ilver Diner Announces Seventh Consecutive Quarter of Comparable Store
Sales Increases and Construction of Two New Restaurants
-- Fourth Quarter comparable store sales up 4%. -- 1999 Fiscal Year comparable store sales up 6%. -- Virginia Beach to open
early this Summer. -- Gaithersburg to open late this Summer.
ROCKVILLE, Md., Feb. 7 /PRNewswire/ -- Silver Diner, Inc. (Nasdaq: SLVR - news) today announced comparable store sales increases and construction of
two new restaurants.
For the 12-week fourth quarter of 1999, net sales increased by approximately $250 thousand or approximately 4%, to approximately $6.6 million compared to
approximately $6.4 million in the same 12 weeks of last year's 13-week fourth quarter. Net sales for the 52-week fiscal year ended January 2, 2000, increased by
approximately $1.2 million or approximately 4%, to approximately $29.2 million compared to approximately $28.0 million for the same 52 weeks of the 53-week
1998 fiscal year.
-- Same store sales in the fourth quarter of 1999 likewise increased by
approximately 4% compared to the same quarter last year, (after
adjusting for the 13th week in 1998), marking the Company's seventh
consecutive quarter of comparable store sales increases. For the
fiscal year ended January 2, 2000, same store sales increased
approximately 6% over the 1998 fiscal year (after adjusting for the
53rd week in 1998). Comparable store sales increases continue to be
driven primarily by increased customer counts, combined with a slight
increase in average guest check.
-- The Company's twelfth restaurant, located in Virginia Beach, Virginia,
is under construction and is expected to open early this Summer. This
restaurant represents the first of the Company's new, free-standing
prototypes which reflect improved operating efficiencies and lower
costs designed to provide superior returns on investment.
-- The Company's thirteenth restaurant, located in Lake Forest Mall,
Gaithersburg, Maryland, is under construction and is expected to open
late this Summer. This represents the Company's first new inline mall
prototype, providing an excellent platform for the Company's goal of
pursuing a broader universe of sites for new stores.
The Company's full earnings release covering the fourth quarter of 1999 and the 1999 fiscal year will be available in April 3, 2000, when the Form 10-K will be filed
with the Securities & Exchange Commission. At 4:00 p.m. on April 3, the Company will conduct a conference call to review the year-end financial results contained
in the above-referenced release, discuss future store growth and answer questions. The conference call telephone number for interested parties will be announced
and posted on our website two weeks in advance of this date.
Robert Giaimo, the Company's Founder, President and CEO, stated, ``The continued strong same store sales increases achieved by the Company for the fourth
quarter, following our record earnings achieved for the third quarter ended October 10, 1999, reflect our excellent restaurant level performance which is the
foundation for resumed growth.'
The Virginia Beach restaurant will be the Company's first entry into the South Atlantic marketplace, and the Gaithersburg Mall restaurant will give the company a
lower cost, higher margin growth vehicle. These two units represent the first of several in a number of anticipated multi-state Company-owned Silver Diner openings
over the next two years. The Company also continues to investigate franchising opportunities and other strategic vehicles for accelerated growth.``
Silver Diner, based in Rockville, Maryland, currently operates eleven Silver Diner restaurants in the Washington, Baltimore and Philadelphia metropolitan areas. The
restaurant chain serves breakfast, lunch and dinner as well as late night meals, combining classic diner appeal with innovative menu selections. Management
encourages you to visit the Company's web page at www.silverdiner.com for additional information about Silver Diner.
Safe Harbor Language
This press release may contain forward-looking information within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities and
Exchange Act of 1934 and is subject to the safe harbor created by these sections. Silver Diner assumes no obligation to update the information contained in this press
release.
Certain information included herein may contain statements that are forward-looking, such as statements relating to plans for future expansion and other business
development activities as well as operating costs, capital spending, financial sources and the effects of competition. Such forward-looking information is subject to
changes and variations which are not reasonably predictable and which could significantly affect future results. Accordingly, such results may differ from those
expressed in any forward-looking statements made by or on behalf of the Company. These changes and variations which could significantly affect future results
include, but are not limited to, those relating to development and construction activities, including delays in opening new Diners, acceptance of the Silver Diner
concept, the quality of the Company's restaurant operations, the adequacy of operating and management controls, dependence on discretionary consumer spending,
dependence on existing management, inflation and general economic conditions, and changes in federal or state laws or regulations.
SOURCE: Silver Diner, Inc. |
