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No THANK YOU I see your back in the can where you belong...
The Rockies placed SS Troy Tulowitzki on the 15-day DL with a torn quadriceps muscle in his left leg. The move is retroactive to April 29. ... Helton's double in the second inning was the 800th extra-base hit of his career. ... Martin started at 3B for the second straight game. ... Colorado's Jonathan Herrera got his first major league hit with a single in the bottom of the sixth
Dodgers keep rolling as Loney's six RBI doom Rockies May 3, 2008
CBSSports.com wire reports
DENVER -- James Loney homered and drove in six runs and the Los Angeles Dodgers beat the Colorado Rockies 12-7 on Saturday night to extend their winning streak to eight.
Brad Hawpe went 3-for-5 with a homer and drove in four runs, and Matt Holliday also homered for the Rockies, who have lost three straight and 11th of their last 13 games. Colorado is 11-19 and is eight games under .500 for the first time since May 22, 2007.
Hong-Chih Kuo (1-1) got the win in relief of Esteban Loaiza, allowing one run and striking out five in 3 2/3 innings.
Jorge De La Rosa (0-1) took the loss in his first major league game of the season. De La Rosa, acquired from Kansas City on Wednesday to complete the March 27 trade for reliever Ramon Ramirez, gave up nine runs and nine hits with three walks in four innings.
Juan Pierre went 3-for-4 and Rafael Furcal had two hits and scored three runs for the Dodgers, who have won nine of their last 10.
Loney was the difference in the game. He hit a three-run double in the first inning, and he chased De La Rosa with a three-run homer in the fifth that made it 9-6. His six RBI were the most since his two-homer, nine-RBI performance at Colorado on Sept. 28, 2006.
He nearly had another RBI in the sixth, but center fielder Willy Taveras made a diving catch of Loney's drive to the gap in left-center.
The Dodgers took a 6-0 lead with four runs in the first and two in the second. Loney's three-run double highlighted the first. Matt Kemp had a sacrifice fly and Jeff Kent an RBI groundout in the second.
Colorado rallied for three runs in the bottom of the second, and tied it in the third. Holliday led off with a blast to deep left-center, his fifth of the year. After Garrett Atkins chased Loaiza with a double, Hawpe hit Kuo's first pitch into the right field seats to make it 6-6.
Notes
The Rockies placed SS Troy Tulowitzki on the 15-day DL with a torn quadriceps muscle in his left leg. The move is retroactive to April 29. ... Helton's double in the second inning was the 800th extra-base hit of his career. ... Martin started at 3B for the second straight game. ... Colorado's Jonathan Herrera got his first major league hit with a single in the bottom of the sixth
Have fun!
Dodgers make Marlins latest victim in second straight series sweep.
MIAMI -- If the Los Angeles Dodgers keep sweeping series, they might find themselves atop the tough NL West in another week or two.
Matt Kemp drove in the tiebreaking run with a ninth-inning single Thursday, and the Dodgers completed their second consecutive series sweep by beating the Florida Marlins 5-3.
The Dodgers have won six games in a row, their longest winning streak since taking seven straight to close the 2006 season. They're still five games behind the Arizona Diamondbacks, whose 20-8 record is the best in baseball.
"You don't get very many opportunities to sweep series," manager Joe Torre said. "When you're playing well and with a lot of confidence, you try to make it last as long as you can."
The Dodgers, who open a weekend series Friday in snowy Colorado, are averaging nearly eight runs per game during their winning streak.
"It doesn't have to stop," outfielder Juan Pierre said. "It's early, but like everyone says, you want to get it while you can get it. That takes pressure off in August and September."
The Marlins have lost three in a row for the first time this year. They fell out of the lead in the NL East, percentage points behind the New York Mets.
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"We have to see how we bounce back," first baseman Wes Helms said. "We have to shake this off."
With the score 3-all, Rafael Furcal walked to lead off the ninth against Kevin Gregg (3-2), then advanced on Pierre's sacrifice. Kemp followed by punching a 93-mph fastball from Gregg to the opposite field for a run-scoring single.
"He tried to sink the ball in," Kemp said. "I tried to stay short and inside-out the ball. I've been working on trying to push it that way, and it worked."
Torre liked the way the Dodgers scratched out the tiebreaking run.
"Fundamentally sound baseball -- it sounds simple and boring, but you put yourself in position to win a game," he said.
Kemp then stole second, and after a walk, he scored when the Marlins made two throwing errors on a grounder to the pitcher. Gregg threw high to second trying for a forceout, and second baseman Robert Andino made a wild relay throw to first.
Joe Beimel (3-0) threw one pitch, retiring Jeremy Hermida on a popup to end the eighth. Takashi Saito pitched a perfect ninth for his fourth save in six chances for the Dodgers, who have won eight of their past 10 games in Miami.
Pierre went 2-for-3 with a two-run double. He also was hit by a pitch, stole a base and scored a run.
Cody Ross hit his first home run for the Marlins.
The Dodgers' Hiroki Kuroda and Florida rookie Burke Badenhop left with the score 3-all. Kuroda remained winless since April 4, but he allowed only five hits and no walks in seven innings.
"In the beginning I wasn't performing that well, but I kept being aggressive," Kuroda said through a translator. "In the end I came through. I wanted to keep the winning streak going. I didn't want to be the one to stop it."
The crowd of 15,556 included many kids groups, creating a festive atmosphere on a balmy, 80-degree afternoon.
"I knew with all the little kids in the crowd, I wasn't going to get booed too bad," said Badenhop, who pitched six innings for the first time but remained winless in four starts.
Matt Treanor became Florida's first baserunner when his wind-blown fly in the third dropped for a single. He scored on a two-out double by Hanley Ramirez.
The Dodgers tied it in the fourth. Pierre was hit by a pitch, stole second and came home on Andre Ethier's two-out single.
Pierre -- still adjusting to his new role as a part-time player -- hit a two-run double in the fifth put the Dodgers ahead 3-1.
"Every time he plays, he's always doing something to help the team win," Kemp said.
Notes
Dodgers RHP Jonathan Broxton (side) will throw a bullpen session Friday, and if it goes well, he may be available for that night's game at Colorado, Torre said.
Dodgers RHP Jason Schmidt may start a rehab assignment after throwing a bullpen session Friday.
Marlins RHP Matt Lindstrom, who left Wednesday's game with a stiff back, underwent an MRI that was negative. "Hopefully I'll be better by Friday," he said.
With a 12:10 p.m. start following a night game, Torre held James Loney, Jeff Kent and Andruw Jones out of the starting lineup. Josh Willingham and Mike Jacobs, both nursing injuries, sat out for Florida.
CMKX believers....
Police: Texas man trying to cash $360 billion check arrested
- The Associated Press
Published 7:22 am PDT Friday, May 2, 2008
Charles Ray Fuller must have been planning one big record company.
The 21-year-old North Texas man was arrested last week for trying to cash a $360 billion check, saying he wanted to start a record business, authorities said. Tellers at the Fort Worth bank were immediately suspicious - perhaps the 10 zeros on a personal check tipped them off, according to investigators.
Fuller, of suburban Crowley, was arrested on a forgery charge, police said. He was released after posting $3,750 bail.
Fuller said his girlfriend's mother gave him the check to start a record business, but bank employees who contacted the account's owner said the woman told them she did not give him permission to take or cash the check, according to police.
In addition to forgery, Fuller was charged with unlawfully carrying a weapon and possessing marijuana, Fort Worth police Lt. Paul Henderson said.
Officers reported finding less than 2 ounces of marijuana and a .25-caliber handgun and magazine in his pockets, police said.
Fuller couldn't be located for comment by The Associated Press on Friday because there were no phone listings for him in the Fort Worth area.
Can we see a list of who you cooked?
Some one hand me some soap....I'm taking a bath here...
Red Robin Gourmet Burgers Continues Georgia Expansion With Opening of Cumming Restaurant
Casual dining restaurant to donate 50 cents from every gourmet burger sold to the National Center for Missing & Exploited Children during opening week
GREENWOOD VILLAGE, Colo., May 1 /PRNewswire-FirstCall/ -- Red Robin Gourmet Burgers, Inc. (Red Robin) will open its fifth Georgia restaurant in Cumming, located at 370 Peachtree Parkway, off of Exit 13 on Highway 400 at the new Avenues Shopping Plaza, on Monday, May 12, at 11 a.m. Red Robin serves high-quality gourmet burgers, appetizers, entrees, salads and beverages in a kid- and family-friendly atmosphere. As part of its grand opening celebrations, the Cumming Red Robin(R) restaurant will host a Burgers With A Heart(R) fundraiser to benefit the National Center for Missing & Exploited Children (NCMEC).
