Barbeques Galore (NASDAQ:BBQZ)
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From Jun 2019 to Jun 2024
Barbeques Galore Limited (NASDAQ:BBQZ) today announced
that the Federal Court of Australia approved the holding of special
shareholder and option holder meetings to ratify Ironbridge Capital's
proposed acquisition of all outstanding shares and options in the
company in a cash transaction valued at approximately US$45 million.
The company also announced that early next week it will commence
mailing proxy materials relating to the special meetings, scheduled to
be held on October 14, 2005, at the company's corporate headquarters
in Sydney, Australia. The transaction is expected to be completed by
November 1, 2005, subject to approval by shareholders and option
holders, regulatory approvals and the fulfillment of certain financial
and other conditions.
Barbeques Galore today also reported financial results for its
second fiscal quarter ended July 31, 2005.
Questions or requests for free copies of the proxy materials
relating to the proposed transaction may be directed to the
Information Agent, PondelWilkinson Inc., at 1880 Century Park East,
Suite 700, Los Angeles, California 90067, or by telephone to
866-279-8084 or 310-279-5980, by fax to 310-279-5988 or by email to
investor@pondel.com.
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 six
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.
BARBEQUES GALORE AND CERTAIN OF ITS DIRECTORS AND OFFICERS MAY BE
DEEMED TO BE PARTICIPANTS IN THE SOLICITATION OF PROXIES FOR THE
SPECIAL MEETINGS OF SHAREHOLDERS AND OPTION HOLDERS RELATING TO THE
PROPOSED TRANSACTION. BARBEQUES GALORE HAS FILED WITH THE SECURITIES
AND EXCHANGE COMMISSION AND IS COMMENCING MAILING TO ITS SHAREHOLDERS
AND OPTION HOLDERS A DEFINITIVE PROXY STATEMENT FOR THE SPECIAL
MEETINGS. THE DEFINITIVE PROXY STATEMENT CONTAINS IMPORTANT
INFORMATION REGARDING THE PARTICIPANTS IN THE SOLICITATION AND OTHER
IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. SHAREHOLDERS AND
OPTION HOLDERS OF BARBEQUES GALORE ARE ADVISED TO READ THE COMPANY'S
PROXY STATEMENT FOR THE SPECIAL MEETINGS BECAUSE IT CONTAINS IMPORTANT
INFORMATION.
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 statements regarding the
proposed merger and the anticipated completion date. 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, option holder 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
Second Quarter Six Months
Ended Ended
July 31, July 31,
--------------- -----------------
2005 2004 2005 2004
------- ------- -------- --------
Net Sales
Australia 18,040 17,218 37,016 35,564
U.S. 43,363 40,205 70,930 65,637
------- ------- -------- --------
Total net sales 61,403 57,423 107,946 101,201
------- ------- -------- --------
Cost of goods sold, warehouse,
distribution & occupancy costs 43,108 39,296 77,575 70,333
------- ------- -------- --------
Gross profit 18,295 18,127 30,371 30,868
------- ------- -------- --------
Selling, general &
administration expenses 19,034 16,806 34,997 31,169
Store pre opening costs 126 71 206 145
Relocation and closure (gains) costs 0 (58) 0 (133)
------- ------- -------- --------
Operating income (loss) (865) 1,308 (4,832) (313)
------- ------- -------- --------
Interest expense 345 369 590 717
------- ------- -------- --------
Income before tax (1,210) 939 (5,422) (1,030)
------- ------- -------- --------
Income tax expense (benefit) (389) 336 (1,878) (395)
------- ------- -------- --------
Net income (loss) (821) 603 (3,544) (635)
======= ======= ======== ========
Basic earnings per share (0.19) 0.15 (0.86) (0.15)
======= ======= ======== ========
Diluted earnings per share (0.19) 0.14 (0.81) (0.15)
======= ======= ======== ========
Weighted average shares outstanding 4,245 4,144 4,144 4,131
======= ======= ======== ========
4,245 4,399 4,399 4,339
======= ======= ======== ========
US$/A$ conversion rate 0.7619 0.7055 0.7055 0.7269
BARBEQUES GALORE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
In Australian$ thousands, except share and per share data
Second Quarter Six Months
Ended Ended
July 31, July 31,
--------------- -----------------
2005 2004 2005 2004
------- ------- -------- --------
Net Sales
Australia 23,678 24,405 48,012 48,637
U.S. 56,914 56,988 92,265 90,579
------- ------- -------- --------
