Filed On 11/9/98 · SEC File 5-39163 · Accession Number 950135-98-5713
As Of Filer Filing On/For/As Docs:Pgs Issuer Agent
11/09/98 Uno Restaurant Corp SC 13E4/A 3:9 Uno Restaurant Corp 950135
Amendment to Tender-Offer Statement -- Issuer Tender Offer · Schedule 13E-4
Filing Table of Contents
Document/Exhibit Description Pages Size
1: SC 13E4/A Amendment No. 2 to Schedule 13e-4 5 20K
2: EX-99.9 Text or Press Release Dated November 2, 1998. 1 7K
3: EX-99.10 Text of Press Release Dated November 5, 1998. 3 21K
EX-99.10 · Text of Press Release Dated November 5, 1998.
| EX-99.10 | 1st Page of 3 | TOC | Top | Previous | Next | Bottom | Just 1st |
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Exhibit 10 NEWS RELEASE
----------
[UNO LETTERHEAD]
UNO RESTAURANT CORPORATION REPORTS FINAL FOURTH QUARTER,
FULL YEAR RESULTS FOR FISCAL YEAR 1998 AND FINAL RESULTS OF TENDER OFFER
Boston, Massachusetts, November 5, 1998 -- Uno Restaurant Corporation
(NYSE:UNO), today announced its final fiscal year 1998 fourth quarter and full
year financial results. Net income for the fiscal year ended September 27, 1998
was $5,387,000, or $.49 per diluted share, compared to net income of $2,673,000,
or $.22 per diluted share, for fiscal year 1997. The results for the year
include a charge net of taxes of $636,000 or $.06 per diluted share for the
cumulative effect of a change in accounting in conjunction with the company's
adoption of SOP 98-5 "Reporting the Costs of Start-Up Activities" which requires
that pre-opening costs be expensed as incurred. Results for fiscal year 1997,
include special charges, principally FAS 121 charges, of $2,640,000 on an
after-tax basis, or $.22 per diluted share. Revenue for fiscal 1998 increased
7.4% to $191 million from $178 million last year and system-wide sales increased
by 6.8% to $279 million. System-wide comparable store sales grew by .7% and
average weekly sales improved by 2.3%. Comparable store sales for company units
grew by 1.3% and average weekly sales improved by 2%. Net income for the fourth
quarter of fiscal 1998 was $2,194,000, or $.20 per diluted share, compared to
net income of $1,836,000, or $.16 per diluted share for fiscal 1997. Revenue for
the fourth quarter of fiscal 1998 increased 6.1% to $50.7 million from $47.8
million while system-wide comparable store sales increased by 1.6% and average
weekly sales improved by 4%. Company comparable store sales increased by 2.5%
and average weekly sales improved by 3.7%.
Commenting on the results, Craig S. Miller, President and CEO, stated, "We are
pleased with the progress the company has made since establishing a more focused
strategy. We have reformulated the Uno concept from principally a pizza based
restaurant to a broader full-service casual restaurant under the banner
"Pizzeria Uno...Chicago Bar & Grill." We have been closing under performing and
non-representative units in both the company and franchised system. We have
established new operating standards with industry leading initiatives for
compensation and training to attract and retain the best employees. We have
expanded our research and development center to develop new products that create
the WOW factor necessary to drive customer traffic and generate higher sales
volumes. We believe that this effort has produced 22 consecutive weeks of
average weekly sales growth. This momentum has continued through October as
company volumes were up approximately 7% from last year. All of the initiatives
have positively impacted our financial performance as the company exceeded its
goal of 20% EPS growth for each quarter during the year. Our favorable business
trends give us confidence that our concept can generate greater levels of
profitability and position us for more exciting growth during the coming years."
The company anticipates opening 6-8 company restaurants and 10-12 franchise
units during its current fiscal year and establishing more aggressive unit
expansion targets for fiscal year 2000.
The company's tender offer for shares of its Common Stock has been completed.
The company offered to purchase up to 1,000,000 shares of its Common Stock at a
price, not in excess of $7.00 nor less than $5.75 per share. As announced in the
company's preliminary results on November 2, 1998, only 274,721 shares were
tendered and the company will pay $7.00 per share for all tendered shares. The
tendered shares represent approximately 3% of total shares outstanding.
Uno Restaurant Corporation currently has a total of 160 "Pizzeria Uno...Chicago
Bar & Grill" casual dining, full-service restaurants. The system includes 96
company units and 64 franchise locations in 28 states, the District of Columbia,
Puerto Rico and Seoul, Korea. The company also operates a consumer foods
division, which supplies American Airlines, movie theaters, hotel restaurants
and supermarkets in the Northeast with both frozen and refrigerated Pizzeria Uno
brand products, as well as certain private label products.
