Fox & Hound Restaurant Group Reports Financial Results For the Fiscal Quarter Ended September 6, 2005
Total revenues increased 16.8% to $36,738,000 - Net income was $156,000 versus $110,000, an increase of 42%
-- Diluted earnings per share was $0.015 versus $0.011
-- Comparable store sales increased 0.5%
-- Two (2) new units were opened
Highlights for the thirty-six week period ended September 6, 2005 compared to the thirty-six week period ended September 7, 2004:
-- Total revenues increased 16.1% to $111,935,000
-- Net income was $4,209,000 versus $1,896,000
-- An asset impairment charge of $2,523,000 ($1,766,000 net of tax or $0.17 per share) was taken during last year's second quarter
-- Net income excluding the asset impairment charge was $4,209,000 versus $3,662,000, an increase of 14.9%
-- Diluted earnings per share was $0.40 versus $0.18
-- Diluted earnings per share excluding the asset impairment charge was $0.40 versus $0.35
-- Comparable store sales increased 0.1%
-- Seven (7) new units were opened
During the third quarter, the Company lost twelve (12) store days due to hurricane Katrina. The New Orleans store did not incur any significant damage and losses were limited to lost revenue and food inventory primarily. Excluding the store days lost to Katrina, the comparable store sales increased 0.7%. During the fourth quarter to date, the Company lost 22 additional store days due to the hurricanes in the gulf coast area and the mid-atlantic coast area. No stores sustained significant damage, and all stores have reopened.
During the third quarter, the Company opened two (2) new restaurants-- Germantown, MD and Louisville, KY-- bringing the number of restaurants opened in 2005 to seven (7). The Company expects to open 10-11 new restaurants in fiscal 2005. Three (3) units are under construction and contracts have been executed on five (5) more sites.
The Company currently operates 82 restaurants under the ''Fox and Hound'' and ''Bailey's'' brand names that each provide a social gathering place offering high quality food, drinks and entertainment in an upscale, casual environment.
-- Comparable store sales increased 0.5%
-- Two (2) new units were opened
Highlights for the thirty-six week period ended September 6, 2005 compared to the thirty-six week period ended September 7, 2004:
-- Total revenues increased 16.1% to $111,935,000
-- Net income was $4,209,000 versus $1,896,000
-- An asset impairment charge of $2,523,000 ($1,766,000 net of tax or $0.17 per share) was taken during last year's second quarter
-- Net income excluding the asset impairment charge was $4,209,000 versus $3,662,000, an increase of 14.9%
-- Diluted earnings per share was $0.40 versus $0.18
-- Diluted earnings per share excluding the asset impairment charge was $0.40 versus $0.35
-- Comparable store sales increased 0.1%
-- Seven (7) new units were opened
During the third quarter, the Company lost twelve (12) store days due to hurricane Katrina. The New Orleans store did not incur any significant damage and losses were limited to lost revenue and food inventory primarily. Excluding the store days lost to Katrina, the comparable store sales increased 0.7%. During the fourth quarter to date, the Company lost 22 additional store days due to the hurricanes in the gulf coast area and the mid-atlantic coast area. No stores sustained significant damage, and all stores have reopened.
During the third quarter, the Company opened two (2) new restaurants-- Germantown, MD and Louisville, KY-- bringing the number of restaurants opened in 2005 to seven (7). The Company expects to open 10-11 new restaurants in fiscal 2005. Three (3) units are under construction and contracts have been executed on five (5) more sites.
The Company currently operates 82 restaurants under the ''Fox and Hound'' and ''Bailey's'' brand names that each provide a social gathering place offering high quality food, drinks and entertainment in an upscale, casual environment.