Così, Inc. Reports 2016 Period 4 Comparable Restaurant Sales and Announces Earnings Call for First Quarter 2016 Results
May 04 2016 - 06:30AM
Così, Inc. (NASDAQ:COSI), the fast-casual restaurant company, today
reported that estimated system-wide comparable restaurant sales for
the 2016 Period 4, as measured for restaurants in operation for
more than 15 consecutive months, recorded an aggregate decrease of
0.2% as compared to the 2015 Period 4. The breakdown in estimated
comparable restaurant sales between Company-owned and
Franchise-owned restaurants is as follows:
|
|
For the 4 Weeks Ended April 25, 2016 |
|
Company- Owned |
|
|
-2.2 |
% |
|
Franchise |
|
|
3.6 |
% |
|
Total System-Wide |
|
|
-0.2 |
% |
|
|
|
|
|
|
|
The 13 Hearthstone restaurants acquired by the
Company on April 1, 2015, will be included in the reported
Company-owned comparable restaurant sales results when they have
been in operation as Company-owned restaurants for more than 15
consecutive months. As of the 2015 Period 10, the Company began
disclosing comparable sales for the acquired restaurants
separately. For the 2016 Period 4, the Hearthstone locations
recorded an aggregate increase in comparable restaurant sales as
follows:
|
|
For the 4 Weeks Ended April 25, 2016 |
Hearthstone
Locations |
|
|
3.7 |
% |
|
|
|
|
|
“We know from industry benchmarks such as
Knapp-Track that April was a very challenging period for the
fast-casual segment. However, I am encouraged by the growth we
continue to see in Boston, in the franchise system, and in the
corporate markets where we have fully implemented all aspects of
the Hearthstone model. In fact, the New York Tri-State market, one
of our most underperforming markets in 2015, continues to drive
results that are now giving Boston a run for its money. We have,
and will continue to apply the same discipline that helped us turn
around those markets to the ones that remain below our
expectations. We are staying the course, and remain focused on
doing what we know works fully grounded on our operating plan for
the year: driving traffic, generating cash, growing the franchise
system, and strengthening our capacity and culture,” stated RJ
Dourney, Così’s President and CEO.
“What we are seeing reinforces our belief that
we are on-track to turn the Company EBITDA positive between the
second and third quarters. Our sales growth assumptions are
conservative, we continue to see a sustained improvement in margins
and expect that to continue, and our G&A is on track. Overall,
our cash position is where we expected it to be. As I look
past the second quarter, I am also encouraged by the positive
impact we can expect from our menu and operations simplification
initiatives, as well as from targeted marketing efforts to drive
trial,” Dourney went on to say.
Teleconference and Webcast InformationCosì
expects to report First Quarter 2016 results after the close of
market on May 12, 2016, and to host an investor teleconference and
webcast at 5:00 p.m. Eastern Time on that day to discuss the
Company's results for the quarter.
AudioDial-In Number: (844) 249-9380Secondary
(International) Dial-In Number: (270) 823-1523Participant
Code: 63009587Note: Participants should dial in a few minutes
prior to the start time
WebcastWebsite link: http://ir.getcosi.comNote:
Live, then archived for one year
ReplayDial-In Number: (855) 859-2056Secondary Dial-In
Number: (404) 537-3406Participant Code: 6309587Note:
Available from May 12, 2016 (at 8:00 p.m. ET) until May 19, 2016
(8:00 PM ET)
About Così, Inc.Così (http://www.getcosi.com)
is an international fast casual restaurant company. At the
heart of every Cosi® restaurant is an open-flame stone-hearth oven
where the Così® signature flatbread is made from scratch throughout
the day. The flatbread is made from a generations-old recipe
and is part of many Così® favorites. Così® was founded on the idea
that good-for-you food should be delicious. Menu items are
made using fresh ingredients and distinctive sauces and spreads to
create edgy flavors. The menu features made-to-order
sandwiches, hand-tossed salads, bowls, breakfast wraps, melts, all
natural soups, signature Squagels®, artisan flatbread pizzas,
S`mores, snacks and desserts. Guests can also enjoy
handcrafted beverages and a variety of coffee-based and specialty
beverages.
Così® employees create a welcoming environment
where guests are invited to relax and enjoy great food. In
many cases, Così® is the cornerstone of the communities that they
are in and take pride in supporting community organizations and
local charities. There are currently 75 Company-owned and 30
franchise restaurants operating in fifteen states, the District of
Columbia, Costa Rica and the United Arab Emirates.
"Così," "(Sun & Moon Design)" and related marks are
registered trademarks of Così, Inc. in the U.S.A. and certain other
countries. Copyright © 2015 Così, Inc. All rights reserved.
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1995. This press release
contains statements that constitute forward- looking statements
under the federal securities laws. Forward-looking statements are
statements about future events and expectations and not statements
of historical fact. The words "believe," "may," "will," "should,"
"anticipate," "estimate," "expect," "intend," "objective," "seek,"
"plan," "strive," or similar words, or negatives of these words,
identify forward- looking statements. We qualify any
forward-looking statements entirely by these cautionary factors.
Forward-looking statements are based on management's beliefs,
assumptions and expectations of our future economic performance,
taking into account the information currently available to
management. Forward-looking statements involve risks and
uncertainties that may cause our actual results, performance or
financial condition to differ materially from the expectations of
future results, performance or financial condition we express or
imply in any forward-looking statements. Factors that could
contribute to these differences include, but are not limited to:
the results being reported in this release are unaudited and
subject to change; the cost of our principal food products and
supply and delivery shortages and interruptions; labor shortages or
increased labor costs; changes in demographic trends and consumer
tastes and preferences, including changes resulting from concerns
over nutritional or safety aspects of beef, poultry, produce, or
other foods or the effects of food-borne illnesses, such as E.
coli, "mad cow disease" and avian influenza or "bird flu";
competition in our markets, both in our business and in locating
suitable restaurant sites; our operation and execution in new and
existing markets; expansion into new markets including foreign
markets; our ability to attract and retain qualified franchisees
and our franchisees' ability to open restaurants on a timely basis;
our ability to locate suitable restaurant sites in new and existing
markets and negotiate acceptable lease terms; the rate of our
internal growth and our ability to generate increased revenue from
our existing restaurants; our ability to generate positive cash
flow from existing and new restaurants; fluctuations in our
quarterly results due to seasonality; increased government
regulation and our ability to secure required government approvals
and permits; our ability to create customer awareness of our
restaurants in new markets; the reliability of our customer and
market studies; cost effective and timely planning, design and
build out of restaurants; our ability to recruit, train and retain
qualified corporate and restaurant personnel and management; market
saturation due to new restaurant openings; inadequate protection of
our intellectual property; our ability to obtain additional capital
and financing; adverse weather conditions which impact customer
traffic at our restaurants; and adverse economic conditions.
Further information regarding factors that could affect our results
and the statements made herein are included in our filings with the
Securities and Exchange Commission.
Additional information is available on Così's
website athttp://www.getcosi.com in the investor relations
section.
CONTACT:
Miguel Rossy-Donovan
Chief Financial Officer
(857) 415-5020
InvestorRelations@getcosi.com