Barbeques Galore (NASDAQ:BBQZ)
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Barbeques Galore Limited (NASDAQ:BBQZ) today reported
financial results for its fiscal year ended January 31, 2005, along
with results for its first fiscal quarter ended April 30, 2005.
Results for fiscal year and fourth quarter ended January 31, 2005
and 2004:
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Three Months Ended Twelve Months Ended
In US$ thousands except per January 31, January 31,
share data ------------------ -------------------
2005 2004(a) 2005 2004(a)
--------- -------- --------- ---------
Net Sales
Australia 36,347 37,879 96,848 91,112
U.S. 22,873 25,076 114,071 106,934
--------- -------- --------- ---------
Total net sales 59,220 82,955 210,919 198,046
Operating income 1,881 4,693 1,922 1,187
Net income 845 3,203 186 218
Earnings per share - diluted 0.19 0.76 0.04 0.05
US$/A$ conversion rate 0.7671 0.7412 0.7347 0.6736
Comparable Store Sales
Australia (in Australian $'s) -9.9% -2.8%
U.S. (in US $'s) -8.2% +6.3%
(a) As restated
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Results for first fiscal quarter ended April 30, 2005 and 2004:
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Three Months Ended
In US$ thousands except per share data April 30,
---------------------
2005 2004(a)
---------- ----------
Net Sales
Australia 18,976 18,346
U.S. 27,567 25,432
---------- ----------
Total net sales 46,543 43,778
Operating (loss) (3,967) (1,621)
Net (loss) (2,723) (1,238)
Earnings per share - diluted -0.64 -0.30
US$/A$ conversion rate 0.7798 0.7571
Comparable Store Sales
Australia (in Australian $'s) -4.5%
U.S. (in US $'s) +4.8%
(a) As restated
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The company said reporting of results for fiscal year 2005 and the
first fiscal quarter of 2006 was delayed due to an exhaustive review
it undertook in consultation with its independent auditors, KPMG,
related to the treatment of leases and other matters. The review was
similar to that undertaken by numerous other retail companies
following clarification by the U.S. Securities and Exchange Commission
on lease accounting. It resulted in the restatement of the way the
company accounts for leases, specifically in regard to operating
leases with scheduled rent increases and tenant allowances, and the
recording of out-of-period adjustments.
The restatement had no impact on previously reported cash flows,
cash balances, sales or comparable sales. There was also no impact on
the timing or amount of any actual lease payment or tax liability;
compliance with any financial covenant under its credit facilities; or
the current economic value of the company's leaseholds or freehold.
The company said the primary effect of the restatement was a
decrease in total shareholders' equity of A$1,241,000 as originally
stated at January 31, 2004. Barbeques Galore recently filed its Annual
Report on Form 20-F for fiscal 2005 which contains full details.
Sam Linz, Executive Chairman, said operating results for the year
and first quarter in Australia were affected by generally weak
consumer spending, along with heightened competition which placed
pressure on margins. Linz said unusually harsh weather conditions in
the United States, including record rainfall in the company's largest
geographic market, California, also impacted results. Subsequent to
the close of the first quarter, the company closed underperforming
stores in Coral Springs, FL, Cupertino, CA and Stafford (Houston), TX.
"Proceeding into fiscal 2006, the retail environment in Australia
remains difficult, and we plan to roll out a new marketing strategy
for Australia's summer season," Linz said. "We also are proceeding
with selective expansion in the U.S."
During the first quarter, Barbeques Galore opened a new store in
Norwalk, CT, its first in the tri-state region of the eastern U.S.,
and plans its second opening in the area by September of this year in
Scarsdale, NY. Recently, new stores were opened in Alpharetta, GA,
near Atlanta, and Temecula, CA, near San Diego.
In Australia, the Mile End SA store was relocated, the licensed
store at Tweed Heads, NSW was purchased, and the Bowral store was sold
to a licensee. The company last month opened a new store at Capalaba,
Qld, and later this year will relocate its stores in Castle Hill, NSW
and Camperdown, NSW to larger locations.
