WICHITA, Kan., July 10, 2001 (PRIMEZONE) -- Total Entertainment Restaurant Corp. (Nasdaq:TENT) announced record earnings and revenues for the twelve-week second quarter ended June 12, 2001. Net income increased 22.7% to $362,000 ($0.04 per share) for the quarter compared to $295,000 ($0.03 per share) in 2000. Sales increased 22.7% to $14,725,000 for the quarter compared to $12,006,000 in 2000. Comparable store sales increased 5.5% for the second quarter.
Steve Johnson, Chief Executive Officer, stated, "We are very pleased to report our ninth straight quarter of positive same store sales on units opened 18 months including our third consecutive quarter of comp sales in excess of 5%. We opened two new units, Ft. Worth, TX and Nashville, TN during the quarter and are on pace to meet our goal of seven new units during fiscal 2001. One unit is under construction and leases have been executed on seven additional sites."
The Company currently operates 40 entertainment restaurants in 34 markets under the names Fox and Hound English Pub & Grille, Bailey's Sports Grille, and Bailey's Pub & Grille.
This Press Release contains certain forward-looking statements of the Company within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although the Company believes the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements contained in the Press Release will prove to be accurate.
Total Entertainment Restaurant Corp.
Unaudited Summary Financial Data for the Second Quarter 2001
($ in thousands except per share amounts)
Condensed Income Statements
For the twelve weeks ended
June 12, 2001 June 13, 2000
$ % $ %
-------- ------- -------- -------
Food & beverage 13,352 90.7 10,790 89.9
Entertainment & other 1,373 9.3 1,216 10.1
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Total net sales 14,725 100.0 12,006 100.0
Costs and expenses:
Costs of sales 4,040 27.4 3,159 26.3
Restaurant and restaurant
operating expenses 7,747 52.6 6,337 52.7
Depreciation and amortization 850 5.8 825 6.9
Preopening costs 299 2.0 8 0.1
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Entertainment and
restaurant costs and
expenses 12,936 87.8 10,329 86.0
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Entertainment and restaurant
operating income 1,789 12.2 1,677 14.0
General and
administrative expenses 911 6.2 904 7.5
Goodwill amortization 56 0.4 56 0.5
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Income from operations 822 5.6 717 6.0
Other income (expense):
Loss on disposal of assets (28) (0.2) (6) (0.1)
Interest expense (223) (1.5) (243) (2.0)
-------- ------- -------- -------
Income before taxes 571 3.9 468 3.9
Provision for income taxes 209 1.4 173 1.4
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Net income $ 362 2.5 $ 295 2.5
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Basic and diluted
earnings per share $ 0.04 $ 0.03
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Restaurants open at
end of period 40 35
Comparable sales growth 5.5% 1.7%
For the twenty-four weeks ended
June 12, 2001 June 13, 2000
$ % $ %
-------- ------- -------- -------
Food & beverage 28,258 90.7 23,058 89.9
Entertainment & other 2,904 9.3 2,598 10.1
-------- ------- -------- -------
Total net sales 31,162 100.0 25,656 100.0
Costs and expenses:
Costs of sales 8,491 27.2 6,702 26.1
Restaurant and restaurant
operating expenses 15,772 50.6 12,769 49.8
Depreciation and amortization 1,667 5.4 1,663 6.5
Preopening costs 370 1.2 14 0.1
-------- ------- -------- -------
Entertainment and
restaurant costs and
expenses 26,300 84.4 21,148 82.5
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Entertainment and restaurant
operating income 4,862 15.6 4,508 17.5
General and
administrative expenses 1,777 5.7 1,862 7.3
Goodwill amortization 113 0.4 113 0.4
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Income from operations 2,972 9.5 2,533 9.8
Other income (expense):
Loss on disposal of assets (51) (0.2) (32) (0.1)
Interest expense (478) (1.5) (491) (1.9)
-------- ------- -------- -------
Income before taxes 2,443 7.8 2,010 7.8
Provision for income taxes 890 2.8 744 2.9
-------- ------- -------- -------
Net income $ 1,553 5.0 $ 1,266 4.9
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Basic and diluted
earnings per share $ 0.18 $ 0.13
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Restaurants open at
end of period 40 35
Comparable sales growth 5.8% 2.1%