American CinemaStores Inc. announces financial results.SANTA MONICA Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. , Calif.--(BUSINESS WIRE)--Jan. 31, 1996--American CinemaStores Inc. has announced its financial results for the second fiscal quarter which ended Nov. 30, 1995. During the fiscal period which ended Nov. 30, 1995, the company decided to terminate operations of all of its theater mini-stores. In addition, the company decided to terminate operations of the remainder of its mall mini-stores during the fiscal period ended Feb. 29, 1995. The company considers the fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → associated with these operations impaired. Therefore, all of the fixed assets associated with retail operations were written off in the fiscal quarter ended Nov. 30, 1995. The following financial information reflects discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. , relative to retail operations, and an extraordinary item of a fixed-asset write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of $457,393. Net revenues from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for American CinemaStores' second fiscal quarter, which ended Nov. 30, 1995, were $349,461. The source of these revenues were primarily from the Sierra operation. On a six-month year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. basis net revenues from continuing operations were $741,123. Sales from the discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: retail operations were $357,770 for the six months ended Nov. 30, 1995, compared with $382,075 for the same period in fiscal 1994. Sales from discontinued operations for the three-month period ended Nov. 30, 1995, were $129,173, compared with $153,998 for the same period a year ago. The second-quarter consolidated net loss from continuing operations was $302,094, or 12 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared with a net loss from continuing operations of $225,215, or 7 cents per share, during the same period a year ago. The subsidiary operation, Sierra, posted a net profit of $12,634 during the fiscal quarter ended Nov. 30, 1995. On a six-month year-to-date basis the company posted a net loss of $531,567, or 8 cents per share, from continuing operations, compared with $414,252, or 7 cents per share, for the same six-month period a year ago. The net loss for continued and discontinued operations for the quarter ended Nov. 30, 1995, was $837,266, or 12 cents per share. This includes an extraordinary item of the write-off of the fixed assets from retail operations of $457,393. During the same period in the prior fiscal year the net loss from all operations was $403,839, or 7 cents per share. On a six-month year-to-date basis for the period ended Nov. 30, 1995, the net loss from all operations in the current fiscal year was $1,197,515, or 17 cents per share, compared with a net loss of $678,940, or 11 cents, for the same period in the prior fiscal year. CONTACT: American CinemaStores Inc., Santa Monica Christopher J. Ebert, 310/394-6444 |
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