WICHITA, Kan., Feb. 8, 2001 (PRIMEZONE) -- Total Entertainment Restaurant Corp. announced earnings and revenues for the fiscal year ended December 26, 2000. For the year, after-tax earnings before unusual charges increased 54.9% to $2,305,000 ($0.25 per share) compared to $1,488,000 ($0.14 per share) in 1999. Charges for asset impairment of $1,457,000 ($0.16 per share) in 2000 and for store closings and change in accounting method of $1,799,000 ($0.17 per share) in 1999, resulted in net earnings of $848,000 ($0.09 per share) for 2000 compared to a net loss of $311,000 ($0.03 per share) in 1999.
For the sixteen-week fourth quarter ended December 26, 2000, after-tax earnings before unusual charges increased 29.8% to $1,018,000 ($0.11 per share) from $784,000 ($0.08 per share) in 1999. Charges for asset impairment of $1,457,000 ($0.16 per share) in 2000 resulted in a net loss for the quarter of $439,000 ($0.05 per share) in 2000.
Fourth quarter revenues for 2000 increased 10.1% to $19,051,000 from $17,309,000 in the prior year. For the year, revenues increased 0.1% to $55,990,000 compared to $55,930,000 in 1999.
Comparable store sales increased 7.1% for the fourth quarter and 3.8% for the year over the comparable periods in 1999.
Steve Johnson, Chief Executive Officer, stated, "We are very pleased with the operating results we were able to achieve in the fourth quarter and for the year. We are especially proud of our record comp store sales growth of 7.1% for the quarter, which marks our seventh consecutive quarter of comp store sales growth. We are also extremely pleased to have renewed the development of our concept, beginning with the successful opening of three new units in Parma (Cleveland), Ohio; Dearborn, Michigan; and Lewisville (Dallas), Texas. We plan to open up to seven new units in 2001 and have begun construction on two units with leases executed on two additional sites."
During the fourth quarter the Company repurchased 499,160 shares of its common stock. The Company has repurchased 1,673,589 shares of its common stock under the 2,000,000 share repurchase plan authorized by the Board of Directors.
The Company currently operates 38 entertainment restaurants in 33 markets under the names Fox and Hound English Pub & Grille, Bailey's Sports Grille, and Bailey's Pub & Grille.
This Press Release contains certain forward-looking statements of the Company within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although the Company believes the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements contained in the Press Release will prove to be accurate.
Total Entertainment Restaurant Corp. Unaudited Summary Financial Data for the Fourth Quarter 2000 ($ in thousands except per share amounts) Condensed Income Statements For the sixteen weeks ended December 26, 2000 December 28, 1999 $ % $ % -------- -------- -------- -------- Food and beverage $ 17,643 92.6 $ 15,861 91.6 Entertainment and other 1,408 7.4 1,448 8.4 -------- -------- -------- -------- Total net sales 19,051 100.0 17,309 100.0 Costs and expenses: Costs of sales 5,134 27.0 4,705 27.2 Restaurant operating expenses 9,359 49.1 8,638 49.9 Depreciation and amortization 1,103 5.8 1,177 6.8 Preopening costs 464 2.4 -- -- Provision for asset impairment and store closing 2,362 12.4 -- -- -------- -------- -------- -------- Entertainment and restaurant costs expenses 18,422 96.7 14,520 83.9 -------- -------- -------- -------- Entertainment and restaurant operating income 629 3.3 2,789 16.1 General and administrative expenses 1,056 5.5 1,051 6.1 Goodwill amortization 75 0.4 75 0.4 -------- -------- -------- -------- (Loss) income from operations (502) (2.6) 1,663 9.6 Other income (expense): Loss on disposal of assets (12) (0.1) (123) (0.7) Interest expense (339) (1.8) (357) (2.1) -------- -------- -------- -------- (Loss) income before taxes (853) (4.5) 1,183 6.8 Income tax (benefit) expense (414) (2.2) 339 2.3 -------- -------- -------- -------- Net (loss) income $ (439) (2.3) $ 784 4.5 ======== ======== ======== ======== Basic and diluted (loss) earnings per share: Net (loss) income $ (0.05) $ 0.08 ======== ======== Weighted-average shares outstanding (in thousands): Basic 9,044 10,225 Diluted 9,044 10,226 Restaurants open at end of period 38 35 Comparable sales growth 7.1% 2.1% Analysis of components of net earnings and per share amounts For the sixteen weeks ended December 26, 2000 December 28, 1999 $ Per share $ Per share --------- --------- --------- --------- Net earnings excluding unusual charges $ 1,018 $ 0.11 $ 784 $ 0.08 Provision for asset impairment - net of tax (1,457) (0.16) - - -------- --------- -------- --------- Net (loss) earnings $ (439) $(0.05) $ 784 $ 0.08 ======== ========= ======== ========= Condensed Income Statements For the fifty-two weeks ended December 26, 2000 December 28, 1999 $ % $ % -------- -------- -------- ------- Food and beverage $ 50,837 90.8 $ 50,525 90.3 Entertainment and other 5,153 9.2 5,405 9.7 -------- -------- -------- ------- Total net sales 55,990 100.0 55,930 100.0 Costs and expenses: Costs of sales 14,790 26.4 15,349 27.4 Restaurant operating expenses 28,395 50.7 28,633 51.2 Depreciation and amortization 3,592 6.4 3,697 6.6 Preopening costs 501 1.0 487 1.0 Provision for asset impairment and store closing 2,362 4.2 1,087 1.9 -------- -------- -------- ------- Entertainment and restaurant costs and expenses 49,640 88.7 49,253 88.1 -------- -------- -------- ------- Entertainment and restaurant operating income 6,350 11.3 6,677 11.9 General and administrative expenses 3,768 6.7 3,900 7.0 Goodwill amortization 244 0.4 244 0.4 -------- -------- -------- ------- Income from operations 2,338 4.2 2,533 4.5 Other income (expense): Loss on disposal of assets (67) (0.1) (123) (0.2) Interest expense (1,081) (1.9) (1,175) (2.1) -------- -------- -------- ------- Income before taxes 1,190 2.1 1,235 2.2 Provision for income taxes 342 0.6 418 0.7 -------- -------- -------- ------- Net income before cumulative effect of a change in accounting principle 848 1.5 817 1.5 Cumulative effect of change in accounting principle - - (1,128) (2.0) -------- -------- -------- ------- Net income (loss) $ 848 1.5 $ (311) (0.5) ======== ======== ======== ======= Basic and diluted earnings (loss) per share: Income before accounting change $ 0.09 $ 0.08 Cumulative effect of accounting change - (0.11) -------- -------- Net income (loss) $ 0.09 $ (0.03) ======== ======== Weighted-average shares outstanding (in thousands): Basic 9,323 10,357 Diluted 9,327 10,361 Restaurants open at end of period 38 35 Comparable sales growth 3.8% (0.5%) Analysis of components of net earnings and per share amounts For the fifty-two weeks ended December 26, 2000 December 28, 1999 $ Per share $ Per share -------- --------- -------- --------- Net earnings excluding unusual charges $ 2,305 $ 0.25 $ 1,488 $ 0.14 Provision for asset impairment - net of tax (1,457) (0.16) - - Provision for store closing costs - net of tax - - (671) (0.06) Cumulative effect of change in accounting principle - - (1,128) (0.11) -------- --------- -------- --------- Net earnings (loss) $ 848 $ 0.09 $ (311) $(0.03) ======== ========= ======== =========