Total revenues for the 13-week period ended June 30, 2001, increased 7.5% to $8,343,000, which represents the highest quarterly revenues in the history of the company. The increase is primarily the result of improvements in same-store sales over the 13 weeks ended July 1, 2000. Net income increased 65.2% for the second quarter of 2001 to $365,000, or $.08 per diluted share, from $221,000, or $.05 per diluted share, during the second quarter of 2000. In the second quarter of 2000, a $140,000 gain on the sale of unutilized assets had a positive impact on net income figures. Same-store sales for the second quarter of 2001 increased 5.8% for company-operated restaurants and 1.1% for franchised restaurants over same-store sales for the second quarter of 2000.
Unit activity for the quarter included two franchised store openings and one company-operated store opening. Year-to-date revenues for the company totaled $15,477,000 compared with $14,333,000 in the prior year and net income of $521,000, or $0.11 per diluted share, compared with $286,000, or $0.06 per diluted share in the prior year. Prior year-to-date net income includes $271,000 in gains on the sales of unutilized assets. The company surpassed previous fiscal year pre-tax earnings record in the first six months. Year-to-date pre-tax earnings for the 26-week period ended June 30, 2001, totaled $867,000. Previously, the highest fiscal year (52-week period) pre-tax earnings ever posted by the company were $820,000 in fiscal year 1998.
As of June 30, 2001, the company's restaurant system comprised 98 units, including 36 company-operated stores and 62 franchised stores. Expansion plans for the remainder of 2001 includes two company-operated stores and five or more franchised stores.
Back Yard Burgers operates and franchises quick-service restaurants in Memphis, Little Rock, Nashville and other markets across 17 states.
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