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.
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