Big Buck Brewery & Steakhouse, Inc. Reports 2000 Results

Apr 13, 2001, 01:00 ET from Big Buck Brewery & Steakhouse, Inc.

    GAYLORD, Mich., April 13 /PRNewswire/ -- Big Buck Brewery & Steakhouse,
 Inc. (Nasdaq:   BBUC), today reported the results of operations for the
 Company's fiscal year ended December 31, 2000.
     Revenues increased to $16,638,282 in 2000 from $13,881,911 in 1999.  The
 increase was mainly due to the opening of the Grapevine unit on August 31,
 2000, combined with increased restaurant sales from the Company's three units
 in Michigan.  The increase in revenues was offset by higher cost of sales,
 restaurant salaries and benefits, operating expenses and preopening costs.
 For the year, the Company reported a net loss of $(3,183,255), or $(0.59) per
 share, compared to $(1,288,925), or $(0.24) per share, for 1999.
     President and Chief Executive Officer Bill Rolinski stated, "We have come
 a long way since we first commenced operations in 1995.  Our expansion into
 Texas demonstrates the appeal of our concept and our ability to expand outside
 Michigan.  Subject to obtaining the necessary financing, we plan to open our
 next unit in Nashville, Tennessee, adjacent to the Grand Ole Opry."
     Rolinski also added, "With the December 2000 addition of Tim Pugh, our new
 Executive Vice President of Operations, we are searching for cost saving
 opportunities.  We believe that the implementation of more efficient
 operations can reduce our costs and expenses as a percentage of revenues in
 2001."
 
     Big Buck Brewery & Steakhouse, Inc.
     The Company develops and operates microbrewery restaurants under the name
 "Big Buck Brewery & Steakhouse."  Between May 1995 and October 1997, the
 Company opened one unit in each of the following Michigan cities:  Gaylord,
 Grand Rapids and Auburn Hills.  In August 2000, the Company opened its fourth
 unit in Grapevine, Texas.  This unit is owned and operated by Buck & Bass,
 L.P. pursuant to the Company's joint venture agreement with Bass Pro Outdoor
 World, L.L.C.
 
     Forward-Looking Statements
     Some of the information contained in this news release includes forward-
 looking statements.  Such statements are subject to a number of risks and
 uncertainties.  Actual results in the future could differ materially and
 adversely from those described in the forward-looking statements as a result
 of various important factors, including the general economic climate;
 competition within the markets in which the Company's restaurants operate; the
 availability of financing for expansion, operations and repayment of debt; the
 cost of property acquisition, construction and materials and other risks
 associated with the operation of restaurants, including risks that sales
 levels may be lower than projected or that operating costs may be greater than
 anticipated; joint ventures that are pursued by the Company may not be
 consummated for a variety of reasons, including the failure to reach agreement
 with other parties or the failure to obtain adequate financing; and the other
 risk factors set forth under the caption "Management's Discussion and Analysis
 or Plan of Operation - Cautionary Statement" in the Company's Annual Report on
 Form 10-KSB/A for the fiscal year ended December 31, 2000, filed with the
 Securities and Exchange Commission on April 13, 2001.
 
 
                      BIG BUCK BREWERY & STEAKHOUSE, INC.
                          Consolidated Balance Sheets
 
 
                                         December 31,      January 2,
     ASSETS                                  2000            2000
 
     CURRENT ASSETS:
      Cash                                 $22,901         $369,228
      Accounts receivable                  385,536          233,273
      Inventories                          309,906          235,671
      Prepaids and other                   384,669          318,775
 
      Total current assets               1,103,012        1,156,947
 
     PROPERTY AND EQUIPMENT             24,030,987       19,730,766
 
     OTHER ASSETS, net                   1,094,367          573,487
 
                                       $26,228,366      $21,461,200
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
 
     CURRENT LIABILITIES:
      Accounts payable                  $2,972,225       $2,152,242
      Accrued expenses                     676,555          451,855
      Current maturities of long-term
       obligations                       1,037,074        2,487,246
       Total current liabilities         4,685,854        5,091,343
 
     LONG-TERM OBLIGATIONS, less
      current maturities                14,292,177        6,721,083
      Total liabilities                 18,978,031       11,812,426
 
     MINORITY INTEREST                     463,811          147,340
 
     SHAREHOLDERS' EQUITY
 
      Common stock, $0.01 par value,
       20,000,000 shares authorized;
       5,474,562 and 5,405,481 shares
       issued and outstanding               54,746           54,055
      Warrants                             153,650          153,650
      Additional paid-in capital        14,153,174       13,685,520
      Accumulated deficit               (7,575,046)      (4,391,791)
 
       Total shareholders' equity        6,786,524        9,501,434
 
                                       $26,228,366      $21,461,200
 
 
                      BIG BUCK BREWERY & STEAKHOUSE, INC.
                     Consolidated Statements of Operations
 
 
                                                   For the Years Ended
                                               December 31,      January 2,
                                                  2000             2000
     REVENUE:
      Restaurant sales                        $16,230,185      $13,378,684
      Wholesale and retail sales                  408,097          503,227
       Total revenue                           16,638,282       13,881,911
 
     COSTS AND EXPENSES:
      Cost of sales                             5,676,108        4,601,503
      Restaurant salaries and benefits          5,131,584        4,144,362
      Operating expenses                        3,981,450        2,878,544
      Depreciation                                961,003          769,609
      Pre-opening costs                           494,630          226,043
      General and administrative expenses       1,675,700        1,566,103
       Total costs and expenses                17,920,475       14,186,164
 
     LOSS FROM OPERATIONS                      (1,282,193)        (304,253)
 
     OTHER EXPENSE:
      Interest expense                         (1,448,822)        (889,182)
      Amortization of financing cost             (535,746)         (95,490)
       Other expense, net                      (1,984,568)        (984,672)
 
     LOSS BEFORE INCOME TAXES AND MINORITY
      INTEREST                                 (3,266,761)      (1,288,925)
 
     INCOME TAX EXPENSE                                --               --
 
     LOSS BEFORE MINORITY INTEREST             (3,266,761)      (1,288,925)
 
     MINORITY INTEREST SHARE OF JOINT
      VENTURE LOSS                                 83,506               --
 
     NET LOSS                                 $(3,183,255)     $(1,288,925)
 
     BASIC AND DILUTED LOSS PER COMMON SHARE       $(0.59)          $(0.24)
 
     OUTSTANDING WEIGHTED AVERAGE SHARES        5,422,102        5,405,481
 
 

SOURCE Big Buck Brewery & Steakhouse, Inc.
    GAYLORD, Mich., April 13 /PRNewswire/ -- Big Buck Brewery & Steakhouse,
 Inc. (Nasdaq:   BBUC), today reported the results of operations for the
 Company's fiscal year ended December 31, 2000.
     Revenues increased to $16,638,282 in 2000 from $13,881,911 in 1999.  The
 increase was mainly due to the opening of the Grapevine unit on August 31,
 2000, combined with increased restaurant sales from the Company's three units
 in Michigan.  The increase in revenues was offset by higher cost of sales,
 restaurant salaries and benefits, operating expenses and preopening costs.
 For the year, the Company reported a net loss of $(3,183,255), or $(0.59) per
 share, compared to $(1,288,925), or $(0.24) per share, for 1999.
     President and Chief Executive Officer Bill Rolinski stated, "We have come
 a long way since we first commenced operations in 1995.  Our expansion into
 Texas demonstrates the appeal of our concept and our ability to expand outside
 Michigan.  Subject to obtaining the necessary financing, we plan to open our
 next unit in Nashville, Tennessee, adjacent to the Grand Ole Opry."
     Rolinski also added, "With the December 2000 addition of Tim Pugh, our new
 Executive Vice President of Operations, we are searching for cost saving
 opportunities.  We believe that the implementation of more efficient
 operations can reduce our costs and expenses as a percentage of revenues in
 2001."
 
     Big Buck Brewery & Steakhouse, Inc.
     The Company develops and operates microbrewery restaurants under the name
 "Big Buck Brewery & Steakhouse."  Between May 1995 and October 1997, the
 Company opened one unit in each of the following Michigan cities:  Gaylord,
 Grand Rapids and Auburn Hills.  In August 2000, the Company opened its fourth
 unit in Grapevine, Texas.  This unit is owned and operated by Buck & Bass,
 L.P. pursuant to the Company's joint venture agreement with Bass Pro Outdoor
 World, L.L.C.
 