Through Burgers With a Heart(R), Red Robin will donate 50 cents from every gourmet burger sold to NCMEC during grand-opening week from May 12-18. NCMEC is a non-profit organization whose mission is to help prevent child abduction and sexual exploitation; help find missing children; and assist victims of child abduction and sexual exploitation, their families, and the professionals who serve them. The money raised will help bring prevention education to children nationwide.
'On behalf of the National Center for Missing & Exploited Children, I would like to thank Red Robin for their generous support of our mission,' said Robbie Callaway, NCMEC co-founder and past Chairman of the Board. 'It is important that we empower families to make safer decisions for their children, and communication and education are vital tools in that effort. With Red Robin's support, we are able to reach many more families across the country with our messages of child safety.'
'We are thrilled to be expanding the Red Robin family of restaurants in Georgia, while also supporting such a wonderful family-oriented cause,' said Eric Houseman, Red Robin president and chief operating officer. 'We invite everyone to come to Red Robin and enjoy one of our more than two dozen high-quality gourmet burgers to support the National Center for Missing & Exploited Children as we open our newest restaurant in Cumming.'
Red Robin focuses its philanthropic support on local and national causes that promote the health, welfare and education of children, families and citizens in the communities it serves. Because Red Robin is all about kids and families, its ongoing partnership with NCMEC has continued to grow through the company's new restaurant openings and additional programs such as 'The Next Gourmet Burger Kids' Recipe Contest' since 2006.
The 6,330-square-foot Cumming Red Robin(R) restaurant will seat 202 guests. Red Robin has four additional restaurants in Georgia, including locations in Columbus, Evans, Lawrenceville and Newnan.
For more information about Red Robin and to find additional restaurant locations, please visit http://www.redrobin.com.
About Red Robin Gourmet Burgers, Inc. (Nasdaq: RRGB)
Red Robin Gourmet Burgers, Inc. (http://www.redrobin.com), a casual dining restaurant chain founded in 1969 that operates through its wholly-owned subsidiary, Red Robin International, Inc., serves up wholesome, fun, feel-good experiences in a kid- and family-friendly environment. Red Robin(R) restaurants are famous for serving more than two dozen insanely delicious, high-quality gourmet burgers in a variety of recipes with Bottomless Steak Fries(R), as well as salads, soups, appetizers, entrees, desserts, and signature Mad Mixology(R) Beverages. There are more than 380 Red Robin(R) restaurants located across the United States and Canada, including corporate-owned locations and those operating under franchise agreements.
About the National Center for Missing & Exploited Children(R) (NCMEC)
NCMEC is a 501(c)(3) nonprofit organization dedicated to helping protect children from abduction and sexual exploitation. NCMEC's congressionally mandated CyberTipline, a reporting mechanism for child sexual exploitation, has handled more than 570,000 leads. Since its establishment in 1984, NCMEC has assisted law enforcement with more than 138,400 missing child cases, resulting in the recovery of more than 121,500 children. For more information about NCMEC, call its toll-free, 24-hour hotline at 1-800-THE-LOST or visit http://www.missingkids.com.
SOURCE Red Robin Gourmet Burgers, Inc.
Source: PR Newswire (May 1, 2008 - 12:26 PM EDT)
Red Robin Gourmet Burgers Continues Georgia Expansion With Opening of Cumming Restaurant
Casual dining restaurant to donate 50 cents from every gourmet burger sold to the National Center for Missing & Exploited Children during opening week
GREENWOOD VILLAGE, Colo., May 1 /PRNewswire-FirstCall/ -- Red Robin Gourmet Burgers, Inc. (Red Robin) will open its fifth Georgia restaurant in Cumming, located at 370 Peachtree Parkway, off of Exit 13 on Highway 400 at the new Avenues Shopping Plaza, on Monday, May 12, at 11 a.m. Red Robin serves high-quality gourmet burgers, appetizers, entrees, salads and beverages in a kid- and family-friendly atmosphere. As part of its grand opening celebrations, the Cumming Red Robin(R) restaurant will host a Burgers With A Heart(R) fundraiser to benefit the National Center for Missing & Exploited Children (NCMEC).
Through Burgers With a Heart(R), Red Robin will donate 50 cents from every gourmet burger sold to NCMEC during grand-opening week from May 12-18. NCMEC is a non-profit organization whose mission is to help prevent child abduction and sexual exploitation; help find missing children; and assist victims of child abduction and sexual exploitation, their families, and the professionals who serve them. The money raised will help bring prevention education to children nationwide.
'On behalf of the National Center for Missing & Exploited Children, I would like to thank Red Robin for their generous support of our mission,' said Robbie Callaway, NCMEC co-founder and past Chairman of the Board. 'It is important that we empower families to make safer decisions for their children, and communication and education are vital tools in that effort. With Red Robin's support, we are able to reach many more families across the country with our messages of child safety.'
'We are thrilled to be expanding the Red Robin family of restaurants in Georgia, while also supporting such a wonderful family-oriented cause,' said Eric Houseman, Red Robin president and chief operating officer. 'We invite everyone to come to Red Robin and enjoy one of our more than two dozen high-quality gourmet burgers to support the National Center for Missing & Exploited Children as we open our newest restaurant in Cumming.'
Red Robin focuses its philanthropic support on local and national causes that promote the health, welfare and education of children, families and citizens in the communities it serves. Because Red Robin is all about kids and families, its ongoing partnership with NCMEC has continued to grow through the company's new restaurant openings and additional programs such as 'The Next Gourmet Burger Kids' Recipe Contest' since 2006.
The 6,330-square-foot Cumming Red Robin(R) restaurant will seat 202 guests. Red Robin has four additional restaurants in Georgia, including locations in Columbus, Evans, Lawrenceville and Newnan.
For more information about Red Robin and to find additional restaurant locations, please visit http://www.redrobin.com.
About Red Robin Gourmet Burgers, Inc. (Nasdaq: RRGB)
Red Robin Gourmet Burgers, Inc. (http://www.redrobin.com), a casual dining restaurant chain founded in 1969 that operates through its wholly-owned subsidiary, Red Robin International, Inc., serves up wholesome, fun, feel-good experiences in a kid- and family-friendly environment. Red Robin(R) restaurants are famous for serving more than two dozen insanely delicious, high-quality gourmet burgers in a variety of recipes with Bottomless Steak Fries(R), as well as salads, soups, appetizers, entrees, desserts, and signature Mad Mixology(R) Beverages. There are more than 380 Red Robin(R) restaurants located across the United States and Canada, including corporate-owned locations and those operating under franchise agreements.
About the National Center for Missing & Exploited Children(R) (NCMEC)
NCMEC is a 501(c)(3) nonprofit organization dedicated to helping protect children from abduction and sexual exploitation. NCMEC's congressionally mandated CyberTipline, a reporting mechanism for child sexual exploitation, has handled more than 570,000 leads. Since its establishment in 1984, NCMEC has assisted law enforcement with more than 138,400 missing child cases, resulting in the recovery of more than 121,500 children. For more information about NCMEC, call its toll-free, 24-hour hotline at 1-800-THE-LOST or visit http://www.missingkids.com.
SOURCE Red Robin Gourmet Burgers, Inc.
Source: PR Newswire (May 1, 2008 - 12:26 PM EDT)
Kona Grill Reports First Quarter Results
First Quarter Revenues Increase 20%; Diluted EPS of ($0.10)
Stockholder Meeting to be Held on May 1st in Phoenix, AZ
Kona Grill, Inc. (Nasdaq: KONA), an American grill and sushi bar, today reported results for its first quarter ended March 31, 2008.
Highlights for the first quarter of 2008 include:
Revenue increased 20.0% to $18.8 million
Same-store sales decreased 2.4%
Net loss of ($0.7) million, or ($0.10) per diluted share
“First quarter 2008 results are indicative of the overall challenging macroeconomic environment, and in particular, the weak housing markets in Arizona and Nevada. Although the outlook for the remainder of the year suggests caution, we continue to believe that our growth model positions us well to opportunistically participate in any upturn of the economic cycle. In addition, our Board of Director’s recent authorization of a 600,000 share repurchase program demonstrates our confidence in the long-term success of our brand,” said Marcus E. Jundt, Chief Executive Officer and President of Kona Grill.
