Exhibit 99.1
QUIZNO'S(R)Profitable in 2nd Q Fiscal 2001
DENVER, Colo. - May 16, 2001 - The Quizno's Corporation (Nasdaq: Quiz),
which franchises and owns and operates Quizno's Subs restaurants, announced it
posted a profit of $360,619, or $.12 per diluted share, in the 2nd quarter of
fiscal 2001 ending March 31, compared to a profit of $129,709, or $.03 per
diluted share, for the same period ended March 31, 2000.
The Company reported a loss of $1.7 million, or $.66 per diluted share, for
the first six months of this fiscal year, compared to a profit of $515,143, or
$.14 per diluted share, for the comparable six months of 2000. The loss was due
to non-recurring expenses of $3.4 million posted in the 1st quarter of 2001. The
Company's core business of franchise operations and Company restaurants has
remained profitable in 2001 year-to-date.
Total revenue in the 2nd quarter was $13.3 million, up 37 percent over $9.7
million in the same quarter of 2000. Year-to-date revenue is up 39 percent to
$25.7 million in the six months ending March 31, 2001, compared to $18.5 million
for the six months ended March 31, 2000.
A total of 113 new Quizno's Subs restaurants opened in the 2nd quarter,
including 15 internationally, and 116 new franchises, including 7 international,
were sold. Today there are more than 1,200 Quizno's operating throughout the
U.S. and Puerto Rico as well as in eight foreign countries.
Domestic system wide sales grew to $87.8 million in the recent quarter, up
37 percent over the $63.9 million in the same quarter of 2000. Same store sales
increased 9.5 percent in the 2nd quarter fiscal 2001 over the 2nd quarter fiscal
2000.
Certain information in this release are forward-looking statements that involve
risks and uncertainties that might adversely affect the Company's operating
results in the future in a material way. Such risks and uncertainties include,
without limitation, the effect of national and regional economic and market
conditions in the U.S. and the other countries in which we franchise
Restaurants, costs of labor and employee benefits, costs of marketing, the
success or failure of marketing efforts, costs of food and non-food items used
in the operation of the Restaurants, intensity of competition for locations and
Franchisees, as well as customers, perception of food safety, spending patterns
and demographic trends, legal claims and litigation, the availability of
financing for the Company and its Franchisees at reasonable rates, the
availability and cost of land and construction, legislation and governmental
regulations, and accounting policies and practices. Many of these risks are
beyond the control of the Company. Such risks are detailed from time to time in
the Company's reports filed with the SEC, including the Report on Form 10-KSB
for the year ended September 30, 2000.
For More Information Contact:
Sue Hoover, EVP Corporate Communications
The Quizno's Corporation
720-359-3374
