Financial News: Back Yard Burgers, Domino's, Friendly's, Midas, Papa John's, ServiceMaster, Tricon, Wendy's
Memphis, Tennessee--First quarter revenues for Back Yard Revenues were $8,179,000, an increase of 14.6 percent over first quarter 2001. The increase is the result of improvements in same-store sales during the period as well as revenues of four new company-operated stores and the royalties from seven franchised units opened since March 2001. -Back Yard Burgers
Ann Arbor, Michigan--Domestic store sales at Domino's increased 7.6 percent in the first quarter of 2002, comprised of a 8 percent increase in same-store sales at franchised units and a 5.2 percent increase at company-owned locations. -Domino's Inc.
Wilbraham, Massachusetts--Comparable restaurant revenue for Friendly's Restaurant Inc. was 8.8 percent in the first quarter of 2002. Total revenue for the quarter was up 4.6 percent, but included an $11.9 percent reduction in restaurant revenue due to the closing of under-performing restaurants and the sale of certain restaurants to franchisees. -Dow Jones Newswires
Itasca, Illinois--Midas Inc. said its first-quarter earnings suffered a sharp decline in sales, while its debt has risen to the point where it plans to sell 25 percent of its real estate portfolio to help pay it down. Net income for the automotive service provider fell 47 percent to $1.7 million compared with the first quarter of 2001. -Crain's Chicago Business
Louisville, Kentucky--First quarter revenue at Papa John's fell to $245.7 million from $249.3 million a year ago. The company said it faced stiffer competition in the quarter and its 2002 National Anniversary Promotion was less successful in driving sales due to a higher price point than the 2001 promotion. -TheStreet.com
Memphis, Tennessee--Home services provider ServiceMaster Co. said that income from continuing operations rose in the first quarter, helped in part by its Terminix pest control business. The company, which has exited several business lines over the past year, had income from continuing operations of $17.8 million. -Crain's Chicago Business
Louisville, Kentucky--Tricon Global Restaurants Inc., operators of the KFC, Pizza Hut and Taco Bell chains, reported first quarter net income of $124 million, up 41 percent from last year. The company now expects 2002 earnings per share of $3.63 to $3.70, up from its earlier estimates of $3.56 to $3.36. Those new earnings estimates don't include the impact of Tricon's purchase of A&W and Long John Silver's from Yorkshire Global Brands, a deal that will be completed later this year and will bring 2,195 restaurants into the Tricon fold. -Pizzamarketplace.com
Dublin, Ohio-Fast-food chain Wendy's said first quarter earnings rose 12 percent, driven by robust sales of a new salad line and cost controls. The nation's No. 3 hamburger chain also forecasts robust growth in April same-store sales. -Reuters
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