In a separate news release today, the company announced it has
signed an agreement for a proposed transaction with Ironbridge
Capital, a leading Australian private equity firm, to acquire all the
outstanding stock and options in the company in a cash transaction
valued at approximately US$45 million. Ironbridge will offer A$13.00
per share in cash, equal to US$9.91, based on present currency
exchange rates. The agreement is subject to the grant of the
appropriate approvals and fulfilment of certain financial and other
conditions.
Barbeques Galore is the leading chain of specialty retail stores
devoted to sales of barbecues, backyard accents, fireside products and
related accessories. The company now owns and operates 68 stores in
the U.S. and 44 stores in Australia. In addition, it has seven
franchised stores in the U.S. and 48 licensed stores in Australia.
Through its U.S. e-commerce Web site, www.bbqgalore.com, the company
sells an extensive line of barbecue and fireside products and related
accessories.
This press release contains forward looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Such
statements include, but are not limited to the company's ability to
successfully execute its expansion plans in existing as well as new
geographic markets, its ability to successfully open planned and
negotiated stores, the success of its new marketing strategy in
Australia and consummation of the acquisition transaction. Forward
looking statements are based on management's current expectations and
beliefs, and are subject to risks and uncertainties. Accordingly,
actual results may differ materially from the forward-looking
statements contained herein. Risks that relate to these forward
looking statements include the risk that the transaction will not
receive the required shareholder and government approvals and the risk
that the transaction will otherwise not be completed. Further detailed
information about risk factors that may impact the company's business
is set forth in the company's periodic filings with the U.S.
Securities and Exchange Commission. Barbeques Galore expressly
disclaims any obligation to update or alter its forward-looking
statements, whether as a result of new information, future events or
otherwise.
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BARBEQUES GALORE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
In US$ thousands, except share and per share data
Fourth Quarter
ended Year ended
January 31 January 31
--------------- -----------------
2005 2004 2005 2004
------- ------- -------- --------
Net Sales
Australia 36,347 37,879 96,848 91,112
U.S. 22,873 25,076 114,071 106,934
------- ------- -------- --------
Total net sales 59,220 62,955 210,919 198,046
------- ------- -------- --------
Cost of goods sold, warehouse,
distribution & occupancy costs 40,293 42,260 145,822 139,355
------- ------- -------- --------
Gross profit 18,927 20,695 65,097 58,691
------- ------- -------- --------
Selling, general &
administration expenses 17,046 15,919 63,840 57,489
Store pre opening costs (11) 0 145 9
Relocation and closure costs (gains) 8 28 (125) 2,031
Other expense (income) 3 55 (685) (2,025)
------- ------- -------- --------
Operating income 1,881 4,693 1,922 1,187
------- ------- -------- --------
Equity in (loss) of affiliates 0 (329) 0 (189)
Interest expense 430 374 1,539 1,366
------- ------- -------- --------
Income (loss) before income tax 1,451 3,990 383 (368)
------- ------- -------- --------
Income tax expense (benefit) 606 787 197 (586)
------- ------- -------- --------
Net income (loss) 845 3,203 186 218
======= ======= ======== ========
Basic earnings (loss) per share 0.20 0.78 0.04 0.05
======= ======= ======== ========
Diluted earnings (loss) per share 0.19 0.76 0.04 0.05
======= ======= ======== ========
Weighted average shares outstanding
outstanding - Basic 4,245 4,117 4,182 4,117
======= ======= ======== ========
- Diluted 4,412 4,207 4,385 4,117
======= ======= ======== ========
US$/A$ conversion rate 0.7671 0.7412 0.7347 0.6736
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BARBEQUES GALORE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
