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 28, 1994
TPI ENTERPRISES, INC.
__________________________________________________
(Exact Name of Registrant as Specified in Charter)
Delaware 0-7214 52-1001530
_______________ ________________________ ________________
(State or other (Commission File Number) (I.R.S. Employer
jurisdiction of Identification No.)
incorporation)
Phillips Point, East Tower, Suite 909, 777 South Flagler Drive
West Palm Beach, Florida 33401
______________________________________________________________
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (407) 835-8888
ITEM 5. OTHER EVENTS.
On April 28, 1994, TPI Enterprises, Inc. (the "Company")
issued a press release attached hereto as Exhibit 99.1 and
incorporated herein by reference.
On May 6, 1994, the Company issued a press release attached
hereto as Exhibit 99.2 and incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL STATEMENTS AND
EXHIBITS
(c) Exhibits.
Exhibit No.
99.1 Press release issued by the Company April 28, 1994.
99.2 Press release issued by the Company May 6, 1994.
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.
TPI ENTERPRISES, INC.
(Registrant)
Date May 9, 1994 By /s/ Stephen R. Cohen
Stephen R. Cohen
Chairman of the Board
EXHIBIT INDEX
Exhibit No. Description
99.1 Press release issued by the Company April 28, 1994.
99.2 Press release issued by the Company May 6, 1994.
Exhibit 99.1
TPI
News News News from Enterprises
Date: April 28, 1994
FLORIDA COURT DENIES MOST OF McCAW CELLULAR COMMUNICATIONS'
MOTION TO DISMISS THE LAWSUIT BROUGHT BY A WHOLLY OWNED
SUBSIDIARY OF TPI ENTERPRISES
WEST PALM BEACH, FL - TPI Enterprises, Inc. (NASDAQ/NMS-TPIE)
announced today that the Florida court presiding over the
previously announced lawsuit against McCaw Cellular
Communications, Inc. and several other defendants has ruled on
McCaw's motion to dismiss that action. The Circuit Court of the
Fifteenth Judicial Circuit in and for Palm Beach County dismissed
only two (and a portion of the third) of the 16 counts brought by
TPT'S wholly owned subsidiary, Maxcell Telecom Plus, Inc., and
denied the remainder of the motion to dismiss the claim of
Maxcell. The court also denied McCaw's motion to stay discovery.
In a procedural ruling, while permitting the 14 claims of Maxcell
to go forward, the court dismissed TPI Enterprises itself as a
plaintiff. A spokesman for the Company said that this procedural
ruling does not impede the ability of TPI to seek recovery on its
claims through its wholly owned subsidiary, Maxcell. According
to the spokesman, the litigation is still in its early stages and
there can be no assurance as to what the ultimate outcome will
be.
###
TPI ENTERPRISES, INC., PHILLIPS POINT, EAST TOWER, SUITE 909, 777
SOUTH FLAGLER DRIVE, WEST PALM BEACH, FL 33401 (407) 836-8888
Exhibit 99.2
TPI
News News News from Enterprises
FOR IMMEDIATE RELEASE
Date: May 6, 1994
Contact: Frederick W.
Burford
Executive Vice President
(901) 725-6400
TPI ENTERPRISES, INC. ANNOUNCES FIRST QUARTER 1994 RESULTS
WEST PALM BEACH, FL -- TPI Enterprises, Inc. (NASDAQ -
TPIE) reported earnings of $0.04 per share, or $847,000, for the
quarter ended April 17, 1994. This compares to earnings of
$976,000 or $0.05 per share for the same period of 1993.
Revenues increased 2.7%, or $2,264,000, to $87,397,000 over the
first quarter of 1993. During the first quarter of 1994, the
company recognized $400,000 as gain on the disposition of assets
primarily associated with the sale of excess property.
J. Gary Sharp, president and chief executive officer of
TPI, commented, "Our first quarter earnings were impacted by
softness in comparable store sales at the Shoney's concept, while
our Captain D's have experienced gains in same store sales."
Same store sales at the Shoney's concept were down 4.8% during
the quarter while overall sales increased 2.1% over the same
period last year. "I have been actively involved with reviewing
our operations, and we are implementing a number of programs that
address the weakness in same store sales that has continued into
the second quarter," Sharp continued. "We are going to begin
testing a new menu that is more streamlined and geared towards
improving margins. We are also in the initial phase of rolling
out rotisserie chicken, which is being very well accepted in two
of our markets where it is being tested. On the operations side,
we are renewing our focus on product and service standards, and
we are gearing up our training programs with the establishment of
certified training stores in each region. Also, the operations
bonus plan has been redesigned to be more sales and performance
driven." At the company's Captain D's, comparable store sales
increased 6.1%, and overall sales were up by 5.2% over the same
period last year. "We are very pleased with the results of our
Captain D's this year," said Sharp. "An enhanced menu,
aggressive marketing, and the remodeling program are paying off
with increased sales in this concept."
Restructuring activities initiated at the end of 1993
involved reductions in field management and corporate staffs,
termination of the pension plan and reductions in senior level
compensation. Benefits from these changes are beginning to be
seen this year.
During the first quarter of 1994, the company opened
four new Shoney's restaurants and one new Captain D's. In
addition, one Shoney's and one Captain D's were under
construction at the end of the quarter, putting the company on
track to meet its stated new unit growth plans of eight to ten
Shoney's and three Captain D's. As part of the previously
announced restructuring plan, the company closed ten under
performing Shoney's and one under performing Captain D's during
the quarter. "To insure that our remodel dollars are spent in a
manner that will provide the best possible return, we have
delayed our Shoney's remodel program, which will result in
reduced capital spending in this area this year." said Sharp.
"We are currently evaluating a new remodel design being tested by
Shoney's, Inc. At the same time, we are constructing a less
expensive remodel prototype ourselves in one of our Orlando, FL
units. We are excited about its potential, and we will be
closely monitoring its results as well as the performance of the
Shoney's, Inc. prototype to determine the best use of our remodel
dollars."
TPI is one of the largest restaurant franchisees in the
United States as well as the largest franchisee of Shoney's and
Captain D's restaurants. The Company currently owns and operates
191 Shoney's and 67 Captain D's in North Carolina, Tennessee,
Arkansas, South Carolina, Alabama, Mississippi, Texas,
Florida, Georgia, Arizona and Michigan.
# # #
(table follows)
TPI ENTERPRISES, INC., PHILLIPS POINT, EAST TOWER, SUITE 909, 777
SOUTH FLAGLER DRIVE, WEST PALM BEACH, FL 33401 (407) 836-8888
TPI ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED SUMMARY OF OPERATIONS
Sixteen Weeks Ended:
Apr. 17, 1994 Apr. 18, 1993
(Unaudited) (Unaudited)
(in thousands except per share data)
Restaurant Revenues . . . . . . . $ 87,397 $ 85,133
Operating Income . . . . . . . . 3,830 4,754
Income before provision for 847 1,501
income taxes . . . . . . . . . .
Provision for income taxes . . . -- 525
Net income . . . . . . . . . . . $ 847 $ 976
Net income per common share . . . $ 0.04 $ 0.05
Weighted average number of
common and common equivalent
shares outstanding . . . . . . 20,430 19,376
