Net income for the first six months of 2000 was $30.8 million or $1.11 per share compared to $23.9 million or $.85 per share in the first six months of 1999.
"We had excellent operating results in the second quarter and first half of 2000. This marks our 15th consecutive quarter of record quarterly earnings, said Richard M. Frank, chairman and CEO. "Earnings per share increased 29.4% in the second quarter and 30.6% in the first half due primarily to strong sales growth in existing stores, excellent performance of new stores and improved operating margins. We are especially pleased with the sales performance in existing stores and plan to continue to evolve the concept and aggressively reinvest into our existing store base with the implementation of our Phase III enhancement program. We believe our concept and financial position have never been stronger and the continued success of our strategic initiatives will position the company well for achieving our long-term goals."
The company has opened 16 new stores year-to-date in 2000, including 14 new stores opened during the first half of this year, and has an additional 11 new stores currently under construction. The company presently anticipates adding a total of 27 to 32 company-operated stores during 2000.
In July 2000, the company entered into a bank agreement that increases its revolving line of credit facility to $75 million from $55 million and extends the maturity date to 2003 from 2001.