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Premier's Players Grille Reports March Restaurant Sales Comps up over 18% and Increased Same Store First Quarter Sales and Customer Counts Thursday April 28, 8:01 am ET
DALLAS--(BUSINESS WIRE)--April 28, 2005--Premier Development & Investment, Inc.'s (OTC Bulletin Board: PDVN - News) Players Grille operating division announced that comparable same store restaurant sales for the monthly period ended March 2005 increased 18.3% from those in March 2004. Sales for the three months ended March 31, 2005 show a 14.7% increase in total consolidated comparable sales, when compared to the same quarterly period in 2004.
Customer counts in March, as represented by check count, saw more than a 24 % increase from the March 2004 period and for the three month period ended March 31, 2005 customer counts were up 20% from those of the comparable period a year ago.
Michael Hume, General Manager of Players Grille, stated, "I am very pleased with the results we achieved in March and for the first quarter of 2005. We continued to see increased customer counts and gross sales in 2005 due to our focus on customer satisfaction, improved food quality, and the roll out of new menu items. We achieved a substantial increase in beer, wine and liquor consumption comps for the three month period, which were up 57% collectively as a group compared to last years first quarter. Sales in these categories were especially strong this first quarter due to major events such as the Super Bowl (TM) and March Madness."
About Premier
Premier Development & Investment, Inc. is a publicly held developer and operator of theme-based restaurant and bar concepts. These concepts are developed internally and through partnerships with other restaurant developers with the intent of building them into full-fledged chains and franchise opportunities. Premier owns and operates the Player's Grille Restaurant and Bar(TM), a casual dining sports themed concept based in Florida. Premier Realty Holdings, Inc., a wholly owned subsidiary, operates Countrywide Realty Services, http://www.cw-realty.com , a full service commercial and residential listing brokerage firm specializing in selling, buying, or leasing properties and providing a full range of real estate services to the greater Miami and Southeastern Florida marketplace.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by Premier Development & Investment, Inc.) contains statements that are forward-looking, such as statements relating to the future anticipated direction of the restaurant industry, plans for future expansion, various business development activities, planned capital expenditures, future funding sources, anticipated sales growth and prospective dealings and joint venture projects. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of Premier. These risks and uncertainties include, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, domestic and global economic conditions, and changes in federal or state tax laws. For a description of additional risks and uncertainties, please refer to Premier's filings with the Securities and Exchange Commission. Contact:
Stock Information (January 2005) ( View Chart ) Trading Symbol (OTC Bulletin Board): PDVN Industry: Restaurant and Bar Industry (SIC: 5812) 52-Week Price Range: $.86 - $2.75 Average Daily Volume: 49,793 Common Shares Outstanding: 68,419,069 Class A, $0.00002 par value Estimated Insider Ownership: 33.3% Estimated Institutional Ownership: under 3% Transfer Agent: Transfer Online, Inc. Independent Auditors: Baumann, Raymondo & Company, P.A
Premier Development & Investment is a publicly traded developer and operator of theme-based restaurant and bar concepts. These concepts are developed either internally or through partnerships with other restaurant developers with the intent of building them into full-fledged chains and franchise opportunities.
Strategy for Disciplined Growth and Prosperity
Premier's business strategy calls for the development of theme-based restaurant and bar concepts through strategic partnerships and joint venture projects. Ultimately these concepts are to be built into full-fledged chains and franchise opportunities. By co-developing the restaurant and bar concepts in this manner Premier is able to: 1) reduce its financial exposure by sharing in the development and marketing costs typically associated with opening new restaurant and bar concepts; 2) generate secondary or alternative sources of revenue by providing professional restaurant and bar management consulting services through the collective expertise of Premier's management team; and 3) better diversify Premier's restaurant and bar portfolio to minimize financial exposure to any single operation or concept.
Acquisitions, Strategic Alliances and Future Growth
Premier is constantly on the lookout for new acquisitions or strategic partnerships that may make a good fit with Premier's business strategy. Premier anticipates making a few strategic acquisitions in 2004 and beyond to accelerate growth and profitability. Premier also anticipates entering into other forms of agreement that make good business sense, for example the Coconut Grove joint venture.
Additionally, Premier recently entered into a strategic alliance with Stag Financial Group. Through this business alliance Stag Financial will provide Premier with various financial consulting services and assist Premier with utilizing its status as a publicly traded company to conduct occasional registered "spin-offs". Each such spin-off will result in a new stock dividends payable to Premier's loyal shareholders while increasing Premier's net income and enhancing its balance sheet. Premier anticipates conducting two to four such spin-offs each fiscal year. This Strategic Alliance is expected to be accretive to Premier's earnings per share (EPS).
A Unique Opportunity
Premier Development is an up-and-coming player in the restaurant industry. Through its fiscally sound business plan, dedicated management team and underlying cost controls, Premier anticipates rewarding shareholders with robust growth in both revenues and profitability for years to come. Management looks forward to sharing this good fortune with Premier's shareholders at large.
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For the quarter ended March 31, 2005, revenues increased $339,616, or 4,245.2%, to $347,616 compared to $8,000 for the quarter ended March 31, 2004. These revenues were generated from the operation of our two wholly owned subsidiaries, Players Grille, Inc. and Countrywide Realty Services, Inc For the quarter ended March 31, 2005, our gross profit totaled $185,792 compared to $8,000 for the year ago period. This $177,792, or 2,222.4%, increase in gross profit was attributable to higher sales.
Net Loss
Our net loss for the quarter ended March 31, 2005 was ($33,525) compared to a net loss of ($7,930) for the quarter ended March 31, 2004. This $25,595, or 322.8%, increase is primarily attributable to $36,616 in depreciation expenses that did not exist a year ago.
Liquidity and Capital Resources
Since our inception on March 29, 2001, we have financed our operating activities through private offerings of our equity securities and the personal contributions of our executive officers.
As of March 31, 2005, we had current assets aggregating $391,084, comprised of $122,459 in cash or cash equivalents, marketable securities valued at $5,000, a note receivable of $2,508, inventory of $23,275, prepaid expenses of $15,501, a promissory note payable to us of $220,000, and other consisting of $2,341.
As of March 31, 2005 we had other assets consisting of a $558,016 in equipment and leasehold improvements, less accumulated depreciation of ($98,567), and goodwill of $868,586.
As of March 31, 2005, we had current liabilities aggregating $141,620, comprised of accounts payable of $1,500, deferred tax liabilities of $29,077, and a promissory note payable by us of $111,043. We also had a long-term promissory note payable by us valued at $64,427. We do not anticipate taking on any material financial obligations or commitments that are not commensurate with increases in revenues and gross subsequent profits.
As of March 31, 2005 we had basic and fully diluted weighted average shares outstanding of 68,424,069 and 72,924,069, respectively. These represent declines of (8,987,237), or (11.6%), and (16,487,237), or (18.4%), respectively, from the quarter ended March 31, 2004. Management is continuing to explore additional methods, including additional share retirements and potential buybacks, to further reduce the number of shares issued and outstanding.
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