Forward-looking statements in this release are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Investors
are cautioned that all forward-looking statements involve risks and
uncertainties which could cause actual results to differ from those projected,
including without limitation, the company's ability to open new restaurants and
operate new and existing restaurants profitably, changes in local, regional,
national and international economic conditions, especially economic conditions
in the areas in which the company's restaurants are concentrated, increasingly
intense competition in the casual-dining segment of the restaurants industry,
increases in food, labor, employee benefits and similar costs, and other risks
detailed from time to time in the company's periodic reports filed with the
Securities and Exchange Commission.
CONTACT: Bob Vincent, Chief Financial Officer (617) 323-9200 (ext. 5215)
UNO RESTAURANT CORPORATION
(Amounts in thousands except per share data)
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THIRTEEN WEEKS ENDED
---------------------------------------------
SEPTEMBER 27,1998 SEPTEMBER 28,1997
------------------- -------------------
AMOUNT PERCENT AMOUNT PERCENT
------- ------- ------- -------
Revenue:
Restaurant sales $47,172 93.1% $43,975 92.1%
Consumer product sales 2,301 4.5 2,589 5.4
Franchise income 1,200 2.4 1,194 2.5
------- ----- ------- -----
50,673 100.0% 47,758 100.0%
Costs and expenses:
Cost of sales (a) 13,090 26.5 11,687 25.1
Labor and benefits (a) 14,903 30.1 14,187 30.5
Occupancy (a) 6,963 14.1 7,140 15.3
Other operating costs (a) 4,717 9.5 4,178 9.0
General and administrative 3,837 7.6 3,796 7.9
Depreciation and amortization (a) 3,047 6.2 3,148 6.8
------- ----- ------- -----
46,557 91.9 44,136 92.4
------- ----- ------- -----
Operating income 4,116 8.1 3,622 7.6
Interest and other expense (840) (1.7) (840) (1.8)
------- ----- ------- -----
Income before income taxes 3,276 6.4 2,782 5.8
Provision for income taxes 1,082 2.1 946 2.0
------- ----- ------- -----
Net income $ 2,194 4.3% $ 1,836 3.8%
======= ===== ======= =====
Basic and Diluted Earnings per Share $ .20 $ .16
Weighted average shares outstanding:
Basic 10,703 11,212
Diluted 10,761 11,264
(a) Percent of restaurant and consumer product sales.
UNO RESTAURANT CORPORATION
(Amounts in thousands except per share data)
· Enlarge/Download Table
FISCAL YEAR ENDED
----------------------------------------------
SEPTEMBER 27,1998 SEPTEMBER 28,1997
-------------------- --------------------
AMOUNT PERCENT AMOUNT PERCENT
-------- ------- -------- -------
Revenue:
Restaurant sales $177,343 92.7% $164,389 92.4%
Consumer product sales 9,384 4.9 9,115 5.1
Franchise income 4,549 2.4 4,516 2.5
-------- ----- -------- -----
191,276 100.0% 178,020 100.0%
Costs and expenses:
Cost of sales (a) 48,567 26.0 43,994 25.4
Labor and benefits (a) 58,139 31.1 54,183 31.2
Occupancy (a) 27,988 15.0 27,045 15.6
Other operating costs (a) 18,086 9.7 16,067 9.3
General and administrative 13,661 7.1 13,384 7.5
Depreciation and amortization (a) 12,183 6.5 12,469 7.2
Special charges 4,000 2.3
-------- ----- -------- -----
178,624 93.4 171,142 96.1
-------- ----- -------- -----
Operating income 12,652 6.6 6,878 3.9
Interest and other expense (3,661) (1.9) (2,827) (1.6)
-------- ----- -------- -----
Income before income taxes 8,991 4.7 4,051 2.3
Provision for income taxes 2,968 1.6 1,378 .8
-------- ----- -------- -----
Income before cumulative effect
of change in accounting principle $ 6,023 3.1% $ 2,673 1.5%
Cumulative effect of change in
accounting principle for
pre-opening costs, net of income
tax benefit of $313 636 .3%
-------- ----- -------- -----
Net income $ 5,387 2.8% $ 2,673 1.5%
======== ===== ======== =====
Basic and Diluted Earnings per Share:
Income before cumulative effect
of change in accounting principle $ .55 $ .22
Cumulative effect of change in
accounting principle, net of
income tax benefit $ (.06)
-------- --------
Net Income $ .49 $ .22
======== ========
Weighted average shares outstanding:
Basic 10,873 11,951
Diluted 10,932 12,008
(a) Percent of restaurant and consumer product sales.
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