Jerry,
Here's the new earning report.About what I expected.
Woodroast Systems Announces Third Quarter 1996 Results
EDEN PRAIRIE, Minn., Nov. 1 /PRNewswire/ -- Woodroast Systems, Inc.,
(Nasdaq: WRSI) announced its results for the third quarter ended September 29,
1996.
Net sales for the quarter were $1,343,692, compared with $513,475 for the
same period last year. Net sales for the first 39 weeks of 1996 were
$4,761,245 compared with $1,653,503 for the first three quarters of 1995. The
increase in revenues was largely attributable to the November, 1995 opening of
a Shelly's Woodroast restaurant and Shelly's Back Room "Civilized Cigar
Parlor" by the Company in Rockville, Md., a suburb of Washington, D.C., as
well as from the ongoing operation of the Company's Shelly's Woodroast in St.
Louis Park, Minn.
The Company reported a net loss of $412,456, or $0.13 per share, for the
third quarter of 1996, compared with a net loss of $139,608, or $0.06 per
share for the same period last year. For the 39 weeks ended September 29, the
Company reported a net loss of $1,086,755 compared with $376,980 for the same
period in 1995.
Sheldon F. Jacobs, chairman and CEO noted that the losses sustained in the
first 39 weeks of 1996 were in line with expectations and substantially
attributable to costs associated with the opening of the Company's Rockville,
Md. restaurant, and with development of the Company's Shelly's Back Room
"Civilized Cigar Parlor and Tavern" concept. "Although development costs
represent a substantial investment, we believe this investment will enhance
prospects both for profitability and for increasing shareholder value," Jacobs
said. "We are making substantial progress in enhancing our management team,
and carefully preparing to maximize the opportunities associated with our
Shelly's Back Room concept," he said.
Woodroast Systems, Inc. recently named Ralph Guarino, a veteran of more
than 25 years in restaurant development and franchising, as president and COO.
Guarino has been directly involved in the opening of nearly 250 restaurants.
The Company recently announced plans to build its first stand-alone Shelly's
Back Room in Washington, D.C.
Woodroast Systems, Inc. is an Eden Prairie, Minn.-based restaurant
development company expanding its Shelly's Back Room "Civilized Cigar Parlor
and Tavern" and Shelly's Woodroast restaurant concepts. Both concepts include
a Northwoods lodge theme and "Original Woodroast Cooking(R)," a
signature-style cuisine featuring slow-roasted meat, fish, and fowl prepared
in patented, computer-controlled wood-burning ovens. Shelly's Back Room
features complete accommodations for cigar smokers including food and beverage
service, club seating, retail cigar sales, and state-of-the-art air
purification. The Company's common stock is traded on the Nasdaq SmallCap
Market under the symbol "WRSI."
CHART:
WOODROAST SYSTEMS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
Thirteen Weeks Ended
Sept. 29, 1996 Sept. 24, 1995
Net Sales $1,343,692 $513,475
Total costs and expenses 1,697,018 673,323
Loss from operations (353,326) (159,848)
Other income (expense) (59,130) 20,240
Net loss (412,456) (139,608)
Net loss per common share ($0.13) ($0.06)
Weighted average shares outstanding 3,080,626 2,268,000
CONTACT: Greg Barron of G.R. Barron and Company for Woodroast Systems, Inc.,
612-645-8627
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