- -------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): February 23, 1999
BACK BAY RESTAURANT GROUP, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware 000-19810 04-2812651
(State or other jurisdiction of (Commission File (IRS Employer
incorporation or organization Number) Identification Number)
284 Newbury Street
Boston, Massachusetts 02115
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number, including area code: (617) 536-2800
Not Applicable
(former address if changed since last report)
- --------------------------------------------------------------------------------
<PAGE>
ITEM 5. OTHER EVENTS
See the press release attached hereto as Exhibit 99.1 and
incorporated by reference, dated February 23, 1999, announcing earnings for the
thirteen and fifty-two week fiscal periods ended December 27, 1998 for Back
Bay Restaurant Group, Inc.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND EXHIBITS
(c) Exhibits - Incorporated by Reference
Exhibit 99.1 Press Release of Registrant dated February 23,
1999.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BACK BAY RESTAURANT GROUP, INC.
(Registrant)
Date: February 23, 1999By: /s/ Francis P. Bissaillon
Francis P. Bissaillon
Executive Vice President, Chief Financial
Officer and Secretary
<PAGE>
BACK BAY RESTAURANT GROUP, INC.
REPORTS FISCAL YEAR AND FOURTH QUARTER
1998 FINANCIAL RESULTS
For Immediate Release
Boston, Massachusetts, February 23, 1999...Back Bay Restaurant Group, Inc.
(NASDAQ: PAPA) announced today its operating results for the thirteen and
fifty-two week periods ended December 27, 1998 and the thirteen and fifty-two
week periods ended December 28, 1997.
Net income for fiscal year 1998 was $2,684,000 or $0.73 per share on a diluted
basis compared with net income of $1,731,000 or $0.50 per share on a diluted
basis in 1997. These results represent a 55% increase in net income and a 46%
increase in diluted net income per share. Net sales in 1998 increased 4.7% to
$99,396,000 from $94,904,000 in 1997.
The Company reported net income of $990,000 or $0.27 per share on a diluted
basis in the fourth quarter of 1998 compared with net income of $841,000 or
$0.24 per share on a diluted basis in the fourth quarter of 1997. These results
represent a 17.7% increase in net income and a 12.5% increase in diluted net
income per share. Net sales in the fourth quarter of 1998 increased 8.3% to
$27,091,000 from $25,027,000 in the fourth quarter of 1997.
Back Bay Restaurant Group, Inc. owns and operates 34 full-service restaurants
located in New England, New York, New Jersey and Georgetown, D.C. Fourteen
feature Italian cuisine and are operated under the Papa.Razzi trade name. Twenty
restaurants serve American-style food and are operated under several trade names
including "Joe's American Bar & Grill," "Abe & Louie's," "Charley's Eating &
Drinking Saloon," "J.C. Hillary's, Ltd.," and "Famous Atlantic Fish Company".
<PAGE>
BACK BAY RESTAURANT GROUP, INC.
SELECTED FINANCIAL DATA
(unaudited)
(in 000's except per share data)
<TABLE>
<CAPTION>
Thirteen Weeks Ended
December 27, 1998 December 28, 1997
----------------- -----------------
$ % of sales $ % of sales
<S> <C> <C> <C> <C>
Net sales 27,091 100.0 25,027 100.0
Cost of sales 7,533 27.8 6,896 27.6
Payroll and related costs 8,073 29.8 7,598 30.4
Operating expenses 6,053 22.4 5,791 23.1
Depreciation and amortization 1,199 4.4 1,115 4.4
Income from restaurant operations 4,233 15.6 3,627 14.5
General and administrative expenses 2,587 9.5 2,191 8.8
Operating income 1,646 6.1 1,436 5.7
Net interest expense 74 0.3 101 0.4
Income taxes 582 2.1 494 2.0
Net income 990 3.7 841 3.3
Net income per share:
Basic $0.29 $0.24
Diluted $0.27 $0.24
Average common shares and equivalents:
Basic 3,461 3,431
Diluted 3,686 3,542
Number of restaurants:
Restaurants open at beginning
of Period 34 34
Restaurants open at end
of Period 34 34
</TABLE>
<PAGE>
BACK BAY RESTAURANT GROUP, INC.
SELECTED FINANCIAL DATA
(unaudited)
(in 000's except per share data)
<TABLE>
<CAPTION>
Fifty Two Weeks Ended
December 27, 1998 December 28, 1997
----------------- -----------------
$ % of sales $ % of sales
<S> <C> <C> <C> <C>
Net sales 99,396 100.0 94,904 100.0
Cost of sales 27,509 27.7 26,401 27.8
Payroll and related costs 31,004 31.2 30,221 31.9
Operating expenses 23,173 23.3 22,121 23.3
Depreciation and amortization 4,223 4.2 4,197 4.4
Income from restaurant operations 13,487 13.6 11,964 12.6
General and administrative expenses 9,180 9.2 8,669 9.1
Operating income 4,307 4.4 3,295 3.5
Net interest expense 297 0.3 548 0.6
Income taxes 1,326 1.4 1,016 1.1
Net income 2,684 2.7 1,731 1.8
Net income per share:
Basic $0.78 $0.50
Diluted $0.73 $0.50
Average common shares and equivalents:
Basic 3,452 3,432
Diluted 3,659 3,474
Number of restaurants:
Restaurants open at beginning
of Period 34 34
Restaurants open at end
of Period 34 34
</TABLE>
###
Company Contacts: Francis P. Bissaillon, Executive Vice President and
Chief Financial Officer
(617) 425-5205
Robert J. Ciampa, Vice President, Chief
Accounting Officer and Treasurer
(617) 425-5216
