WICHITA, Kan., April 18, 2001 (PRIMEZONE) -- Total Entertainment Restaurant Corp. (Nasdaq:TENT) announced record earnings and revenues for the twelve-week first quarter ended March 20, 2001. Net income increased 22.5% to $1,191,000 ($0.14 per share) for the quarter compared to $972,000 ($0.10 per share) in 2000. Sales increased 20.4% to $16,437,000 for the quarter compared to $13,650,000 in 2000. Comparable store sales increased 6.1% for the first quarter.
Steve Johnson, Chief Executive Officer, stated, "This quarter was highlighted by top-line growth of the business including our eighth consecutive quarter of comp store sales growth and higher average unit volumes in the three units opened last quarter. We plan to open up to seven new units in 2001. One of these units, Ft. Worth, Texas, opened on April 11, 2001, and another unit in Nashville, Tennessee should open next month. In addition, we have leases executed on two additional sites and are actively negotiating leases on six more sites."
During the first quarter the Company repurchased 75,300 shares of its common stock. The Company has repurchased 1,748,889 shares of its common stock under the 2,000,000 share repurchase plan authorized by the Board of Directors.
The Company currently operates 39 entertainment restaurants in 33 markets under the names Fox and Hound English Pub & Grille, Bailey's Sports Grille, and Bailey's Pub & Grille.
This Press Release contains certain forward-looking statements of the Company within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although the Company believes the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements contained in the Press Release will prove to be accurate.
Total Entertainment Restaurant Corp.
Unaudited Summary Financial Data for the First Quarter 2001
($ in thousands except per share amounts)
Condensed Income Statements
For the twelve weeks ended
March 20, 2001 March 21, 2000
$ % $ %
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Food and beverage 14,906 90.7 12,269 89.9
Entertainment and other 1,531 9.3 1,381 10.1
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Total net sales 16,437 100.0 13,650 100.0
Costs and expenses:
Costs of sales 4,451 27.1 3,544 26.0
Entertainment and restaurant
operating expenses 8,025 48.8 6,432 47.2
Depreciation and amortization 816 5.0 837 6.1
Preopening costs 72 0.4 6 --
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Entertainment and restaurant
costs and expenses 13,364 81.3 10,819 79.3
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Entertainment and restaurant
operating income 3,073 18.7 2,831 20.7
General and
administrative expenses 867 5.3 958 7.0
Goodwill amortization 56 0.3 56 0.4
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Income from operations 2,150 13.1 1,817 13.3
Other income (expense):
Loss on disposal of assets (23) (0.1) (26) (0.2)
Interest income & other -- -- -- --
Interest expense (255) (1.6) (249) (1.8)
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Income before taxes 1,872 11.4 1,542 11.3
Provision for income taxes 681 4.1 570 4.2
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Net income 1,191 7.3 972 7.1
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Basic and diluted earnings
per share 0.14 0.10
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Restaurants open at end
of period 38 35
Comparable sales growth 6.1% 2.5%