Angelo and Maxie's Reports Fourth Quarter Results and Provides Update on Strategic Alternatives Review.Business Editors CHICAGO--(BUSINESS WIRE)--March 5, 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 thirteen-week period ended December December: see month. 30, 2002, were $7.7 million, as compared with total revenues of $8.4 million in the comparative period of 2001. The decrease in revenues is primarily due to the disposition of two restaurants in the third and fourth quarters of 2001. 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 30, 2002, increased by 5.0%, compared with the comparative thirteen-week period of 2001. The Company has reported the 38 Chart House restaurants and one Peohe's restaurant that were sold as of July July: see month. 30, 2002 as discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. in its financial statements. Accordingly, the comparative statements of operations for the 2001 periods have been reclassified. For the thirteen-week period ended December 30, 2002, the Company had net income applicable to common shares of $106,000, or $0.05 per common share. The net loss applicable to common shares for the comparative period of 2001 was ($1,430,000), or ($0.72) net loss per common share. For the fiscal year ended December 30, 2002, the Company incurred a net loss applicable to common shares of ($12,610,000), or ($6.37) net loss per common share. The net loss applicable to common shares for the comparative period of 2001 was ($20,427,000), or ($10.37) net loss per common share. Results for the 2002 year include asset 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 charges 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. of $7,596,000 and a loss from discontinued operations of $2,287,000. Results for the 2001 fiscal year included asset impairment and restructuring charges of $5,699,000, a loss from discontinued operations of $1,133,000, a $5,380,000 increase in the valuation allowance related to the Company's deferred tax asset and a charge of $942,000 for the 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 deferred financing costs as a consequence of a material modification of the Company's debt. 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: in this rather difficult revenue environment." The Company continues its review of strategic alternatives, focusing on a sale of the entire Company or the Angelo and Maxie's steakhouse steak house or steak·house n. A restaurant that specializes in beefsteak dishes. steakhouse Noun a restaurant that specializes in steaks Noun 1. concept and its five operating units operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon . 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 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 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)
Reclassified Reclassified
Quarter quarter Year year
ended ended ended ended
December December December December
30, 2002 31, 2001 30, 2002 31, 2001
----------- ------------ ----------- ------------
(See Note 1) (See Note 1)
Revenues $ 7,692 $ 8,445 $ 27,382 $ 29,763
----------- ------------ ----------- ------------
Operating costs and
expenses:
Cost of sales 2,720 3,035 9,764 11,019
Restaurant labor 1,758 1,934 6,560 8,185
Other operating
costs 1,328 1,636 5,179 5,680
Rent 540 578 2,303 2,887
----------- ------------ ----------- ------------
Total restaurant
costs 6,346 7,183 23,806 27,771
Selling, general
and administrative
expenses 660 70 1,575 972
Depreciation and
amortization 331 777 1,368 2,469
Impairment of
assets and
restructuring
charges 38 179 7,596 5,699
Pre-opening costs - - - 597
Loss on disposal of
assets 35 132 37 1,101
----------- ------------ ----------- ------------
Total restaurant
and operating
costs 7,410 8,341 34,382 38,609
----------- ------------ ----------- ------------
Income (loss) from
operations 282 104 (7,000) (8,846)
Interest (income)
expense, net (2) 1,222 2,615 4,772
Other income (51) (45) (202) (1,080)
----------- ------------ ----------- ------------
Income (loss) from
continuing operations
before income taxes
and extraordinary
item 335 (1,073) (9,413) (12,538)
Provision for income
taxes - - - 5,380
----------- ------------ ----------- ------------
Income (loss) from
continuing operations
before extraordinary
item 335 (1,073) (9,413) (17,918)
----------- ------------ ----------- ------------
Discontinued
operations:
(Loss) income from
operations - (136) 146 (1,133)
Loss on sale - - (2,433) -
----------- ------------ ----------- ------------
Loss from discontinued
operations - (136) (2,287) (1,133)
----------- ------------ ----------- ------------
Net income (loss)
before extraordinary
item 335 (1,209) (11,700) (19,051)
Extraordinary item,
material modification
of debt - - - 942
----------- ------------ ----------- ------------
Net income (loss) $ 335 $ (1,209) $ (11,700) $ (19,993)
Preferred dividends 229 221 910 434
----------- ------------ ----------- ------------
Net income (loss)
applicable to common
Shares $ 106 $ (1,430) $ (12,610) $ (20,427)
=========== ============ =========== ============
Net income (loss) per
common share-
Basic and diluted:
Continuing operations,
before extraordinary
item $ 0.05 $ (0.65) $ (5.21) $ (9.32)
Discontinued
operations - (0.07) (1.16) (0.57)
Extraordinary item,
material modification
of debt - - - (0.48)
----------- ------------ ----------- ------------
$ 0.05 $ (0.72) $ (6.37) $ (10.37)
=========== ============ =========== ============
Weighted-average
shares outstanding 1,986 1,973 1,981 1,970
Note 1 - As of July 30, 2002, the Company consummated the sale of its 38 Chart House restaurants and one Peohe's restaurant to a third party. The operations for these restaurants have been presented as 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: , and the Company has reclassified its Consolidated Statements of Operations for the quarter and year ended December 31, 2001, as a result of implementing Statement of Financial Accounting Standards No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets." |
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