First Quarter Financial Results
For the first quarter of 2008, restaurant sales increased 20.0% to $18.8 million from $15.7 million in the same period last year. The increase in restaurant sales during the first quarter primarily reflects additional revenue from four stores opened during 2007. Restaurant sales reflect a 2.4% decrease in same-store sales, principally due to lower sales volume at two restaurants in Arizona and one restaurant in Nevada.
Average weekly sales for the 11 restaurants in the comparable base were $83,019 during the first quarter of 2008, compared to $85,042 in the prior year period. Average weekly sales for restaurants not in the comparable base that were open for the entire first quarter of 2008 were $76,283, versus $73,046 last year, a 4.4% increase.
Net loss for the first quarter of 2008 was ($0.7) million, or ($0.10) per diluted share, based upon 6.6 million diluted shares, versus net loss of ($0.5) million, or ($0.09) per diluted share for the same period last year, based upon 5.9 million diluted shares.
Financial Guidance
For the second quarter of 2008, the Company forecasts revenue of $19.7 million to $20.3 million and a net loss of ($0.3) million to ($0.6) million, or a net loss per diluted share of ($0.05) to $(0.09).
For fiscal year 2008, the Company expects revenue of $86 million to $90 million and a net loss of ($0.8) million to ($1.8) million, or ($0.12) to ($0.27) per diluted share. The Company anticipates opening five new restaurants in 2008, including one in the second quarter, one in the third quarter, and three in the fourth quarter. The 2008 development schedule includes the previously announced restaurants in Gilbert, AZ; West Palm Beach, FL; Phoenix, AZ and two additional units to be announced later.
Conference Call and Annual Stockholder Meeting
The Company will host a conference call to discuss first quarter 2008 financial results today at 5:00 PM ET. The call will be webcast live from the Company's website at www.konagrill.com under the investor relations section. Listeners may also access the call by dialing 800-762-8779 or 480-629-9041 for international callers. A replay of the call will be available until Wednesday, May 7, 2008, by dialing 800-406-7325 or 303-590-3030 for international callers; the password is 3866806.
The Company will also hold its Annual Stockholders meeting on Thursday, May 1, 2008, at the Offices of Greenberg Traurig LLP, 2375 E. Camelback Road, Suite 700, Phoenix, AZ 85016 at 5:00 PM ET.
About Kona Grill
Kona Grill owns and operates restaurants in Scottsdale and Chandler, AZ; Denver, CO; Stamford, CT; Naples, FL; Lincolnshire and Oak Brook, IL; Carmel, IN; Baton Rouge, LA; Troy, MI; Kansas City, MO; Omaha, NE; Las Vegas, NV; Austin, Dallas, Houston, San Antonio, and Sugar Land (Houston), TX. Kona Grill restaurants offer freshly prepared food, personalized service, and a warm, contemporary ambiance that creates an exceptional, yet affordable, dining experience. Kona Grill restaurants serve a diverse selection of mainstream American dishes as well as a variety of appetizers and entrees with an international influence. Each restaurant also features an extensive sushi menu and sushi bar.
Forward-Looking Statements
The financial guidance we provide for our second quarter and fiscal year 2008 results, statements about our beliefs regarding profits and stockholder value, and certain other statements contained in this press release are forward-looking. Forward-looking statements include statements regarding our expectations, beliefs, intentions, plans, objectives, goals, strategies, future events, or performance and underlying assumptions and other statements that are not purely historical. We have attempted to identify these statements by using forward-looking terminology such as “may,” “will,” “anticipates,” “expects,” “believes,” “intends,” “should,” or comparable terms. All forward-looking statements included in this press release are based on information available to us on the date of this release and we assume no obligation to update these forward-looking statements for any reason. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in the statements. These risks and uncertainties include various risk factors set forth in our 2007 Annual Report on Form 10-K as filed with the Securities and Exchange Commission, as well as various risk factors set forth from time to time in our reports filed with the Securities and Exchange Commission.
KONA GRILL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
March 31, December 31,
2008 2007
(Unaudited)
ASSETS
Current assets $ 13,311 $ 21,668
Long-term investments 6,247 -
Other assets 512 495
Property and equipment, net 48,490 47,311
Total assets $ 68,560 $ 69,474
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $ 7,968 $ 8,012
Long-term obligations 15,031 15,031
Stockholders’ equity 45,561 46,431
Total liabilities and stockholders’ equity $ 68,560 $ 69,474
KONA GRILL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three Months Ended March 31,
2008 2007
(Unaudited)
Restaurant sales $ 18,796 $ 15,666
Costs and expenses:
Cost of sales 5,407 4,546
Labor 6,459 5,075
Occupancy 1,308 1,058
Restaurant operating expenses 2,727 2,134
General and administrative 1,852 1,769
Preopening expense 178 488
Depreciation and amortization 1,658 1,289
Total costs and expenses 19,589 16,359
Loss from operations (793 ) (693 )
Nonoperating income (expense):
Interest income 204 160
Interest expense (34 ) -
Loss before provision for income taxes (623 ) (533 )
Provision for income taxes 50 10
Net loss $ (673 ) $ (543 )
Net loss per share:
Basic $ (0.10 ) $ (0.09 )
Diluted $ (0.10 ) $ (0.09 )
Weighted average shares used in computation:
Basic 6,609 5,854
Diluted 6,609 5,854
Reconciliation of Restaurant Operating Profit to Loss from Operations
The Company defines restaurant operating profit to be restaurant sales minus cost of sales, labor, occupancy, and restaurant operating expenses. Restaurant operating profit does not include general and administrative expenses, depreciation and amortization, and preopening expenses. The Company believes restaurant operating profit is an important component of financial results because it is a widely used metric within the restaurant industry to evaluate restaurant-level productivity, efficiency, and performance. The Company uses restaurant operating profit as a key metric to evaluate its restaurants' financial performance compared with its competitors. Restaurant operating profit is not a financial measurement determined in accordance with generally accepted accounting principles ("GAAP") and should not be considered in isolation or as an alternative to loss from operations. Restaurant operating profit may not be comparable to the same or similarly titled measures computed by other companies. The table below sets forth the Company's calculation of restaurant operating profit and a reconciliation to loss from operations, the most comparable GAAP measure.
Three Months Ended March 31,
2008 2007
Restaurant sales $ 18,796 $ 15,666
Costs and expenses:
Cost of sales 5,407 4,546
Labor 6,459 5,075
Occupancy 1,308 1,058
Restaurant operating expenses 2,727 2,134
Restaurant operating profit 2,895 2,853
Deduct - other costs and expenses:
General and administrative 1,852 1,769
Preopening expense 178 488
Depreciation and amortization 1,658 1,289
Loss from operations $ (793 ) $ (693 )
Percentage of Restaurant Sales
Three Months Ended March 31,
2008 2007
Restaurant sales 100.0 % 100.0 %
Costs and expenses:
Cost of sales 28.8 29.0
Labor 34.4 32.4
Occupancy 7.0 6.8
Restaurant operating expenses 14.5 13.6
Restaurant operating profit 15.4 18.2
Deduct - other costs and expenses:
General and administrative 9.9 11.3
Preopening expense 0.9 3.1
Depreciation and amortization 8.8 8.2
Loss from operations (4.2 ) % (4.4 ) %
Certain percentage amounts may not sum to total due to rounding
Investor Relations
Raphael Gross/Don Duffy
203-682-8200
Kona Grill Reports First Quarter Results
First Quarter Revenues Increase 20%; Diluted EPS of ($0.10)
Stockholder Meeting to be Held on May 1st in Phoenix, AZ
Kona Grill, Inc. (Nasdaq: KONA), an American grill and sushi bar, today reported results for its first quarter ended March 31, 2008.
Highlights for the first quarter of 2008 include:
Revenue increased 20.0% to $18.8 million
Same-store sales decreased 2.4%
Net loss of ($0.7) million, or ($0.10) per diluted share
“First quarter 2008 results are indicative of the overall challenging macroeconomic environment, and in particular, the weak housing markets in Arizona and Nevada. Although the outlook for the remainder of the year suggests caution, we continue to believe that our growth model positions us well to opportunistically participate in any upturn of the economic cycle. In addition, our Board of Director’s recent authorization of a 600,000 share repurchase program demonstrates our confidence in the long-term success of our brand,” said Marcus E. Jundt, Chief Executive Officer and President of Kona Grill.
