Industry News | August 21, 2001

Quizno's Profitable in 3rd Q Fiscal 2001

Bookmark/Share this post with:
Email this story Email this story
Printer-friendly versionPrinter-friendly version

Read More About

The Quizno's Corporation (Nasdaq: QUIZ) announced a profit of $497,060 net income applicable to common shareholders, or $.16 per diluted share, in the 3rd quarter of fiscal 2001 ending June 30, compared to a profit of $308,038 net income applicable to common shareholders, or $.09 per diluted share, for the same period ended June 30, 2000.

The company, which franchises and owns and operates Quizno's Subs restaurants, reported it sold a record number of 198 franchises, including 13 internationally, in the quarter. The company also awarded the master franchise rights to develop Quizno's in South Korea in the 3rd quarter.

The company reported a loss of $1.2 million, or $.49 per diluted share, for the first nine months of this fiscal year, compared to a profit of $823,181, or $.24 per diluted share, for the comparable nine months of 2000. The loss was due to non-recurring expenses of $3.4 million posted in the 1st quarter of 2001. The company's core business of franchise operations and company restaurants has remained profitable in 2001 year-to-date.

Total revenue in the 3rd quarter was $13 million, up 15 percent over $11.3 million in the same quarter of 2000. Year-to-date revenue was up 30 percent to $38.7 million in the nine months ending June 30, 2001, compared to $29.8 million for the nine months ended June 30, 2000.

A total of 92 new Quizno's Subs restaurants opened in the 3rd quarter, including four internationally, bringing the total Quizno's operating throughout the U.S. and Puerto Rico and in eight foreign countries to 1,241. Today, there are just under 1,300 Quizno's open.

Domestic system wide sales grew to $107 million in the recent quarter, up 48 percent over the $72 million in the same quarter of 2000. Domestic same store sales were up 4.2 percent year-to-date at the end of June.