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BUCA Comparable Restaurant Sales Increase 4.0% for Quarter and 3.8% for Year |
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BUCA, Inc. Announces 4th Quarter and Full Year 2006 Results
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BUCA, Inc. (Nasdaq: BUCA) announced financial results for its fourth quarter and full year of fiscal 2006. The company reported net income of $0.9 million, or $0.05 per share, in the fourth quarter of fiscal 2006, compared with a net loss of $6.4 million, or ($0.26) per share, in the fourth quarter of fiscal 2005. For the fiscal year 2006, the company reported a net loss of $3.6 million, or ($0.23) per share, compared with a net loss of $32.1 million, or ($1.33) per share, in fiscal 2005.
The fourth quarter of fiscal 2006 contained 14 weeks as compared to the fourth quarter of fiscal 2005 which contained 13 weeks. Also, Vinny T's of Boston and three closed Buca di Beppo restaurants are classified as discontinued operations in the company's financial results.
Wallace B. Doolin, the company's Chairman and Chief Executive Officer, commented, 'Financially, operationally and strategically, 2006 was an important year for BUCA. We made significant progress on the financial front, delivering healthy top line growth, reducing our cost structure and selling the Vinny T's of Boston concept. In addition, our comparable restaurant sales exceeded the industry average as reported by Knapp Track. We look forward to resuming growth and working toward opening new restaurants in 2007 and beyond.'
Fourth Quarter 2006 Results
Total restaurant sales in the fourth quarter of fiscal 2006 were $71.5 million, a 13.6% increase over the same period in the prior year. Restaurant sales were driven by a 4.0% increase in comparable sales for the period as well as the period's additional week. The additional week contributed approximately $6.1 million in sales.
Total restaurant costs in the fourth quarter of fiscal 2006 were $64.5 million, an increase of 9.8% over the same period in the prior year. Total restaurant costs accounted for 90.1% of total restaurant sales in fourth quarter of fiscal 2006 as compared to 93.3% in fourth quarter of fiscal 2005.
Net income was $0.9 million in the fourth quarter of fiscal 2006, or $0.04 per share, as compared to a net loss of $6.4 million, or ($0.26) per share in fourth quarter of fiscal 2005.
On September 25, 2006, the company completed the sale of the Vinny T's of Boston concept for a sale price of $6.8 million. The company received $3.0 million in cash and a $3.8 million promissory note due in June 2008 at closing. The cash generated from the sale was used to reduce outstanding indebtedness.
Fiscal Year 2006 Results
Total restaurant sales increased 6.2% to $253.8 million in fiscal 2006 from $239.0 million in fiscal 2005. Total restaurant sales were driven by a 3.8% increase in comparable restaurant sales as well as the sales in the additional week in fiscal 2006.
Total restaurant costs were $234.7 million in fiscal 2006, a 4.5% increase over the prior year. As a percentage of sales, the total restaurant costs decreased to 92.5% from 94.0% of restaurant sales in fiscal 2005.
In fiscal 2006, net income from discontinued operations was $1.0 million as compared to a net loss of $4.7 million in fiscal 2005. Vinny T's of Boston contributed net income of approximately $1.2 million in fiscal 2006 while the three closed Buca di Beppo restaurants reported a net loss of approximately $0.2 million.
Net loss was $3.6 million in fiscal 2006, or ($0.23) per share as compared to a net loss of $32.1 million, or ($1.33) per share in fiscal 2005.
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