First Quarter Financial Results
For the first quarter of 2008, restaurant sales increased 20.0% to $18.8 million from $15.7 million in the same period last year. The increase in restaurant sales during the first quarter primarily reflects additional revenue from four stores opened during 2007. Restaurant sales reflect a 2.4% decrease in same-store sales, principally due to lower sales volume at two restaurants in Arizona and one restaurant in Nevada.
Average weekly sales for the 11 restaurants in the comparable base were $83,019 during the first quarter of 2008, compared to $85,042 in the prior year period. Average weekly sales for restaurants not in the comparable base that were open for the entire first quarter of 2008 were $76,283, versus $73,046 last year, a 4.4% increase.
Net loss for the first quarter of 2008 was ($0.7) million, or ($0.10) per diluted share, based upon 6.6 million diluted shares, versus net loss of ($0.5) million, or ($0.09) per diluted share for the same period last year, based upon 5.9 million diluted shares.
Financial Guidance
For the second quarter of 2008, the Company forecasts revenue of $19.7 million to $20.3 million and a net loss of ($0.3) million to ($0.6) million, or a net loss per diluted share of ($0.05) to $(0.09).
For fiscal year 2008, the Company expects revenue of $86 million to $90 million and a net loss of ($0.8) million to ($1.8) million, or ($0.12) to ($0.27) per diluted share. The Company anticipates opening five new restaurants in 2008, including one in the second quarter, one in the third quarter, and three in the fourth quarter. The 2008 development schedule includes the previously announced restaurants in Gilbert, AZ; West Palm Beach, FL; Phoenix, AZ and two additional units to be announced later.
Conference Call and Annual Stockholder Meeting
The Company will host a conference call to discuss first quarter 2008 financial results today at 5:00 PM ET. The call will be webcast live from the Company's website at www.konagrill.com under the investor relations section. Listeners may also access the call by dialing 800-762-8779 or 480-629-9041 for international callers. A replay of the call will be available until Wednesday, May 7, 2008, by dialing 800-406-7325 or 303-590-3030 for international callers; the password is 3866806.
The Company will also hold its Annual Stockholders meeting on Thursday, May 1, 2008, at the Offices of Greenberg Traurig LLP, 2375 E. Camelback Road, Suite 700, Phoenix, AZ 85016 at 5:00 PM ET.
About Kona Grill
Kona Grill owns and operates restaurants in Scottsdale and Chandler, AZ; Denver, CO; Stamford, CT; Naples, FL; Lincolnshire and Oak Brook, IL; Carmel, IN; Baton Rouge, LA; Troy, MI; Kansas City, MO; Omaha, NE; Las Vegas, NV; Austin, Dallas, Houston, San Antonio, and Sugar Land (Houston), TX. Kona Grill restaurants offer freshly prepared food, personalized service, and a warm, contemporary ambiance that creates an exceptional, yet affordable, dining experience. Kona Grill restaurants serve a diverse selection of mainstream American dishes as well as a variety of appetizers and entrees with an international influence. Each restaurant also features an extensive sushi menu and sushi bar.
Forward-Looking Statements
The financial guidance we provide for our second quarter and fiscal year 2008 results, statements about our beliefs regarding profits and stockholder value, and certain other statements contained in this press release are forward-looking. Forward-looking statements include statements regarding our expectations, beliefs, intentions, plans, objectives, goals, strategies, future events, or performance and underlying assumptions and other statements that are not purely historical. We have attempted to identify these statements by using forward-looking terminology such as “may,” “will,” “anticipates,” “expects,” “believes,” “intends,” “should,” or comparable terms. All forward-looking statements included in this press release are based on information available to us on the date of this release and we assume no obligation to update these forward-looking statements for any reason. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in the statements. These risks and uncertainties include various risk factors set forth in our 2007 Annual Report on Form 10-K as filed with the Securities and Exchange Commission, as well as various risk factors set forth from time to time in our reports filed with the Securities and Exchange Commission.
KONA GRILL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
March 31, December 31,
2008 2007
(Unaudited)
ASSETS
Current assets $ 13,311 $ 21,668
Long-term investments 6,247 -
Other assets 512 495
Property and equipment, net 48,490 47,311
Total assets $ 68,560 $ 69,474
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $ 7,968 $ 8,012
Long-term obligations 15,031 15,031
Stockholders’ equity 45,561 46,431
Total liabilities and stockholders’ equity $ 68,560 $ 69,474
KONA GRILL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three Months Ended March 31,
2008 2007
(Unaudited)
Restaurant sales $ 18,796 $ 15,666
Costs and expenses:
Cost of sales 5,407 4,546
Labor 6,459 5,075
Occupancy 1,308 1,058
Restaurant operating expenses 2,727 2,134
General and administrative 1,852 1,769
Preopening expense 178 488
Depreciation and amortization 1,658 1,289
Total costs and expenses 19,589 16,359
Loss from operations (793 ) (693 )
Nonoperating income (expense):
Interest income 204 160
Interest expense (34 ) -
Loss before provision for income taxes (623 ) (533 )
Provision for income taxes 50 10
Net loss $ (673 ) $ (543 )
Net loss per share:
Basic $ (0.10 ) $ (0.09 )
Diluted $ (0.10 ) $ (0.09 )
Weighted average shares used in computation:
Basic 6,609 5,854
Diluted 6,609 5,854
Reconciliation of Restaurant Operating Profit to Loss from Operations
The Company defines restaurant operating profit to be restaurant sales minus cost of sales, labor, occupancy, and restaurant operating expenses. Restaurant operating profit does not include general and administrative expenses, depreciation and amortization, and preopening expenses. The Company believes restaurant operating profit is an important component of financial results because it is a widely used metric within the restaurant industry to evaluate restaurant-level productivity, efficiency, and performance. The Company uses restaurant operating profit as a key metric to evaluate its restaurants' financial performance compared with its competitors. Restaurant operating profit is not a financial measurement determined in accordance with generally accepted accounting principles ("GAAP") and should not be considered in isolation or as an alternative to loss from operations. Restaurant operating profit may not be comparable to the same or similarly titled measures computed by other companies. The table below sets forth the Company's calculation of restaurant operating profit and a reconciliation to loss from operations, the most comparable GAAP measure.
Three Months Ended March 31,
2008 2007
Restaurant sales $ 18,796 $ 15,666
Costs and expenses:
Cost of sales 5,407 4,546
Labor 6,459 5,075
Occupancy 1,308 1,058
Restaurant operating expenses 2,727 2,134
Restaurant operating profit 2,895 2,853
Deduct - other costs and expenses:
General and administrative 1,852 1,769
Preopening expense 178 488
Depreciation and amortization 1,658 1,289
Loss from operations $ (793 ) $ (693 )
Percentage of Restaurant Sales
Three Months Ended March 31,
2008 2007
Restaurant sales 100.0 % 100.0 %
Costs and expenses:
Cost of sales 28.8 29.0
Labor 34.4 32.4
Occupancy 7.0 6.8
Restaurant operating expenses 14.5 13.6
Restaurant operating profit 15.4 18.2
Deduct - other costs and expenses:
General and administrative 9.9 11.3
Preopening expense 0.9 3.1
Depreciation and amortization 8.8 8.2
Loss from operations (4.2 ) % (4.4 ) %
Certain percentage amounts may not sum to total due to rounding
Investor Relations
Raphael Gross/Don Duffy
203-682-8200
They can't as they need the cash...
The guy asked who Chad was and I answered...
It is this Chad...
http://investorshub.advfn.com/boards/profile.asp?user=69779
I would guess they are selling shares...
