Angelo and Maxie's Reports First Quarter Results, Announces Series A Preferred Stock Dividend and Provides Strategic Alternatives Review Update.Business Editors CHICAGO--(BUSINESS WIRE)--May 8, 2003 Angelo Angelo externally austere but inwardly violent. [Br. Lit.: Measure for Measure] See : Hypocrisy Angelo asked by Isabella to cancel her brother’s death sentence, Angelo agrees if she will yield herself to him. [Br. and Maxie's, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AGMX AGMX Agammaglobulinemia, X-Linked ) announced total revenues for the quarterly period ended March 31, 2003, were $6.8 million, as compared with total revenues of $7.3 million in the comparative period of 2002. The decrease in revenues is primarily due to the disposition of one restaurant in the fourth quarter of 2002. 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 for the quarterly period ended March 31, 2003, decreased by 1.1% compared with the comparative period of 2002. For the quarterly period ended March 31, 2003, the Company incurred a net loss applicable to common shares of ($175,000), or ($0.09) net loss per common share. The net loss applicable to common shares for the comparative period of 2002 was ($1,183,000), or ($0.60) net loss per common share. Results for the 2002 quarter include a loss from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. of ($430,000), or ($0.22) net loss per common share. Kenneth R. Posner Prominent people with the surname Posner or Pozner include:
v. mit·i·gat·ed, mit·i·gat·ing, mit·i·gates v.tr. To moderate (a quality or condition) in force or intensity; alleviate. See Synonyms at relieve. v.intr. To become milder. to some extent by the inclusion of New Year's Eve in the 2003 quarter. We are pleased that operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: have been sustained in this challenging economic environment." The Company also announced that its Board of Directors has declared a dividend on each share of the Company's Series A Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. (OTCBB:AGMXP) outstanding on May 15, 2003. Holders of record on that date will receive a dividend of $.1125 per share, payable in cash on June June: see month. 2, 2003. As previously reported, subsequent to the sale of the Chart House and Peohe's restaurants in July 2002, the Company has been continuing its review of strategic alternatives, focusing on a sale of the entire Company. Although the Company has engaged in discussions with potential interested parties, no definitive agreements have been reached and no assurances can be given that a sale will be consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. . Headquartered in Chicago, Angelo and Maxie's, Inc. currently operates five Angelo and Maxie's Steakhouses in the Eastern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Certain of the statements contained in this press release may be forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include financial projections, estimates and statements regarding plans, objectives and expectations of the Company and its management. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Information on significant potential risks and uncertainties is set forth more fully in the Company's filings with the Securities and Exchange Commission, including quarterly reports on Form 10-Q Form 10-Q See 10-Q. , reports on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. and annual reports on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. .
ANGELO AND MAXIE'S, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Quarterly periods ended
March 31, 2003 April 1, 2002
--------------- ---------------
Revenues $ 6,805 $ 7,327
--------------- ---------------
Operating costs and expenses:
Cost of sales 2,439 2,650
Restaurant labor 1,571 1,732
Other operating costs 1,159 1,467
Rent 601 616
--------------- ---------------
Total restaurant costs 5,770 6,465
General and administrative expenses 668 197
Depreciation and amortization 320 438
Loss on disposal of assets 11 2
--------------- ---------------
Total restaurant and operating costs 6,769 7,102
--------------- ---------------
Income from operations 36 225
Interest expense, net 30 886
Other income (51) (130)
--------------- ---------------
Income (loss) from continuing
operations before income taxes 57 (531)
Provision for income taxes - -
--------------- ---------------
Income (loss) from continuing
operations 57 (531)
--------------- ---------------
Loss from discontinued operations - (430)
--------------- ---------------
Net income (loss) $ 57 $ (961)
Preferred dividends 232 222
--------------- ---------------
Net loss applicable to common shares $ (175) $(1,183)
=============== ===============
Net loss per common share-
Basic and diluted:
Continuing operations $ (0.09) $ (0.38)
Discontinued operations - (0.22)
--------------- ---------------
$ (0.09) $ (0.60)
=============== ===============
Weighted-average shares outstanding 1,989 1,977
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion