WICHITA, Kan., Sept. 24, 1999 (PRIMEZONE) -- Total Entertainment Restaurant Corp. (Nasdaq:TENT) announced record sales for the twelve-week third quarter ended September 7, 1999.
Third quarter sales increased 65.3 percent to $11,441,000 compared with $6,922,000 for the same quarter last year. Comparable store sales increased 0.5 percent in the third quarter and decreased 2.1 percent year to date.
Restaurant operating loss was $140,000 compared with restaurant operating income of $977,000 for the same quarter last year. The net loss was $942,000 for the third quarter or $.09 per share compared with net income of $225,000 or $.02 per share for the same period a year ago. Included in the net loss for the third quarter were charges for a store closure of $685,000 ($.07 per share), net of taxes of $402,000 and a one-time charge for a state sales tax assessment of $232,000 ($.02 per share), net of taxes of $136,000.
The Company currently operates 36 entertainment restaurants in 34 markets under the names Fox and Hound English Pub & Grille, Bailey's Sports Grille and Bailey's Pub & Grille.
This Press Release contains certain forward-looking statements of the Company within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although the Company believes the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements contained in the Press Release will prove to be accurate.
Total Entertainment Restaurant Corp.
Unaudited Summary Financial Data for the Third Quarter 1999
($ in thousands except per share amounts)
Condensed Income Statements
For the twelve weeks ended
Sept., 7, 1999 Sept. 8, 1998
$ Pct $ Pct
________ ______ _______ ______
Food & beverage 10,236 89.5 6,043 87.3
Amusement & other 1,205 10.5 879 12.7
________ ______ _______ ______
Total net sales 11,441 100.0 6,922 100.0
Costs and expenses:
Costs of sales 3,134 27.4 1,922 27.8
Restaurant operating
expenses 6,497 56.8 3,415 49.3
Depreciation and
amortization 863 7.6 608 8.8
Store closure
expense 1,087 9.6 - -
________ ______ _______ ______
Restaurant costs
and expenses 11,581 101.2 5,945 85.9
________ ______ _______ ______
Restaurant operating
income (loss) (140) (1.2) 977 14.1
General and administrative
expenses 952 8.3 560 8.0
Goodwill
amortization 56 0.5 56 0.8
________ ______ _______ ______
Income (loss)
from operations (1,148) (10.0) 361 5.2
Interest income
& other - - 5 0.1
Interest expense (346) (3.0) (9) -
________ ______ _______ ______
Income (loss)
before taxes (1,494) (13.1) 357 5.2
Provision for
income taxes (552) (4.8) 132 1.9
________ ______ _______ ______
Net income (loss) before
cumulative effect of
a change in accounting
principle (942) (8.2) 225 3.3
Cumulative effect of
change in accounting
principle - - - -
________ ______ _______ ______
Net income
(loss) $ (942) (8.2) $ 225 3.3
________ ______ _______ ______
________ ______ _______ ______
Basic earnings (loss) per share:
Income (loss) before
accounting change
$ (0.09) $ 0.02
Cumulative effect of
accounting change - -
________ ________
Net income
(loss) $ (0.09) $ 0.02
________ ________
________ ________
Basic weighted shares
outstanding 10,415 10,415
________ ________
________ ________
Diluted earnings
(loss) per share:
Income (loss) before
accounting
change $ (0.09) $ 0.02
Cumulative effect of
accounting
change - -
________ ________
Net income (loss) $ (0.09) $ 0.02
________ ________
________ ________
Diluted weighted
shares outstanding 10,415 10,416
________ ________
________ ________
Restaurants open at
end of period 36 24
Comparable sales growth 0.5 pct 1.4 pct
For the thirty-six weeks ended
Sept. 7, 1999 Sept. 8, 1998
$ Pct $ Pct
________ ______ _______ ______
Food & beverage $ 34,664 89.8 $ 16,668 85.9
Amusement & other 3,956 10.2 2,732 14.1
________ _______ _______ ______
Total net sales 38,620 100.0 19,400 100.0
Costs and expenses:
Costs of sales 10,644 27.6 5,232 27.0
Restaurant operating
expenses 20,482 53.0 8,865 45.6
Depreciation and
amortization 2,521 6.6 1,562 8.1
Store closure expense 1,087 2.9 - -
________ _______ _______ ______
Restaurant costs
and expenses 34,734 89.9 15,659 80.7
________ _______ _______ ______
Restaurant operating
income (loss) 3,886 10.1 3,741 19.3
General and administrative
expenses 2,848 7.4 1,679 8.7
Goodwill amortization 169 0.4 169 0.9
________ _______ _______ ______
Income (loss) from
operations 869 2.3 1,893 9.8
Interest income & other - - 71 0.4
Interest expense (818) (2.1) (9) -
________ _______ _______ ______
Income (loss) before taxes 51 0.1 1,955 10.1
Provision for income taxes 19 0.0 722 3.7
________ _______ _______ ______
Net income (loss) before
cumulative effect of a
change in accounting
principle 32 0.1 1,233 6.4
Cumulative effect of
change in accounting
principle (1,127) (2.9) - -
________ _______ _______ ______
Net income (loss) $ (1,095) (2.8) $ 1,233 6.4
________ _______ _______ ______
________ _______ _______ ______
Basic earnings (loss) per share:
Income (loss) before
accounting change $ 0.00 $ 0.12
Cumulative effect of
accounting change (0.11) -
________ ________
Net income (loss) $ (0.11) $ 0.12
________ ________
________ ________
Basic weighted shares
outstanding 10,415 10,415
________ ________
________ ________
Diluted earnings (loss) per share:
Income (loss) before
accounting change $ 0.00 $ 0.12
Cumulative effect of
accounting change (0.11) -
________ ________
Net income (loss) $ (0.11) $ 0.12
________ ________
________ ________
Diluted weighted
shares outstanding 10,457 10,423
________ ________
________ ________
Restaurants open at
end of period 36 23
Comparable sales growth (2.1 pct) (0.2 pct)
CONTACT: Christopher L. Wettig
Total Entertainment Restaurant Corp.
(316) 634-0505