Englewood, Colo.-based upscale dining chain Champps Entertainment has posted earnings per share (EPS) of US$0.15 for its Q4 ended 30 June, compared with US$0.03 year on year.
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Net income for the Q4 was US$1.92m versus US$316,000 in the comparable period a year ago. Total Q4 revenues increased 26.8% to US$41.92m versus US$33.06m for the Q4 of last fiscal year, but comparable same store sales fell 1% for the Q4. Food sales were modestly positive on a comparable base during the quarter. Liquor sales for the quarter fell 3.2%. A portion of the decline in liquor sales this quarter was the result of the strategic elimination of certain late night promotions in many of the restaurants.
Earnings for the FY ended 30 June were US$0.40 per diluted share on net income of US$5.13m compared with earnings of US$1.10 per diluted share on net income of US$13.54m for last fiscal year.
During the current FY, expenses related to predecessor companies of US$305,000 and a loss related to discontinued operations of US$153,000 were recorded, hitting earnings by US$0.04 per diluted share for the year. During the prior FY expenses related to predecessor companies of US$534,000, a loss related to discontinued operations of
US$77,000, and a benefit from recognition of a deferred tax asset of US$8.07m were recorded increasing earnings by US$0.60 per diluted share.
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By GlobalDataPreopening expenses for this fiscal year increased US$1.15m to US$2.62m or US$0.20 per diluted share versus US$1.47m or US$0.12 per diluted share for the prior fiscal year. General and administrative expenses were US$8.6m, or 5.4% of revenues for the current fiscal year compared with US$7,69m, or 5.8%, last fiscal year.
William H. Baumhauer, chairman, president and CEO, said: “We are pleased to report strong results for our Q4 allowing us to end our FY very positively. The impact of 11 September and the soft economy have made this past FY a difficult one in which to operate. We look forward to our new FY with optimism, as we evaluate our growth prospects and the strength of the Champps’ concept.
“The uncertain economic outlook, however, must temper any optimism especially as it relates to consumer sentiment. We continue to be well positioned in the market place and anticipate opening ten new Champps restaurants this FY and twelve new Champps restaurants in fiscal 2004. We anticipate total revenues to range between US$191m and US$194m for FY 2003 and EPS between US$0.64 and US$0.68 for the FY assuming positive same store sales trends of 1% and depending on the timing of new restaurant openings during the FY. For the Q1 we are estimating revenues to range between US$41m and US$42m and EPS to range between US$0.07 and US$0.08.”
Consoldiated statements of operations
(Dollars in thousands, except per share data)
Three Months Ended Twelve Months Ended
30 June 1 July 30 June 1 July
2002 2001 2002 2001
—- —- —- —-
Revenues
Sales $ 41,740 $ 32,882 $157,889 $ 132,672
Franchising and
royalty, net 177 183 648 644
——– ——– ——– ———
Total revenues 41,917 33,065 158,537 133,316
——– ——– ——– ———
Costs and expenses
Restaurant operating expenses:
Product costs 11,620 9,338 44,583 38,282
Labor costs 13,562 10,372 51,112 41,916
Other operating expenses 6,475 5,079 24,229 20,070
Occupancy 3,681 2,662 13,560 10,731
Depreciation and
amortization 1,715 1,402 6,435 5,517
——– ——– ——– ———
Total restaurant
operating expenses 37,053 28,853 139,919 116,516
Restaurant operating and
franchise contribution 4,864 4,212 18,618 16,800
Preopening 415 1,127 2,617 1,470
General and administrative
expenses 2,240 2,336 8,599 7,687
Expenses related to
predecessor companies – – 305 534
——– ——– ——– ———
Income from operations 2,209 749 7,097 7,109
Interest expense, net 210 433 1,601 1,388
——– ——– ——– ———
Income from continuing
operations 1,999 316 5,496 5,721
Loss from discontinued
operations, net of tax – – 153 77
——– ——– ——– ———
Income before provision
for income taxes 1,999 316 5,343 5,644
Provision (benefit)
for income taxes 80 – 209 (7,893)
——– ——– ——– ———
Net income $ 1,919 $ 316 $ 5,134 $ 13,537
======== ======== ======== =========
Basic income (loss)
per share:
Income before
discontinued operations $ 0.16 $ 0.03 $ 0.43 $ 1.15
Loss from discontinued
operations – – (0.01) (0.01)
——– ——– ——– ———
Net income $ 0.16 $ 0.03 $ 0.42 $ 1.14
======== ======== ======== =========
Diluted income (loss)
per share:
Income before
discontinued operations $ 0.15 $ 0.03 $ 0.41 $ 1.10
Loss from discontinued
operations – – (0.01) –
——– ——– ——– ———
Net income $ 0.15 $ 0.03 $ 0.40 $ 1.10
======== ======== ======== =========
Basic weighted average
shares outstanding 12,169 11,985 12,104 11,871
Diluted weighted average
shares outstanding 13,098 12,615 12,864 12,363
Supplemental Information —
Operating Expenses
(Stated as a percentage
of sales)
Product costs 27.9% 28.4% 28.2% 28.9%
Labor costs 32.5% 31.5% 32.4% 31.6%
Other operating costs 15.5% 15.4% 15.3% 15.0%
Occupancy 8.8% 8.1% 8.6% 8.1%
Depreciation and
amortization 4.1% 4.3% 4.1% 4.2%
——– ——– ——– ———
Total restaurant
contribution margin 11.2% 12.3% 11.4% 12.2%
======== ======== ======== =========
General & admin expenses
(Stated as a %/revenues) 5.3% 7.1% 5.4% 5.8%
——– ——– ——– ———
