COSI Files Reg FD Disclosure - Predicts 570 Restaurants By End of 2009 (They Have 96 Now)
COSI filed a Reg FD disclosure this morning. According to the filing, this is because “On November 30, 2005, Kevin Armstrong, President and Chief Executive Officer, and William Forrest, Executive Chairman, gave a presentation to Talon Asset Management’s 2005 Investment Management Meeting at the Four Seasons Hotel in Chicago, Illinois.”
In the presentation, they state that soup and salad food items capture 60% of the “Premium Convenience Sector” market. They also acknowledged the dominance of Panera Bread, stating “Panera is only premium sandwich and salad concept with national footprint.”
The report also had some news about their growth intentions. It predicted “17 New Company-Owned Locations During 2006 and 101 by the end of 2009, 150 Franchisee Commitments by the End of 2005, At Least 20 Locations to Open During 2006, and 384 Locations by the End of 2009.”
Elsewhere in the report, they stated a long-range goal of “End of 2009 unit chain with 186 company-owned and 384 franchise locations”, for what should be a total of 570 restaurants.
COSI currently has 96 units total.
