WICHITA, Kan., July 13, 2000 (PRIMEZONE) -- Total Entertainment Restaurant Corp. (Nasdaq:TENT) announced record restaurant operating profit for the 12-week second quarter ended June 13, 2000.
Second quarter sales were $12,006,000 compared with $12,796,000 for the same quarter last year. Comparable store sales increased 1.7% for the second quarter and 2.1% year-to-date.
Restaurant operating income for the quarter increased 11.3% to $1,677,000 compared with $1,507,000 for the same quarter last year. Net income was $295,000 for the quarter or $0.03 per share compared with net income of $129,000 or $0.01 per share for the same period a year ago.
Steve Johnson, Chief Executive Officer, stated, "We are very pleased to report our fifth straight quarter of positive same store sales on units opened 18 months. We were also able to increase restaurant operating income to 14.0% of sales for the second quarter compared with 11.8% for the same period a year ago."
During the second quarter the Company repurchased 110,900 shares of its common stock. The Company has repurchased 1,053,429 shares of its common stock under the 1,500,000 share repurchase plan authorized by the Board of Directors.
Fiscal year 2000 development plans call for the opening of up to three new units. Four leases have been executed and three units are currently under non-binding letters of intent to lease with pending contingencies.
The Company currently operates 35 entertainment restaurants in 33 markets under the names Fox and Hound English Pub & Grille, Bailey's Sports Grille and Bailey's Pub & Grille.
This Press Release contains certain forward-looking statements of the Company within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although the Company believes the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements contained in the Press Release will prove to be accurate.
Total Entertainment Restaurant Corp.
Unaudited Summary Financial Data for the Second Quarter 2000
($ in thousands except per share amounts)
Condensed Income Statements
For the twelve weeks ended
June 13, 2000 June 15, 1999
$ % $ %
------- ------ ------- ------
Food & beverage 10,790 89.9 11,502 89.9
Entertainment & other 1,216 10.1 1,294 10.1
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Total net sales 12,006 100.0 12,796 100.0
Costs and expenses:
Costs of sales 3,159 26.3 3,552 27.8
Restaurant operating expenses 6,345 52.8 6,876 53.7
Depreciation and amortization 825 6.9 861 6.7
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Restaurant costs
and expenses 10,329 86.0 11,289 88.2
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Restaurant operating income 1,677 14.0 1,507 11.8
General and
administrative expenses 904 7.5 1,004 7.8
Goodwill amortization 56 0.5 56 0.5
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Income from operations 717 6.0 447 3.5
Other income/expense:
Loss on disposal of assets (6) (0.1) --- ---
Interest expense (243) (2.0) (242) (1.9)
------- ------ ------- ------
Income before taxes 468 3.9 205 1.6
Provision for income taxes 173 1.4 76 0.6
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Net income $ 295 2.5 $ 129 1.0
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Basic and diluted earnings per share:
Net income $ 0.03 $ 0.01
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Basic weighted shares
outstanding 9,452 10,415
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Diluted weighted
shares outstanding 9,457 10,438
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Restaurants open at
end of period 35 36
Comparable sales growth 1.7% 0.1%
For the twenty-four weeks ended
June 13, 2000 June 15, 1999
$ % $ %
------- ------ ------- ------
Food & beverage 23,058 89.9 24,429 89.9
Entertainment & other 2,598 10.1 2,751 10.1
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Total net sales 25,656 100.0 27,180 100.0
Costs and expenses:
Costs of sales 6,702 26.1 7,511 27.6
Restaurant operating expenses 12,783 49.8 13,985 51.5
Depreciation and amortization 1,663 6.6 1,658 6.1
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Restaurant costs
and expenses 21,148 82.5 23,154 85.2
------- ------ ------- ------
Restaurant operating income 4,508 17.5 4,026 14.8
General and
administrative expenses 1,862 7.3 1,897 7.0
Goodwill amortization 113 0.4 113 0.4
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Income from operations 2,533 9.8 2,016 7.4
Other income/expense:
Loss on disposal of assets (32) (0.1) - -
Interest expense (491) (1.9) (472) (1.7)
------- ------ ------- ------
Income before taxes 2,010 7.8 1,544 5.7
Provision for income taxes 744 2.9 572 2.1
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Net income before cumulative
effect of a change in
accounting principle 1,266 4.9 972 3.6
Cumulative effect of change in
accounting principle --- --- (1,128) (4.2)
------- ------ ------- -----
Net income (loss) $ 1,266 4.9 $ (156) (0.6)
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Basic and diluted earnings (loss) per share:
Income before
accounting change $ 0.13 $ 0.09
Cumulative effect of
accounting change --- (0.11)
------- -------
Net income (loss) $ 0.13 $ (0.02)
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Basic weighted shares
outstanding 9,523 10,415
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Diluted weighted
shares outstanding 9,526 10,478
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Restaurants open at
end of period 35 36
Comparable sales growth 2.1% (3.5%)