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International Guild of Hospitality & Restaurant Managers
Business
Summary
OTC: TAMR
Tam Restaurants, Inc. operates Lundy Bros. Restaurant, a high-volume, casual, upscale seafood restaurant located in Brooklyn, New York; American Park At The Battery, a multi-use facility featuring an upscale restaurant, catering floor, two outside patios and a fast food kiosk, located at the water's edge in Battery Park, a New York City landmark; and operated The Boathouse In Central Park, a multi-use facility featuring an upscale restaurant and catering pavilion, located on the lake in New York City's Central Park.
Financial Summary
Tam Restaurant operates Lundy Bros. Restaurant, a high-volume,
casual, upscale seafood restaurant, and The Boathouse, a multi-use facility
featuring an upscale restaurant and catering pavilion. For the 13 weeks ended
12/27/00, revenues fell 46% to $2.5 million. Net loss totalled $569 thousand,
vs. an income of $21 thousand. Revenues reflect decreased sales of Boathouse in
Central Park. Net loss reflects lower margins and a $232 thousand preopening
expense.
Tam
Restaurants, Inc. operates Lundy Bros. Restaurant (Lundy's), a high-volume,
casual, upscale seafood restaurant located in Brooklyn, New York; American Park
At The Battery (American Park), a multi-use facility featuring an upscale
restaurant, catering floor, two outside patios and a fast food kiosk, located at
the water's edge in Battery Park, a New York City landmark; and operated The
Boathouse In Central Park (The Boathouse), a multi-use facility featuring an
upscale restaurant and catering pavilion, located on the lake in New York City's
Central Park through September 30, 2000.
Lundy's
Lundy's is a high-volume, casual, upscale seafood restaurant located in
Brooklyn, New York. The Company opened Lundy's in December 1995, approximately
16 years after the original Lundy's restaurant closed. The Company is in the
process of building another Lundy's restaurant in Times Square section of
Manhattan and anticipates opening this restaurant in March 2001.
The Lundy's concept is designed to appeal to a broad range of guests by serving
generous portions of premium-quality seafood and other menu items and by
combining a grand dining experience with friendly and efficient service in a
high-energy environment. Lundy's commitment to offering its guests a casual,
exciting dining experience is highlighted by its "exhibition" kitchen
where all meals are cooked to order in view of its guests; a lobster pool from
which guests can select their lobsters; an experienced wait staff uniformed in
crisp white linen jackets and who are knowledgeable about the preparation of
seafood and the history of Lundy's; a high wait staff-to-customer ratio to
assure attentive service; and tables covered with multiple layers of colored
linens and pristine white butcher paper.
Lundy's menu features a wide variety of fresh seafood items, including lobster,
crab, shrimp, oysters, clams and daily fish specials, cooked to order in a
variety of ways: steamed, sauteed, broiled, grilled, blackened and fried. In
addition, Lundy's offers a selection of steaks, chicken dishes, pasta dishes,
pizzas, appetizers, chowders, salads and fresh-baked desserts. Lundy's also
offers full bar service, from which a variety of brand name alcohol, mixed
drinks, wines and beers, including selected micro-brewed beers, can be ordered,
at the bar or with table service. Lundy's feature menu selection is its
"Shore Dinner," which consists of a chowder or salad; steamed or baked
clams, a whole Maine lobster and chicken; fruit pie; and a beverage. The Company
believes that Lundy's is widely recognized for its "signature"
biscuits, chowders and apple, blueberry pies and its 40 item Sunday brunch
buffet. The menu mix has been carefully developed to balance the higher priced
items, such as lobster and fresh fish, with lower cost items, such as pizza and
pasta dishes.
Lundy's interior has been designed with a contemporary decor, rich polished
woods and granite surfaces, accented with copper, pottery, brushed-stainless
steel and earth tones, to impart "Old World" elegance and comfort.
Lundy's offers guests several seating selections in its multi-level interior,
which consists of an expansive, high-ceiling main dining area; a large upstairs
dining room that is also used for special events and to cater private functions;
a mezzanine level cigar room that overlooks the main dining area; and a 30-foot
long oyster and beverage bar, as well as outdoor seating.
Lundy's occupies approximately 18,000 square feet and has a seating capacity of
approximately 730 seats. Lundy's is open for lunch and dinner, seven days a
week. On Sundays the restaurant features a Brunch Buffet from 11:00 am to
3:00pm. The new Lundy's being constructed in Times Square will be approximately
14,000 square feet with a seating capacity of 420.
American Park
American Park opened in May 1998 in historic Battery Park at the southern tip of
Manhattan in close proximity to New York's financial district. American Park
occupies approximately 18,300 square feet and has a seating capacity of 725
persons.
American Park is designed with an urban mountain lodge motif, incorporating
natural fabrics, slate, stone, wood and brick with modern-style furnishings,
vibrant colors and designer lighting. Guests have panoramic views of the New
York City harbor and landmarks such as the Statute of Liberty, Ellis Island,
Governor's Island and the downtown Manhattan skyline. American Park offers
seating selections in its main dining room, second floor dining room and
bi-level outdoor patios.
American Park's restaurant serves contemporary American cuisine featuring a
variety of fresh fish, lobsters, large steaks and daily specials. The "all
day" menu is served year round in the 110 seat main dining room and
seasonally in the 150 seat upper-level outdoor patio.
American Park's lower level patio, with a capacity of 140 seats, extends to the
water's edge and has a casual moderately priced bistro type menu featuring
appetizers, grille items, sandwiches, salads, a raw bar and selected items from
the main menu. Most of the items come from a separate kitchen on the patio. The
lower-level patio also features a bar with a capacity of 25 bar seats and 55
persons standing and is used extensively during the cocktail hour and features
live entertainment during the summer.
American Park's second floor catering level is used to host private parties,
business meetings, conferences and weddings. The floor features a spectacular
panoramic view of the New York harbor and has a seating capacity of 300 persons.
The freestanding outdoor kiosk serves burgers, hot dogs, sandwiches, snacks,
cold beverages, beer, wine, and fruit smoothies to tourists and park visitors
from April through October.
The Boathouse
The Boathouse is a multi-use, lakeside facility that features an upscale
restaurant and catering pavilion, located on the lake in New York City's Central
Park. The Company operated The Boathouse pursuant to a 15-year license agreement
with the City of New York Department of Parks and Recreation.
The Boathouse restaurant, PARK VIEW AT The Boathouse, provides customers a
pleasurable dining experience in a comfortable, relaxed and romantic atmosphere
and primarily al fresco seating. The catering pavilion is glass-enclosed, tented
and heated. The catering pavilion occupies approximately 4,600 square feet of
space, is surrounded by an English garden on two sides and resides a few feet
from the Central Park Lake.
Catering Operations
The Company's restaurants offer high-quality professional, on-premise and
off-premise catering services. Each restaurant provides its own catering
services and specially designs menus to its guests' requirements. Lundy's
upstairs dinning room is used to cater private functions and has a capacity of
350 persons. American Park can accommodate parties of up to 300 persons in its
upstairs catering space, up to 780 persons for the entire facility, and has
outdoor tents that can accommodate another 400 persons
Disclaimer:
The data included within the Financial section is solely for information
and does not construe a recommendation and/or endorsement by IGHRM or its
members to invest funds with any of the companies listed. You are strongly
advised
to obtain professional advice with qualified individuals or corporations for any
investments of funds.
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