Buffalo Wild Wings, Inc. Announces First Quarter 2008 Results
– Same-store sales increases of 4.1% at company-owned and 2.1% at franchised restaurants –
– Earnings per diluted share increase of 16% to $0.36 includes charges related to restaurant relocations of $0.02 –
Buffalo Wild Wings, Inc. (Nasdaq: BWLD), announced today financial results for the first quarter ended March 30, 2008. Highlights for the first quarter versus the same period a year ago were:
Total revenue increased 21.7% to $97.3 million
Company-owned restaurant sales grew 22.3% to $86.9 million
Same-store sales increased 4.1% at company-owned restaurants and 2.1% at franchised restaurants
Earnings per diluted share, which includes charges related to restaurant relocations of $0.02, increased 16% to $0.36 from $0.31
Sally Smith, President and Chief Executive Officer, commented, “2008 is off to a great start. We are very proud of our results, especially given the current economic environment. Our 15% unit growth and 22% revenue growth are in line with our annual goals. Earnings per diluted share increased 16% to $0.36 per share. As expected, with more company-owned restaurants opening earlier in the year, and the ongoing rent associated with the purchase and conversion of the eight Don Pablo’s locations, our first quarter preopening expenses increased by $867,000, and the accelerated depreciation and impairment for the upcoming relocations of three restaurants was $510,000 for the quarter. Without these year-over-year incremental costs, our net income would have increased by over 30%.”
Total revenue increased 21.7% to $97.3 million in the first quarter compared to $79.9 million in the first quarter of 2007. Company-owned restaurant sales for the quarter increased 22.3% to $86.9 million driven by a company-owned same-store sales increase of 4.1% and 25 more company-owned restaurants in operation at the end of first quarter 2008 relative to the same period in 2007. Franchise royalties and fees increased 17.2% to $10.4 million versus $8.8 million in the prior year. This increase was due to a franchised same-store sales increase of 2.1% and 41 more franchised restaurants at the end of the period versus a year ago.
Average weekly sales for company-owned restaurants were $41,438 for the first quarter of 2008 compared to $39,254 for the same quarter last year, a 5.6% increase. Franchised restaurants averaged $47,812 for the period versus $46,439 in the first quarter a year ago, a 3.0% increase.
For the first quarter, earnings per diluted share were $0.36, as compared to first quarter 2007 earnings per diluted share of $0.31.
2008 Outlook
Ms. Smith concluded, “We are very pleased with the sustained strength of our same-store sales, and we are intensely focused on driving guests to Buffalo Wild Wings and delivering a great experience. Five new company-owned and 10 franchised locations are expected to open in the second quarter, ahead of our development pace of 2007 and on track to achieve our annual 15% unit growth target. As a result of the additional units in construction, preopening expenses are expected to be about $1.2 million in the second quarter. The purchase of the nine Las Vegas franchised locations is now anticipated to close in the third quarter. We are confident that these units, combined with our unit growth and strong unit-level performance, will enable us to achieve our annual goal of increasing net income by 25%.”
Buffalo Wild Wings will be hosting a conference call today, April 29, 2008 at 4:00 p.m. Central Daylight Time to discuss these results. There will be a simultaneous webcast conducted at our website http://www.buffalowildwings.com.
A replay of the call will be available until May 6, 2008. To access this replay, please dial 303.590.3030, password 3870677.
About the Company
Buffalo Wild Wings, Inc., founded in 1982 and headquartered in Minneapolis, Minnesota, is a growing owner, operator and franchisor of restaurants featuring a variety of boldly-flavored, made-to-order menu items including Buffalo-style chicken wings spun in one of 14 signature sauces. Buffalo Wild Wings is an inviting neighborhood destination with widespread appeal and is the recipient of dozens of “Best Wings” and “Best Sports Bar” awards from across the country. There are currently 507 Buffalo Wild Wings locations across 37 states.
Forward-looking Statements
Certain statements in this release that are not historical facts, including, without limitation, those relating to our projected unit, revenue and earnings growth rates and future financial performance, the number and timing of projected store openings, preopening expenses, and the timing of closing the Las Vegas transaction are forward-looking statements that involve risks and uncertainties. Such statements are based upon the current beliefs and expectations of our management. Actual results may vary materially from those contained in forward-looking statements based on a number of factors including, without limitation, the actual number of locations opening in the future, the sales at these and our other company-owned and franchised locations, the timing of closing of acquisitions, our ability to successfully operate in new markets, the cost of commodities, the success of our marketing and other initiatives, our ability to control restaurant labor and other restaurant operating costs, the outcome and impact of the Las Vegas transaction, economic conditions, competition, the impact of applicable regulations, and other factors disclosed from time to time in our filings with the U.S. Securities and Exchange Commission. Investors should take such risks into account when making investment decisions. Shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update any forward-looking statements.
BUFFALO WILD WINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Dollar and share amounts in thousands except per share data)
(unaudited)
Three months ended
March 30,
April 1,
2008 2007
Revenue:
Restaurant sales $ 86,896 71,059
Franchising royalties and fees 10,366 8,843
Total revenue 97,262 79,902
Costs and expenses:
Restaurant operating costs:
Cost of sales 26,415 22,058
Labor 25,858 21,107
Operating 13,275 11,472
Occupancy 5,697 4,718
Depreciation 5,239 3,892
General and administrative (1) 9,341 8,617
Preopening 1,185 318
Loss on asset disposals and impairment 753 79
Total costs and expenses 87,763 72,261
Income from operations 9,499 7,641
Interest income 432 700
Earnings before income taxes 9,931 8,341
Income tax expense 3,406 2,800
Net earnings 6,525 5,541
Earnings per common share – basic $ 0.37 0.32
Earnings per common share – diluted 0.36 0.31
Weighted average share outstanding – basic 17,766 17,448
Weighted average share outstanding – diluted 17,877 17,684
(1) Contains stock-based compensation of $1,020 and $1,268
The following table expresses results of operations as a percentage of total revenue for the periods presented, except for restaurant operating costs which are expressed as a percentage of restaurant sales:
Three months ended
March 30,
April 1,
2008 2007
Revenue:
Restaurant sales 89.3 88.9 %
Franchising royalties and fees 10.7 11.1
Total revenue 100.0 100.0
Costs and expenses:
Restaurant operating costs:
Cost of sales 30.4 31.0
Labor 29.8 29.7
Operating 15.3 16.1
Occupancy 6.6 6.6
Depreciation 5.4 4.9
General and administrative 9.6 10.8
Preopening 1.2 0.4
Loss on asset disposals and impairment 0.8 0.1
Total costs and expenses 90.2 90.4
Income from operations 9.8 9.6
Interest income 0.4 0.9
Earnings before income taxes 10.2 10.4
Income tax expense 3.5 3.5
Net earnings 6.7 % 6.9 %
BUFFALO WILD WINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
March 30, 2008 and December 30, 2007
(Dollar amounts in thousands)
March 30,
December 30,
2008 2007
Assets
Current assets:
Cash and cash equivalents $ 15,155 1,521
Marketable securities 57,930 66,513
Accounts receivable – franchisees, net of allowance of $25 977 885
Accounts receivable – other 6,405 6,976
Inventory 2,622 2,362
Prepaid expenses 2,309 3,060
Refundable income tax 338 1,886
Deferred income taxes 1,611 1,303
Total current assets 87,347 84,506
Property and equipment, net 108,702 102,742
Restricted cash 2,079 7,161
Other assets 2,297 2,320
Goodwill 369 369
Total assets $ 200,794 197,098
Liabilities and Stockholders’ Equity
Current liabilities:
Unearned franchise fees $ 2,448 2,316
Accounts payable 12,030 10,692
Accrued compensation and benefits 10,302 12,615
Accrued expenses 6,139 6,207
Current portion of deferred lease credits 282 660
Total current liabilities 31,201 32,490
Long-term liabilities:
Other liabilities 1,100 1,031
Marketing fund payables 2,079 7,161
Deferred income taxes 3,741 2,166
Deferred lease credits, net of current portion 12,973 12,585
Total liabilities 51,094 55,433
Commitments and contingencies
Common stockholders’ equity:
Undesignated stock, 1,000,000 shares authorized — —