In Australian $ thousands, except share and per share data
Fourth Quarter
ended Year ended
January 31 January 31
------------------ -----------------
2005 2004 2005 2004
--------- ------- -------- --------
Unaudited Restated Audited Restated
Net Sales
Australia 47,382 51,105 130,920 133,340
U.S. 29,818 33,832 156,172 160,689
--------- ------- -------- --------
Total net sales 77,200 84,937 287,092 294,029
--------- ------- -------- --------
Cost of goods sold, warehouse,
distribution & occupancy costs 52,526 57,015 198,480 207,451
--------- ------- -------- --------
Gross profit 24,674 27,922 88,612 86,578
--------- ------- -------- --------
Selling, general &
administration expenses 22,221 21,477 86,882 85,923
Store pre opening costs (14) 0 200 14
Relocation and closure costs
(gains) 11 38 (170) 3,427
Other expense (income) 4 74 (959) (3,004)
--------- ------- -------- --------
Operating income 2,452 6,333 2,659 218
--------- ------- -------- --------
Equity in (loss) of affiliates 0 (444) 0 (218)
Interest expense 560 504 2,091 2,044
--------- ------- -------- --------
Income (loss) before income tax 1,892 5,385 568 (2,044)
--------- ------- -------- --------
Income tax expense (benefit) 790 1,062 280 (1,267)
--------- ------- -------- --------
Net income (loss) 1,102 4,323 288 (777)
========= ======= ======== ========
Basic earnings (loss) per share 0.26 1.05 0.07 (0.19)
========= ======= ======== ========
Diluted earnings (loss) per
share 0.25 1.03 0.07 (0.19)
========= ======= ======== ========
Weighted average shares outstanding
outstanding - Basic 4,245 4,117 4,182 4,117
========= ======= ======== ========
- Diluted 4,412 4,207 4,385 4,117
========= ======= ======== ========
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BARBEQUES GALORE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
In US $ thousands
January 31, 2005 January 31, 2004
----------------- -------------------
Restated
Assets
Current assets:
Cash and cash equivalents $ 848 $ 2,691
Accounts receivable, net 5,937 6,854
Other receivables 4,685 3,956
Receivables from
affiliates - 1,437
Inventories 45,226 42,381
Deferred income taxes 2,382 1,919
Prepaid expenses and
other current assets 1,450 760
-------------- -------------------
Total current assets 60,528 $ 59,998
Non-current assets:
Receivables from
affiliates - 956
Property, plant and
equipment, net 16,554 17,750
Goodwill 1,079 838
Deferred income taxes 2,709 3,082
Other non-current assets 653 194
-------------- -------------------
Total assets $ 81,523 $ 82,818
============== ===================
Liabilities and shareholders'
equity
Current liabilities:
Accounts payable and
accrued liabilities $ 22,787 $ 22,742
Payables to related
parties 3 69
Short-term bank
borrowings 15,648 -
Current portion of
obligations under capital
leases 979 1,362
Income tax payable 2 220
-------------- -------------------
Total current
liabilities 39,419 24,393
Non-current liabilities:
Long-term debt - 16,788
Obligations under capital
leases, excluding current
portion 1,807 1,644
Other long-term
liabilities 2,888 2,842
-------------- -------------------
Total liabilities $ 44,114 $ 45,667
-------------- -------------------
Shareholders' equity:
Ordinary shares, no par
value; authorized
27,437,853 shares;
4,670,291 shares issued;
4,245,291 shares
outstanding 32,267 31,136
Accumulated other
comprehensive (loss) (3,937) (3,724)
Retained earnings 10,780 11,418
-------------- -------------------
39,110 38,830
Less: Treasury Stock at
cost - 425,000 ordinary
shares (1,701) (1,679)
-------------- -------------------
Total shareholders'
equity 37,409 37,151
-------------- -------------------
Total liabilities
and shareholders'
equity $ 81,523 $ 82,818
============== ===================
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BARBEQUES GALORE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
In Australian $ thousands
Restated
January 31, 2005 January 31, 2004
----------------- ----------------
Audited Audited
Assets
Current assets:
Cash and cash equivalents $ 1,095 $ 3,521
Accounts receivable, net 7,666 8,966
Other receivables 6,050 5,175
Receivables from affiliates - 1,880
