CORAL SPRINGS, Florida, July 25, 2013 /PRNewswire/ --
FinancialNewsMedia.com issues market news updates for today's active food & beverage companies: GRILLiT, Inc. (OTC: GRLT), Yum! Brands, Inc. (NYSE: YUM), PepsiCo, Inc. (NYSE: PEP), Domino's Pizza, Inc. (NYSE: DPZ) and Chipotle Mexican Grill, Inc. (NYSE: CMG)
GRILLIT®, INC. (OTC: GRLT) Headline: GRILLIT®, INC. today announced that it has executed a revolving credit facility with TCA Global Credit Master Fund. The Company received the initial drawdown of $250,000 on Thursday, July 18, 2013 and, upon consent of the lender, may draw down additional amounts on the same terms up to a total amount of $3,000,000. The Company plans to use the line of credit to carry out its expansion strategy by funding the acquisition and build out of GRILLiT store locations and funding additional marketing/branding campaigns." The Company is using the initial tranche for working capital, inventory, marketing programs, and initial capital requirements for the acquisition and retrofit of its third location adjacent to the University of Miami previously announced on July 17, 2013.
To read the entire press release, please go to http://finance.yahoo.com/q/h?s=GRLT+Headlines
GRILLiT Chairman and CEO, Ghazi Hajj commented, "Access to this credit facility will greatly strengthen our capacity to carry out our expansion for our corporately owned and future franchise locations. Further, we believe that as a result of the leverage that this facility affords us, the expense of the facility is significantly less than an all-equity alternative. Further, we are confident that TCA Global Credit will prove to be a reliable financial partner who will have the capacity to support our growth objectives."
Taco Bell Corp., a subsidiary of Yum! Brands, Inc., (NYSE: YUM), is the nation's leading Mexican-inspired quick service restaurant. Taco Bell serves made to order and customizable tacos, burritos, and specialties such as the exclusive Doritos® Locos Tacos, gourmet inspired Cantina Bell® Menu and lower calorie Fresco Menu. Taco Bell® announced that it will discontinue kid's meals and toys at its U.S. restaurants, becoming the first national quick service restaurant chain to do so. Select restaurants will begin the removal in July, with nationwide implementation anticipated by January 2014.
PepsiCo, Inc. (NYSE: PEP) today reported core earnings per share of $1.31 for the second quarter, an increase of 17 percent on organic revenue growth of 4.2 percent. "We're pleased with our performance in the second quarter and for the first half of 2013. PepsiCo delivered another quarter of mid-single-digit organic revenue growth, driven by our balanced food and beverage product portfolio and global geographic footprint. We continue to invest in advertising and marketing, innovation, and other marketplace initiatives to sustain our organic revenue growth and we are driving a robust productivity agenda that serves as a funding source for these investments," said Chairman and CEO Indra Nooyi.
Domino's Pizza, Inc. (NYSE: DPZ), the recognized world leader in pizza delivery, announced results for the second quarter of 2013, comprised of strong same store sales, EPS growth and positive global store count growth. Domestic same store sales grew 6.7% during the quarter versus the year-ago period, continuing the positive sales momentum in the Company's domestic business. The international division also posted strong results with same store sales growth of 5.8% during the quarter, marking the 78th consecutive quarter of international same store sales growth. The Company had global net store growth of 110 stores in the second quarter of 2013.
Chipotle Mexican Grill, Inc. (NYSE: CMG) News: What started as a small Mexican food joint two decades ago is now a national food chain with over 1,500 restaurants and a company with a market capitalization of more than $12 billion with the stock up 32% through the year. Chipotle reported a 10.2% increase in earnings, which moved to $2.82 per share and beat analyst expectations by a penny. Overall revenue was up 18.2% to $816.8 million, and same-store sales increased 5.5% or 4.5% excluding the extra trading day. Analysts had projected total sales of $802.8 million and comp growth of 3.8%.
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