Total net sales 80,592 81,393 140,277 139,216
------- ------- -------- --------
Cost of goods sold, warehouse,
distribution & occupancy costs 56,580 55,700 100,780 96,695
------- ------- -------- --------
Gross profit 24,012 25,693 39,497 42,521
------- ------- -------- --------
Selling, general &
administration expenses 24,982 23,822 45,453 42,793
Store pre opening costs 166 100 269 198
Relocation and closure (gains) costs 0 (82) 0 (181)
------- ------- -------- --------
Operating income (loss) (1,136) 1,853 (6,225) (289)
------- ------- -------- --------
Interest expense 453 523 767 982
------- ------- -------- --------
Income before tax (1,589) 1,330 (6,992) (1,271)
------- ------- -------- --------
Income tax expense (benefit) (510) 476 (2,419) (490)
------- ------- -------- --------
Net income (loss) (1,079) 854 (4,573) (781)
======= ======= ======== ========
Basic earnings per share (0.25) 0.21 (1.10) (0.19)
======= ======= ======== ========
Diluted earnings per share (0.25) 0.19 (1.04) (0.18)
======= ======= ======== ========
Weighted average shares outstanding 4,245 4,144 4,144 4,131
======= ======= ======== ========
4,245 4,399 4,399 4,339
======= ======= ======== ========
BARBEQUES GALORE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
In US$ thousands
July 31, Jan. 31,
2005 2005
Assets
Current assets:
Cash and cash equivalents $ 1,332 $ 848
Accounts receivable, net 5,901 5,937
Other receivables 1,047 4,684
Inventories 46,759 45,226
Deferred income taxes 5,073 2,381
Prepaid expenses and other current assets 1,565 1,451
------- -------
Total current assets 61,677 60,527
Non-current assets:
Property, plant and equipment, net 17,878 16,554
Goodwill, net 1,085 1,079
Deferred income taxes 2,647 2,709
Other non-current assets 645 654
------- -------
Total assets $83,932 $81,523
======= =======
Liabilities and shareholders' equity
Current liabilities:
Accounts payable and accrued liabilities $25,464 $22,787
Payables to related parties 4 3
Short-term bank borrowings 19,120 15,648
Current portion of obligations under capital
leases 754 978
Income taxes payable 239 2
------- -------
Total current liabilities 45,581 39,418
Non-current liabilities:
Obligations under capital leases, excluding
current portion 2,012 1,807
Other long-term liabilities 2,887 2,889
------- -------
Total liabilities $50,480 $44,114
------- -------
Shareholders' equity:
Ordinary shares, no par value; authorized
27,437,853 shares; 4,670,291 issued shares;
4,245,291 outstanding shares 31,650 32,267
Accumulated other comprehensive income (3,630) (3,937)
Retained earnings 7,100 10,780
------- -------
35,120 39,110
Less: Treasury Stock at cost - 425,000 ordinary
shares (1,668) (1,701)
------- -------
Total shareholders' equity 33,452 37,409
------- -------
Total liabilities and shareholders' equity $83,932 $81,523
======= =======
Exchange rate used 0.7595 0.7744
BARBEQUES GALORE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
In Australian$ thousands
July 31, Jan. 31,
2005 2005
Assets
Cash and cash equivalents $ 1,754 $ 1,095
Accounts receivable, net 7,769 7,666
Other receivables 1,378 6,049
Inventories 61,566 58,401
Deferred income taxes 6,679 3,075
Prepaid expenses and other current assets 2,062 1,874
-------- --------
Total current assets 81,208 78,160
Property, plant and equipment, net 23,539 21,376
Goodwill, net 1,428 1,393
Deferred income taxes 3,485 3,498
Other non-current assets 850 845
-------- --------
Total assets $110,510 $105,272
======== ========
Accounts payable and accrued liabilities $ 33,529 $ 29,425
Payables to related parties 5 4
Short-term bank borrowings 25,174 20,206
Current portion of obligations under capital
leases 993 1,263
Income taxes payable 315 3
-------- --------
Total current liabilities 60,016 50,901
Obligations under capital leases, excluding current
portion 2,649 2,333
Other long-term liabilities 3,801 3,730
-------- --------
Total liabilities $ 66,466 $ 56,964
-------- --------
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 (4,780) (5,084)
Retained earnings 9,348 13,921
-------- --------
46,240 50,504
Less: Treasury Stock at cost - 425,000 ordinary
shares (2,196) (2,196)
-------- --------
Total shareholders' equity 44,044 48,308
-------- --------
Total liabilities and shareholders' equity $110,510 $105,272
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