Quality Dining (NASDAQ:QDIN)
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Quality Dining Reports First Quarter Results
MISHAWAKA, Ind., April 4 /PRNewswire-FirstCall/ -- Quality Dining, Inc.
(NASDAQ:QDIN) today reported net income of $548,000, or $0.05 per diluted
share, on total revenues of $71.5 million for the first quarter of fiscal 2005
compared to a net income of $92,000, or $0.01 per diluted share, on total
revenues of $64.1 million for the same period in fiscal 2004.
For further information about the results of the quarter ended February 20,
2005, see Quality Dining's Form 10-Q to be filed with the Securities and
Exchange Commission ("SEC") shortly hereafter. Investors and shareholders of
Quality Dining are advised to read the Form 10-Q.
This press release is for informational purposes only and is not an offer to
buy or the solicitation of an offer to sell any shares, nor is it a
solicitation of a proxy to vote in connection with the Company's go-private
transaction. For more detailed information about the proposed transaction,
interested parties should read the definitive merger agreement that was filed
as an attachment to a Form 8-K filed with the SEC on November 10, 2004. In
addition, Quality Dining has filed with the SEC and mailed to its shareholders
a proxy statement containing information about the proposed transaction, in
connection with a special meeting of Quality Dining's shareholders that will be
held on April 12, 2005, to consider and vote upon the proposed transaction.
Investors and shareholders of Quality Dining are advised to read the definitive
merger agreement and the proxy statement carefully because they contain
important information about the proposed transaction, the persons soliciting
proxies related thereto, their interests in the proposed transaction and
related matters. Investors and shareholders may obtain free copies of the proxy
statement and other documents filed by Quality Dining at the SEC's website at
http://www.sec.gov/ . Free copies of the proxy statement will also be available
to investors and shareholders from Quality Dining by directing such requests to
the attention of John C. Firth, Secretary, Quality Dining, Inc., 4220 Edison
Lakes Parkway, Mishawaka, Indiana 46545, 574-271- 4600.
Quality Dining, Mr. Fitzpatrick and the members of his group, and the other
directors and executive officers of Quality Dining, may be deemed to be
participants in the solicitation of proxies from Quality Dining's shareholders
with respect to the proposed transaction. Information regarding the directors
and executive officers of Quality Dining is included in Quality Dining's Form
10-K for the fiscal year ended October 31, 2004, and information regarding the
interests of participants in the solicitation is set forth in the proxy
statement filed with the SEC in connection with the proposed transaction on
March 21, 2005.
Quality Dining owns the Grady's American Grill(R), Papa Vino's Italian
Kitchen(TM) and Spageddies Italian Kitchen(TM) concepts and operates Burger
King(R) restaurants and Chili's Grill & Bar(R) restaurants as a franchisee. As
of April 4, 2005, the Company operates 123 Burger King restaurants, 39 Chili's
Grill & Bar restaurants, six Papa Vino's Italian Kitchen(TM) restaurants, three
Spageddies Italian Kitchen restaurants, two Grady's American Grill restaurants,
and one Porterhouse Steaks and Seafood(TM) restaurant.
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)
16 Weeks Ended 16 Weeks Ended
February 20, 2005 February 15, 2004
----------------- -----------------
Revenues:
Burger King $37,440 $32,307
Chili's Grill & Bar 27,332 24,807
Italian Dining Division 4,963 5,027
Grady's American Grill 1,731 1,922
----------------- -----------------
Total revenues 71,466 64,063
----------------- -----------------
Operating Expenses:
Restaurant Operating Expenses:
Food and beverage 19,727 17,586
Payroll and benefits 20,825 18,780
Depreciation and amortization 2,857 2,967
Other operating expenses 19,351 16,904
----------------- -----------------
Total restaurant operating
expenses 62,760 56,237
----------------- -----------------
Income from restaurant operations 8,706 7,826
General and administrative 4,881 5,014
Trademark amortization 33 82
Facility closing costs 26 --
----------------- -----------------
Operating income 3,766 2,730
----------------- -----------------
Other income (expense):
Interest expense (1,978) (2,059)
Loss on sale of property and
equipment (71) (47)
Minority interest in earnings (732) (480)
Other income, net 65 86
----------------- -----------------
Total other income (expense), net (2,716) (2,500)
----------------- -----------------
Income from continuing operations
before income taxes 1,050 230
Income tax provision 480 289
----------------- -----------------
Income (loss) from continuing
operations 570 (59)
Income (loss) from discontinued
operations, net of tax (22) 151
----------------- -----------------
Net Income $548 $92
================= =================
Basic net income per share:
Continuing operations 0.05 --
Discontinuing operations -- 0.01
----------------- -----------------
Basic net income per share $0.05 $0.01
================= =================
Diluted net income per share:
Continuing operations 0.05 --
Discontinuing operations -- 0.01
----------------- -----------------
Diluted net income per share $0.05 $0.01
================= =================
Weighted average shares:
Basic 10,183 10,163
Diluted 10,343 10,163
DATASOURCE: Quality Dining, Inc.
CONTACT: John C. Firth, Executive Vice President and General Counsel of
Quality Dining, Inc., +1-574-243-6616