Barbeques Galore Reports Second Fiscal Quarter Sales
10 Août 2005 - 4:51PM
Business Wire
Barbeques Galore Limited (NASDAQ:BBQZ) today reported sales for its
fiscal second quarter ended July 31, 2005: -0- *T Three Months
Ended July 31, In US$ thousands % ------------------- Increase/
2005 2004 Decrease --------- --------- --------- Net Sales
Australia 18,039 17,218 +4.8 U.S. 43,359 40,157 +8.0 ---------
--------- Total net sales 61,398 57,375 +7.0 Comparable Store Sales
Australia (in Australian $'s) -5.9 U.S. (in US $'s) +2.7 Six Months
Ended July 31, In US$ thousands % ------------------- Increase/
2005 2004 Decrease --------- --------- --------- Net Sales
Australia 37,015 35,564 +4.1 U.S. 70,935 65,401 +8.4 ---------
--------- Total net sales 107,950 101,025 +6.9 Comparable Store
Sales Australia (in Australian $'s) -5.2 U.S. (in US $'s) +3.5 *T
During the quarter, two new stores were opened in the U.S. The
Alpharetta opening expands the company's penetration in the
Atlanta, Georgia area to three locations, and the new Temecula
store places the California network at 31 stores. Barbeques Galore
said it closed its company-owned stores in Coral Springs, FL,
Cupertino, CA and Stafford (Houston), TX. In Australia, one new
store was opened at Capalaba, Queensland. The average exchange rate
between the Australian dollar and the U.S. dollar for the quarter
ended July 31, 2005 was A$1=US$0.7619 and for the corresponding
prior-year quarter, A$1=US$0.7055, representing an increase of 8.0%
in the Australian dollar against the U.S. dollar. In a separate
news release today, the company announced it has signed an
agreement for a proposed transaction with Ironbridge Capital, a
leading Australian private equity firm, to acquire all the
outstanding stock and options in the company in a cash transaction
valued at approximately US$45 million. Ironbridge will offer
A$13.00 per share in cash, equal to US$9.91, based on present
currency exchange rates. The agreement is subject to the grant of
the appropriate approvals and fulfillment of certain financial and
other conditions. Barbeques Galore is the leading chain of
specialty retail stores devoted to sales of barbecues, backyard
accents, fireside products and related accessories. The company now
owns and operates 68 stores in the U.S. and 44 stores in Australia.
In addition, it has seven franchised stores in the U.S. and 48
licensed stores in Australia. Through its U.S. e-commerce Web site,
www.bbqgalore.com, the company sells an extensive line of barbecue
and fireside products and related accessories. This press release
contains forward looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Specifically,
without limitation, forward looking statements include completion
of the proposed transaction under which Barbeques Galore will be
acquired and the proposed transaction price. Forward looking
statements are based on management's current expectations and
beliefs, and are subject to risks and uncertainties. Accordingly,
actual results may differ materially from the forward-looking
statements contained herein. Risks that relate to these forward
looking statements include the risk that the transaction will not
receive the required shareholder and government approvals and the
risk that the transaction will otherwise not be completed. Further
detailed information about risk factors that may impact the
company's business is set forth in the company's periodic filings
with the U.S. Securities and Exchange Commission. Barbeques Galore
expressly disclaims any obligation to update or alter its
forward-looking statements, whether as a result of new information,
future events or otherwise.
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