Back Yard Burgers, Inc. (Nasdaq SmallCap:BYBI) today announced results for the second quarter of 2001.
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,
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
Unit activity for the quarter included two franchised store openings and one company-operated
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.