WICHITA, Kansas, July 2, 1999 (PRIMEZONE) -- Total Entertainment Restaurant Corp. (NASDAQ: TENT) announced record sales for the twelve week second quarter ended June 15, 1999.
Second quarter sales increased 124.4% to $12,796,000 compared with $5,704,000 for the same quarter last year. Comparable store sales increased 0.1% in the second quarter and decreased 3.5% year to date.
Restaurant operating income increased 37.5% to $1,507,000 compared with $1,096,000 for the same quarter last year. Net income decreased 60.7% for the second quarter to $129,000 or $0.01 per share compared with $327,000 or $0.03 per share for the same period a year ago.
During the second quarter, the Company closed one unit in Charlotte, North Carolina. No new units were opened during the quarter.
The Company currently operates 36 entertainment restaurants in 34 markets under the names Fox and Hound English Pub & Grille, Bailey's Sports Grille and Bailey's Pub & Grille.
This Press Release contains certain forward-looking statements of the Company within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Althoughthe Company believes the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements contained in the Press Release will prove to be accurate.
Total Entertainment Restaurant Corp.
Unaudited Summary Financial Data for the Second Quarter 1999
($ in thousands except per share amounts)
Condensed Income Statements
For the twelve For the twelve
weeks ended weeks ended
June 15, 1999 June 16, 1998
$ % $ %
________ ________ ________ ________
Food & beverage $ 11,502 89.9 $ 4,883 85.6
Amusement & other 1,294 10.1 821 14.4
________ ________ ________ ________
Total net sales 12,796 100.0 5,704 100.0
Costs and expenses:
Costs of sales 3,552 27.8 1,525 26.7
Restaurant operating expenses 6,845 53.5 2,593 45.5
Depreciation and amortization 861 6.8 490 8.6
Preopening expenses 31 0.2 - -
________ ________ ________ ________
Restaurant costs
and expenses 11,289 88.2 4,608 80.8
________ ________ ________ ________
Restaurant operating income 1,507 11.8 1,096 19.2
General and administrative expenses1,004 7.8 554 9.7
Goodwill amortization 56 0.4 56 1.0
________ ________ ________ ________
Income from operations 447 3.5 486 8.5
Interest income & other - - 33 0.6
Interest expense (242) (1.9) - -
________ ________ ________ ________
Income before taxes 205 1.6 519 9.1
Provision for income taxes 76 0.6 192 3.4
________ ________ ________ ________
Net income before cumulative
effect of a change in
accounting principle 129 1.0 327 5.7
Cumulative effect of change in
accounting principle - - - -
________ ________ ________ ________
Net income (loss) $ 129 1.0 $ 327 5.7
________ ________ ________ ________
________ ________ ________ ________
Basic earnings per share:
Income before
accounting change $ 0.01 $ 0.03
Cumulative effect of
accounting change - -
________ ________
Net income (loss) $ 0.01 $ 0.03
________ ________
________ ________
Basic weighted shares
outstanding 10,415 10,415
________ ________
________ ________
Diluted earnings per share:
Income before
accounting change $ 0.01 $ 0.03
Cumulative effect of
accounting change - -
________ ________
Net income (loss) $ 0.01 $ 0.03
________ ________
________ ________
Diluted weighted
shares outstanding 10,438 10,429
________ ________
________ ________
Restaurants open at end of period 36 18
Comparable sales growth 0.1% (5.3%)
For the twenty-four For the twenty-four
weeks ended weeks ended
June 15, 1999 June 16, 1998
$ % $ %
________ ________ ________ ________
Food & beverage $ 24,429 89.9 $ 10,625 85.1
Amusement & other 2,751 10.1 1,853 14.9
________ ________ ________ ________
Total net sales 27,180 100.0 12,478 100.0
Costs and expenses:
Costs of sales 7,511 27.6 3,310 26.5
Restaurant operating expenses 13,522 49.7 5,449 43.6
Depreciation and amortization 1,658 6.2 955 7.8
Preopening expenses 463 1.7 - -
________ ________ ________ ________
Restaurant costs
and expenses 23,154 85.2 9,714 77.8
________ ________ ________ ________
Restaurant operating income 4,026 14.8 2,764 22.2
General and administrative expenses1,897 7.0 1,120 9.0
Goodwill amortization 113 0.4 113 0.9
________ ________ ________ ________
Income from operations 2,016 7.4 1,531 12.3
Interest income & other - - 65 0.5
Interest expense (472) (1.7) - -
________ ________ ________ ________
Income before taxes 1,544 5.7 1,596 12.8
Provision for income taxes 572 2.1 590 4.7
________ ________ ________ ________
Net income before cumulative
effect of a change in
accounting principle 972 3.6 1,006 8.1
Cumulative effect of change in
accounting principle (1,127) (4.1) - -
________ ________ ________ ________
Net income (loss) $ (155) (0.5) $ 1,006 8.1
________ ________ ________ ________
________ ________ ________ ________
Basic earnings per share:
Income before
accounting change $ 0.09 $ 0.10
Cumulative effect of
accounting change (0.10) -
________ ________
Net income (loss) $ (0.01) $ 0.10
________ ________
________ ________
Basic weighted shares
outstanding 10,415 10,415
________ ________
________ ________
Diluted earnings per share:
Income before
accounting change $ 0.09 $ 0.10
Cumulative effect of
accounting change (0.10) -
________ ________
Net income (loss) $ (0.01) $ 0.10
________ ________
________ ________
Diluted weighted
shares outstanding 10,478 10,426
________ ________
________ ________
Restaurants open at end of period 36 18
Comparable sales growth (3.5%) (1.0%)