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):
February 17, 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 doubling chain in 1997.
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: February 18, 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 CLASSIC SUBS
EXCEEDING ALL EXPECTATIONS
FOR RELEASE
- ------------
TUESDAY FEBRUARY 17, 1998 6 A.M. MOUNTAIN TIME
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QUIZNO's More Than Doubles Chain in 1997
DENVER, Colo. - The QUIZNO's Corporation (Nasdaq: QUIZ) announced today it
more than doubled the number of QUIZNO's Subs restaurants open from 1996 to
1997.
In a preliminary year-end report, the Company said it opened 41 restaurants in
4th quarter 1997, following record openings of 41 and 42 QUIZNO's in 2nd and
3rd quarters. The total QUIZNO's Subs opened for the year was 140, compared
to 51 opened in 1996. In addition, the Company acquired the Bain's Deli
restaurant chain in late 1997.
As of today, the Company owns or franchises 335 restaurants. QUIZNO's
restaurants are open in 35 states, Canada and Puerto Rico, and more than 100
markets are actively being developed for the QUIZNO's brand under signed
territorial agreements. The Company's 52 Bain's Deli restaurants are located
primarily in high profile East Coast mall food courts. The Company currently
is discussing the conversion of the Bain's units to QUIZNO's with the Bain's
franchisees.
Systemwide sales for the QUIZNO's restaurants grew to $55.1 million in 1997,
compared to $36 million in 1996. Systemwide sales in 4th quarter 1997 were up
76.4 percent over the same period in 1996, with a total of $18 million
compared to $10.2 million.
"Our continued rapid growth should continue to be a strong overall year-end
performance," said Rick Schaden, QUIZNO's President and CEO. He said final
1997 financials should be released in the next 30 days.
Other highlights of 1997 reported today include:
- - A total of 44 franchises sold in 4th quarter, bringing the number of
new franchises sold in 1997 to 180.
- - New Area Directorships sold in San Francisco and Northern California,
Philadelphia, Evansville, Ill., and parts of Maryland, bringing in
revenue of more than $700,000 in one-time fees.
- - A Master Franchise Agreement sold to QUIZNO's Canada Corporation to
develop as many as 650 QUIZNO's across Canada over the next five to
ten years.
- - A total of 18 Corporate Stores operating at the end of 1997, compared
to 10 operating at the end of 1996.
QUIZNO's, an Italian style deli founded in 1981 in Denver, serves signature
over baked Classic Subs. The chain began its national expansion in 1991 when
it had 18 units, all but one in Denver.
<PAGE>
Page Two
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, 1996.
For more information contact:
Sue Hoover
Sr. VP, Marketing
The QUIZNO'S Corporation
1-303-291-0999, ext. 3242
