ON THE BORDER CAFES, INC. ANNOUNCES RESULTS
ON THE BORDER CAFES, INC. ANNOUNCES RESULTS DALLAS, Oct. 6 /PRNewswire/ -- On The Border Cafes, Inc.
(NASDAQ: OTBC) released results of operations today for the third fiscal quarter and year-to-date periods ended Sept. 7, 1992 and for comparable periods a year ago. Total revenue increased 14 percent to $5,861,000 in the third quarter of 1992 from $5,163,000 in the third quarter of 1991. Year-to-date total revenue increased 10 percent to $16,694,000 in 1992 from $15,209,000 in 1991. Net income increased to $366,000, or $.11 per share, in the third quarter of 1992 from $3,000 in the third quarter of 1991. Year-to-date net income increased to $688,000, or $.28 per share, in 1992 from $330,000, or $.22 per share, in 1991.
The company acquired all the outside ownership interests of three On The Border restaurants which it managed as limited partnerships in February of this year and completed a successful initial public offering of its common stock on April 30, 1992. On a pro forma basis, revenue increased 4 percent in the current quarter compared with the same quarter last year and increased 2 percent in the year-to-date period ended Sept. 7, 1992 compared with the comparable period a year ago. Pro forma net income increased to $342,000, or $.12 per share, in the third quarter this year from $125,000, or $.05 per share, in the third quarter last year. Pro forma year-to-date net income increased to $843,000, or $.30 per share, in 1992 compared with $616,000, or $.23 per share, in 1991. Mike Fiori, president and chief executive officer of the company, said management is pleased and encouraged by these results and is eager to expand the restaurant concept. Fiori noted that same-store sales of the Dallas/Fort Worth metroplex restaurants increased over 6 percent in the current quarter compared with last year on the strength of media advertising programs in that market. Fiori said work was in progress to open a new restaurant in the Dallas market in late November as well as new franchise locations in Houston, Texas and Memphis, Tenn. The company has plans for up to seven new restaurant locations in 1993, primarily outside the existing Texas markets. On The Border Cafes, Inc. owns and operates eight full-service, casual dining restaurants which feature fresh, mesquite-grilled specialties of Texas and Mexico. Two other On The Border restaurants are operated under franchise agreements with the company. On The Border Cafes, Inc. common stock is traded in the NASDAQ stock market under the symbol "OTBC." ON THE BORDER CAFES, INC. SELECTED OPERATING RESULTS (In Thousands) 12 weeks ended 36 weeks ended 9/7/92 9/9/91 9/7/92 9/9/91 Sales $5,861 $5,163 $16,694 $15,209 Net income $ 366 $ 3 $ 688 $ 330 Earnings per share $ .11 $ .00 $ .28 $ .22 Average shares outstanding 3,229 1,470 2,427 1,470 PRO FORMA SELECTED RESULTS (In Thousands) 12 weeks ended 36 weeks ended 9/7/92 9/9/91 9/7/92 9/9/91 Sales $5,861 $5,642 $16,992 $16,666 Net income before extraordinary item $ 222 $ 125 $ 568 $ 616 Net income $ 342 $ 125 $ 843 $ 616 Earnings per share before extraordinary item $ .08 $ .05 $ .20 $ .23 Earnings per share $ .12 $ .05 $ .30 $ .23 Average shares outstanding 2,932 2,670 2,811 2,670 Pro forma information gives effect to (i) the acquisition of the minority interest of two limited partnerships restaurants as well as acquisition of the restaurant the company managed but did not previously own, (ii) the issuance of $1,200,000 of Senior Subordinated Convertible Debentures, (iii) the acquisition of Knox-Travis Corporation and the OTB 1990 Trust's rights to receive royalty fees and (iv) the initial public offering of 950,000 shares of the company's common stock and the retirement of approximately $2,100,000 of indebtedness as though all such transactions had occurred at the beginning of each pro forma period presented above. -0- 10/6/92 /CONTACT: Stephen D. Fenstermacher, senior vice president-finance and chief financial officer, of On The Border Cafes, Inc., 214-905-7500/ (OTBC) CO: On The Border Cafes, Inc. ST: Texas IN: LEI SU: ERN
LR -- NY031 -- 6988 10/06/92 10:36 EDT
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|Date:||Oct 6, 1992|
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