     Forward-Looking Statements
     Some of the information contained in this news release includes forward-
 looking statements.  Such statements are subject to a number of risks and
 uncertainties.  Actual results in the future could differ materially and
 adversely from those described in the forward-looking statements as a result
 of various important factors, including the general economic climate;
 competition within the markets in which the Company's restaurants operate; the
 availability of financing for expansion, operations and repayment of debt; the
 cost of property acquisition, construction and materials and other risks
 associated with the operation of restaurants, including risks that sales
 levels may be lower than projected or that operating costs may be greater than
 anticipated; joint ventures that are pursued by the Company may not be
 consummated for a variety of reasons, including the failure to reach agreement
 with other parties or the failure to obtain adequate financing; and the other
 risk factors set forth under the caption "Management's Discussion and Analysis
 or Plan of Operation - Cautionary Statement" in the Company's Annual Report on
 Form 10-KSB/A for the fiscal year ended December 31, 2000, filed with the
 Securities and Exchange Commission on April 13, 2001.
 
 
                      BIG BUCK BREWERY & STEAKHOUSE, INC.
                          Consolidated Balance Sheets
 
 
                                         December 31,      January 2,
     ASSETS                                  2000            2000
 
     CURRENT ASSETS:
      Cash                                 $22,901         $369,228
      Accounts receivable                  385,536          233,273
      Inventories                          309,906          235,671
      Prepaids and other                   384,669          318,775
 
      Total current assets               1,103,012        1,156,947
 
     PROPERTY AND EQUIPMENT             24,030,987       19,730,766
 
     OTHER ASSETS, net                   1,094,367          573,487
 
                                       $26,228,366      $21,461,200
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
 
     CURRENT LIABILITIES:
      Accounts payable                  $2,972,225       $2,152,242
      Accrued expenses                     676,555          451,855
      Current maturities of long-term
       obligations                       1,037,074        2,487,246
       Total current liabilities         4,685,854        5,091,343
 
     LONG-TERM OBLIGATIONS, less
      current maturities                14,292,177        6,721,083
      Total liabilities                 18,978,031       11,812,426
 
     MINORITY INTEREST                     463,811          147,340
 
     SHAREHOLDERS' EQUITY
 
      Common stock, $0.01 par value,
       20,000,000 shares authorized;
       5,474,562 and 5,405,481 shares
       issued and outstanding               54,746           54,055
      Warrants                             153,650          153,650
      Additional paid-in capital        14,153,174       13,685,520
      Accumulated deficit               (7,575,046)      (4,391,791)
 
       Total shareholders' equity        6,786,524        9,501,434
 
                                       $26,228,366      $21,461,200
 
 
                      BIG BUCK BREWERY & STEAKHOUSE, INC.
                     Consolidated Statements of Operations
 
 
                                                   For the Years Ended
                                               December 31,      January 2,
                                                  2000             2000
     REVENUE:
      Restaurant sales                        $16,230,185      $13,378,684
      Wholesale and retail sales                  408,097          503,227
       Total revenue                           16,638,282       13,881,911
 
     COSTS AND EXPENSES:
      Cost of sales                             5,676,108        4,601,503
      Restaurant salaries and benefits          5,131,584        4,144,362
      Operating expenses                        3,981,450        2,878,544
      Depreciation                                961,003          769,609
      Pre-opening costs                           494,630          226,043
      General and administrative expenses       1,675,700        1,566,103
       Total costs and expenses                17,920,475       14,186,164
 
     LOSS FROM OPERATIONS                      (1,282,193)        (304,253)
 
     OTHER EXPENSE:
      Interest expense                         (1,448,822)        (889,182)
      Amortization of financing cost             (535,746)         (95,490)
       Other expense, net                      (1,984,568)        (984,672)
 
     LOSS BEFORE INCOME TAXES AND MINORITY
      INTEREST                                 (3,266,761)      (1,288,925)
 
     INCOME TAX EXPENSE                                --               --
 
     LOSS BEFORE MINORITY INTEREST             (3,266,761)      (1,288,925)
 
     MINORITY INTEREST SHARE OF JOINT
      VENTURE LOSS                                 83,506               --
 
     NET LOSS                                 $(3,183,255)     $(1,288,925)
 
     BASIC AND DILUTED LOSS PER COMMON SHARE       $(0.59)          $(0.24)
 
     OUTSTANDING WEIGHTED AVERAGE SHARES        5,422,102        5,405,481
 
 SOURCE  Big Buck Brewery & Steakhouse, Inc.