VICORP RESTAURANTS REPORTS RECORD OPERATING RESULTS
VICORP RESTAURANTS REPORTS RECORD OPERATING RESULTS DENVER, Dec. 10 /PRNewswire/ -- VICORP Restaurants, Inc.
(NASDAQ: VRES) had record revenues and operating income in the fiscal year ended Oct. 27, 1991, Charles R. Frederickson, chairman, reported today. The results reflected record sales and operating income in the company's Bakers Square and Village Inn restaurant groups for both the fourth quarter and the full year, he said.
For the fourth quarter, restaurant operating income increased 10.2 percent to $9.9 million on a 5.2 percent increase in restaurant sales to $95.1 million. For the year, restaurant operating income increased 10.6 percent to $43.8 million on a 7.4 percent increase in restaurant sales to $417.8 million. As previously announced, VICORP at year-end wrote off a $10 million note which resulted in a non-recurring charge of 76 cents per share in the fourth quarter. The company also had taken an extraordinary charge of 12 cents per share in the second quarter for the early extinguishment of debt. Absent the effects of the unusual charges, operating earnings for the year were $1.47 per share compared with $1.18 in fiscal 1990 and were 29 cents per share in the fourth quarter compared with 28 cents one year earlier. "The unusual charges to earnings in 1991 tend to mask the significant fiscal and operational progress VICORP achieved in 1991," said Frederickson. "Operationally, for the year we established all-time records in both restaurant sales and restaurant operating income, as our operating margins increased to 10.5 percent of sales. These results produced a 21.6 percent increase in operating income. Additionally, during the year we retired more than $11 million of preferred stock and over $20 million of 13.5 percent convertible debentures, while reducing long-term debt by over $10 million. We also opened 14 new restaurants in 1991, with indicated average annual sales of over $1.7 million, which is 18 percent higher than our company-wide average. Although the uncertain economy remains challenging, we currently plan to open an additional 12 new restaurants in 1992." VICORP operates approximately 300 mid-scale family type restaurants under the names Bakers Square and Village Inn, principally in the Rocky Mountain region, upper Midwest, Florida and California, and also franchises more than 100 Village Inn restaurants in 19 states. VICORP RESTAURANTS, INC. Condensed Statement of Operations Twelve weeks ended 10/27/91 10/28/90 Revenues $96,148,000 $91,439,000 Income before unusual charges(A) 3,055,000 2,958,000 Net income (loss) (4,673,000) 2,958,000 Earnings (loss) per common and common equiv. share (.47) .28 Weighted avg. common shares and dilutive common share equiv. 9,996,000 9,771,000 Year ended 10/27/91 10/28/90 Revenues $422,571,000 $394,416,000 Income before unusual charges(A) 15,292,000 12,577,000 Income before extr. item 7,564,000 12,577,000 Net income 6,359,000 12,577,000 Earnings per common and common equiv. share Before extraordinary item .73 1.18 Net income .61 1.18 Weighted avg. common shares and dilutive common share equiv. 10,304,000 9,752,000 (A) -- Before non-recurring note write-off of $7.7 million in the fourth quarter and an extraordinary charge for early extinguishment of debt of $1.2 million in the second quarter. -0- 12/10/91 /CONTACT: Peter F. Doane, vice president-treasurer of VICORP, 303-296-2121/ (VRES) CO: VICORP Restaurants Inc. ST: Colorado IN: SU: ERN SB-FC -- NY052 -- 1169 12/10/91 16:01 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Dec 10, 1991|
|Previous Article:||TENNECO BOARD NAMES CAUBLE TREASURER|
|Next Article:||H.B. FULLER ANNOUNCES DIVIDEND AND ANNUAL MEETING|