Financial Highlights
On June 4, 2009, J. Trungale, President and Chief Executive Officer of Perkins & Marie Callender's Inc. commented on the financial results for the quarter ended April 19, 2009:
"We are satisfied that both Perkins and Marie Callender's have reacted appropriately in response to the economic pressures facing our segment. Our restaurants continue to deliver quality service and products at a strong price/value ratio, and are working continually to gain the long-term loyalty of our guests. We have been able to manage our restaurant operations well, particularly in terms of operational efficiency and cost controls, and will continue to be vigilant in our review of administrative costs, streamlining and seeking efficiencies whenever possible without impacting our guests' experience."
Highlights for the first quarter of 2009 as compared to the first quarter of 2008 were:
- Restaurant segment income increased by $0.9 million, or 10.8%, due to lower commodity costs, menu price increases and operational efficiencies. Foxtail segment income increased by $0.2 million due to higher sales prices and lower commodity costs. Overall, adjusted EBITDA, as defined below, increased by $1.0 million.
- Total revenues were down 7.2% to $169.3 million in the first quarter of 2009, primarily due to decreases in comparable sales at Perkins and Marie Callender's restaurants, resulting from decreased comparable guest counts due to unfavorable economic conditions. Comparable sales for the first quarter of 2009 decreased by 4.9% at Perkins Company-operated restaurants and 6.9% at Marie Callender's Company-operated restaurants.
- Since the first quarter of 2008, the Company has opened one new Perkins restaurant and closed one Perkins restaurant. One Company-operated Marie Callender's restaurant has closed since the first quarter of 2008. One Perkins franchised restaurant opened since the first quarter of 2008, and four Perkins franchised restaurants were closed.
