Barbeques Galore Limited (NASDAQ:BBQZ) today reported financial
results for its fiscal year ended January 31, 2005, along with
results for its first fiscal quarter ended April 30, 2005. Results
for fiscal year and fourth quarter ended January 31, 2005 and 2004:
-0- *T Three Months Ended Twelve Months Ended In US$ thousands
except per January 31, January 31, share data ------------------
------------------- 2005 2004(a) 2005 2004(a) --------- --------
--------- --------- Net Sales Australia 36,347 37,879 96,848 91,112
U.S. 22,873 25,076 114,071 106,934 --------- -------- ---------
--------- Total net sales 59,220 82,955 210,919 198,046 Operating
income 1,881 4,693 1,922 1,187 Net income 845 3,203 186 218
Earnings per share - diluted 0.19 0.76 0.04 0.05 US$/A$ conversion
rate 0.7671 0.7412 0.7347 0.6736 Comparable Store Sales Australia
(in Australian $'s) -9.9% -2.8% U.S. (in US $'s) -8.2% +6.3% (a) As
restated *T Results for first fiscal quarter ended April 30, 2005
and 2004: -0- *T Three Months Ended In US$ thousands except per
share data April 30, --------------------- 2005 2004(a) ----------
---------- Net Sales Australia 18,976 18,346 U.S. 27,567 25,432
---------- ---------- Total net sales 46,543 43,778 Operating
(loss) (3,967) (1,621) Net (loss) (2,723) (1,238) Earnings per
share - diluted -0.64 -0.30 US$/A$ conversion rate 0.7798 0.7571
Comparable Store Sales Australia (in Australian $'s) -4.5% U.S. (in
US $'s) +4.8% (a) As restated *T The company said reporting of
results for fiscal year 2005 and the first fiscal quarter of 2006
was delayed due to an exhaustive review it undertook in
consultation with its independent auditors, KPMG, related to the
treatment of leases and other matters. The review was similar to
that undertaken by numerous other retail companies following
clarification by the U.S. Securities and Exchange Commission on
lease accounting. It resulted in the restatement of the way the
company accounts for leases, specifically in regard to operating
leases with scheduled rent increases and tenant allowances, and the
recording of out-of-period adjustments. The restatement had no
impact on previously reported cash flows, cash balances, sales or
comparable sales. There was also no impact on the timing or amount
of any actual lease payment or tax liability; compliance with any
financial covenant under its credit facilities; or the current
economic value of the company's leaseholds or freehold. The company
said the primary effect of the restatement was a decrease in total
shareholders' equity of A$1,241,000 as originally stated at January
31, 2004. Barbeques Galore recently filed its Annual Report on Form
20-F for fiscal 2005 which contains full details. Sam Linz,
Executive Chairman, said operating results for the year and first
quarter in Australia were affected by generally weak consumer
spending, along with heightened competition which placed pressure
on margins. Linz said unusually harsh weather conditions in the
United States, including record rainfall in the company's largest
geographic market, California, also impacted results. Subsequent to
the close of the first quarter, the company closed underperforming
stores in Coral Springs, FL, Cupertino, CA and Stafford (Houston),
TX. "Proceeding into fiscal 2006, the retail environment in
Australia remains difficult, and we plan to roll out a new
marketing strategy for Australia's summer season," Linz said. "We
also are proceeding with selective expansion in the U.S." During
the first quarter, Barbeques Galore opened a new store in Norwalk,
CT, its first in the tri-state region of the eastern U.S., and
plans its second opening in the area by September of this year in
Scarsdale, NY. Recently, new stores were opened in Alpharetta, GA,
near Atlanta, and Temecula, CA, near San Diego. In Australia, the
Mile End SA store was relocated, the licensed store at Tweed Heads,
NSW was purchased, and the Bowral store was sold to a licensee. The
company last month opened a new store at Capalaba, Qld, and later
this year will relocate its stores in Castle Hill, NSW and
Camperdown, NSW to larger locations. In a separate news release
today, the company announced it has signed an agreement for a
proposed transaction with Ironbridge Capital, a leading Australian
private equity firm, to acquire all the outstanding stock and
options in the company in a cash transaction valued at
approximately US$45 million. Ironbridge will offer A$13.00 per
share in cash, equal to US$9.91, based on present currency exchange
rates. The agreement is subject to the grant of the appropriate
approvals and fulfilment of certain financial and other conditions.
