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):
April 29, 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 sales of new franchises in 1st quarter.
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: April 30, 1998 By:/s/ John L. Gallivan
John L. Gallivan, Chief
Financial Officer
<PAGE>
EXHIBIT INDEX
Exhibit No. Description Reg. S-K No.
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*99.1 Press release 1
QUIZNO'S CLASSIC SUBS
EXCEEDING ALL EXPECTATIONS
FOR RELEASE: 8:00 A.M. EDT, WEDNESDAY, APRIL 29, 1998
QUIZNO'S SELLS RECORD 145 NEW FRANCHISES IN 1ST QUARTER
The Quizno's Corproation (Nasdaq: QUIZ) said today that it collected $1.8
million in new franchise fees in the 1st quarter ending March 31, 1998.
In a preliminary accounting of the quarter, the Company said the fees were a
result of the sale of 145 new franchises in a number of markets under
development for QUIZNO'S Classic Subs restaurants throughout the U.S. and
Canada.
In addition to new franchises sold, QUIZNO'S opened 39 new restaurants in
first quarter, on par with the 41, 42 and 41 units opened in each of the
previous three quarters.
"We are very pleased with our continued solid growth in all areas," said Rick
Schaden, President and CEO. "The large number of franchises sold provided a
significant increase in our cash flow and should accelerate restaurant
openings later this year and in early 1999".
Restaurants typically open within 6 to 18 months of purchase of the franchise.
The large number of franchise sales in 1st quarter was due in part to a
royalty increase from 6 to 7 percent that took effect April 1.
The Company said complete financial results of the 1st quarter will be
released by mid-May.
Fees for each new franchise sold have been collected but will not be posted to
income until that restaurant actually opens, according to Schaden.
QUIZNO'S is an Italian-style deli concept which began its national expansion
in 1991 in Denver when there were 18 restaurants in the chain. Today,
QUIZNO'S has 360 restaurants open, including 52 Bain's Deli. The Company
bought the Bain's chain in late 1997 and is in the process of converting them
to QUIZNO'S.
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 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
