California Culinary Academy reports fiscal 1995 financial results.SAN FRANCISCO--(BUSINESS WIRE)--Sept. 27, 1995--California Culinary Academy, Inc., (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :COOK) today reported financial results for its fiscal 1995 fourth quarter and full year, which ended June 30, 1995. For fiscal 1995, revenues were $15,129,000 and net income was $151,000, or $0.05 per share. Fiscal 1995 was the first full fiscal year since the Academy changed its year-end from August 31 to June 30. Fiscal 1994 was only a ten-month period, during which period the Academy had a loss of $124,000 or $0.04 per share before the cumulative effect of a change in accounting principle. However, after the accounting change the Academy earned net income of $105,000 or $0.03 per share, on revenues of $11,065,000. Increased non-operational SG&A expenses associated with expansion activities and decreased revenues from lower enrollments in winter and spring 1995, for the fourth quarter of fiscal 1995 resulted in a net loss of $121,000, or $0.03 per share on revenues of $3,764,000. As a result of expansion expenses coupled with prior lower enrollments, a loss for fiscal 1996 first quarter, which ends September 30, is expected. The Academy's expansion activities involve locating new school sites, expanding program offerings, strategic partnering, and developing complementary business opportunities. Deficiencies in recruiting efforts have been identified and corrected. A new director of admissions was hired and based on applications received, there is a waiting list for the October 1995 class and enrollment for the balance of the fiscal year is on track. Additionally, the Academy has increased its articulation activities to recruit new students from other colleges and cooking schools A cooking school or culinary school is an institution devoted to education in the art and science of food preparation. It also awards degrees which indicate that a student has undergone a particular curriculum and therefore displays a certain level of competency. to enroll mid-way into its programs. Because of the change in fiscal year-end Fiscal Year-End The completion of a one-year, or 12-month, accounting period. Notes: The reason that a company's fiscal year often differs from the calendar year and does not close on Dec 31, is due to the nature of company's needs. , there is no comparable reporting period for the prior year. "Demand for our 30-week baking and pastry arts degree program exceeded expectations, although overall enrollments in both our 16-month AOS (Alternative Operator Services) Operator services provided by a third-party organization. See operator services. 1. AOS - /aws/ (East Coast), /ay-os/ (West Coast) A PDP-10 instruction that took any memory location and added 1 to it. and baking and pastry programs softened a bit for the winter and spring classes," Hehmeyer said. "We have taken steps to boost enrollments. "In the fourth quarter we hired world-renowned chef Keith Keogh as executive vice president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. and also hired a new director of admissions. Keogh's experience, including 24 years as executive chef for research and development at Walt Disney World Noun 1. Walt Disney World - a large amusement park established in 1971 to the southwest of Orlando Orlando - a city in central Florida; site of Walt Disney World , is a great asset to the California Culinary Academy  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. ." "Our growth strategies include pursuing joint ventures and acquisitions. After fiscal 1995 ended, we announced the signing of a letter of intent to acquire the 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 Restaurant School, a privately owned corporation that owns and operates a major professional culinary school in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. ," Hehmeyer said. "The Academy is in the process of arranging financing necessary to consummate the acquisition and although no agreement has been signed we continue to negotiate in good faith with the New York shareholders. "In addition to increasing our overall revenues, this acquisition would expand California Culinary Academy's reach from coast-to-coast and is a significant step in implementing our growth plan to meet increasing demand for trained culinarians in the food service industry. "In the third quarter, California Culinary Academy was granted a five-year unconditional accreditation by the Accrediting Commission of the American Culinary Federation Established in 1929, the American Culinary Federation (ACF) is the largest professional chefs' organization in North America. ACF, which was the progeny of the combined visions of three chefs' associations in New York, comprises more than 18,000 members in 240 chapters Educational Institute (ACFEI ACFEI American College of Forensic Examiners Institute (of Forensic Science) ACFEI American Culinary Federation Educational Institute ) for both our professional education programs," Hehmeyer remarked. "This was the first accreditation for our two-year-old 30-week baking and pastry certificate program and a renewal of accreditation for the 16-month culinary arts degree program, first granted in 1989." "Our television series, Cooking at the Academy, produced by KQED, continues to be highly popular, with 26 new episodes airing on public broadcasting public broadcasting: see broadcasting. stations reaching almost 80% of all U.S. households," he said. "As fiscal 1996 progresses," Hehmeyer concluded, "we will strive to maximize the Academy's profitability from existing operations through cost-containment measures and to strengthen our consumer education product offerings, expand the curriculum in our 16-month culinary arts degree program, reduce attrition Attrition The reduction in staff and employees in a company through normal means, such as retirement and resignation. This is natural in any business and industry. Notes: , articulate additional students into our programs, and upgrade our restaurant offerings." The California Culinary Academy, Inc., established in 1977 and headquartered in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , is one of the largest, for-profit culinary schools in the 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. . The Academy offers professional culinary education for aspiring and established culinarians, including two fully accredited accredited recognition by an appropriate authority that the performance of a particular institution has satisfied a prestated set of criteria. accredited herds cattle herds which have achieved a low level of reactors to, e.g. professional education programs: a 16-month culinary art AOS degree program and a 30-week baking and pastry certificate program. The Academy also offers a host of consumer classes for cooking and wine enthusiasts and a line of high-quality merchandise, cookbooks The following is a list of cookbooks, sorted alphabetically by author's surname. This is not a list of external links to commercial sites; please list only cookbooks here. This literature-related list is incomplete; you can help by [ expanding it]. , and video tapes. In addition, the Academy operates two full-service restaurants, which are open to the public Monday through Friday for lunch and dinner, with banquet facilities generally available seven days a week. -0-
California Culinary Academy, Inc.
Financial Highlights
For the Three and Twelve Months Ended June 30, 1995 and the Ten Months
Ended June 30, 1994
(in thousands, except earnings per share amounts)
Three Months Twelve months Ten Months
Ended Ended Ended
June 30, 1995 June 30, 1995 June 30, 1994
Revenues $3,764 $15,129 $11,065 Income (Loss) before cumulative effect of change in accounting principles $ (121) $ 151 $ (124) Cumulative effect of change in accounting principles -- -- $ 229 Net Income (Loss) $ (121) $ 151 $ 105 Income (loss) per share before cumulative effect of change in accounting principle $ (0.03) $ 0.05 $ (0.04) Cumulative effect per share of change in accounting principle -- -- $ 0.07 Earnings Per Share $ (0.03) $ 0.05 $ 0.03 Current assets $ 6,493 $ 6,976 Total assets $11,846 $12,354 Current liabilities $ 6,154 $ 7,324 Total liabilities $ 6,652 $ 7,586 Shareholders' equity $ 5,194 $ 4,768 -0- CONTACT: California Culinary Academy Christine E. Munson, 415/771-3536 |
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