Austins Steaks and Saloon, Inc. (OTC Bulletin Board: STAK) yesterday reported that its first quarter profit was up over last year.
Austins, the parent company of The WesterN SizzliN Corporation, reported net income of $185,534 for the quarter ended March, 31, 2001, compared to net income of $168,791 for the same quarter last year.
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A total of 43 units was added to the system during the first quarter, bringing to 240 the number of franchised restaurants. The growth came from former Quincy restaurants, which have been converted to WesterN SizzliN restaurants.
“Our strategy enabled us to reach an important goal of growing our franchised restaurants,” said Victor Foti, President/CEO. “The addition of the 43 units is projected to provide gross royalty revenue of approximately $25 million over 20 years.”
“In 2001, we anticipate continued growth in the WesterN SizzliN franchise,” said Foti. “We are re-imaging restaurants so that they will have a fresh, modern look that will be consistent on the exterior and interior of our stores,” he continued. “We anticipate these changes will increase same- store sales and enable us to sell more franchises.”
Austins Steaks & Saloon, Inc. operates and franchises a total of 261 units in 24 states under names of WesterN SizzliN, WesterN SizzliN Wood Grill, Great American Steak & Buffet Company and Austins Steakhouse. Inquiries should be directed to Robyn B. Mabe, Vice President and Chief Financial Officer at 317 Kimball Avenue, N. E. Roanoke, Va. 24016.
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By GlobalDataComments included in this news release may include “forward-looking statements” within the meaning of the federal securities laws. These statements as to anticipated future results are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ markedly from those projected or discussed here. Such risks and uncertainties are detailed in Austins Steaks & Saloon, Inc.’s Annual Report on Form 10-KSB filed with the SEC on April 17, 2001 and are incorporated herein by reference. Austins Steaks & Saloon, Inc. cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date hereof.
