The Quizno’s
Corporation (Nasdaq: QUIZ) posted a profit of $1.1
million net income applicable to common shareholders, or
$.33 a share diluted, in its fiscal year ended September
30, 2000. That compares to a loss of $1.5 million, or $.55
a share diluted, for the nine months ended September 30,
1999. The 1999 loss was calculated after deducting the cumulative
effect of changes in accounting principles, which amounted
to $2,769,592, net of taxes, or $.90 a share. The company
changed its year-end from December 31 to September 30 in
1999, resulting in the short reporting period for 1999.
In 1998, the company posted a profit of $891,725 net income
allocable to common shareholders, or $.26 a share diluted.
The company, which franchises and owns and operates Quizno’s
Classic Subs restaurants, sold 553 new franchises, including
63 international franchises in fiscal 2000. It also awarded
several new master franchise rights, including the rights
to develop Quizno’s in Taiwan.
Total revenue for fiscal year 2000 increased 59 percent
to $41.9 million from $26.3 million in fiscal year 1999.
Continuing fees increased 74 percent to $18.1 million in
2000 from 10.4 million in 1999. company store revenue increased
81 percent to $15.0 million in fiscal 2000 from $8.3 million
in fiscal 1999. As of September 30, 2000, there were 35
company-owned Quizno’s restaurants, versus 25 company-owned
restaurants September 30, 1999.
Domestic system wide sales increased 80 percent to $273
million in fiscal 2000, up from $152 million in fiscal 1999.
The average unit volume at the end of fiscal 2000 was $390,000
compared to $369,000 at the end of fiscal 1999. Same store
sales were up 7.9 percent in the year ended September 30,
2000 over the year ended September 30, 1999.
A total of 380 new Quizno’s Subs restaurants opened in
the year ended September 30, 2000, including 52 new international
locations. Today the chain has surpassed 1,000 units throughout
the U.S. and in four foreign countries.