Barbeques Galore Limited (NASDAQ:BBQZ) today announced that the
Federal Court of Australia approved the holding of special
shareholder and option holder meetings to ratify Ironbridge
Capital's proposed acquisition of all outstanding shares and
options in the company in a cash transaction valued at
approximately US$45 million. The company also announced that early
next week it will commence mailing proxy materials relating to the
special meetings, scheduled to be held on October 14, 2005, at the
company's corporate headquarters in Sydney, Australia. The
transaction is expected to be completed by November 1, 2005,
subject to approval by shareholders and option holders, regulatory
approvals and the fulfillment of certain financial and other
conditions. Barbeques Galore today also reported financial results
for its second fiscal quarter ended July 31, 2005. Questions or
requests for free copies of the proxy materials relating to the
proposed transaction may be directed to the Information Agent,
PondelWilkinson Inc., at 1880 Century Park East, Suite 700, Los
Angeles, California 90067, or by telephone to 866-279-8084 or
310-279-5980, by fax to 310-279-5988 or by email to
investor@pondel.com. 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 six 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. BARBEQUES GALORE AND
CERTAIN OF ITS DIRECTORS AND OFFICERS MAY BE DEEMED TO BE
PARTICIPANTS IN THE SOLICITATION OF PROXIES FOR THE SPECIAL
MEETINGS OF SHAREHOLDERS AND OPTION HOLDERS RELATING TO THE
PROPOSED TRANSACTION. BARBEQUES GALORE HAS FILED WITH THE
SECURITIES AND EXCHANGE COMMISSION AND IS COMMENCING MAILING TO ITS
SHAREHOLDERS AND OPTION HOLDERS A DEFINITIVE PROXY STATEMENT FOR
THE SPECIAL MEETINGS. THE DEFINITIVE PROXY STATEMENT CONTAINS
IMPORTANT INFORMATION REGARDING THE PARTICIPANTS IN THE
SOLICITATION AND OTHER IMPORTANT INFORMATION ABOUT THE PROPOSED
TRANSACTION. SHAREHOLDERS AND OPTION HOLDERS OF BARBEQUES GALORE
ARE ADVISED TO READ THE COMPANY'S PROXY STATEMENT FOR THE SPECIAL
MEETINGS BECAUSE IT CONTAINS IMPORTANT INFORMATION. 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 statements regarding the
proposed merger and the anticipated completion date. 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, option
holder 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 Second Quarter Six Months Ended
Ended July 31, July 31, --------------- ----------------- 2005 2004
2005 2004 ------- ------- -------- -------- Net Sales Australia
18,040 17,218 37,016 35,564 U.S. 43,363 40,205 70,930 65,637
------- ------- -------- -------- Total net sales 61,403 57,423
107,946 101,201 ------- ------- -------- -------- Cost of goods
sold, warehouse, distribution & occupancy costs 43,108 39,296
77,575 70,333 ------- ------- -------- -------- Gross profit 18,295
18,127 30,371 30,868 ------- ------- -------- -------- Selling,
general & administration expenses 19,034 16,806 34,997 31,169
Store pre opening costs 126 71 206 145 Relocation and closure
(gains) costs 0 (58) 0 (133) ------- ------- -------- --------
Operating income (loss) (865) 1,308 (4,832) (313) ------- -------
-------- -------- Interest expense 345 369 590 717 ------- -------
-------- -------- Income before tax (1,210) 939 (5,422) (1,030)
------- ------- -------- -------- Income tax expense (benefit)
(389) 336 (1,878) (395) ------- ------- -------- -------- Net
income (loss) (821) 603 (3,544) (635) ======= ======= ========
======== Basic earnings per share (0.19) 0.15 (0.86) (0.15) =======
======= ======== ======== Diluted earnings per share (0.19) 0.14
(0.81) (0.15) ======= ======= ======== ======== Weighted average
shares outstanding 4,245 4,144 4,144 4,131 ======= ======= ========
======== 4,245 4,399 4,399 4,339 ======= ======= ======== ========
US$/A$ conversion rate 0.7619 0.7055 0.7055 0.7269 BARBEQUES GALORE
LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (Unaudited) In Australian$ thousands, except share and
per share data Second Quarter Six Months Ended Ended July 31, July
31, --------------- ----------------- 2005 2004 2005 2004 -------
------- -------- -------- Net Sales Australia 23,678 24,405 48,012
48,637 U.S. 56,914 56,988 92,265 90,579 ------- ------- --------
-------- Total net sales 80,592 81,393 140,277 139,216 -------
------- -------- -------- Cost of goods sold, warehouse,
distribution & occupancy costs 56,580 55,700 100,780 96,695
