Quality Dining (NASDAQ:QDIN)
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/C O R R E C T I O N -- Quality Dining, Inc./
In the news release, Quality Dining Reports Fourth Quarter and Year-End Results,
issued Wednesday, December 24 by Quality Dining, Inc. (Nasdaq: QDIN), over PR
Newswire, we are advised by the company that in table "QUALITY DINING, INC. -
Unaudited Financial Highlights," under the third column, "52 Weeks Ended October
26, 2003," line item "Restaurant sales: Burger King," should read "$114,983"
rather than "$14,983," as originally issued inadvertently. Complete, corrected
release follows.
MISHAWAKA, Ind., Dec. 24 /PRNewswire-FirstCall/ -- Quality Dining, Inc. today
announced total revenues of $54.1 million for the fourth quarter of fiscal 2003
versus $54.8 million during the same period in fiscal 2002. The Company reported
net income of $1,106,000, or $0.10 per share, for the fourth quarter of fiscal
2003 compared to a net income of $1,201,000, or $0.11 per share, for the same
period in fiscal 2002.
For the fiscal year ended October 26, 2003, the Company reported total revenues
of $227.1 million versus $248.2 million in fiscal 2002. For the fiscal year
ended October 26, 2003, the Company reported a net income of $872,000, or $0.08
per share, compared to net income of $5,084,000, or $0.45 per share, for fiscal
2002.
Quality Dining owns the Grady's American Grill(R), Papa Vino's Italian
Kitchen(TM) and Spageddies Italian Kitchen(R) concepts and operates Burger
King(R) restaurants and Chili's Grill & Bar(R) restaurants as a franchisee. As
of December 24, 2003, the Company operates 12 Grady's American Grill
restaurants, 6 Papa Vino's Italian Kitchen restaurants, 3 Spageddies Italian
Kitchen restaurants, 118 Burger King restaurants and 37 Chili's Grill & Bar
restaurants.
This press release contains and incorporates forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995, including
statements about the Company's development plans and trends in the Company's
operations and financial results. Forward-looking statements can be identified
by the use of words such as "anticipates," "believes," "plans," "estimates,"
"expects," "intends," "may," and other similar expressions. 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 the Company to develop and operate its restaurants;
the ability of the Company to sustain sales and margins in the increasingly
competitive environment; the hiring, training and retention of skilled corporate
and restaurant management and other restaurant personnel; the integration and
assimilation of acquired concepts; 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 is not responsible for changes made to
this document by wire services or Internet services.
QUALITY DINING, INC.
Unaudited Financial Highlights
(in thousands, except per share amounts)
12 Weeks 12 Weeks 52 Weeks 52 Weeks
Ended Ended Ended Ended
October 26, October 27, October 26, October 27,
2003 2002 2003 2002
--------- --------- --------- ---------
Revenues:
Restaurant sales:
Burger King $27,739 $28,330 $114,983 $123,795
Chili's Grill & Bar 19,550 17,984 80,710 75,760
Italian Dining Division 3,889 4,238 17,560 17,052
Grady's American Grill 2,878 4,238 13,892 31,607
--------- --------- --------- ---------
Total revenues 54,056 54,790 227,145 248,214
--------- --------- --------- ---------
Operating Expenses:
Restaurant Operating
Expenses:
Food and beverage 15,070 15,375 61,910 69,379
Payroll and benefits 15,685 15,950 66,486 72,791
Depreciation and
amortization 2,304 2,408 9,977 10,117
Other operating
expenses 14,168 14,342 61,540 64,655
--------- --------- --------- ---------
Total restaurant
operating expenses 47,227 48,075 199,913 216,942
--------- --------- --------- ---------
Income from restaurant
operations 6,829 6,715 27,232 31,272
General and
administrative 3,186 3,842 15,961 18,638
Amortization of
intangibles 62 105 364 431
Impairment of assets and
facility closing costs (34) 362 3,901 355
--------- --------- --------- ---------
Operating income 3,615 2,406 7,006 11,848
--------- --------- --------- ---------
Other income (expense):
Recovery of note
receivable - - 3,459 -
Interest expense (1,632) (1,833) (7,479) (8,429)
Gain (loss) on sale of
property and equipment (8) 595 (53) 1,034
Stock purchase expense - - (1,294) -
Other income (expense),
net 159 (8) 992 655
--------- --------- --------- ---------
Total other income
(expense), net (1,481) (1,246) (4,375) (6,740)
--------- --------- --------- ---------
Income before income
taxes and discontinued
operations 2,134 1,160 2,631 5,108
Income tax provision 1,175 (11) 1,966 1,053
--------- --------- --------- ---------
Income from continuing
operations 959 1,171 665 4,055
Income from discontinued
operations 147 30 207 1,029
--------- --------- --------- ---------
Net Income $1,106 $1,201 $872 $5,084
========= ========= ========= =========
Basic net income per share:
Continuing operations 0.09 0.11 0.06 0.36
Discontinuing operations 0.01 - 0.02 0.09
--------- --------- --------- ---------
Basic net income
per share $0.10 $0.11 $0.08 $0.45
========= ========= ========= =========
Diluted net income per
share:
Continuing operations 0.09 0.11 0.06 0.36
Discontinuing operations 0.01 - 0.02 0.09
--------- --------- --------- ---------
Diluted net income per
share $0.10 $0.11 $0.08 $0.45
========= ========= ========= =========
Weighted average shares:
Basic 11,311 11,311 11,311 11,248
Diluted 11,331 11,417 11,326 11,306
DATASOURCE: Quality Dining, Inc.
CONTACT: John C. Firth, Executive Vice President and General Counsel of
Quality Dining, Inc., +1-574-243-6616