WICHITA, Kansas, April 11, 2002 (PRIMEZONE) -- Total Entertainment Restaurant Corp. (Nasdaq:TENT) announced record earnings and revenues for the twelve-week first quarter ended March 19, 2002.
Highlights for the 12-week fiscal first quarter ended March 19, 2002 compared to the 12-week fiscal first quarter ended March 20, 2001:
* Comparable store sales increased 9.3%
* Total revenues increased 34.5% to $22,104,000
* Net income increased 59.3% to $1,897,000
* Diluted net income per share increased 50% to $0.21
* Average weekly sales per restaurant increased 13.2% to $40,980
* Restaurant operating income before preopening costs increased
50.6% to $4,736,000 and increased 230 basis points to 21.4%
of sales
* Four new units were opened
"We are very pleased with our strong first quarter results," said Steve Johnson, Chief Executive Officer. "We were able to achieve positive comp store sales for the 12th consecutive quarter including six straight quarters of comp store sales growth greater than 5%. New unit volumes continue to be very strong. The twelve units not included in the 18-month comp base posted average weekly sales which were 39.8% higher than the units in the comp base."
The Company plans to open ten to twelve units in 2002. Four units were opened during the first quarter including units in Littleton, CO; Phoenix, AZ; Ft. Worth, TX; and Charlotte, NC. The fifth unit is scheduled to open on April 17. In addition, four units are under construction and leases have been executed on two sites.
The Company currently operates 47 entertainment restaurants in 36 markets under the names Fox and Hound English Pub & Grille, Fox and Hound Smokehouse & Tavern, Bailey's Sports Grille, Bailey's Pub & Grille and Bailey's Smokehouse & Tavern.
For interested parties, there will be a conference call with management at 10 a.m. Central Time on Monday, April 15, 2002 to discuss this first quarter earnings release. The call in number is 888-455-9687 and the confirmation code is "TENT." A recorded replay of the conference call will be available from 12 p.m. on April 15, 2002 through midnight on April 22, 2002. The replay call in number is 800-964-4511 and the confirmation code is 4664.
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 2002
($ in thousands except per share amounts)
Condensed Income Statements
For the twelve weeks ended
March 19, 2002 March 20, 2001
$ % $ %
-------- ----- -------- -----
Food and beverage $ 20,118 91.0 $ 14,906 90.7
Entertainment and other 1,986 9.0 1,531 9.3
-------- ----- -------- -----
Total net sales 22,104 100.0 16,437 100.0
Costs and expenses:
Costs of sales 5,804 26.3 4,451 27.1
Entertainment and restaurant
operating expenses 10,555 47.7 8,025 48.8
Depreciation and amortization 1,010 4.6 816 5.0
Preopening costs 491 2.2 72 0.4
-------- ----- -------- -----
Entertainment and restaurant
costs and expenses 17,860 80.8 13,364 81.3
-------- ----- -------- -----
Entertainment and restaurant
operating income 4,244 19.2 3,073 18.7
General and
administrative expenses 1,155 5.2 867 5.3
Goodwill amortization -- -- 56 0.3
-------- ----- -------- -----
Income from operations 3,089 14.0 2,150 13.1
Other income (expense):
Loss on disposal of assets (18) (0.1) (23) (0.1)
Interest expense (107) (0.5) (255) (1.6)
-------- ----- -------- -----
Income before taxes 2,964 13.4 1,872 11.4
Provision for income taxes 1,067 4.8 681 4.1
-------- ----- -------- -----
Net income $ 1,897 8.6 $ 1,191 7.3
======== ===== ======== =====
Basic earnings per share $ 0.22 $ 0.14
Diluted earnings per share $ 0.21 $ 0.14
Restaurants open at end
of period 47 38
Comparable sales growth 9.3% 6.1%