Angelo and Maxie's Reports Third Quarter Results, Announces Series A Preferred Stock Dividend, And Provides Update on Proposed Sales.Business Editors CHICAGO--(BUSINESS WIRE)--Nov. 13, 2003 Angelo and Maxie's, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AGMX AGMX Agammaglobulinemia, X-Linked ) announced total revenues for the quarterly period ended September 29, 2003, were $5.7 million, as compared with total revenues of $5.6 million in the comparative period of 2002. The increase in revenues is primarily due to a 4.9% increase in 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 September 29, 2003, partly offset by the loss of revenues from the disposition of one restaurant in the fourth quarter of 2002. The Company also reported $18.9 million in total revenues for the nine month period ended September 29, 2003, as compared to $19.7 million in the comparative period of 2002. The decrease in revenues is primarily due to the loss of revenues from the disposition of one restaurant in the fourth quarter of 2002, partly offset by a same store sales increase of 1.6% for the comparable nine month period. For the quarterly period ended September 29, 2003, the Company had a net loss applicable to common shares of ($634,000), or ($0.32) net loss per common share. The net loss applicable to common shares for the comparative period of 2002 was ($1,203,000), or ($0.61) net loss per common share. For the nine month period ended September 29, 2003, the Company incurred a net loss applicable to common shares of ($5,535,000), or ($2.78) net loss per common share. The net loss applicable to common shares for the comparative period of 2002 was ($12,716,000), or ($6.42) net loss per common share. Results for the 2003 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 $4,428,000 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 $188,000. Results for the 2002 comparative nine month period included asset impairment and restructuring charges of $7,558,000, and a loss from discontinued operations of $2,287,000. Kenneth R. Posner, President and Chief Executive Officer, stated, "We continue to be pleased with our ability to grow sales and control restaurant costs and thereby maintain operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: in what has been a rather difficult revenue environment. Sales were adversely impacted during the third quarter by the power outages This is a list of famous wide-scale power outages. 1965
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 November 14, 2003. Holders of record on that date will receive a dividend of $0.1125 per share, payable in cash on December 1, 2003. On October 31, 2003, the Company executed a definitive agreement with McCormick and Schmick Restaurant Corp., a large national restaurant operator, for the previously announced proposed sale of three of its steakhouses located in Midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town Manhattan, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Reston, Virginia Reston is an internationally known planned community whose goal was to revolutionize post-World War II concepts of land use and residential/corporate development in American suburbia. , and Washington, D.C., each of which is to be converted to one of the purchaser's concepts during the first half of 2004. The definitive agreement provides, among other things, that the Company receive $5,350,000 in cash subject to certain adjustments for current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. and current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. . The closing is expected to occur in January 2004 and no assurances can be given that this sale will be consummated. The Company continues to focus on a sale of the entire Company or the Angelo and Maxie's steakhouse concept and its two remaining 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 . Previously, the Company announced that its Board of Directors had approved the proposed sale of the two remaining Angelo and Maxie's steakhouses. No assurances can be given as to whether or when a transaction will be consummated. 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)
Nine month Nine month
Quarter ended Quarter ended period ended period ended
September 29, September 30, September 29, September 30,
2003 2002 2003 2002
-------------------------------------------------------
Revenues $ 5,722 $ 5,634 $ 18,945 $ 19,690
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Operating costs
and expenses:
Cost of sales 2,080 2,041 6,797 7,044
Restaurant labor 1,429 1,442 4,478 4,802
Other operating
costs 1,117 1,077 3,478 3,851
Rent 601 585 1,802 1,763
-------------------------------------------------------
Total
restaurant costs 5,227 5,145 16,555 17,460
General and
administrative
expenses 568 597 1,927 915
Depreciation
and amortization 149 278 763 1,037
Impairment of
assets and
restructuring
Charges 15 497 4,428 7,558
(Gain) loss on
disposal of
assets (15) - (6) 2
-------------------------------------------------------
Total restaurant
and operating
costs 5,944 6,517 23,667 26,972
-------------------------------------------------------
Loss from
operations (222) (883) (4,722) (7,282)
Interest
expense, net 30 580 82 2,617
Other income (51) (51) (153) (151)
-------------------------------------------------------
Loss from
continuing
operations
before income
taxes (201) (1,412) (4,651) (9,748)
Provision for
income taxes - - - -
-------------------------------------------------------
Loss from
continuing
operations (201) (1,412) (4,651) (9,748)
Discontinued
operations:
Income (loss)
from operations - (805) - 146
Income (loss)
on sale (201) 1,248 (188) (2,433)
-------------------------------------------------------
Income (loss)
from discontinued
operations (201) 443 (188) (2,287)
-------------------------------------------------------
Net loss $ (402) $ (969) $ (4,839) $(12,035)
Preferred
dividends 232 234 696 681
-------------------------------------------------------
Net loss
applicable to
common shares $ (634) $ (1,203) $ (5,535) $(12,716)
=======================================================
Net income
(loss) per
common share -
basic and
diluted:
Continuing
operations $ (0.22) $ (0.83) $ (2.68) $ (5.27)
Discontinued
operations (0.10) 0.22 (0.10) (1.15)
-------------------------------------------------------
$ (0.32) $ (0.61) $ (2.78) $ (6.42)
=======================================================
Weighted-
average shares
outstanding 1,996 1,982 1,993 1,980
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