016,797) (224,077) (1,196,772) 273,141
 Net earnings
 (loss) (760,046) (138,166) (870,697) 168,401
 Net earnings
 (loss) per
 share
 of common
 stock (.13) (.02) (.15) .03
 Weighted average
 common and
 equivalent
 shares
 outstanding 5,961,979 6,005,790 5,988,691 6,031,493
 Subject to Year-end Audit.
 -0- 11/9/92
 /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


JB-AW -- FL007 -- 8615 11/09/92 10:45 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:Nov 9, 1992
Words:468
Previous Article:IRT PROPERTY COMPANY ANNOUNCES 5 PERCENT INCREASE IN QUARTERLY DIVIDEND
Next Article:GSU AND ENTERGY SCHEDULE SPECIAL SHAREHOLDER MEETINGS
Topics:


Related Articles
HOMESTYLE BUFFET REPORTS SECOND-QUARTER LOSS
HOMESTYLE EXPECTS LOSS FOR 4TH QUARTER AND FULL YEAR
HOMETOWN BUFFET REPORTS ANNUAL RESULTS
JB'S RESTAURANTS INC. ANNOUNCES THIRD QUARTER RESULTS
JB'S RESTAURANTS INC. ANNOUNCES FOURTH QUARTER AND FISCAL YEAR END RESULTS
SUMMIT FAMILY RESTAURANTS INC. ANNOUNCES FINANCIAL RESULTS FOR THIRD QUARTER AND FIRST THREE QUARTERS OF FISCAL 1995
PANCHO'S MEXICAN BUFFET REPORTS THIRD QUARTER PROFIT
HomeTown Results Expected to be Slightly Lower Than Analysts' Expectations
Buffets, Inc. Announces Preliminary Results
Pancho's Mexican Buffet Reports Third Quarter Results

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