Pancho's Mexican Buffet, Inc. (Nasdaq: PAMX) announced Februrary 2, 2000 at it's annual meeting that it will be converting restaurants in select markets during the year to it's new Pancho's Express Buffet . The company also announced the re-election of three board members for a term of three years: Hollis Taylor, president, CEO and director; Robert List, director; and George Riordan, director. Lastly, shareholders approved the adoption of the 1998 Restricted Stock Plan for Non-Employee Directors and approved stock previously issued under such Plan.
Sporting a new logo, signage and slightly modified interior decor, the company's new Pancho's Express Buffet will be a fast-service version of the company's traditional Pancho's Mexican Buffet concept, offering customers the speed, convenience and lower price point of a quick-service restaurant.
"Our strategy is to increase customer count in certain restaurants in smaller markets or markets that are experiencing lower demand," said Taylor. "This new restaurant format will offer a more simplified kitchen operation, with most of the favorite selections of our traditional buffet, in a quick and convenient format at a price point of only $3.99 per person. Our plan is to convert four locations into this new format by year end."
The company recently introduced its new Pancho's Buffet & Grill , a new, upscale prototype remodel in Mesquite, Texas. "While it is too early to know the long-term sales increase this remodeled concept will generate, we are receiving excellent response from customers and we are optimistic about the potential of this new format." Taylor noted that the company was planning to convert two more restaurants into the new Pancho's Buffet & Grill format this year.
"We believe that our re-imaging campaign, which includes converting our restaurants into Pancho's Buffet & Grill and Pancho's Express Buffet formats, will improve future financial performance for the company," added Taylor.
Based in Fort Worth, Pancho's Mexican Buffet, Inc. is the only publicly held company offering all-you-can-eat Mexican food in a buffet-style format. The company operates 48 restaurants in Texas, Arizona, Louisiana, New Mexico and Oklahoma.
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