I have no idea when we'll get there but here is an example of a small profitable west coast restaurant company. At their growth rate they seem undervalued even at their recent range of $9-10. They made .16 this quarter.
Il Fornaio Corporation Reports Record Results for First Quarter 1999; Same Store Sales Up Over 5% for Quarter
CORTE MADERA, Calif.--(BUSINESS WIRE)--April 27, 1999--Il Fornaio
(America) Corporation (Nasdaq:ILFO) reported today that total revenues
for the quarter ended March 28, 1999 were $23.5 million, an increase
of 19.5% over total revenues of $19.7 million for the quarter ended
March 29, 1998. Restaurant sales increased by 20% to $21.5 million for
the first quarter of 1999 compared to $17.9 million for the
corresponding period in fiscal 1998. Bakery sales rose by 13.7% to
$2.0 million for the first quarter of fiscal 1999 compared to $1.7
million for the corresponding period in fiscal 1998. Net income and
diluted net income per share for the quarter ended March 28, 1999 were
$942,000 and $0.16, respectively.
The results for the first quarter of the prior year include a
one-time charge, net of income tax benefit, of $326,000 or $0.05 per
diluted share. This one-time charge represented the cumulative effect
of a change in accounting principle for preopening costs in connection
with the Company's adoption in fiscal 1998 of AICPA Statement of
Position (SOP) 98-5, "Reporting the Costs of Start-Up Activities." In
accordance with SOP 98-5, preopening costs for both quarters presented
in this release reflect costs that have been expensed as incurred. Net
income and diluted net income per share for the first quarter of
fiscal 1998 were $623,000 and $0.10, respectively, after the
cumulative effect of the change in accounting principle. It is
expected that this accounting change will contribute to increased
volatility of quarterly profitability, depending on the timing and
number of future store openings.
"We are extremely pleased with the way 1999 has begun at Il
Fornaio," said Chairman Larry Mindel. "Sales and profits reached
all-time highs for the first quarter, driven by new locations in
Seattle, Washington and Walnut Creek, California. In addition, same
store sales increased by 5.1% in the first quarter, which represents
our 13th consecutive quarter of same store sales increases and our
best performance in this important measurement since 1997."
Il Fornaio (America) Corporation owns and operates 17
full-service Italian restaurants that serve creatively prepared,
premium-quality Italian cuisine based on authentic regional Italian
recipes. Each restaurant houses a retail market offering Il Fornaio's
unique baked goods, prepared foods and a variety of Il Fornaio-brand
products. The Company also operates five bakeries that produce fresh,
hand-made breads, pastries and other baked goods for sale at the
Company's own locations and to high-quality grocery stores, coffee
retailers, hotels and other fine restaurants.
This press release contains forward-looking statements that
involve risks and uncertainties relating to future events, including
plans for, timing of, and the effect of preopening expenses related to
new restaurant openings. Actual events or the Company's results may
differ materially from the events or results discussed in the
forward-looking statements for a number of reasons including, without
limitation, timely project development and restaurant construction,
obtaining appropriate regulatory approvals, management of costs and
recruitment of qualified operating personnel. The Company assumes no
obligation to update the forward-looking information. Investors are
referred to the full discussion of risks and uncertainties associated
with forward-looking statements contained in the Company's 10-K for
the fiscal year ended December 27, 1998.
-0-
*T
IL FORNAIO (AMERICA) CORPORATION
STATEMENTS OF INCOME
(in thousands, except per share amounts)
(unaudited)
Three months Three months
ended ended
March 28, March 29,
1999 1998
Revenues:
Restaurants $ 21,547 $ 17,950
Bakeries 1,986 1,746
Total revenues 23,533 19,696
Costs and expenses:
Cost of sales 5,538 4,600
Operating expenses 13,621 11,292
Depreciation and amortization 1,216 1,002
Preopening expenses 7 --
General and administrative expenses 1,771 1,504
Total costs and expenses 22,153 18,398
Income from operations 1,380 1,298
Other (income) expenses:
Interest income (151) (271)
Interest expense -- 14
Total other (income) expenses, net (151) (257)
-------- --------
Income before income taxes and change in
accounting principle 1,531 1,555
Provision for income taxes 589 606
Income before change in accounting principle 942 949
Cumulative effect of change in accounting
principle (net of taxes) -- 326
Net income $ 942 $ 623
BASIC EARNINGS PER SHARE
Basic earnings per share before change in
accounting principle $ 0.17 $ 0.16
Cumulative effect of change in accounting
principle -- 0.06
Basic earnings per share $ 0.17 $ 0.10
Basic weighted average shares outstanding 5,659 5,831
DILUTED EARNINGS PER SHARE
Diluted earnings per share before change in
accounting principle $ 0.16 $ 0.15
Cumulative effect of change in accounting
principle -- 0.05
Diluted earnings per share $ 0.16 $ 0.10
Diluted weighted average shares outstanding 6,021 6,472
*T
--30--mr/sf* ik/sf
CONTACT:
Il Fornaio Corporation
Paul Kelley, 415/945-4218
pkelley@ilfo.com
www.ilfornaio.com
To edit your profile, go to keyword NewsProfiles.
For all of today's news, go to keyword News. |