Barbeques Galore is the leading chain of specialty retail stores
devoted to sales of barbecues, backyard accents, fireside products
and related accessories. The company now owns and operates 68
stores in the U.S. and 44 stores in Australia. In addition, it has
seven franchised stores in the U.S. and 48 licensed stores in
Australia. Through its U.S. e-commerce Web site, www.bbqgalore.com,
the company sells an extensive line of barbecue and fireside
products and related accessories. This press release contains
forward looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements include,
but are not limited to the company's ability to successfully
execute its expansion plans in existing as well as new geographic
markets, its ability to successfully open planned and negotiated
stores, the success of its new marketing strategy in Australia and
consummation of the acquisition transaction. Forward looking
statements are based on management's current expectations and
beliefs, and are subject to risks and uncertainties. Accordingly,
actual results may differ materially from the forward-looking
statements contained herein. Risks that relate to these forward
looking statements include the risk that the transaction will not
receive the required shareholder and government approvals and the
risk that the transaction will otherwise not be completed. Further
detailed information about risk factors that may impact the
company's business is set forth in the company's periodic filings
with the U.S. Securities and Exchange Commission. Barbeques Galore
expressly disclaims any obligation to update or alter its
forward-looking statements, whether as a result of new information,
future events or otherwise. -0- *T BARBEQUES GALORE LIMITED AND
SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) In US$ thousands, except share and per share data
Fourth Quarter ended Year ended January 31 January 31
--------------- ----------------- 2005 2004 2005 2004 -------
------- -------- -------- Net Sales Australia 36,347 37,879 96,848
91,112 U.S. 22,873 25,076 114,071 106,934 ------- ------- --------
-------- Total net sales 59,220 62,955 210,919 198,046 -------
------- -------- -------- Cost of goods sold, warehouse,
distribution & occupancy costs 40,293 42,260 145,822 139,355
------- ------- -------- -------- Gross profit 18,927 20,695 65,097
58,691 ------- ------- -------- -------- Selling, general &
administration expenses 17,046 15,919 63,840 57,489 Store pre
opening costs (11) 0 145 9 Relocation and closure costs (gains) 8
28 (125) 2,031 Other expense (income) 3 55 (685) (2,025) -------
------- -------- -------- Operating income 1,881 4,693 1,922 1,187
------- ------- -------- -------- Equity in (loss) of affiliates 0
(329) 0 (189) Interest expense 430 374 1,539 1,366 ------- -------
-------- -------- Income (loss) before income tax 1,451 3,990 383
(368) ------- ------- -------- -------- Income tax expense
(benefit) 606 787 197 (586) ------- ------- -------- -------- Net
income (loss) 845 3,203 186 218 ======= ======= ======== ========
Basic earnings (loss) per share 0.20 0.78 0.04 0.05 ======= =======
======== ======== Diluted earnings (loss) per share 0.19 0.76 0.04
0.05 ======= ======= ======== ======== Weighted average shares
outstanding outstanding - Basic 4,245 4,117 4,182 4,117 =======
======= ======== ======== - Diluted 4,412 4,207 4,385 4,117 =======
======= ======== ======== US$/A$ conversion rate 0.7671 0.7412
0.7347 0.6736 *T -0- *T BARBEQUES GALORE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS In Australian $
thousands, except share and per share data Fourth Quarter ended
Year ended January 31 January 31 ------------------
----------------- 2005 2004 2005 2004 --------- ------- --------
-------- Unaudited Restated Audited Restated Net Sales Australia
47,382 51,105 130,920 133,340 U.S. 29,818 33,832 156,172 160,689
--------- ------- -------- -------- Total net sales 77,200 84,937