Inventories 58,401 55,444
Deferred income taxes 3,076 2,510
Prepaid expenses and other
current assets 1,873 994
---------------- -----------------
Total current assets 78,161 78,490
Non-current assets:
Receivables from affiliates - 1,250
Property, plant and
equipment, net 21,376 23,221
Goodwill 1,393 1,096
Deferred income taxes 3,498 4,032
Other non-current assets 845 255
---------------- -----------------
Total assets $ 105,273 $ 108,344
================ =================
Liabilities and shareholders'
equity
Current liabilities:
Accounts payable and
accrued liabilities $ 29,425 $ 29,751
Payables to related parties 4 90
Short-term bank borrowings 20,206 -
Current portion of
obligations under capital
leases 1,264 1,782
Income tax payable 3 288
---------------- -----------------
Total current
liabilities 50,902 31,911
Non-current liabilities:
Long-term debt - 21,962
Obligations under capital
leases, excluding current
portion 2,333 2,151
Other long-term liabilities 3,730 3,718
---------------- -----------------
Total liabilities $ 56,965 $ 59,742
---------------- -----------------
Shareholders' equity:
Ordinary shares, no par value;
authorized 27,437,853 shares;
4,670,291 shares issued;
4,245,291 shares
outstanding 41,667 40,733
Accumulated other
comprehensive (loss) (5,084) (4,872)
Retained earnings 13,921 14,937
---------------- -----------------
50,504 50,798
Less: Treasury Stock at cost
- 425,000 ordinary shares (2,196) (2,196)
---------------- -----------------
Total shareholders'
equity 48,308 48,602
---------------- -----------------
Total liabilities and
shareholders' equity $ 105,273 $ 108,344
================ =================
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BARBEQUES GALORE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
In US$ thousands, except share and per share data
First Quarter ended
-------------------
April 30
-------------------
2005 2004
------- -------
Net Sales
Australia 18,976 18,346
U.S. 27,567 25,432
------- -------
Total net sales 46,543 43,778
------- -------
Cost of goods sold, warehouse,
distribution & occupancy costs 34,467 31,037
------- -------
Gross profit 12,076 12,741
------- -------
Selling, general &
administration expenses 15,963 14,363
Store pre opening costs 80 74
Relocation and closure costs (gains) 0 (75)
Other expense (income) 0 0
------- -------
Operating income (loss) (3,967) (1,621)
------- -------
Equity in income of affiliates 0 0
Interest expense 245 348
------- -------
Income (loss) before income tax (4,212) (1,969)
------- -------
Income tax expense (benefit) (1,489) (731)
------- -------
Net income (loss) (2,723) (1,238)
======= =======
Basic earnings (loss) per share (0.64) (0.30)
======= =======
Diluted earnings (loss) per share (0.64) (0.30)
======= =======
Weighted average shares outstanding
outstanding - Basic 4,245 4,117
======= =======
- Diluted 4,245 4,117
======= =======
US$/A$ conversion rate 0.7798 0.7571
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BARBEQUES GALORE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
In Australian $ thousands, except share and per share data
First Quarter ended
-------------------
April 30
-------------------
2005 2004
------- -------
Net Sales
Australia 24,334 24,232
U.S. 35,351 33,591
------- -------
Total net sales 59,685 57,823
------- -------
Cost of goods sold, warehouse,
distribution & occupancy costs 44,200 40,995
------- -------
Gross profit 15,485 16,828
------- -------
Selling, general &
administration expenses 20,471 18,971
Store pre opening costs 103 98
Relocation and closure costs (gains) 0 (99)
Other expense (income) 0 0
------- -------
Operating income (loss) (5,089) (2,142)
------- -------
Equity in income of affiliates 0 0
Interest expense 314 459
------- -------
Income (loss) before income tax (5,403) (2,601)
------- -------
Income tax expense (benefit) (1,909) (966)
------- -------
Net income (loss) (3,494) (1,635)
======= =======
Basic earnings (loss) per share (0.82) (0.39)
======= =======
Diluted earnings (loss) per share (0.82) (0.39)
======= =======
Weighted average shares outstanding
outstanding - Basic 4,245 4,117
======= =======
