Barbeques Galore Smokes
Barbeques Galore Limited (BBQZ) was the Nasdaq's percentage leader Tuesday afternoon after saying net income tripled in its fourth quarter on a 25% jump in sales.
The Lake Forest, Calif., specialty retail chain earned $3.38 million, or 80 cents a share, in the quarter compared with earnings of $1.1 million, or 27 cents a share, last year. Revenue rose to $63 million from $51 million a year ago. Among equity analysts surveyed by Thomson One Analytics, none had estimates on Barbeques Galore Limited.
The latest quarter included a $329,000 loss in equity from affiliates related to the sale of a minority interest in Bromic Pty Ltd. and Renegade Gas Pty. The year-over-year earnings increase reflected strategic alliances with overseas manufacturers and improved conditions in the U.S. barbecue market, Barbeques Galore Limited disclosed.
Recently, the shares were up $3.36, or 65%, to $8.50, a move that swelled its market capitalization by $13 million.
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