Barbeques Galore Limited today reported improved operating results for the first fiscal quarter ended April 30, 2000, with total company sales increasing 17.2% to a record high.
The company reported that its net loss for the quarter was reduced to US$815,000, equal to US$0.18 per share, from a net loss of US$848,000, or US$0.19 per share, last year. The first quarter typically is the company’s weakest period because of the seasonal nature of its business.
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Total company sales advanced to US$34.7 million for the current year’s first quarter from US$29.6 million in the first quarter last year. Net sales in the U.S. increased 26.8% to US$19.9 million from US$15.7 million in the prior year period. Net sales in Australia rose 5.7% to US$14.8 million (A$24.1 million) from US$14.0 million (A$21.9 million), last year. Same store sales for the first quarter increased 12.7% at the company’s U.S. locations and 5.9% at its Australian locations.
Gross margin for the quarter improved to 30.8% of total sales, from 29.5% in the prior year period. Operating loss was reduced to US$959,000 from US$1.1 million in the first quarter a year ago.
“The first quarter performance exceeded expectations. We are very pleased with these results, particularly with regard to our larger store base and the lower leverage available in this traditionally slow period. The results were especially gratifying in the U.S. where we continued to experience double digit same store sales for the eighth consecutive quarter,” said Sam Linz, Executive Chairman of Barbeques Galore. “We have now geared up in the U.S. for the all important summer selling season in the second quarter, and are on plan to continue our U.S. store expansion program of opening 10 to 15 stores this year.”
Linz said that during the first quarter, the company opened a new distribution center in Charlotte, North Carolina, that now serves the company’s eastern stores. He also said that three company-owned stores were opened in California, in Dublin, Santa Rosa and Studio City. Second quarter plans call for entering the Miami market for the first time with two store openings and the opening of an additional two stores in California. In Australia, one store will be relocated and two refurbished in the second quarter.
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By GlobalDataBarbeques Galore is the leading chain of specialty retail stores devoted to sales of barbecues, fireside products and related accessories. The company now owns and operates 57 stores in the U.S. and 35 stores in Australia. In addition, it has 11 franchised stores in the U.S. and 49 licensed stores in Australia. Through its e-commerce Web site, www.bbqgalore.com, the company sells an extensive line of barbecue and fireside products and related accessories.
This news release contains forward-looking statements that involve risks and uncertainties that could cause results to differ materially from those contained in these forward-looking statements. Such statements include, but are not limited to, growing demand for the company’s products, the company’s ability to open new stores, the success of its new e-commerce Web site, and other “Risk Factors” as mentioned in the company’s filings from time to time with the Securities and Exchange Commission.
Barbeques Galore Limited
Consolidated Statements of OperationsThe following are Barbeques Galore Limited’s unaudited results for
the three months ended April 30, 2000 compared to the three months
ended April 30, 1999.First Quarter First Quarter
Ended Ended
April 30, April 30,
2000 1999
(in thousands except per share data)A$ US$ A$ US$
Sales
Australia 24,144 14,803 21,936 13,982
U.S. 32,496 19,923 24,579 15,667
Total sales 56,640 34,726 46,515 29,649Cost of goods sold 39,194 24,030 32,804 20,909
Gross profit 17,446 10,696 13,711 8,740
Selling, general and
administration expenses 18,607 11,408 14,899 9,497Store pre opening costs 403 247 496 316
Operating loss (1,564) (959) (1,684) (1,073)
Equity in income of affiliates 18 11 38 24
Interest expense 530 325 519 331Loss before tax (2,076) (1,273) (2,165) (1,380)
Income tax benefit (747) (458) (834) (532)
Net loss (1,329) (815) (1,331) (848)
Basic earnings per share (0.29) (0.18) (0.29) (0.19)
Weighted average shares outstanding 4,542 4,542 4,542 4,542
US$/A$ conversion rate 0.6131 0.6374
Barbeques Galore Limited
Condensed Consolidated Balance SheetsIn A$ thousands, except share and per share data
April 30, January 31,
2000 2000
AssetsCurrent assets:
Cash and cash equivalents 978 33
Accounts receivable, net 12,213 14,792
Inventories 60,653 54,022
Deferred income taxes 2,780 2,368
Prepaid expenses and other current assets 1,922 1,039Total current assets 78,546 72,254
Non-current assets:
Receivables from affiliates 1,248 748
Property, plant and equipment, net 35,478 34,970
Goodwill, net 1,320 1,327
Deferred income taxes 1,712 1,646
Other non-current assets 1,833 1,934Total assets 120,137 112,879
Liabilities and shareholders’ equity
Current liabilities:
Accounts payable and accrued liabilities 23,391 26,014
Payables to related parties 612 700
Payables to affiliates — 47
Current maturities of long-term debt 24 22
Current portion of obligations
under capital leases 1,916 2,405
Income taxes payable 1,127 1,856Total current liabilities 27,070 31,044
Non-current liabilities:
Long-term debt 30,476 20,692
Obligations under capital leases,
excluding current portion 5,160 5,237
Other long-term liabilities 1,745 983Total liabilities 64,451 57,956
Shareholders’ equity:
Ordinary shares, $3.64 par value;
authorized 27,437,853 shares 40,733 40,733
Accumulated other comprehensive income 3,197 1,105
Retained earnings 11,756 13,085Total shareholders’ equity 55,686 54,923
Total liabilities and shareholders’ equity 120,137 112,879
