WRSI Earnings
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Woodroast Systems, Inc. Announces 1996 Results
PR Newswire, Tuesday, March 18, 1997 at 15:47
EDEN PRAIRIE, Minn., March 18 /PRNewswire/ -- Woodroast Systems, Inc.
(NASDAQ:WRSI) announced its results for the year ended December 29, 1996.
Net sales for the fiscal year 1996 increased 115% to $6,272,724, compared
with $2,914,862 for the fiscal year 1995. The net loss, after all charges,
for the fiscal year 1996, was $1,702,566 or $0.55 per share, compared with a
net loss of $1,167,433 or $0.51 per share for fiscal year 1995.
On an operating basis, the Company reported a net loss of $1,530,363, for
fiscal year 1996, compared with a net loss of $1,224,568 for fiscal year 1995.
The Company stated the principal reasons for its losses stem from
increased depreciation and interest expenses in 1996 due to the Rockville, Md.
location, in addition to higher general and administrative expenses as it
prepares for the expansion of the Shelly's Back Room(R) concept. "While we
are continuing to see a net loss, we are pleased to see operating and sales
improvements at our restaurants in St. Louis Park and Rockville, Md.," said
Sheldon F. Jacobs, chairman and chief executive officer of Woodroast Systems,
Inc. "We are pleased to note that our year-end sales for our flagship
restaurant in St. Louis Park are up $102,472 or 4.4% over the previous year.
In addition, total sales from the second restaurant in Rockville, Md., which
opened in November 1995, were $3,833,711 for the first full year of
operations."
Net revenues for the fourth quarter of 1996 were $1,511,479, as compared
to $1,261,359 in the fourth quarter of 1995, or an increase of 20%. Net loss
for the quarter was $615,811 or $0.14 per share, compared with a net loss of
$790,453 or $0.35 per share, a year ago.
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 of 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".
WOODROAST SYSTEMS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
Fiscal Years Ended
December 29, 1996 December 31, 1995
Net Sales $6,272,724 $2,914,862
Costs and expenses 7,803,087 4,139,430
Other (income) expenses 172,203 (57,135)
Net loss (1,702,566) (1,167,433)
Net loss per common share ($0.55) ($0.51)
Weighted average common shares
outstanding 3,121,267 2,268,877
Fourth Quarter Ended
December 29, 1996 December 31, 1995
Net Sales 1,511,479 1,261,359
Costs and expenses 2,123,477 2,016,851
Other (income) expenses 3,813 34,961
Net loss (615,811) (790,453)
Net loss per common share (0.14) (0.35)
Weighted average common shares
outstanding 4,251,324 2,271,510
The Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for forward-looking statements. Certain information included in this
press release (as well as information included in oral statements or other
written statements made or to be made by the Company) contains statements that
are forward-looking, such as statements relating to plans for future expansion
and other business development activities as well as other capital spending,
financing sources and the effects of regulation and competition. Such
forward-looking information involves important risks and uncertainties that
could significantly affect anticipated results in the future and, accordingly,
such results may differ from those expressed in any forward-looking statements
made by or on behalf of the Company. These risks and uncertainties include,
but are not limited to, those relating to development and construction
activities, dependence on existing management, leverage and debt service
(including sensitivity to fluctuations in the interest rates), domestic or
global economic conditions, activities of competitors and the presence of new
or additional competition, fluctuations and changes in customer preferences
and attitudes, changes in federal or state tax laws or the administration of
such laws. For more information, review the Company's filings with the
Securities and Exchange Commission, including the Company's annual report on
Form 10-K and certain registration statements of the Company.
SOURCE Woodroast Systems, Inc.
-0- 3/18/97
/CONTACT: Ralph J. Guarino, President and COO of Woodroast Systems,
612-944-5113/ |
