American Family Restaurants reports fourth quarter results; net income increases 110%; Denny's same store sales increase 6%.NORCROSS Norcross can refer to any of the following: Places United States
See: American Stock Exchange : FRI) today reported increased revenues for its fiscal 1995 fourth quarter and year ended September September: see month. 27, 1995. Revenues for the quarter were $28.8 million, an increase of 7.1% over revenues of $26.9 million in the fourth quarter of fiscal 1994. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the fiscal 1995 fourth quarter increased 32.9% to $1.4 million, compared to operating income of $1.0 million in the fiscal 1994 fourth quarter. Net income for the fourth quarter of fiscal 1995 rose 110% to $767,000, or $0.13 per share, compared with net income of $364,000, or $0.14 per share, for the fourth quarter of fiscal 1994. The weighted average number of shares outstanding for fiscal 1995 fourth quarter increased to 6,080,000, compared with 2,688,000 in the comparable quarter a year ago, as result of the Company's October 1994 initial public offering. For the fiscal year ended September 27, 1995, revenues were $106.9 million, a 15% improvement over revenues of $93.2 million in fiscal 1994. Operating income for fiscal 1995 increased 61% to $3.8 million, compared to operating income of $2.3 million in fiscal 1994. Net income for fiscal 1995 rose 71% to $1.4 million, or $0.24 per share, including an extraordinary loss on the early extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of debt amounting to $298,000, or $(0.06) per share. Net income in fiscal 1994 was $824,000, or $0.30 per share, which included a $1.0 million, or $0.36 per share, non- non- word element [L.]not . non- pref. Not: noninvasive. recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. gain related to the renegotiation of certain capital leases to operating leases Operating Lease A lease contract that allows the use of an asset, but does not convey rights similar to ownership of the asset. Notes: An operating lease is not capitalized it is accounted for as a rental expense. . Without the effect of the fiscal 1994 non-recurring gain and the impact of the fiscal 1995 extraordinary loss, American Family American Family is a photographic artwork exhibition by Renée Cox. See also
Commenting on American Family Restaurants' results, Chief Executive Officer, Jeffrey D. Miller, stated, "Our fourth quarter results reflect the continued strength at our Denny's restaurants as we achieve same store sales Same Store Sales A statistic used in retail industry analysis. It compares sales of stores that have been open for a year or more. Notes: This statistic allows investors to determine what portion of new sales has come from sales growth and what portion from the opening of gains while maintaining our overhead costs overhead costs see fixed costs. . Accordingly, we are continuing to expand our Denny's restaurant base by converting existing restaurants to the Denny's format. Subsequent to the close of the fiscal year we converted four additional restaurants to the Denny's format and expect to convert an additional restaurant before the end of the first quarter." For same store sales comparisons, American Family Restaurants considers a Denny's store to be comparable after it has been open six full quarters. American Family Restaurants, Inc. (AFR AFR African AFR Australian Financial Review AFR Afrikaans (South African language) AFR Air France (ICAO code) AFR Alternate Frame Rendering AFR Applicable Federal Rate ) headquartered in Norcross (Atlanta), Georgia Georgia, country, Asia Georgia (jôr`jə), Georgian Sakartvelo, Rus. Gruziya, officially Republic of Georgia, republic (2005 est. pop. 4,677,000), c.26,900 sq mi (69,700 sq km), in W Transcaucasia. , operates 148 family style restaurants, 90 of which are Denny's, in 14 contiguous Adjacent or touching. Contrast with fragmentation. See contiguous file. states in the Midwest and Southeast. AFR has grown through the purchase of existing Denny's and the conversion of other restaurants into the Denny's format. On August 14, 1995, AFR and privately-held Denwest Restaurant Corp., an operator of 77 Denny's restaurants throughout the Midwest and West, announced the signing of an Agreement and Plan of Merger providing for the combination of the companies, the nation's two largest Denny's franchisees. -0-
Unaudited Financial Highlights
(In thousands, except per share amounts)
Summary Operating Information Three Months Ended Year Ended
9/27/95 9/28/94 9/27/95 9/28/94
Revenues $ 28,839 $ 26,924 $106,897 $ 93,237 Operating income $ 1,435 $ 1,078 $ 3,757 $ 2,331 Income before extraordinary item - loss on extinguishment of debt $ 767 $ 364 $ 1,706 $ 824 Extraordinary item - loss on extinguishment of debt, net - - (298) - Net income $ 766 $ 364 $ 1,408 $ 824 Income per common and common equivalent share: Income before extraordinary item - loss on extinguishment of debt $ 0.13 $ 0.14 $ 0.30 $ 0.30 Extraordinary item - loss on extinguishment of debt (net of income taxes) - - (0.06) - Net income $ 0.13 $ 0.14 $ 0.24 $ 0.30 Weighted average common and common equivalent shares outstanding 6,080 2,688 5,704 2,765 Summary Balance Sheet Information Sept. 27, 1995 Sept. 28, 1994 Working capital (deficit) $ (6,878) $(15,736) Total assets 49,770 40,836 Long-term debt, less current portion 16,721 11,438 Obligations under capital leases, less current obligations 1,961 3,362 Shareholders' equity $17,390 $3,372 CONTACT: Edward C. Williams Chief Financial Officer 770/729-1300 or Joseph N. Jaffoni David C. Collins Jaffoni & Collins Incorporated 212/505-3015 |
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