WICHITA, Kansas, April 6, 2000 (PRIMEZONE) -- Total Entertainment Restaurant Corp. (Nasdaq:TENT) announced record earnings for the 12-week quarter ended March 21, 2000.
First quarter sales were $13,650,000 compared with $14,384,000 for the same quarter last year. Comparable store sales increased 2.5% for the quarter.
Restaurant operating income for the quarter increased 12.4% to $2,831,000 compared with $2,520,000 for the same quarter last year. Net income was $972,000 for the quarter or $0.10 per share compared with a net loss of $284,000 or $0.03 per share for the same period a year ago. Included in the net loss for 1999 was a charge for a change in accounting principle for pre-opening costs of $1,128,000 net of taxes ($0.11 per share).
Steve Johnson, Chief Executive Officer, stated, "We experience our highest average unit volumes during the first quarter of the year. While our overall sales were down 5.1% to last year due to the honeymoon sales of the 15 new units opened during the fourth quarter of 1998 and the first quarter of 1999, we are very happy with the performance turned in for Q1 of 2000. For the quarter, our same store sales on units opened 18 months were positive 2.5% and restaurant operating income was 20.6 %."
The Company has repurchased 947,429 shares of its common stock under the 1,000,000 share repurchase plan authorized by the Board of Directors on October 5, 1999. The Board of Directors authorized the repurchase of an additional 500,000 shares on February 29, 2000.
Fiscal year 2000 development plans call for the opening of up to five new units. Three leases have been executed and one unit is currently under a non-binding letter of intent to lease with pending contingencies.
The Company currently operates 35 entertainment restaurants in 33 markets under the names Fox and Hound English Pub & Grille, Bailey's Sports Grille and Bailey's Pub & Grille.
This Press Release contains certain forward-looking statements of the Company within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although the Company believes the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements contained in the Press Release will prove to be accurate.
Total Entertainment Restaurant Corp.
Unaudited Summary Financial Data for the First Quarter 2000
($ in thousands except per share amounts)
Condensed Income Statements
For the sixteen weeks ended
March 21, 2000 March 23, 1999
$ % $ %
-------- -------- -------- ------
Food & beverage 12,269 89.9 12,927 89.9
Amusement & other 1,381 10.1 1,457 10.1
-------- ------ -------- ------
Total net sales 13,650 100.0 14,384 100.0
Costs and expenses:
Costs of sales 3,544 26.0 3,959 27.5
Restaurant operating expenses 6,438 47.2 7,108 49.5
Depreciation and amortization 837 6.1 797 5.5
-------- ------ -------- ------
Restaurant costs
and expenses 10,819 79.3 11,864 82.5
-------- ------ -------- ------
Restaurant operating income 2,831 20.7 2,520 17.5
General and
administrative expenses 958 7.0 894 6.2
Goodwill amortization 56 0.4 56 0.4
-------- ------ -------- ------
Income from operations 1,817 13.3 1,570 10.9
Other income/expense:
Gain (loss) on disposal
of assets (26) (0.2) - -
Interest expense (249) (1.8) (230) (1.6)
-------- ------ -------- ------
Income before taxes 1,542 11.3 1,340 9.3
Provision for income taxes 570 4.2 496 3.4
-------- ------ -------- ------
Net income before cumulative
effect of a change in
accounting principle 972 7.1 844 5.9
Cumulative effect of change in
accounting principle - - (1,128) (7.8)
-------- ------- -------- ------
Net income (loss) $ 972 7.1 $ (284) (1.9)
======== ======= ======== ======
Basic earnings (loss) per share:
Income before
accounting change $ 0.10 $ 0.10
Cumulative effect of
accounting change - (0.11)
-------- --------
Net income (loss) $ 0.10 $ (0.03)
======== ========
Basic weighted shares
outstanding 9,595 10,415
======== ========
Diluted earnings (loss) per share:
Income before
accounting change $ 0.10 $ 0.10
Cumulative effect of
accounting change - (0.11)
-------- --------
Net income (loss) $ 0.10 $ (0.03)
======== ========
Diluted weighted
shares outstanding 9,596 10,416
======== ========
Restaurants open at
end of period 35 37
Comparable sales growth 2.5% (6.9%)
CONTACT: Jim Zielke
Total Entertainment Restaurant Corp.
(316) 634-0505