287,092 294,029 --------- ------- -------- -------- Cost of goods
sold, warehouse, distribution & occupancy costs 52,526 57,015
198,480 207,451 --------- ------- -------- -------- Gross profit
24,674 27,922 88,612 86,578 --------- ------- -------- --------
Selling, general & administration expenses 22,221 21,477 86,882
85,923 Store pre opening costs (14) 0 200 14 Relocation and closure
costs (gains) 11 38 (170) 3,427 Other expense (income) 4 74 (959)
(3,004) --------- ------- -------- -------- Operating income 2,452
6,333 2,659 218 --------- ------- -------- -------- Equity in
(loss) of affiliates 0 (444) 0 (218) Interest expense 560 504 2,091
2,044 --------- ------- -------- -------- Income (loss) before
income tax 1,892 5,385 568 (2,044) --------- ------- --------
-------- Income tax expense (benefit) 790 1,062 280 (1,267)
--------- ------- -------- -------- Net income (loss) 1,102 4,323
288 (777) ========= ======= ======== ======== Basic earnings (loss)
per share 0.26 1.05 0.07 (0.19) ========= ======= ======== ========
Diluted earnings (loss) per share 0.25 1.03 0.07 (0.19) =========
======= ======== ======== Weighted average shares outstanding
outstanding - Basic 4,245 4,117 4,182 4,117 ========= =======
======== ======== - Diluted 4,412 4,207 4,385 4,117 =========
======= ======== ======== *T -0- *T BARBEQUES GALORE LIMITED AND
SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS In US $
thousands January 31, 2005 January 31, 2004 -----------------
------------------- Restated Assets Current assets: Cash and cash
equivalents $ 848 $ 2,691 Accounts receivable, net 5,937 6,854
Other receivables 4,685 3,956 Receivables from affiliates - 1,437
Inventories 45,226 42,381 Deferred income taxes 2,382 1,919 Prepaid
expenses and other current assets 1,450 760 --------------
------------------- Total current assets 60,528 $ 59,998
Non-current assets: Receivables from affiliates - 956 Property,
plant and equipment, net 16,554 17,750 Goodwill 1,079 838 Deferred
income taxes 2,709 3,082 Other non-current assets 653 194
-------------- ------------------- Total assets $ 81,523 $ 82,818
============== =================== Liabilities and shareholders'
equity Current liabilities: Accounts payable and accrued
liabilities $ 22,787 $ 22,742 Payables to related parties 3 69
Short-term bank borrowings 15,648 - Current portion of obligations
under capital leases 979 1,362 Income tax payable 2 220
-------------- ------------------- Total current liabilities 39,419
24,393 Non-current liabilities: Long-term debt - 16,788 Obligations
under capital leases, excluding current portion 1,807 1,644 Other
long-term liabilities 2,888 2,842 --------------
------------------- Total liabilities $ 44,114 $ 45,667
-------------- ------------------- Shareholders' equity: Ordinary
shares, no par value; authorized 27,437,853 shares; 4,670,291
shares issued; 4,245,291 shares outstanding 32,267 31,136
Accumulated other comprehensive (loss) (3,937) (3,724) Retained
earnings 10,780 11,418 -------------- ------------------- 39,110
38,830 Less: Treasury Stock at cost - 425,000 ordinary shares
(1,701) (1,679) -------------- ------------------- Total
shareholders' equity 37,409 37,151 --------------
------------------- Total liabilities and shareholders' equity $
81,523 $ 82,818 ============== =================== *T -0- *T
BARBEQUES GALORE LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED
BALANCE SHEETS In Australian $ thousands Restated January 31, 2005
January 31, 2004 ----------------- ---------------- Audited Audited
Assets Current assets: Cash and cash equivalents $ 1,095 $ 3,521
Accounts receivable, net 7,666 8,966 Other receivables 6,050 5,175
Receivables from affiliates - 1,880 Inventories 58,401 55,444
Deferred income taxes 3,076 2,510 Prepaid expenses and other
current assets 1,873 994 ---------------- ----------------- Total
current assets 78,161 78,490 Non-current assets: Receivables from
affiliates - 1,250 Property, plant and equipment, net 21,376 23,221
