Total Entertainment Restaurant Corp. Announces Third Quarter Earnings


WICHITA, Kan., Sept. 28, 2001 (PRIMEZONE) -- 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%


            

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