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):
March 10, 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 earnings release
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Exhibit No. Description Reg. S-K Item No.
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*99.1 Press release 99
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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: March 13, 1998 By:/s/ John L. Gallivan
John L. Gallivan, Chief Financial Officer
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EXHIBIT INDEX
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Exhibit No. Description Reg. S-K Item No.
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*99.1 Press release 1
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QUIZNO'S CLASSIC SUBS
EXCEEDING ALL EXPECTATIONS
FOR RELEASE: 6:00 A.M. MOUNTAIN TIME, TUESDAY, MARCH 10, 1998
QUIZNO'S POSTS PROFIT SECOND QUARTER IN A ROW
DENVER, Colo. - The Quizno's Corporation (Nasdaq: QUIZ) based here posted
earnings before preferred stock dividends of $73,587 or $.01 per share
(diluted) in 4th quarter 1997, following record earnings before preferred
stock dividends of $104,058 or $.03 per share (diluted) in 3rd quarter, and
compared to a loss of $507,045 or ($.18) per share in 4th quarter 1996.
The strong second half of the year resulted in a loss before preferred stock
dividends of $89,618, or ($.06) per share for the year compared to a loss of
$1,018,968, or ($.38) per share in 1996.
The Company revenue grew by nearly 62 percent from $7.5 million in 1996 to
$12.1 million in 1997. Revenue from royalties grew by 73 percent from
$1,590,673 in 1996 to $2,747,955 in 1997. The Company's core businesses of
franchise operations and Company stores posted operating profits of $683,040
and $291,651 compared to profits of $19,866 and $86,834 for the same
categories in 1996.
QUIZNO's opened 140 QUIZNO's Subs restaurants in 1997, nearly triple the 51
restaurants opened in 1996. Currently, there are 336 restaurants open,
including 52 Bain's Deli restaurants. QUIZNO's purchased the Bain's franchise
system in November 1997. Bain's franchisees are discussing options for
conversion to the QUIZNO's Subs brand.
"We are continuing our aggressive pace of openings into 1998," said Rick
Schaden, QUIZNO's President and CEO. "Our accelerated growth, coupled with
our strong financial performance, has put us in a solid position as the third
largest sub sandwich chain in the U.S.".
QUIZNO's, an Italian-style deli founded in 1981 in Denver, serves signature
oven baked Classic Subs. The chain began its national expansion in 1991 when
it had 18 units, all but one in Denver. By the end of 1997, QUIZNO's
restaurants were open in 35 U.S. states. In addition, in 1997, the Company
sold a Master Franchise agreement to Quizno's Canada Corporation and opened
its first restaurant in Puerto Rico.
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