Common stock, no par value. Authorized 20,200,000 shares; issued and outstanding 18,241,765 and 17,933,497, respectively 82,335 80,825
Retained earnings 67,365 60,840
Total stockholders’ equity 149,700 141,665
Total liabilities and stockholders’ equity $ 200,794 197,098
BUFFALO WILD WINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(Dollar amounts in thousands)
(unaudited)
Three months ended
March 30,
April 1,
2008 2007
Cash flows from operating activities:
Net earnings $ 6,525 5,541
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation 5,239 3,892
Amortization (36) 19
Loss on disposals and impairment 753 87
Deferred lease credits 834 302
Deferred income taxes 1,267 (762)
Stock-based compensation 1,020 1,268
Excess tax benefit from the exercise of stock options (278) (585)
Change in operating assets and liabilities:
Purchase of trading securities 1 (91)
Accounts receivable (345) (282)
Inventory (260) (248)
Prepaid expenses 751 (612)
Other assets 23 (24)
Unearned franchise fees 132 26
Accounts payable (219) 79
Income taxes 1,826 2,416
Accrued expenses (1,212) 273
Net cash provided by operating activities 16,021 11,299
Cash flows from investing activities:
Acquisition of property and equipment (10,395) (3,904)
Purchase of marketable securities (27,704) (39,605)
Proceeds from marketable securities 36,322 34,693
Net cash used in investing activities (1,777) (8,816)
Cash flows from financing activities:
Issuance of common stock 101 441
Tax payments for restricted stock (989) (1,183)
Excess tax benefit from the exercise of stock options 278 585
Net cash used in financing activities (610) (157)
Net increase in cash and cash equivalents 13,634 2,326
Cash and cash equivalents at beginning of period 1,521 11,756
Cash and cash equivalents at end of period $ 15,155 14,082
BUFFALO WILD WINGS, INC. AND SUBSIDIARIES
Supplemental Information
Restaurant Count
Company-owned Restaurants:
Q1
Q2
Q3
Q4
2008
165
2007
140 145 148 161
2006
124 129 134 139
2005
106 110 116 122
2004
88 92 97 103
Franchised Restaurants:
Q1
Q2
Q3
Q4
2008
340
2007
299 301 313 332
2006
260 270 278 290
2005
212 224 234 248
2004
168 175 189 203
Same-Store Sales
Company-owned Restaurants:
Q1
Q2
Q3
Q4
Year
2008
4.1 %
2007
8.7 % 8.1 % 8.3 % 3.4 % 6.9 %
2006
7.7 % 8.2 % 11.8 % 13.2 % 10.4 %
2005
6.1 % 2.7 % 1.8 % 2.5 % 3.2 %
2004
11.1 % 10.6 % 9.9 % 7.6 % 9.7 %
Franchised Restaurants:
Q1
Q2
Q3
Q4
Year
2008
2.1 %
2007
3.3 % 4.0 % 5.9 % 2.3 % 3.9 %
2006
6.7 % 4.7 % 6.4 % 6.5 % 6.1 %
2005
3.2 % 1.8 % 1.1 % 2.6 % 2.2 %
2004
12.0 % 10.4 % 5.7 % 3.7 % 7.6 %
BUFFALO WILD WINGS, INC. AND SUBSIDIARIES
Supplemental Information
Average Weekly Sales Volumes
Company-owned Restaurants:
Q1
Q2
Q3
Q4
Year
2008
$ 41,438
2007
39,254 36,655 38,498 40,485 38,757
2006
35,857 33,660 35,380 38,800 36,033
2005
33,195 30,531 31,361 33,953 32,304
2004
32,289 30,248 30,983 33,038 31,663
Franchised Restaurants:
Q1
Q2
Q3
Q4
Year
2008
$ 47,812
2007
46,439 43,998 45,879 47,293 45,901
2006
44,342 42,338 42,963 46,008 43,975
2005
41,309 39,824 40,149 42,533 40,999
2004
39,678 38,072 38,727 40,926 39,402
Buffalo Wild Wings, Inc.
Investor Relations Contact:
Mary Twinem, 952-253-0731
or
Sally Smith, 952-253-0731
President and CEO
Source: Business Wire (April 29, 2008 - 4:09 PM EDT)
Buffalo Wild Wings, Inc. Announces First Quarter 2008 Results
– Same-store sales increases of 4.1% at company-owned and 2.1% at franchised restaurants –
– Earnings per diluted share increase of 16% to $0.36 includes charges related to restaurant relocations of $0.02 –
Buffalo Wild Wings, Inc. (Nasdaq: BWLD), announced today financial results for the first quarter ended March 30, 2008. Highlights for the first quarter versus the same period a year ago were:
Total revenue increased 21.7% to $97.3 million
Company-owned restaurant sales grew 22.3% to $86.9 million
Same-store sales increased 4.1% at company-owned restaurants and 2.1% at franchised restaurants
Earnings per diluted share, which includes charges related to restaurant relocations of $0.02, increased 16% to $0.36 from $0.31
Sally Smith, President and Chief Executive Officer, commented, “2008 is off to a great start. We are very proud of our results, especially given the current economic environment. Our 15% unit growth and 22% revenue growth are in line with our annual goals. Earnings per diluted share increased 16% to $0.36 per share. As expected, with more company-owned restaurants opening earlier in the year, and the ongoing rent associated with the purchase and conversion of the eight Don Pablo’s locations, our first quarter preopening expenses increased by $867,000, and the accelerated depreciation and impairment for the upcoming relocations of three restaurants was $510,000 for the quarter. Without these year-over-year incremental costs, our net income would have increased by over 30%.”
Total revenue increased 21.7% to $97.3 million in the first quarter compared to $79.9 million in the first quarter of 2007. Company-owned restaurant sales for the quarter increased 22.3% to $86.9 million driven by a company-owned same-store sales increase of 4.1% and 25 more company-owned restaurants in operation at the end of first quarter 2008 relative to the same period in 2007. Franchise royalties and fees increased 17.2% to $10.4 million versus $8.8 million in the prior year. This increase was due to a franchised same-store sales increase of 2.1% and 41 more franchised restaurants at the end of the period versus a year ago.
Average weekly sales for company-owned restaurants were $41,438 for the first quarter of 2008 compared to $39,254 for the same quarter last year, a 5.6% increase. Franchised restaurants averaged $47,812 for the period versus $46,439 in the first quarter a year ago, a 3.0% increase.
For the first quarter, earnings per diluted share were $0.36, as compared to first quarter 2007 earnings per diluted share of $0.31.
2008 Outlook
Ms. Smith concluded, “We are very pleased with the sustained strength of our same-store sales, and we are intensely focused on driving guests to Buffalo Wild Wings and delivering a great experience. Five new company-owned and 10 franchised locations are expected to open in the second quarter, ahead of our development pace of 2007 and on track to achieve our annual 15% unit growth target. As a result of the additional units in construction, preopening expenses are expected to be about $1.2 million in the second quarter. The purchase of the nine Las Vegas franchised locations is now anticipated to close in the third quarter. We are confident that these units, combined with our unit growth and strong unit-level performance, will enable us to achieve our annual goal of increasing net income by 25%.”
Buffalo Wild Wings will be hosting a conference call today, April 29, 2008 at 4:00 p.m. Central Daylight Time to discuss these results. There will be a simultaneous webcast conducted at our website http://www.buffalowildwings.com.
A replay of the call will be available until May 6, 2008. To access this replay, please dial 303.590.3030, password 3870677.
About the Company
Buffalo Wild Wings, Inc., founded in 1982 and headquartered in Minneapolis, Minnesota, is a growing owner, operator and franchisor of restaurants featuring a variety of boldly-flavored, made-to-order menu items including Buffalo-style chicken wings spun in one of 14 signature sauces. Buffalo Wild Wings is an inviting neighborhood destination with widespread appeal and is the recipient of dozens of “Best Wings” and “Best Sports Bar” awards from across the country. There are currently 507 Buffalo Wild Wings locations across 37 states.
Forward-looking Statements
Certain statements in this release that are not historical facts, including, without limitation, those relating to our projected unit, revenue and earnings growth rates and future financial performance, the number and timing of projected store openings, preopening expenses, and the timing of closing the Las Vegas transaction are forward-looking statements that involve risks and uncertainties. Such statements are based upon the current beliefs and expectations of our management. Actual results may vary materially from those contained in forward-looking statements based on a number of factors including, without limitation, the actual number of locations opening in the future, the sales at these and our other company-owned and franchised locations, the timing of closing of acquisitions, our ability to successfully operate in new markets, the cost of commodities, the success of our marketing and other initiatives, our ability to control restaurant labor and other restaurant operating costs, the outcome and impact of the Las Vegas transaction, economic conditions, competition, the impact of applicable regulations, and other factors disclosed from time to time in our filings with the U.S. Securities and Exchange Commission. Investors should take such risks into account when making investment decisions. Shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update any forward-looking statements.
BUFFALO WILD WINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Dollar and share amounts in thousands except per share data)
(unaudited)
Three months ended
March 30,
April 1,
2008 2007
Revenue:
Restaurant sales $ 86,896 71,059
Franchising royalties and fees 10,366 8,843
Total revenue 97,262 79,902
Costs and expenses:
Restaurant operating costs:
Cost of sales 26,415 22,058
Labor 25,858 21,107
Operating 13,275 11,472
Occupancy 5,697 4,718
Depreciation 5,239 3,892
General and administrative (1) 9,341 8,617
Preopening 1,185 318
Loss on asset disposals and impairment 753 79
Total costs and expenses 87,763 72,261
Income from operations 9,499 7,641
Interest income 432 700
Earnings before income taxes 9,931 8,341
Income tax expense 3,406 2,800
Net earnings 6,525 5,541
Earnings per common share – basic $ 0.37 0.32
Earnings per common share – diluted 0.36 0.31
Weighted average share outstanding – basic 17,766 17,448
Weighted average share outstanding – diluted 17,877 17,684
(1) Contains stock-based compensation of $1,020 and $1,268
The following table expresses results of operations as a percentage of total revenue for the periods presented, except for restaurant operating costs which are expressed as a percentage of restaurant sales:
Three months ended
March 30,
April 1,
2008 2007
Revenue:
Restaurant sales 89.3 88.9 %
Franchising royalties and fees 10.7 11.1
Total revenue 100.0 100.0
Costs and expenses:
Restaurant operating costs:
Cost of sales 30.4 31.0
Labor 29.8 29.7
Operating 15.3 16.1
Occupancy 6.6 6.6
Depreciation 5.4 4.9
General and administrative 9.6 10.8
Preopening 1.2 0.4
Loss on asset disposals and impairment 0.8 0.1
Total costs and expenses 90.2 90.4
Income from operations 9.8 9.6
Interest income 0.4 0.9
Earnings before income taxes 10.2 10.4
Income tax expense 3.5 3.5
Net earnings 6.7 % 6.9 %
BUFFALO WILD WINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
March 30, 2008 and December 30, 2007
(Dollar amounts in thousands)
March 30,
December 30,
2008 2007
Assets
Current assets:
Cash and cash equivalents $ 15,155 1,521
Marketable securities 57,930 66,513
Accounts receivable – franchisees, net of allowance of $25 977 885
Accounts receivable – other 6,405 6,976
Inventory 2,622 2,362
Prepaid expenses 2,309 3,060
Refundable income tax 338 1,886
Deferred income taxes 1,611 1,303
Total current assets 87,347 84,506
Property and equipment, net 108,702 102,742
Restricted cash 2,079 7,161
Other assets 2,297 2,320
Goodwill 369 369
Total assets $ 200,794 197,098
Liabilities and Stockholders’ Equity
Current liabilities:
Unearned franchise fees $ 2,448 2,316
Accounts payable 12,030 10,692
Accrued compensation and benefits 10,302 12,615
Accrued expenses 6,139 6,207
Current portion of deferred lease credits 282 660
Total current liabilities 31,201 32,490
Long-term liabilities:
Other liabilities 1,100 1,031
Marketing fund payables 2,079 7,161
Deferred income taxes 3,741 2,166
Deferred lease credits, net of current portion 12,973 12,585
Total liabilities 51,094 55,433
Commitments and contingencies
Common stockholders’ equity:
Undesignated stock, 1,000,000 shares authorized — —
Common stock, no par value. Authorized 20,200,000 shares; issued and outstanding 18,241,765 and 17,933,497, respectively 82,335 80,825
Retained earnings 67,365 60,840
Total stockholders’ equity 149,700 141,665
Total liabilities and stockholders’ equity $ 200,794 197,098
BUFFALO WILD WINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(Dollar amounts in thousands)
(unaudited)
Three months ended
March 30,
April 1,
2008 2007
Cash flows from operating activities:
Net earnings $ 6,525 5,541
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation 5,239 3,892
Amortization (36) 19
Loss on disposals and impairment 753 87
Deferred lease credits 834 302
Deferred income taxes 1,267 (762)
Stock-based compensation 1,020 1,268
Excess tax benefit from the exercise of stock options (278) (585)
Change in operating assets and liabilities:
Purchase of trading securities 1 (91)
Accounts receivable (345) (282)
Inventory (260) (248)
Prepaid expenses 751 (612)
Other assets 23 (24)
Unearned franchise fees 132 26
Accounts payable (219) 79
Income taxes 1,826 2,416
Accrued expenses (1,212) 273
Net cash provided by operating activities 16,021 11,299
Cash flows from investing activities:
Acquisition of property and equipment (10,395) (3,904)
Purchase of marketable securities (27,704) (39,605)
Proceeds from marketable securities 36,322 34,693
Net cash used in investing activities (1,777) (8,816)
Cash flows from financing activities:
Issuance of common stock 101 441
Tax payments for restricted stock (989) (1,183)
Excess tax benefit from the exercise of stock options 278 585
Net cash used in financing activities (610) (157)
Net increase in cash and cash equivalents 13,634 2,326
Cash and cash equivalents at beginning of period 1,521 11,756
Cash and cash equivalents at end of period $ 15,155 14,082
BUFFALO WILD WINGS, INC. AND SUBSIDIARIES
Supplemental Information
Restaurant Count
Company-owned Restaurants:
Q1
Q2
Q3
Q4
2008
165
2007
140 145 148 161
2006
124 129 134 139
2005
106 110 116 122
2004
88 92 97 103
Franchised Restaurants:
Q1
Q2
Q3
Q4
2008
340
2007
299 301 313 332
2006
260 270 278 290
2005
212 224 234 248
2004
168 175 189 203
Same-Store Sales
Company-owned Restaurants:
Q1
Q2
Q3
Q4
Year
2008
4.1 %
2007
8.7 % 8.1 % 8.3 % 3.4 % 6.9 %
2006
7.7 % 8.2 % 11.8 % 13.2 % 10.4 %
2005
6.1 % 2.7 % 1.8 % 2.5 % 3.2 %
2004
11.1 % 10.6 % 9.9 % 7.6 % 9.7 %
Franchised Restaurants:
Q1
Q2
Q3
Q4
Year
2008
2.1 %
2007
3.3 % 4.0 % 5.9 % 2.3 % 3.9 %
2006
6.7 % 4.7 % 6.4 % 6.5 % 6.1 %
2005
3.2 % 1.8 % 1.1 % 2.6 % 2.2 %
2004
12.0 % 10.4 % 5.7 % 3.7 % 7.6 %
BUFFALO WILD WINGS, INC. AND SUBSIDIARIES
Supplemental Information
Average Weekly Sales Volumes
Company-owned Restaurants:
Q1
Q2
Q3
Q4
Year
2008
$ 41,438
2007
39,254 36,655 38,498 40,485 38,757
2006
35,857 33,660 35,380 38,800 36,033
2005
33,195 30,531 31,361 33,953 32,304
2004
32,289 30,248 30,983 33,038 31,663
Franchised Restaurants:
Q1
Q2
Q3
Q4
Year
2008
$ 47,812
2007
46,439 43,998 45,879 47,293 45,901
2006
44,342 42,338 42,963 46,008 43,975
2005
41,309 39,824 40,149 42,533 40,999
2004
39,678 38,072 38,727 40,926 39,402
Buffalo Wild Wings, Inc.
Investor Relations Contact:
Mary Twinem, 952-253-0731
or
Sally Smith, 952-253-0731
President and CEO
Source: Business Wire (April 29, 2008 - 4:09 PM EDT)
Nothing wrong with a nice peep show...
or it might always be....
Yep....Door #3 please...
Weeeeeee.....
Basher = realist... Buy the pump and sell the dump...
It's the short term pump of the week...
Yikes!
Man needs to go...
Maybe Chad pulled his head out of his butt?
I agree it all starts at home with us...
The players in the NHL have a much better reputation then say NBA players these days. I believe the only reason the NHL doesn't have the TV following of other sports is the lack of scoring and peoples lack of understanding of the rules. Watching the NBA play offs right now I'm really taken back by the hoodlums who are playing these days.
Yes and thats normal everyday for those guys...
Hockey players are 1000% tougher then any football player...
I have been a Dodger fan since birth....I guess you could say I was born into it.
Red Robin Gourmet Burgers Adds Eau Claire Restaurant
Casual dining restaurant to donate 50 cents from every gourmet burger sold to the National Center for Missing & Exploited Children during opening week
GREENWOOD VILLAGE, Colo., April 29 /PRNewswire-FirstCall/ -- Red Robin Gourmet Burgers, Inc. (Red Robin) will open the ninth Wisconsin Red Robin(R) restaurant in Eau Claire, located at 3005 Golf Road, north of I-94 at the corner of Golf Road and Highway 93, on Monday, May 5, at 11 a.m. Red Robin serves high-quality gourmet burgers, appetizers, entrees, salads and beverages in a kid- and family-friendly atmosphere. As part of its grand opening celebrations, the Eau Claire Red Robin(R) restaurant will host a Burgers With A Heart(R) fundraiser to benefit the National Center for Missing & Exploited Children (NCMEC).
Through Burgers With a Heart(R), Red Robin will donate 50 cents from every gourmet burger sold to NCMEC during grand-opening week from May 5 to 11. NCMEC is a non-profit organization whose mission is to help prevent child abduction and sexual exploitation; help find missing children; and assist victims of child abduction and sexual exploitation, their families, and the professionals who serve them. The money raised will help bring prevention education to children nationwide.
'On behalf of the National Center for Missing & Exploited Children, I would like to thank Red Robin for its generous support of our mission,' said Robbie Callaway, NCMEC co-founder and past Chairman of the Board. 'It is important that we empower families to make safer decisions for their children, and communication and education are vital tools in that effort. With Red Robin's support, we are able to reach many more families across the country with our messages of child safety.'
'We are thrilled to be expanding the Red Robin family of restaurants in Wisconsin, while also supporting such a wonderful family-oriented cause,' said Eric Houseman, Red Robin president and chief operating officer. 'We invite everyone to come to our newest Red Robin(R) Restaurant in Eau Claire and enjoy one of our more than two dozen high-quality gourmet burgers to support the National Center for Missing & Exploited Children.'
Red Robin focuses its philanthropic support on local and national causes that promote the health, welfare and education of children, families and citizens in the communities it serves. Because Red Robin is all about kids and families, its ongoing partnership with NCMEC has continued to grow through the company's new restaurant openings and additional programs such as 'The Next Gourmet Burger Kids' Recipe Contest' since 2006.
The 6,695-square-foot Eau Claire Red Robin(R) restaurant will seat 214 guests. There are eight additional Red Robin(R) restaurants in Wisconsin owned and operated by Dane County Robins, Inc., a franchisee of Red Robin.
For more information about Red Robin and to find additional restaurant locations, please visit http://www.redrobin.com.
About Red Robin Gourmet Burgers, Inc. (Nasdaq: RRGB)
Red Robin Gourmet Burgers, Inc. (http://www.redrobin.com), a casual dining restaurant chain founded in 1969 that operates through its wholly-owned subsidiary, Red Robin International, Inc., serves up wholesome, fun, feel-good experiences in a kid- and family-friendly environment. Red Robin(R) restaurants are famous for serving more than two dozen insanely delicious, high-quality gourmet burgers in a variety of recipes with Bottomless Steak Fries(R), as well as salads, soups, appetizers, entrees, desserts, and signature Mad Mixology(R) Beverages. There are more than 390 Red Robin(R) restaurants located across the United States and Canada, including corporate-owned locations and those operating under franchise agreements.
About the National Center for Missing & Exploited Children(R) (NCMEC)
NCMEC is a 501(c)(3) nonprofit organization dedicated to helping protect children from abduction and sexual exploitation. NCMEC's congressionally mandated CyberTipline, a reporting mechanism for child sexual exploitation, has handled more than 570,000 leads. Since its establishment in 1984, NCMEC has assisted law enforcement with more than 138,400 missing child cases, resulting in the recovery of more than 121,500 children. For more information about NCMEC, call its toll-free, 24-hour hotline at 1-800-THE-LOST or visit http://www.missingkids.com.
SOURCE Red Robin Gourmet Burgers, Inc.
Source: PR Newswire (April 29, 2008 - 12:57 PM EDT)
News by QuoteMedia
www.quotemedia.com
This will be fun...
Red Robin Gourmet Burgers Adds Eau Claire Restaurant
Casual dining restaurant to donate 50 cents from every gourmet burger sold to the National Center for Missing & Exploited Children during opening week
GREENWOOD VILLAGE, Colo., April 29 /PRNewswire-FirstCall/ -- Red Robin Gourmet Burgers, Inc. (Red Robin) will open the ninth Wisconsin Red Robin(R) restaurant in Eau Claire, located at 3005 Golf Road, north of I-94 at the corner of Golf Road and Highway 93, on Monday, May 5, at 11 a.m. Red Robin serves high-quality gourmet burgers, appetizers, entrees, salads and beverages in a kid- and family-friendly atmosphere. As part of its grand opening celebrations, the Eau Claire Red Robin(R) restaurant will host a Burgers With A Heart(R) fundraiser to benefit the National Center for Missing & Exploited Children (NCMEC).
Through Burgers With a Heart(R), Red Robin will donate 50 cents from every gourmet burger sold to NCMEC during grand-opening week from May 5 to 11. NCMEC is a non-profit organization whose mission is to help prevent child abduction and sexual exploitation; help find missing children; and assist victims of child abduction and sexual exploitation, their families, and the professionals who serve them. The money raised will help bring prevention education to children nationwide.
'On behalf of the National Center for Missing & Exploited Children, I would like to thank Red Robin for its generous support of our mission,' said Robbie Callaway, NCMEC co-founder and past Chairman of the Board. 'It is important that we empower families to make safer decisions for their children, and communication and education are vital tools in that effort. With Red Robin's support, we are able to reach many more families across the country with our messages of child safety.'
'We are thrilled to be expanding the Red Robin family of restaurants in Wisconsin, while also supporting such a wonderful family-oriented cause,' said Eric Houseman, Red Robin president and chief operating officer. 'We invite everyone to come to our newest Red Robin(R) Restaurant in Eau Claire and enjoy one of our more than two dozen high-quality gourmet burgers to support the National Center for Missing & Exploited Children.'
Red Robin focuses its philanthropic support on local and national causes that promote the health, welfare and education of children, families and citizens in the communities it serves. Because Red Robin is all about kids and families, its ongoing partnership with NCMEC has continued to grow through the company's new restaurant openings and additional programs such as 'The Next Gourmet Burger Kids' Recipe Contest' since 2006.
The 6,695-square-foot Eau Claire Red Robin(R) restaurant will seat 214 guests. There are eight additional Red Robin(R) restaurants in Wisconsin owned and operated by Dane County Robins, Inc., a franchisee of Red Robin.
For more information about Red Robin and to find additional restaurant locations, please visit http://www.redrobin.com.
About Red Robin Gourmet Burgers, Inc. (Nasdaq: RRGB)
Red Robin Gourmet Burgers, Inc. (http://www.redrobin.com), a casual dining restaurant chain founded in 1969 that operates through its wholly-owned subsidiary, Red Robin International, Inc., serves up wholesome, fun, feel-good experiences in a kid- and family-friendly environment. Red Robin(R) restaurants are famous for serving more than two dozen insanely delicious, high-quality gourmet burgers in a variety of recipes with Bottomless Steak Fries(R), as well as salads, soups, appetizers, entrees, desserts, and signature Mad Mixology(R) Beverages. There are more than 390 Red Robin(R) restaurants located across the United States and Canada, including corporate-owned locations and those operating under franchise agreements.
About the National Center for Missing & Exploited Children(R) (NCMEC)
NCMEC is a 501(c)(3) nonprofit organization dedicated to helping protect children from abduction and sexual exploitation. NCMEC's congressionally mandated CyberTipline, a reporting mechanism for child sexual exploitation, has handled more than 570,000 leads. Since its establishment in 1984, NCMEC has assisted law enforcement with more than 138,400 missing child cases, resulting in the recovery of more than 121,500 children. For more information about NCMEC, call its toll-free, 24-hour hotline at 1-800-THE-LOST or visit http://www.missingkids.com.
SOURCE Red Robin Gourmet Burgers, Inc.
Source: PR Newswire (April 29, 2008 - 12:57 PM EDT)
News by QuoteMedia
www.quotemedia.com
or 5000 times....
Works for me.....
Too bad for who???
I'm in for whatever happens...