Financial Highlights
On November 18, 2009, J. Trungale, President and Chief Executive Officer of Perkins & Marie Callender's Inc. commented on the financial results for the quarter ended October 4, 2009:
"With the economy still struggling, the third quarter's results at PMCI yielded no surprises. We have remained consistent in our efforts to improve Foxtail and remain on track with that initiative. We continue to drive the long term value message for both the Perkins and Marie Callender's brands without resorting to heavy discounting as many of our competitors have opted for. And, finally, we are managing our costs efficiently across the board while continuing to focus on maintaining and improving the quality of our food and service to our guests."
Highlights for the third quarter of 2009 as compared to the third quarter of 2008 were:
- The Company's EBITDA (as defined in the November 18th press release) for the forty weeks ended October 4, 2009, was up $1.5 million over the comparable period in 2008 due principally to improved financial results at its Foxtail segment. During the third quarter, EBITDA decreased by $0.9 million compared to the same quarter in 2008.
- Total revenues for the quarter declined 9.7% to $115.5 million compared to $127.9 million for the same period in 2008 primarily due to decreases in comparable sales at Company-operated Perkins and Marie Callender's restaurants.
- Food cost for the quarter declined from 29.6% of food sales to 25.7% due primarily to lower commodity costs that impacted all segments and improved food cost controls at our Perkins and Marie Callender's restaurants.
- Foxtail sales decreased by $3.5 million while segment income increased by $2.1 million during the third quarter of 2009 due to higher sales prices, lower commodity costs and operational improvements. This increase is after elimination of a non-cash goodwill impairment charge of $1.7 million in 2008.