- Diluted 4,245 4,117
======= =======
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BARBEQUES GALORE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
In US $ thousands
April 30, 2005 January 31, 2005
--------------- ------------------
Audited
Assets
Current assets:
Cash and cash equivalents $ 2,952 $ 848
Accounts receivable, net 6,338 5,937
Other receivables 985 4,685
Receivables from affiliates - -
Inventories 49,729 45,226
Deferred income taxes 3,141 2,382
Prepaid expenses and other
current assets 3,038 1,450
--------------- ------------------
Total current assets $ 66,183 $ 60,528
Non-current assets:
Receivables from affiliates - -
Property, plant and
equipment, net 18,060 16,554
Goodwill, net 1,109 1,079
Deferred income taxes 2,853 2,709
Other non-current assets 656 653
--------------- ------------------
Total assets $ 88,861 $ 81,523
=============== ==================
Liabilities and shareholders'
equity
Current liabilities:
Accounts payable and accrued
liabilities $ 30,114 $ 22,787
Payables to related parties 4 3
Short-term bank borrowings 17,796 15,648
Current portion of
obligations under capital
leases 609 979
Income taxes payable 2 2
--------------- ------------------
Total current
liabilities 48,525 39,419
Non-current liabilities:
Long-term debt - -
Obligations under capital
leases, excluding current
portion 2,532 1,807
Other long-term liabilities 2,890 2,888
--------------- ------------------
Total liabilities $ 53,947 $ 44,114
--------------- ------------------
Shareholders' equity:
Ordinary shares, no par value;
authorized 27,437,853 shares;
4,670,291 issued shares;
4,245,291 outstanding
shares 32,550 32,267
Accumulated other
comprehensive income (4,066) (3,937)
Retained earnings 8,145 10,780
--------------- ------------------
36,629 39,110
Less: Treasury Stock at cost
- 425,000 ordinary shares (1,715) (1,701)
--------------- ------------------
Total shareholders'
equity 34,914 37,409
--------------- ------------------
Total liabilities and
shareholders' equity $ 88,861 $ 81,523
=============== ==================
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BARBEQUES GALORE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
In Australian $ thousands
April 30, 2005 January 31, 2005
--------------- -----------------
Audited
Assets
Current assets:
Cash and cash equivalents $ 3,779 $ 1,095
Accounts receivable, net 8,114 7,666
Other receivables 1,261 6,050
Receivables from affiliates - -
Inventories 63,665 58,401
Deferred income taxes 4,021 3,076
Prepaid expenses and other
current assets 3,890 1,873
--------------- -----------------
Total current assets 84,730 78,161
Non-current assets:
Receivables from affiliates - -
Property, plant and
equipment, net 23,121 21,376
Goodwill, net 1,420 1,393
Deferred income taxes 3,652 3,498
Other non-current assets 840 845
--------------- -----------------
Total assets $ 113,763 $ 105,273
=============== =================
Liabilities and shareholders'
equity
Current liabilities:
Accounts payable and accrued
liabilities $ 38,553 $ 29,425
Payables to related parties 5 4
Short-term bank borrowings 22,783 20,206
Current portion of
obligations under capital
leases 780 1,264
Income taxes payable 3 3
--------------- -----------------
Total current
liabilities 62,124 50,902
Non-current liabilities:
Long-term debt - -
Obligations under capital
leases, excluding current
portion 3,241 2,333
Other long-term liabilities 3,700 3,730
--------------- -----------------
Total liabilities $ 69,065 $ 56,965
--------------- -----------------
Shareholders' equity:
Ordinary shares, no par value;
authorized 27,437,853 shares;
4,670,291 issued shares;
4,245,291 outstanding shares 41,672 41,667
Accumulated other
comprehensive income (5,205) (5,084)
Retained earnings 10,427 13,921
--------------- -----------------
46,894 50,504
Less: Treasury Stock at cost
- 425,000 ordinary shares (2,196) (2,196)
--------------- -----------------
Total shareholders'
equity 44,698 48,308
--------------- -----------------
Total liabilities and
shareholders' equity $ 113,763 $ 105,273
=============== =================
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