Back Yard Burgers Announces Third Quarter and Year-to-date 2005 Results
25 Octobre 2005 - 1:30PM
Business Wire
Back Yard Burgers, Inc. (Nasdaq SmallCap:BYBI) today announced
results for the third quarter of 2005. -- Total revenues for the
13-week period ended October 1, 2005, were $10,221,000 compared
with total revenues of $10,392,000 for the 13-week period ended
October 2, 2004. Restaurant sales at Company-operated restaurants
declined $458,000 to $8,450,000 for the 13-week period ended
October 1, 2005, primarily due to the net decrease of one
Company-operated restaurant since October 2, 2004, as well as a
3.0% decline in same-store sales at Company-operated restaurants
during the 13-week period ended October 1, 2005. This decrease was
partially offset by a $321,000 increase in royalty fees over the
year-earlier period due to a net increase of 22 franchised
restaurants since October 2, 2004. -- Net income for the 13-week
period ended October 1, 2005, increased 35.1% to $354,000, or $0.07
per diluted share, from $262,000, or $0.05 per diluted share, in
the year-earlier period. The increase was due primarily to the
higher royalty fees described above. -- For the third quarter of
2005, same-store sales for Company-operated restaurants decreased
3.0% from the comparable period in 2004, and same-store sales for
franchised restaurants declined 5.9% for the same period.
Year-to-date same-store sales for 2005 decreased 2.5% for
Company-operated restaurants and decreased 2.6% for franchised
restaurants versus the comparable period in 2004. -- Total revenues
for the 39-week period ended October 1, 2005, were $30,635,000
compared with $30,534,000 in the prior-year period. Net income for
the 39-week period ended October 1, 2005, was $595,000, or $0.12
per diluted share, compared with $1,003,000, or $0.20 per diluted
share, in the prior-year period. Net income for the 39-week period
ended October 1, 2005, included a non-cash charge of approximately
$358,000 (net of a tax benefit of $153,000) relating to the
extension of the exercise date of certain stock options upon the
resignation of an officer/director on January 7, 2005. -- Unit
activity for the quarter included the opening of 11 franchised
stores. As of October 1, 2005, the Company's restaurant system
comprised 171 units, including 41 Company-operated stores and 130
franchised stores. Expansion plans for the remainder of 2005
include the opening of six franchised stores. In addition, on
October 18, 2005, the Company entered into an agreement to acquire
four restaurants from an existing franchisee. The Company expects
to close the acquisition of the four restaurants in mid-November
2005. Back Yard Burgers operates and franchises quick-service
restaurants in 19 states, primarily in markets throughout the
Southeast region of the United States. The restaurants specialize
in charbroiled, freshly prepared, great-tasting food. As its name
implies, Back Yard Burgers strives to offer the same high-quality
ingredients and special care typified by outdoor grilling in the
backyard. Its menu features made-to-order gourmet Black Angus
hamburgers and chicken sandwiches - charbroiled over an open flame,
fresh salads, chili and other specialty items, including
hand-dipped milkshakes, fresh-made lemonade and fresh-baked
cobblers. This press release contains forward-looking statements
within the meaning of the federal securities laws, including
statements regarding the number of Company-operated and franchised
restaurants the Company anticipates opening during fiscal year
2005. Forward-looking statements are based upon estimates,
projections, beliefs and assumptions of management at the time of
such statements and should not be viewed as guarantees of future
performance. Such forward-looking information involves important
risks and uncertainties that could significantly impact anticipated
results in the future and, accordingly, such results may differ
materially from those expressed in any forward-looking statements
by or on behalf of the Company. The factors that could cause our
actual results to differ materially, many of which are beyond our
control, include, but are not limited to, the following: delays in
opening new stores or outlets because of weather, local permitting,
and the availability and cost of land and construction; increases
in competition and competitive discounting; increases in minimum
wage and other operating costs; shortages in raw food products;
volatility of commodity prices; consumer preferences, spending
patterns and demographic trends; the possibility of unforeseen
events affecting the industry generally, and other risks described
from time to time in our periodic reports filed with the Securities
and Exchange Commission. Back Yard Burgers, Inc. disclaims any
obligation to update or revise any forward-looking statement based
on the occurrence of future events, the receipt of new information,
or otherwise. -0- *T BACK YARD BURGERS, INC Unaudited Consolidated
Statements of Operations (in thousands, except per share amounts)
Thirteen Weeks Ended Thirty-nine Weeks Ended 10/01/05 10/02/04
10/01/05 10/02/04 -------- -------- -------- -------- (restated)(1)
(restated)(1) Revenues: Restaurant sales $ 8,450 $ 8,908 $ 25,730 $
26,665 Franchise and area development fees 209 226 520 435 Royalty
fees 1,151 830 3,120 2,282 Advertising fees 267 248 782 618 Other
144 180 483 534 -------- -------- -------- -------- Total revenues
10,221 10,392 30,635 30,534 -------- -------- -------- --------
Expenses: Cost of restaurant sales 2,749 2,927 8,339 8,493
Restaurant operating expenses 4,089 4,338 12,359 12,756 General and
administrative 1,623 1,438 5,256 3,944 Advertising 598 692 1,865
1,926 Depreciation and amortization 523 531 1,601 1,581 --------
-------- -------- -------- Total expenses 9,582 9,926 29,420 28,700
-------- -------- -------- -------- Operating income 639 466 1,215
1,834 Interest income 7 1 20 4 Interest expense (100) (120) (312)
(366) Other, net (26) 35 (70) (11) -------- -------- --------
-------- Income before income taxes 520 382 853 1,461 Income tax
provision 166 120 258 458 -------- -------- -------- -------- Net
income $ 354 $ 262 $ 595 $ 1,003 ======== ======== ========
======== Income per share: Basic $ 0.07 $ 0.05 $ 0.12 $ 0.21
======== ======== ======== ======== Diluted $ 0.07 $ 0.05 $ 0.12 $
0.20 ======== ======== ======== ======== Weighted average number of
common shares and common equivalent shares outstanding: Basic 4,834
4,779 4,810 4,772 ======== ======== ======== ======== Diluted 5,072
5,029 5,105 5,109 ======== ======== ======== ======== (1) Restated
from previously reported financial statements to reflect certain
adjustments for lease accounting as discussed in Note 3 to the
Consolidated Financial Statements included in the Company's 2004
Form 10-K. *T
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