Grill Concepts Reports Strong 2005 First Quarter
02 6월 2005 - 1:33AM
PR Newswire (US)
Grill Concepts Reports Strong 2005 First Quarter - Company Posts
$0.11 EPS in Current First Quarter vs. $0.02 EPS a Year Ago - LOS
ANGELES, June 1 /PRNewswire-FirstCall/ -- Grill Concepts, Inc.
(NASDAQ:GRILE) today reported substantially higher net income of
$682,000, or $0.11 per diluted share, for the three months ended
March 27, 2005, compared with $117,000, or $0.02 per diluted share,
as adjusted, in the prior-year period. For the 2005 first quarter,
total revenues, including cost reimbursements and management and
license fees, rose 4.3 percent to $17.2 million from $16.5 million,
as restated, for the corresponding prior-year period. Sales at
company-owned restaurants grew 2.9 percent to $13.4 million from
$13.0 million a year earlier. Sales from non-consolidated
restaurants were also higher, resulting in a 20.3 percent increase
in management and license fees of $356,000, compared with $296,000
in the fiscal 2004 first quarter. Same store sales improved 1.2
percent. "The new year is off to a solid start as our renewed focus
on improving operational efficiencies begins to yield significant
benefits to the bottom line," said Robert Spivak, president and
chief executive officer of Grill Concepts. "The sharp increase in
net income was driven, primarily, by a nearly twelve-fold
improvement in year-over-year operating income, which benefited
from reductions in cost of sales, restaurant operating expenses and
general and administrative expenses as a percentage of sales
revenues. "At the same time, we continue to build on the strong
brand equity of our Daily Grill and Grill on the Alley restaurants,
with ongoing strength particularly at our newer Daily Grill
locations. We are very pleased with the initial performance of the
Santa Monica Daily Grill, opened in March of this year, and are
excited about our newest Daily Grill, which just opened in one of
the busiest and most visible locations in downtown Los Angeles,"
Spivak said. As previously announced, the company's 2004 quarterly
results were adjusted to conform with U.S. generally accepted
accounting practices (GAAP) as expressed in a February 7, 2005
letter by the Chief Accountant of the Securities and Exchange
Commission (SEC) to the American Institute of Certified Public
Accountants, and to correct the estimate of useful lives of assets
and correct accounting for complimentary and promotional
activities. About Grill Concepts, Inc. Grill Concepts owns and
manages upscale casual and fine dining, full service restaurants
under two core brand names: The Grill on the Alley and Daily Grill.
The company operates 25 restaurants including four The Grill on the
Alley-branded restaurants in Beverly Hills, Hollywood, San Jose,
California, and Chicago, as well as 21 Daily Grill restaurants in
Southern and Northern California, the Washington, D.C. metropolitan
region, Houston, Texas, Portland, Oregon and Skokie, Illinois. This
news release contains forward-looking statements, which are based
on current operations, plans and expectations. Such statements
include, but are not limited to, the company's ability to continue
expanding its restaurant network. Actual results may differ
materially from these statements due to risks and uncertainties
beyond the company's control, which are detailed from time to time
in the company's filings with the United States Securities and
Exchange Commission. CONTACTS: Philip Gay Chief Financial Officer
Grill Concepts, Inc. (310) 820-5559 Roger Pondel/Angie Yang
PondelWilkinson Inc. (310) 279-5980 GRILL CONCEPTS, INC. AND
SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(unaudited) Three Months Ended March 27, March 28, 2005 2004
(restated) Revenues: Sales $13,387,000 $13,013,000 Cost
reimbursements 3,469,000 3,190,000 Management and license fees
356,000 296,000 Total revenues 17,212,000 16,499,000 Operating
expenses: Cost of sales 3,738,000 3,772,000 Restaurant operating
expenses 7,701,000 7,672,000 Reimbursed costs 3,469,000 3,190,000
General and administrative 1,046,000 1,180,000 Depreciation and
amortization 461,000 479,000 Pre-opening costs 91,000 147,000 Total
operating expenses 16,506,000 16,440,000 Income from operations
706,000 59,000 Interest expense, net (37,000) (66,000) Income
(loss) before provision for income taxes and minority interest
669,000 (7,000) Provision for income taxes (78,000) (23,000)
Minority interest 91,000 147,000 Net income 682,000 117,000
Preferred dividends accrued (13,000) (13,000) Net income applicable
to common stock $669,000 $104,000 Net income per share applicable
to common stock: Basic net income $0.12 $0.02 Diluted net income
$0.11 $0.02 Weighted average shares outstanding: Basic 5,650,146
5,545,864 Diluted 6,092,223 6,192,910 DATASOURCE: Grill Concepts,
Inc. CONTACT: Philip Gay, Chief Financial Officer of Grill
Concepts, Inc., +1-310-820-5559; or Roger Pondel or Angie Yang,
both of PondelWilkinson Inc., +1-310-279-5980, , for Grill
Concepts, Inc.
Copyright
Grill Concepts (NASDAQ:GRILE)
과거 데이터 주식 차트
부터 8월(8) 2024 으로 9월(9) 2024
Grill Concepts (NASDAQ:GRILE)
과거 데이터 주식 차트
부터 9월(9) 2023 으로 9월(9) 2024