Angelo and Maxie's Reports Fourth Quarter Results And Provides Update On Proposed Sale Of Two Remaining Steakhouses.Business Editors CHICAGO--(BUSINESS WIRE)--March 25, 2004 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 thirteen-week period ended December December: see month. 29, 2003, were $7.5 million, as compared with total revenues of $7.7 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 thirteen-week period ended December 29, 2003, increased by 1.8%, as compared with the comparative thirteen-week period of 2002. Same store sales for the 2003 fiscal year ended December 29, 2003, increased by 1.7%, as compared with the 2002 fiscal year. For the thirteen-week period ended December 29, 2003, the Company incurred a net loss applicable to common shares of ($1,318,000), or ($0.66) net loss per common share, which includes a $1,300,000 impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. and restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. consisting of the write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of the net book value of the Angelo and Maxie's trade name. The net income applicable to common shares for the comparative period of 2002 was $106,000, or $0.05 net income per common share. For the fiscal year ended December 29, 2003, the Company incurred a net loss applicable to common shares of ($6,853,000), or ($3.44) net loss per common share. The net loss applicable to common shares for the comparative period of 2002 was ($12,610,000), or ($6.37) net loss per common share. Results for the 2003 fiscal year included asset impairment and restructuring charges of $5,728,000 and 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 $572,000. Results for the 2002 fiscal year included asset impairment and restructuring charges of $7,596,000 and a loss from discontinued operations of $2,287,000. Kenneth R. Posner Prominent people with the surname Posner or Pozner include:
A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: improved over the prior year in a rather difficult economic environment." The Company continues to focus on a sale of its remaining two steakhouses. In regards to this sale, the Company has engaged in discussions with interested parties; however, 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 Chicago, city, United States Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. , Angelo and Maxie's, Inc. currently operates two Angelo and Maxie's Steakhouses in the continental United States United States territory, including the adjacent territorial waters, located within North America between Canada and Mexico. Also called CONUS. . 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 Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. 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, 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)
Quarter ended Quarter ended Year ended Year ended
December 29, December 30, December 29, December 30,
2003 2002 2003 2002
-----------------------------------------------------
Revenues $7,541 $7,692 $26,486 $27,382
-----------------------------------------------------
Operating costs and
expenses:
Cost of sales 2,751 2,720 9,548 9,764
Restaurant labor 1,624 1,758 6,102 6,560
Other operating
costs 1,298 1,328 4,776 5,179
Rent 600 540 2,402 2,303
-----------------------------------------------------
Total restaurant
costs 6,273 6,346 22,828 23,806
Selling, general
and administrative
expenses 662 660 2,589 1,575
Depreciation and
amortization 29 331 792 1,368
Impairment of
assets and
restructuring
charges 1,300 38 5,728 7,596
(Gain) loss on
disposal of
assets - 35 (6) 37
----------------------------------------------------
Total
restaurant and
operating
costs 8,264 7,410 31,931 34,382
----------------------------------------------------
(Loss) income
from
operations (723) 282 (5,445) (7,000)
Interest expense
(income), net 30 (2) 112 2,615
Other income (51) (51) (204) (202)
----------------------------------------------------
(Loss) income from
continuing
operations
before income
taxes (702) 335 (5,353) (9,413)
Provision for income
taxes - - - -
----------------------------------------------------
(Loss) income from
continuing
operations (702) 335 (5,353) (9,413)
----------------------------------------------------
Discontinued
operations:
Income from
operations - - - 146
Loss on sale (384) - (572) (2,433)
----------------------------------------------------
Loss from
discontinued
operations (384) - (572) (2,287)
----------------------------------------------------
Net (loss) income (1,086) 335 (5,925) (11,700)
Preferred dividends 232 229 928 910
----------------------------------------------------
Net (loss) income
applicable to
common
Shares $ (1,318) $ 106 $ (6,853) $ (12,610)
====================================================
Net income (loss)
per common share-
Basic and diluted:
Continuing
operations $(0.47) $0.05 $(3.15) $(5.21)
Discontinued
operations (0.19) - (0.29) (1.16)
----------------------------------------------------
$(0.66) $0.05 $(3.44) $(6.37)
====================================================
Weighted-average
shares outstanding 2,000 1,986 1,995 1,981
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