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finally some buy back ...


Repurchases of Common Stock


On June 24, 2008, we announced that our Board of Directors approved the repurchase of up to 500,000 shares of our common stock commencing June 25, 2008 and through June 25, 2009.  The timing, price and volume of purchases would be determined by management, based upon market conditions, relevant securities laws and other factors, either on the open market or in privately negotiated transactions.  As of December 31, 2008, we had purchased 9,099 shares pursuant to this authorization and had 490,901 remaining available for repurchase.  The following table sets forth additional information with respect to our repurchases of shares of common stock during the fourth quarter of 2008.


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here's a few quick notes re west's restuarant ops:


-Total income (loss) from restaurant and franchise ops



add back non recurring, extraordinary, or non cash expenses:





-maintenance cap ex



-lawsuit/claims settlement exp (note 1)



-severance expense (note 2)



-yoy increase in sub-leased property expense

$444,000 (note 3)


-pretax loss on single western express tupelo concept



=adjusted pretax cash flow of 2.2 mil from resturant ops


note 1) The bulk of these lawsuit expenses were related to sub-leased properties


note2) The departure of Jim Verney from Western Sizzlin Franchise Corp


note 3) Sub-leased property expenses increased by $444,000 in 2008 as compared to 2007. Total 08 sub-lease exp was $545,226…all these will expire at end of 08


good luck to all

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having experienced 44 western sizzlin retuarant closures over the past several years, & 16 closures in 08, it would appear that this particular concept is dying a slow but steady death. but...


there also appears to be some reasons for optimism.


the new wood grill concept, & a new early stage western sizzlin concept. both show promise according to this article (proving, unfortunately, that 10Q's & 10K's are not enough by themselves to properly evaluate a co. color & commentary from ohter sources like the chairman/ceo's shareholder letter & annual meetings, & even conference calls DEFINATELY help):


"Ready for prime time: Western Sizzlin hot for Wood Grill, steak prototypes


ROANOKE, VA. -- Despite an environment that is shrinking the number of units in the buffet segment, Western Sizzlin is attempting to move into growth mode with its high-volume Wood Grill Buffet concept as well as a redesigned, steak-focused prototype for its namesake brand.


Last month, franchisees opened two dine-for-one-price Wood Grill Buffet units in Southern California that officials say average close to $100,000 per week in sales in roughly 9,000 square feet. Similar units in Virginia average $5 million in annual sales, and company officials hope to "replicate the magic" in other markets.


At the same time, Roanoke-based Western Sizzlin has been testing a steak-and-salad-bar prototype that essentially removes the concept's hot-buffet aspect, moving that concept more solidly into the grill category. An 8,000-square-foot test unit in Parkersburg, W. Va., open almost a year, is tracking toward $3.5 million in annual sales, more than double the $1.7 million average-unit volume of older versions of a similar size...."



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