Goodwill 1,393 1,096 Deferred income taxes 3,498 4,032 Other
non-current assets 845 255 ---------------- ----------------- Total
assets $ 105,273 $ 108,344 ================ =================
Liabilities and shareholders' equity Current liabilities: Accounts
payable and accrued liabilities $ 29,425 $ 29,751 Payables to
related parties 4 90 Short-term bank borrowings 20,206 - Current
portion of obligations under capital leases 1,264 1,782 Income tax
payable 3 288 ---------------- ----------------- Total current
liabilities 50,902 31,911 Non-current liabilities: Long-term debt -
21,962 Obligations under capital leases, excluding current portion
2,333 2,151 Other long-term liabilities 3,730 3,718
---------------- ----------------- Total liabilities $ 56,965 $
59,742 ---------------- ----------------- Shareholders' equity:
Ordinary shares, no par value; authorized 27,437,853 shares;
4,670,291 shares issued; 4,245,291 shares outstanding 41,667 40,733
Accumulated other comprehensive (loss) (5,084) (4,872) Retained
earnings 13,921 14,937 ---------------- ----------------- 50,504
50,798 Less: Treasury Stock at cost - 425,000 ordinary shares
(2,196) (2,196) ---------------- ----------------- Total
shareholders' equity 48,308 48,602 ----------------
----------------- Total liabilities and shareholders' equity $
105,273 $ 108,344 ================ ================= *T -0- *T
BARBEQUES GALORE LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (Unaudited) In US$ thousands, except share
and per share data First Quarter ended ------------------- April 30
------------------- 2005 2004 ------- ------- Net Sales Australia
18,976 18,346 U.S. 27,567 25,432 ------- ------- Total net sales
46,543 43,778 ------- ------- Cost of goods sold, warehouse,
distribution & occupancy costs 34,467 31,037 ------- -------
Gross profit 12,076 12,741 ------- ------- Selling, general &
administration expenses 15,963 14,363 Store pre opening costs 80 74
Relocation and closure costs (gains) 0 (75) Other expense (income)
0 0 ------- ------- Operating income (loss) (3,967) (1,621) -------
------- Equity in income of affiliates 0 0 Interest expense 245 348
------- ------- Income (loss) before income tax (4,212) (1,969)
------- ------- Income tax expense (benefit) (1,489) (731) -------
------- Net income (loss) (2,723) (1,238) ======= ======= Basic
earnings (loss) per share (0.64) (0.30) ======= ======= Diluted
earnings (loss) per share (0.64) (0.30) ======= ======= Weighted
average shares outstanding outstanding - Basic 4,245 4,117 =======
======= - Diluted 4,245 4,117 ======= ======= US$/A$ conversion
rate 0.7798 0.7571 *T -0- *T BARBEQUES GALORE LIMITED AND
SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) In Australian $ thousands, except share and per share
data First Quarter ended ------------------- April 30
------------------- 2005 2004 ------- ------- Net Sales Australia
24,334 24,232 U.S. 35,351 33,591 ------- ------- Total net sales
59,685 57,823 ------- ------- Cost of goods sold, warehouse,
distribution & occupancy costs 44,200 40,995 ------- -------
Gross profit 15,485 16,828 ------- ------- Selling, general &
administration expenses 20,471 18,971 Store pre opening costs 103
98 Relocation and closure costs (gains) 0 (99) Other expense
(income) 0 0 ------- ------- Operating income (loss) (5,089)
(2,142) ------- ------- Equity in income of affiliates 0 0 Interest
expense 314 459 ------- ------- Income (loss) before income tax
(5,403) (2,601) ------- ------- Income tax expense (benefit)
(1,909) (966) ------- ------- Net income (loss) (3,494) (1,635)
======= ======= Basic earnings (loss) per share (0.82) (0.39)
======= ======= Diluted earnings (loss) per share (0.82) (0.39)
======= ======= Weighted average shares outstanding outstanding -
Basic 4,245 4,117 ======= ======= - Diluted 4,245 4,117 =======
======= *T -0- *T BARBEQUES GALORE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS In US $ thousands April 30,
