BFX Hospitality Group, Inc. Announces Fourth Quarter Results.FORT WORTH, Texas--(BUSINESS WIRE)--Nov. 5, 1998--Robert H. McLean McLean, city (1990 pop. 38,168), Fairfax co., N Va., a suburb of Washington, D.C. Manufacturing includes foods, satellite components, and computer and telecommunications equipment. , Chairman of the Board, Chief Executive Officer and President of BFX BFX Bitware Fax Hospitality Group, Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :BFX), announced today a net loss of $1,014,000 or $.21 per share for the quarter ended September 30, 1998. For the same period last year, net loss was $401,000 or $.06 per share. For the year ended September 30, 1998, the net loss was $2,509,000 or $.47 per share. For the same period last year, net income was $6,658,000 or $.96 per share including income 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 $14,512,000 or $2.09 per share related to the sale of Current Technology, Inc. In making the announcement, Mr. McLean stated, "Our earnings continued to be affected by costs related to opening new restaurants and the discontinuance Cessation; ending; giving up. The discontinuance of a lawsuit, also known as a dismissal or a non-suit, is the voluntary or involuntary termination of an action. DISCONTINUANCE, pleading. A chasm or interruption in the pleading. 2. of our efforts to expand in the hotel industry. We will not incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. any additional costs in regard to the discontinuance of our efforts to expand in the hotel industry. Costs related to the opening of new restaurants will reduce dramatically in the first quarter of our new fiscal year due to the completion of H3 Ranch ranch, large farm devoted chiefly to raising and breeding cattle, horses, sheep, and goats. The cattle ranch was introduced from Latin America to Texas and the plains of the W United States and Canada. in August and the opening, in November, of our third Cabo unit, located in the Sundance Square Sundance Square is the name of an area in downtown Fort Worth, Texas. Named after the Sundance Kid in western folklore, it is a popular place for nightlife and entertainment in Fort Worth and for tourists visiting the Dallas/Fort Worth Metroplex. area in downtown Fort Worth." Mr. McLean concluded, "We should see a significant improvement in our earnings beginning in the first quarter of our new fiscal year as we realize the benefits related to the opening of new restaurants and recent reductions in corporate overhead. We are very pleased with the continued performance of H3 Ranch and our second Cabo unit located in downtown Houston Downtown Houston is Houston's largest business district. In terms of office square footage, it is the seventh largest in the United States. Downtown Houston contains the headquarters of many prominent companies. , Texas. We will soon announce the signing of new leases for the further expansion of our Cabo concept." -0-
BFX HOSPITALITY GROUP, INC.
Earnings Summary
(In thousands, except per share amount)
Year Ended Three Months Ended
September 30, September 30,
------------------ -------------------
1998 1997 1998 1997
-------- --------- ---------- --------
Net revenues $ 11,513 $ 10,518 $ 3,383 $ 2,525
-------- --------- ---------- -------
-------- --------- ---------- --------
Loss from continuing
operations $ (2,509) $ (7,854) $ (1,014) $ (401)
Income from discontinued
operations -- 14,512 -- --
-------- --------- ---------- --------
Net income (loss) $ (2,509) $ 6,658 $ (1,014) $ (401)
-------- --------- ---------- --------
-------- --------- ---------- --------
Basic and diluted earnings
per share:
Continuing operations $ (0.47) $ (1.13) $ (0.21) $ (0.06)
Discontinued operations -- 2.09 -- --
-------- --------- ---------- --------
Net income (loss) $ (0.47) $ 0.96 $ (0.21) $ (0.06)
-------- --------- ---------- --------
-------- --------- ---------- --------
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion