PDIV** Premier Development & Investment, Inc
A Solid Emerging Growth Situation
The Players Grille Restaurant & Bar™ is PDIV's wholly-owned subsidiary & its first restaurant. It's a 5,000 square foot facility that seats about 200. It's represents a great start for PDIV's master plan.
On 8/24/2005, PDIV announced that comparable same store restaurant sales at its wholly-owned Players Grille subsidiary increased 40.9% during the month of July 2005 compared with July 2004. Also, the number of customers, measured by overall check counts, increased 57.0% during July.
These increases follow comparable same store restaurant sales increases & check count increases for the three months ended 6/30/2005 of 45.0% & 55.2%, respectively. For the three months ended 3/31/2005 the increases were 14.8% & 20.1%, respectively.
We interviewed CEO Scott Sitra. He told us his master plan includes carefully creating two to three additional theme-based restaurants & bar facilities in the Jacksonville area in 2006, which will then function as the basis of an aggressive franchising operation.
Essentials
Business: Develops & operates theme-based restaurant & bar concepts
Listed: OTC Bulletin Board
Symbol: PDIV
Shares Out (at 8/8/2005): 3,097,105
Approximate Float: 140,000 shares
Price (9/23/2005): $2.45
Market Cap:* $7.74 million
Estimated Insider Ownership: 33.3%
Fiscal Year End: 12/31
* Using the shares out at 8/8/2005 & the price at 9/23/2005.
Brief History:
The company divested its interests in its financial & real estate activities in 4/2005, reverse split its shares 1 for 200, & got its new symbol in 6/2005. Scott Sitra & Michael Hume assumed management in 8/2004. This turn-around & the new management's concentration exclusively on its core business, represents, in our opinion, a solid foundation for PDIV's future growth.
Management's Comments
Michael Hume, Players Grille's general manager, recently stated: "We are extremely pleased with the July 2005 results. As with the trend we have witnessed during the course of the year, much of the increase in sales came from significantly increased sales of beer, liquor, & wine, which are higher margin products."
Scott Sitra commented: "Mike continues to do an exceptional job with the Players Grille subsidiary. We fully anticipate this trend of higher sales, especially in regards to beer & liquor sales, to continue throughout the remainder of the year & into next year. September marks the beginning of football season, which is historically when the Players Grille subsidiary generates its best financial results."
This one is ready for a move to 5.00-6.00 imho.
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