Quality Dining Reports Second Quarter Results
June 12, 2002 4:26pm
MISHAWAKA, Ind., June 12 /PRNewswire-FirstCall/ --
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Quality Dining, Inc. (Nasdaq: QDIN) today announced total revenues of $62.2 million for the second quarter of fiscal 2002 versus $52.2 million during the same period in fiscal 2001. For the 28 weeks ended May 12, 2002, the Company reported total revenues of $142.7 million versus $120.5 million in the comparable period during fiscal 2001.
The Company reported net income of $1,223,000, or $0.11 per diluted share, for the second quarter of fiscal 2002 compared with net income of $439,000, or $0.04 per diluted share, for the same period in fiscal 2001. For the first 28 weeks of fiscal 2002, the Company reported net income of $2,165,000, or $0.19 per diluted share, compared with net income of $563,000, or $0.05 per diluted share, for the comparable period in fiscal 2001.
The Company also announced that it has renewed its revolving credit facility. The revolving credit facility provides for borrowing up to $60 million and matures in November 2005.
Quality Dining owns the Grady's American Grill®, Papa Vino's Italian Kitchen™ and Spageddies Italian Kitchen™ concepts and operates Burger King® restaurants and Chili's Grill & Bar® restaurants as a franchisee. As of June 12, 2002, the Company operates 23 Grady's American Grill restaurants, 5 Papa Vino's Italian Kitchen™ restaurants, 3 Spageddies Italian Kitchen restaurants, 116 Burger King restaurants and 33 Chili's Grill & Bar restaurants.
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- looking statements are made based upon management's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that the Company will actually achieve the plans, intentions and expectations discussed in these forward-looking statements. Actual results may differ materially. Among the risks and uncertainties that could cause actual results to differ materially are the following: the availability and cost of suitable locations for new restaurants; the availability and cost of capital to the Company; the ability of Bruegger's Corporation to perform its indemnity obligations and to make any payments on the junior subordinated note; the ability of the Company to develop and operate its restaurants; the hiring, training and retention of skilled corporate and restaurant management and other restaurant personnel; the integration and assimilation of acquired businesses; the overall success of the Company's franchisors; the ability to obtain the necessary government approvals and third-party consents; changes in governmental regulations, including increases in the minimum wage; the results of pending litigation; and weather and other acts of God. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future developments or otherwise.
QUALITY DINING, INC.
Unaudited Financial Highlights
(in thousands, except per share amounts)
12 Weeks 12 Weeks 28 Weeks 28 Weeks
Ended Ended Ended Ended
May 12, 2002 May 13, 2001 May 12, 2002 May 13, 2001
Revenues:
Restaurant sales:
Burger King $28,262 $17,452 $63,806 $39,959
Grady's American Grill 12,294 14,876 29,480 34,788
Chili's Grill & Bar 17,695 15,816 40,249 36,480
Italian Dining Division 3,918 4,070 9,137 9,258
Total revenues 62,169 52,214 142,672 120,485
Operating expenses:
Restaurant operating expenses:
Food and beverage 17,834 14,770 40,816 34,028
Payroll and benefits 18,202 15,208 42,863 35,225
Depreciation and
amortization 2,495 2,662 5,728 6,203
Other operating
expenses 15,678 12,674 35,829 29,501
Total restaurant
operating expenses 54,209 45,314 125,236 104,957
Income from
restaurant operations 7,960 6,900 17,436 15,528
General and
administrative 4,708 3,677 10,265 8,250
Amortization of
intangibles 98 201 228 470
Facility closing costs 204 -- 204 216
Operating income 2,950 3,022 6,739 6,592
Other income (expense):
Interest expense (1,945) (2,429) (4,715) (5,864)
Gain (loss) on sale
of property and
equipment 245 12 170 4
Interest income 4 6 8 13
Other income (expense),
net 293 318 719 675
Total other expense, net (1,403) (2,093) (3,818) (5,172)
Income before income
taxes 1,547 929 2,921 1,420
Income tax provision 324 490 756 857
Net Income $1,223 $439 $2,165 $ 563
Basic net income
per share $0.11 $0.04 $0.19 $0.05
Diluted net income
per share $0.11 $0.04 $0.19 $0.05
Weighted average shares:
Basic 11,206 11,590 11,206 11,686
Diluted 11,422 11,625 11,378 11,709
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SOURCE Quality Dining, Inc.
-0- 06/12/2002
/CONTACT: John C. Firth, Executive Vice President and General Counsel of Quality Dining, Inc., +1-219-243-6616/
(QDIN)
CO: Quality Dining, Inc.
ST: Indiana
IN: FOD
SU: ERN
JG-JB
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