------- ------- -------- -------- Gross profit 24,012 25,693 39,497
42,521 ------- ------- -------- -------- Selling, general &
administration expenses 24,982 23,822 45,453 42,793 Store pre
opening costs 166 100 269 198 Relocation and closure (gains) costs
0 (82) 0 (181) ------- ------- -------- -------- Operating income
(loss) (1,136) 1,853 (6,225) (289) ------- ------- --------
-------- Interest expense 453 523 767 982 ------- ------- --------
-------- Income before tax (1,589) 1,330 (6,992) (1,271) -------
------- -------- -------- Income tax expense (benefit) (510) 476
(2,419) (490) ------- ------- -------- -------- Net income (loss)
(1,079) 854 (4,573) (781) ======= ======= ======== ======== Basic
earnings per share (0.25) 0.21 (1.10) (0.19) ======= =======
======== ======== Diluted earnings per share (0.25) 0.19 (1.04)
(0.18) ======= ======= ======== ======== Weighted average shares
outstanding 4,245 4,144 4,144 4,131 ======= ======= ========
======== 4,245 4,399 4,399 4,339 ======= ======= ======== ========
BARBEQUES GALORE LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED
BALANCE SHEETS In US$ thousands July 31, Jan. 31, 2005 2005 Assets
Current assets: Cash and cash equivalents $ 1,332 $ 848 Accounts
receivable, net 5,901 5,937 Other receivables 1,047 4,684
Inventories 46,759 45,226 Deferred income taxes 5,073 2,381 Prepaid
expenses and other current assets 1,565 1,451 ------- ------- Total
current assets 61,677 60,527 Non-current assets: Property, plant
and equipment, net 17,878 16,554 Goodwill, net 1,085 1,079 Deferred
income taxes 2,647 2,709 Other non-current assets 645 654 -------
------- Total assets $83,932 $81,523 ======= ======= Liabilities
and shareholders' equity Current liabilities: Accounts payable and
accrued liabilities $25,464 $22,787 Payables to related parties 4 3
Short-term bank borrowings 19,120 15,648 Current portion of
obligations under capital leases 754 978 Income taxes payable 239 2
------- ------- Total current liabilities 45,581 39,418 Non-current
liabilities: Obligations under capital leases, excluding current
portion 2,012 1,807 Other long-term liabilities 2,887 2,889 -------
------- Total liabilities $50,480 $44,114 ------- -------
Shareholders' equity: Ordinary shares, no par value; authorized
27,437,853 shares; 4,670,291 issued shares; 4,245,291 outstanding
shares 31,650 32,267 Accumulated other comprehensive income (3,630)
(3,937) Retained earnings 7,100 10,780 ------- ------- 35,120
39,110 Less: Treasury Stock at cost - 425,000 ordinary shares
(1,668) (1,701) ------- ------- Total shareholders' equity 33,452
37,409 ------- ------- Total liabilities and shareholders' equity
$83,932 $81,523 ======= ======= Exchange rate used 0.7595 0.7744
BARBEQUES GALORE LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED
BALANCE SHEETS In Australian$ thousands July 31, Jan. 31, 2005 2005
Assets Cash and cash equivalents $ 1,754 $ 1,095 Accounts
receivable, net 7,769 7,666 Other receivables 1,378 6,049
Inventories 61,566 58,401 Deferred income taxes 6,679 3,075 Prepaid
expenses and other current assets 2,062 1,874 -------- --------
Total current assets 81,208 78,160 Property, plant and equipment,
net 23,539 21,376 Goodwill, net 1,428 1,393 Deferred income taxes
3,485 3,498 Other non-current assets 850 845 -------- --------
Total assets $110,510 $105,272 ======== ======== Accounts payable
and accrued liabilities $ 33,529 $ 29,425 Payables to related
parties 5 4 Short-term bank borrowings 25,174 20,206 Current
portion of obligations under capital leases 993 1,263 Income taxes
payable 315 3 -------- -------- Total current liabilities 60,016
50,901 Obligations under capital leases, excluding current portion
2,649 2,333 Other long-term liabilities 3,801 3,730 --------
-------- Total liabilities $ 66,466 $ 56,964 -------- --------
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 (4,780) (5,084) Retained
earnings 9,348 13,921 -------- -------- 46,240 50,504 Less:
Treasury Stock at cost - 425,000 ordinary shares (2,196) (2,196)
-------- -------- Total shareholders' equity 44,044 48,308 --------
-------- Total liabilities and shareholders' equity $110,510
$105,272 ======== ======== *T
Barbeques Galore (NASDAQ:BBQZ)
Historical Stock Chart
From Aug 2024 to Sep 2024
Barbeques Galore (NASDAQ:BBQZ)
Historical Stock Chart
From Sep 2023 to Sep 2024