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Back Yard Burgers, Inc. (Nasdaq SmallCap:BYBI) today announced results for the third quarter of 2005.
-- Total revenues for the 13-week period ended October 1, 2005, were $10,221,000 compared with total revenues of $10,392,000 for the 13-week period ended October 2, 2004. Restaurant sales at Company-operated restaurants declined $458,000 to $8,450,000 for the 13-week period ended October 1, 2005, primarily due to the net decrease of one Company-operated restaurant since October 2, 2004, as well as a 3.0% decline in same-store sales at Company-operated restaurants during the 13-week period ended October 1, 2005. This decrease was partially offset by a $321,000 increase in royalty fees over the year-earlier period due to a net increase of 22 franchised restaurants since October 2, 2004.
-- Net income for the 13-week period ended October 1, 2005, increased 35.1% to $354,000, or $0.07 per diluted share, from $262,000, or $0.05 per diluted share, in the year-earlier period. The increase was due primarily to the higher royalty fees described above.
-- For the third quarter of 2005, same-store sales for Company-operated restaurants decreased 3.0% from the comparable period in 2004, and same-store sales for franchised restaurants declined 5.9% for the same period. Year-to-date same-store sales for 2005 decreased 2.5% for Company-operated restaurants and decreased 2.6% for franchised restaurants versus the comparable period in 2004.
-- Total revenues for the 39-week period ended October 1, 2005, were $30,635,000 compared with $30,534,000 in the prior-year period. Net income for the 39-week period ended October 1, 2005, was $595,000, or $0.12 per diluted share, compared with $1,003,000, or $0.20 per diluted share, in the prior-year period. Net income for the 39-week period ended October 1, 2005, included a non-cash charge of approximately $358,000 (net of a tax benefit of $153,000) relating to the extension of the exercise date of certain stock options upon the resignation of an officer/director on January 7, 2005.
-- Unit activity for the quarter included the opening of 11 franchised stores. As of October 1, 2005, the Company's restaurant system comprised 171 units, including 41 Company-operated stores and 130 franchised stores. Expansion plans for the remainder of 2005 include the opening of six franchised stores. In addition, on October 18, 2005, the Company entered into an agreement to acquire four restaurants from an existing franchisee. The Company expects to close the acquisition of the four restaurants in mid-November 2005.
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