WICHITA, Kan., June 14, 2002 (PRIMEZONE) -- Total Entertainment Restaurant Corp. (Nasdaq:TENT) today announced preliminary results for the 12 weeks ended June 11, 2002. Total sales for the quarter were approximately $21.4 million, which represents an approximate 45% increase over the same period the previous year. Comparable restaurant sales growth for the second fiscal quarter was approximately 10.7%. The Company expects diluted earnings per share for the fiscal quarter to be in the range of $0.10-$0.12. Reported diluted earnings per share for the second fiscal quarter of 2001 were $0.04.
"We are proud to report our preliminary revenue and earnings performance for the quarter," said Steve Johnson, chief executive officer of Total Entertainment Restaurant Corp. "This marks our 13th consecutive quarter of comparable restaurant sales growth and we have averaged in excess of 7% growth for the last 8 quarters. This also marks the first time that our comparable restaurant sales growth has exceeded 10% for a quarter."
The Company plans to open ten to twelve units in 2002. During the second quarter, the Company opened two new restaurants in Westminster, Colo. and Richmond, Va. This brings the total number of restaurant openings to six through the second quarter of fiscal 2002. In addition, four units are under construction and leases have been executed on two additional sites.
The Company will report its second quarter 2002 earnings during the week of June 24, 2002.
The Company owns and operates 48 restaurants under the "Fox and Hound" and "Bailey's" brand names that each provide a social gathering place offering high quality food, drinks and entertainment in an upscale, casual environment.
This press release contains certain forward-looking statements 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, which are intended to be covered by the safe harbors created thereby. Although the Company believes that 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 included in this report will prove to be accurate. Our actual results may differ materially from the forward-looking statements contained herein. Factors that could cause actual results to differ from the results discussed in the forward-looking statements include, but are not limited to, potential increases in food, alcohol, labor, and other operating costs, changes in competition, the inability to find suitable new locations, changes in consumer preferences or spending patterns, changes in demographic trends, the effectiveness of our operating and growth initiatives and promotional efforts, and changes in government regulation. Further information about the factors that might affect the Company's financial and other results are included in the Company's 10-K and 10-Q, filed with the Securities and Exchange Commission. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved.