Buffalo Wild 4Q Misses Views; 1Q Outlook Brackets Views
Thursday March 4, 8:12 pm ET
MINNEAPOLIS (Dow Jones)--Buffalo Wild Wings Inc. (NasdaqNM:BWLD - News)'s fourth-quarter earnings rose 8% on double-digit growth in same-store sales and higher chicken wing prices, though its per-share profit missed Wall Street's estimate by a penny.
In addition, the company issued first-quarter earnings guidance that brackets analysts' mean estimate.
In a press release Thursday, the restaurant chain said it earned $1.24 million, or 18 cents a share, compared with $1.15 million, or 24 cents a share, a year earlier.
Analysts surveyed by Thomson First Call (News - Websites) expected, on average, earnings of 19 cents a share.
Fourth-quarter revenue increased 38% to $36.7 million from $26.7 million a year earlier. Same-store sales, or sales at stores open at least a year, improved 10%.
The company issued 3.25 million common shares and converted all outstanding preferred stock into 1.85 million common shares when it went public in November.
Buffalo Wild Wings expects to earn 17 cents to 19 cents a share for the first quarter ending March 28, compared with Wall Street's estimate of 18 cents.
Revenue for the first quarter is projected to be about $39 million based on a same-store sales increase of 9% to 10% at company-owned stores. Average chicken wing prices are expected to be $1.49 a pound.
Buffalo Wild Wings has faced historically high chicken wing prices.
The company operates 252 restaurants in 30 states, and expects to open 20 company-owned and 45 franchised restaurants in 2004.
Buffalo Wild Wings Inc. - Minneapolis
4th Quar Dec. 31:
2003 2002
Revenue $36,729,000 $26,714,000
Net income a 1,241,000 1,150,000
Avg shrs (diluted) 5,459,261 4,826,002
Shr earns
Net income a .18 .24
Year:
Revenue $126,497,000 $96,107,000
Net income a 3,583,000 3,077,000
Avg shrs (diluted) 3,841,961 2,976,093
Shr earns
Net income a .55 .54
a. Includes costs of $411,000 for debt extinguishment.
-Judy Lam; Dow Jones Newswires; 201-938-5400 |
