UNITED STATES
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):
July 23, 1998
THE QUIZNO'S CORPORATION
(Exact name of registrant as specified in its charter)
Colorado 000-23174 84-1169286
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1099 18th Street, Suite 2850, Denver, Colorado, 80202
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (303) 291-0999
Item 5. Other Events. Other event
Press release regarding 2nd quarter store openings and Systemwide sales.
Exhibit No. Description Reg. S-K Item No.
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*99.1 Press release 99
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE QUIZNO'S CORPORATION
Date: July 24, 1998 By:/s/ John L. Gallivan
John L. Gallivan, Chief
Financial Officer
<PAGE>
EXHIBIT INDEX
Exhibit No. Description Reg. S-K Item No.
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*99.1 Press release 1
QUIZNO'S SUBS
FOR RELEASE 6 A.M. MDT THURSDAY, JULY 23, 1998
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QUIZNO'S OPENS 39 NEW RESTAURANTS, NEARLY DOUBLES SYSTEMWIDE SALES IN 1ST Q
Denver, COLO. - The Quizno's Corporation (Nasdaq: QUIZ) opened 39 new
QUIZNO's Classic Subs restaurants and expanded its territories under
development to include Boston, Alaska and Hawaii during the 2nd quarter ended
June 30, 1998.
In a preliminary quarterly report, Rick Schaden, president and CEO, said
the chain is continuing to grow at a rapid pace, while maintaining strong unit
economics.
Same Store Sales for 2nd quarter were up 9.3 percent. Systemwide sales
were $23 million compared to $12 million for the same period in 1997, an
increase of 91 percent.
New franchise sales in 2nd quarter remained brisk as well, despite an
increase in royalties to 7 percent effective April 1, 1998. A total of 86
franchises were sold in markets across the U.S. and Canada, resulting in the
collection of franchise fees amounting to $1.4 million.
Fees for Area Director sales totaled $479,985. New Area Director
territories were sold in Boston, Alaska, Hawaii and Green Bay-Appleton,
Wisconsin.
Existing Quizno's Area Directors also expanded their territories to the
following areas: Gainesville, Tallahassee, Panama City and Broward County,
Florida; Beaumont and Port Arthur, Texas; and Tyler and Longview, Texas.
QUIZNO'S, an Italian-style deli founded in 1981 in Denver, serves
signature oven baked Classic Subs. The chain has grown from a Denver-based
regional chain of 18 restaurants in 1991 to the third largest sub sandwich
chain in America with nearly 400 restaurants open today in 35 states, Puerto
Rico and Canada. The total includes units in the Bain's Deli chain, which was
acquired in late 1997.
This release contains forward-looking statements (as defined in the Private
Securities Litigation Reform Act of 1995) that are subject to risks and
uncertainties that could cause actual results to differ materially from those
set forth in the forward-looking statements. Such risks and uncertainties
include the effect of national and regional economic and market conditions,
the eating habits of the American and Canadian public, cost of labor and
employee benefits, cost of marketing, intensity of competition for locations
as well as customers, perception of food safety, legal claims and the
availability of financing for the Company and its franchisees. Such risks are
detailed from time to time in the Company's reports filed with the SEC,
including the report on Form 10-KSB for the year ended December 31, 1997.
For More Information Contact: Sue Hoover, Sr. VP, Marketing
The Quizno's Corporation, 303-291-0999, ext. 3242
