Press
Releases 2001
For Immediate Release
Contact: James K. Zielke
(316) 634-0505
NASDAQ: TENT
Total Entertainment Restaurant
Corp. Announces Third Quarter Earnings
WICHITA,
Kan., Sept. 28, 2001 -- Total Entertainment Restaurant Corp.
(Nasdaq:TENT) announced record earnings and revenues for the
twelve-week third quarter ended September 4, 2001. Net income
increased $200,000 to $220,000 ($0.03 per share) for the quarter
compared to $20,000 ($0.00 per share) in 2000. Sales increased
29.0% to $14,551,000 for the quarter compared to $11,283,000
in 2000. Entertainment and restaurant operating income before
preopening costs increased 46.2% to $1,807,000 for the quarter
compared to $1,236,000 in 2000. Comparable store sales increased
9.5%, representing the 10th consecutive quarter of positive
same store sales growth.
Year to date net income increased 37.8% to $1,773,000 ($0.20
per share) for the 36 weeks ended September 4, 2001 compared
to $1,287,000 ($0.14 per share) in 2000. Year to date sales
increased 23.8% to $45,713,000 from $36,939,000. Year to date
entertainment and restaurant operating income before preopening
costs increased 22.3% to $7,040,000 compared to $5,758,000
in 2000. Comparable store sales increased 7.0% year to date.
Steve Johnson, Chief Executive Officer, stated, "We are
very pleased to report record same store sales growth on units
opened 18 months, including our fourth consecutive quarter
of comp sales in excess of 5%. In addition, our record revenue
and earnings for the quarter were driven by higher average
unit volumes in units opened less than 18 months. Average
weekly volumes in these new units were 20.5% greater than
units opened 18 months."
The Company also opened one new unit during the quarter in
Charlotte, N.C. Gary Judd, President, stated, "The new
Charlotte unit is the first unit to implement our new barbeque
menu. The unit set daily and weekly sales records during its
opening week and continues to be our highest volume unit.
Our plan is to roll out the new menu on a test basis in selected
markets early in the fourth quarter as well as all new unit
openings. We continue to be on pace to meet our goal of seven
new units during fiscal 2001. Three units have opened this
year, four units are under construction and leases have been
executed on three additional sites."
The Company currently operates 41 entertainment restaurants
in 34 markets under the names Fox and Hound English Pub &
Grille, Fox and Hound Smokehouse & Tavern, Bailey's Sports
Grille, and Bailey's Pub & Grille.
This Press Release contains certain forward-looking statements
of the Company within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. Although the Company believes
the assumptions underlying the forward-looking statements
contained herein are reasonable, any of the assumptions could
be inaccurate, and therefore, there can be no assurance that
the forward-looking statements contained in the Press Release
will prove to be accurate.
Total Entertainment Restaurant Corp.
Unaudited Summary Financial Data for the Third Quarter 2001
($ in thousands except per share amounts)
Condensed Income Statements
For the twelve weeks ended
September 4, 2001 September 5, 2000
$ % $ %
-------- -------- -------- --------
Food & beverage 13,119 90.2 10,137 89.8
Entertainment & other 1,388 9.5 1,146 10.2
License fees 44 0.3 -- --
-------- ------- -------- ------
Total net sales 14,551 100.0 11,283 100.0
Costs and expenses:
Costs of sales 3,941 27.1 2,953 26.2
Entertainment and
restaurant operating
expenses 7,924 54.4 6,267 55.6
Depreciation and
amortization 879 6.0 827 7.3
Preopening costs 299 2.1 23 0.2
-------- ------- -------- ------
Entertainment and
restaurant costs
and expenses 13,043 89.6 10,070 89.3
-------- ------- -------- ------
Entertainment and
restaurant operating
income 1,508 10.4 1,213 10.7
General and
administrative
expenses 898 6.2 852 7.5
Goodwill amortization 56 0.4 56 0.5
-------- ------- -------- ------
Income from operations 554 3.8 305 2.7
Other income/expense:
Loss on disposal
of assets (39) (0.2) (23) (0.2)
Other income,
principally interest 1 -- -- --
Interest expense (186) (1.3) (250) (2.2)
-------- ------- -------- ------
Income before taxes 330 2.3 32 0.3
Provision for
income taxes 110 0.8 12 0.1
-------- ------- -------- ------
Net income $ 220 1.5 $ 20 0.2
======== ======= ======== ======
Basic and diluted
earnings per share $ 0.03 $ --
======== ======= ======== ======
Restaurants open
at end of period 41 35
Comparable sales growth 9.5% 1.9%
For the thirty-six weeks ended
September 4, 2001 September 5, 2000
$ % $ %
-------- -------- -------- -------
Food & beverage 41,377 90.5 33,195 89.9
Entertainment & other 4,292 9.4 3,744 10.1
License fees 44 0.1 -- --
-------- ------- -------- -------
Total net sales 45,713 100.0 36,939 100.0
Costs and expenses:
Costs of sales 12,432 27.2 9,656 26.1
Entertainment and
restaurant operating
expenses 23,696 51.8 19,036 51.5
Depreciation and
amortization 2,545 5.6 2,489 6.8
Preopening costs 669 1.5 37 0.1
-------- ------- -------- -------
Entertainment and
restaurant costs
and expenses 39,342 86.1 31,218 84.5
-------- ------- -------- -------
Entertainment and
restaurant operating
income 6,371 13.9 5,721 15.5
General and
administrative
expenses 2,675 5.8 2,713 7.3
Goodwill amortization 169 0.4 169 0.5
-------- ------- -------- -------
Income from operations 3,527 7.7 2,839 7.7
Other income/expense:
Loss on disposal
of assets (91) (0.2) (55) (0.2)
Other income,
principally
interest 1 -- -- --
Interest expense (664) (1.4) (742) (2.0)
-------- ------- -------- -------
Income before taxes 2,773 6.1 2,042 5.5
Provision for
income taxes 1,000 2.2 755 2.0
-------- ------- -------- -------
Net income $ 1,773 3.9 $ 1,287 3.5
======== ======= ======== =======
Basic and diluted
earnings per share $ 0.20 $ 0.14
======== ========
Restaurants open
at end of period 41 35
Comparable
sales growth 7.0% 1.6%
CONTACT: Total Entertainment Restaurant Corp.
Jim Zielke
(316) 634-0505
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