WICHITA, Kansas, Jan. 22, 1999 (PRIMEZONE) -- Total Entertainment Restaurant Corp. (NASDAQ: TENT) announced record sales and earnings for both the sixteen week fourth quarter and fiscal year ended December 29, 1998.
Fourth quarter sales increased 116.3% to $14,713,000 compared with $6,801,000 for the same quarter last year. Fiscal year end sales increased 83.3% to $34,114,000 from $18,557,000 last year. Comparable store sales decreased 2.3% in the fourth quarter and decreased 0.9% for the year.
Net income increased 29.6% for the fourth quarter to $850,000 or $.08 per share compared with $656,000 or $.06 per share for the same period a year ago. Net income for the year increased 92.5% to $2,081,000 or $.20 per share compared with $1,081,000 or $.12 per share last year.
During the fourth quarter, six Fox and Hound English Pub & Grille units and three Bailey's Pub & Grille units were opened bringing the total number of units opened in 1998 to sixteen. The new units are:
Atlanta, GA Kansas City, KS
Lubbock, TX Canton, OH
Dayton, OH Chapel Hill, NC
Detroit, MI New Orleans, LA
Memphis #2, TN
Newly announced development plans call for eight new units to be opened in 1999 and ten to twelve new units in 2000. One unit has opened in Pittsburgh, PA and construction has begun on four additional units.
The Company has also entered into an office lease for its new corporate headquarters. The new contact information is as follows:
Total Entertainment Restaurant Corp.
9300 East Central Avenue, Suite 100
Wichita, Kansas 67206
P.O. Box 782558
Wichita, Kansas 67278-2558
Telephone: (316) 634-0505
The Company currently operates 33 entertainment restaurants in 31 markets under the names Fox and Hound English Pub & Grille, Bailey's Sports Grille and Bailey's Pub & Grille.
This Press Release contains certain forward-looking statements including development plans of the Company within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although the Company believes the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements contained in the Press Release will prove to be accurate.
Total Entertainment Restaurant Corp.
Unaudited Summary Financial Data for the Fourth Quarter 1998
($ in thousands except per share amounts)
Condensed Income Statements
Historical
_______________________________________
For the sixteen For the sixteen
weeks ended weeks ended
December 29, 1998 December 30, 1997
$ % $ %
________ ______ _______ ______
Food & beverage $ 13,342 90.7 $ 5,795 85.2
Amusement & other 1,371 9.3 1,006 14.8
________ ______ _______ ______
Total net sales 14,713 100.0 6,801 100.0
Costs and expenses:
Costs of sales 4,196 28.5 1,815 26.7
Restaurant operating expenses 6,721 45.7 2,976 43.8
Depreciation and amortization 1,313 8.9 344 5.1
________ ______ _______ ______
Restaurant costs and expenses 12,230 83.1 5,135 75.5
________ ______ _______ ______
Restaurant operating income 2,483 16.9 1,666 24.5
General and administrative expenses 929 6.3 668 9.8
Goodwill amortization 75 0.5 79 1.2
________ ______ _______ ______
Income from operations 1,479 10.1 919 13.5
Interest income & other -- -- 88 1.3
Interest expense (131) (0.9) -- --
________ ______ _______ ______
Income before taxes 1,348 9.2 1,007 14.8
Provision for income taxes 498 3.4 351 5.2
________ ______ _______ ______
Net income $ 850 5.8 $ 656 9.6
________ ______ _______ ______
________ ______ _______ ______
Net income per share $ 0.08 $ 0.06
________ _______
________ _______
Weighted average shares outstanding (in 000's) 10,415 10,415
Restaurants open at end of period 32 16
Comparable sales growth (2.3) % (0.6) %
Company
Historical Pro Forma
____________________ _________________
For the fifty-two weeks ended
________________________________________
December 29, 1998 December 30, 1997
$ % $ %
_______ ______ _______ ______
Food & beverage $ 30,010 88.0 $ 15,482 83.4
Amusement & other 4,104 12.0 3,075 16.6
_______ ______ _______ ______
Total net sales 34,114 100.0 18,557 100.0
Costs and expenses
Costs of sales 9,429 27.6 4,912 26.5
Restaurant operating expenses 15,586 45.6 8,281 44.6
Depreciation and amortization 2,875 8.4 1,052 5.6
_______ ______ _______ ______
Restaurant costs and expenses 27,890 81.8 14,245 76.8
_______ ______ _______ ______
Restaurant operating income 6,224 18.2 4,312 23.2
General and administrative expenses 2,609 7.6 2,014 10.9
Goodwill amortization 244 0.7 242 1.3
_______ ______ _______ ______
Income from operations 3,371 9.9 2,056 11.1
Interest income & other 71 0.2 129 0.7
Interest expense (140) (0.4) (499) (2.7)
_______ ______ _______ ______
Income before taxes 3,302 9.7 1,686 9.1
Provision for income taxes 1,221 3.6 605 3.3
_______ ______ _______ ______
Net Income $ 2,081 6.1 $ 1,081 5.8
_______ ______ _______ ______
_______ ______ _______ ______
Net income per share $ 0.20 $ 0.12
_______ _______
_______ _______
Weighted average shares outstanding (in 000's) 10,415 9,062
Restaurants open at end of period 32 16
Comparable sales growth (0.9) % 2.7 %
Condensed Balance Sheets
December 29, December 30,
1998 1997
Current assets:
Cash and cash equivalents $ 946 $ 1,221
Marketable securities -- 3,315
Other current assets 3,379 1,290
________ _______
4,325 5,826
Property and equipment, net 32,157 12,582
Intangibles and other assets 4,768 4,816
________ _______
$ 41,250 $ 23,224
________ _______
________ _______
Total current liabilities $ 5,319 $ 1,247
Noncurrent liabilities 12,195 312
Stockholders' equity 23,736 21,665
________ _______
$ 41,250 $ 23,224
________ _______
________ _______
Contact: Christopher L. Wettig
Total Entertainment Restaurant Corp.
(316) 634-0505