2005 January 31, 2005 --------------- ------------------ Audited
Assets Current assets: Cash and cash equivalents $ 2,952 $ 848
Accounts receivable, net 6,338 5,937 Other receivables 985 4,685
Receivables from affiliates - - Inventories 49,729 45,226 Deferred
income taxes 3,141 2,382 Prepaid expenses and other current assets
3,038 1,450 --------------- ------------------ Total current assets
$ 66,183 $ 60,528 Non-current assets: Receivables from affiliates -
- Property, plant and equipment, net 18,060 16,554 Goodwill, net
1,109 1,079 Deferred income taxes 2,853 2,709 Other non-current
assets 656 653 --------------- ------------------ Total assets $
88,861 $ 81,523 =============== ================== Liabilities and
shareholders' equity Current liabilities: Accounts payable and
accrued liabilities $ 30,114 $ 22,787 Payables to related parties 4
3 Short-term bank borrowings 17,796 15,648 Current portion of
obligations under capital leases 609 979 Income taxes payable 2 2
--------------- ------------------ Total current liabilities 48,525
39,419 Non-current liabilities: Long-term debt - - Obligations
under capital leases, excluding current portion 2,532 1,807 Other
long-term liabilities 2,890 2,888 ---------------
------------------ Total liabilities $ 53,947 $ 44,114
--------------- ------------------ Shareholders' equity: Ordinary
shares, no par value; authorized 27,437,853 shares; 4,670,291
issued shares; 4,245,291 outstanding shares 32,550 32,267
Accumulated other comprehensive income (4,066) (3,937) Retained
earnings 8,145 10,780 --------------- ------------------ 36,629
39,110 Less: Treasury Stock at cost - 425,000 ordinary shares
(1,715) (1,701) --------------- ------------------ Total
shareholders' equity 34,914 37,409 ---------------
------------------ Total liabilities and shareholders' equity $
88,861 $ 81,523 =============== ================== *T -0- *T
BARBEQUES GALORE LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED
BALANCE SHEETS In Australian $ thousands April 30, 2005 January 31,
2005 --------------- ----------------- Audited Assets Current
assets: Cash and cash equivalents $ 3,779 $ 1,095 Accounts
receivable, net 8,114 7,666 Other receivables 1,261 6,050
Receivables from affiliates - - Inventories 63,665 58,401 Deferred
income taxes 4,021 3,076 Prepaid expenses and other current assets
3,890 1,873 --------------- ----------------- Total current assets
84,730 78,161 Non-current assets: Receivables from affiliates - -
Property, plant and equipment, net 23,121 21,376 Goodwill, net
1,420 1,393 Deferred income taxes 3,652 3,498 Other non-current
assets 840 845 --------------- ----------------- Total assets $
113,763 $ 105,273 =============== ================= Liabilities and
shareholders' equity Current liabilities: Accounts payable and
accrued liabilities $ 38,553 $ 29,425 Payables to related parties 5
4 Short-term bank borrowings 22,783 20,206 Current portion of
obligations under capital leases 780 1,264 Income taxes payable 3 3
--------------- ----------------- Total current liabilities 62,124
50,902 Non-current liabilities: Long-term debt - - Obligations
under capital leases, excluding current portion 3,241 2,333 Other
long-term liabilities 3,700 3,730 --------------- -----------------
Total liabilities $ 69,065 $ 56,965 ---------------
----------------- Shareholders' equity: Ordinary shares, no par
value; authorized 27,437,853 shares; 4,670,291 issued shares;
4,245,291 outstanding shares 41,672 41,667 Accumulated other
comprehensive income (5,205) (5,084) Retained earnings 10,427
13,921 --------------- ----------------- 46,894 50,504 Less:
Treasury Stock at cost - 425,000 ordinary shares (2,196) (2,196)
--------------- ----------------- Total shareholders' equity 44,698
48,308 --------------- ----------------- Total liabilities and
shareholders' equity $ 113,763 $ 105,273 ===============
================= *T
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