Quality Dining (NASDAQ:QDIN)
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Quality Dining Reports Second Quarter Results
MISHAWAKA, Ind., June 14 /PRNewswire-FirstCall/ -- Quality Dining, Inc.
(NASDAQ:QDIN) today announced total revenues of $52.2 million for the second
quarter of fiscal 2004 versus $49.7 million during the same period in fiscal
2003. For the 28 weeks ended May 9, 2004, the Company reported total revenues
of $116.3 million versus $114.8 million in the comparable period during fiscal
2003.
The Company reported net income of $254,000, or $0.02 per diluted share, for
the second quarter of fiscal 2004 compared to a net loss of $280,000, or $0.02
per diluted share, for the same period in fiscal 2003. For the first 28 weeks
of fiscal 2004, the Company reported net income of $532,000, or $0.04 per
diluted share, compared to a net loss of $101,000, or $0.01 per diluted share,
for the comparable period in fiscal 2003.
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 June 14, 2004, the Company operates 118 Burger King restaurants, 38 Chili's
Grill & Bar restaurants, 8 Grady's American Grill restaurants, 6 Papa Vino's
Italian Kitchen(TM) restaurants, 3 Spageddies Italian Kitchen restaurants and
one Porterhouse 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)
12 Weeks 12 Weeks 28 Weeks 28 Weeks
Ended Ended Ended Ended
May 9, May 11, May 9, May 11,
2004 2003 2004 2003
Revenues:
Restaurant sales:
Burger King $26,578 $25,452 $58,885 $59,393
Chili's Grill & Bar 20,346 18,616 45,153 42,132
Italian Dining Division 3,865 4,163 8,892 9,808
Grady's American Grill 1,437 1,459 3,360 3,501
Total revenues 52,226 49,690 116,290 114,834
Operating expenses:
Restaurant operating
expenses:
Food and beverage 14,270 13,450 31,856 30,850
Payroll and benefits 15,114 14,293 33,894 33,630
Depreciation and
amortization 2,101 2,288 4,968 5,362
Other operating
expenses 13,605 12,685 30,421 30,077
Total restaurant operating
expenses 45,090 42,716 101,139 99,919
Income from restaurant
operations 7,136 6,974 15,151 14,915
General and administrative 3,663 4,041 8,678 8,980
Trademark amortization 37 87 119 203
Operating income 3,436 2,846 6,354 5,732
Other income (expense):
Recovery of note receivable - 3,459 - 3,459
Interest expense (1,464) (1,690) (3,523) (3,994)
Loss on sale of property
and equipment (28) (1) (75) (10)
Minority interest in earnings (573) (587) (1,054) (1,370)
Other income, net 70 257 154 750
Total other income
(expense), net (1,995) 1,438 (4,498) (1,165)
Income from continuing
operations before income taxes 1,441 4,284 1,856 4,567
Income tax provision 287 256 559 597
Income from continuing
operations 1,154 4,028 1,297 3,970
Loss from discontinued
operations (900) (4,308) (765) (4,071)
Net income (loss) $254 $(280) $532 (101)
Basic net income (loss) per
share:
Continuing operations 0.10 0.36 0.11 0.35
Discontinued operations (0.08) (0.38) (0.07) (0.36)
Basic net income (loss) per
share $0.02 $(0.02) $0.04 (0.01)
Diluted net income (loss)
per share:
Continuing operations 0.10 0.36 0.11 0.35
Discontinued operations (0.08) (0.38) (0.07) (0.36)
Diluted net income (loss)
per share $0.02 $(0.02) $0.04 (0.01)
Weighted average shares:
Basic 11,311 11,311 11,311 11,311
Diluted 11,337 11,311 11,341 11,311
DATASOURCE: Quality Dining, Inc.
CONTACT: John C. Firth, Executive Vice President and General Counsel of
Quality Dining, Inc., +1-574-243-6616