Cara -- Continued Growth In Sales And Gross Revenue.TORONTO--(BUSINESS WIRE)--July 22, 1999-- Cara Operations Cara Operations Limited is a Canadian company that provides catering services to airlines and operates several restaurant and coffee shop chains including: Harvey's, Swiss Chalet, Kelsey's , Milestones and Montana's. The company is based across from Lester B. Limited ("Cara") (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CAO.) (ME:CAO.) (TSE:CAO.A.) (ME:CAO.A.) today announced the operating results for the 1st Fiscal Quarter ended June 20, 1999. The First Quarter results showed continued growth in sales and gross revenues -- the 13th consecutive Fiscal Quarter of growth. All of Cara's core businesses, save for Harvey's reported year-over-year growth in sales and operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. . System sales System sales is a business term used in the franchising industry. Franchisors provide supplies, marketing and administration services to franchisees in return for a part of the franchisees' revenues. Some franchisors also operate some outlets directly. increased by 4.0 percent to $296.5 million and gross revenues by 7.7 percent to $211.6 million. Net earnings declined by 7.7 percent to $6.5 million and earnings per share by 4.1 percent to 6.9 cents compared to $7 million and 7.2 cents respectively. "The First Quarter results are very much in line with our forecasts and expectations. We are pleased with the overall performance of our businesses, particularly since it is contrasted against last year's all-time record for a first quarter. Especially rewarding was the fact that all of our businesses posted year-over-year growth in both sales and earnings; save Harvey's, which showed meaningful improvement by all measures, including positive same restaurant sales growth in each of the last six weeks of the First Quarter. Barring unforeseen disruptions, we see our businesses strengthening and continuing to deliver increasingly better results with meaningful increases in sales and earnings. We also look forward to maximizing on our relationship with our newest partners at Kelsey's and the Outback Steakhouses Outback Steakhouse is a casual dining American restaurant chain based in Tampa, Florida with over 900 locations in 23 countries throughout North and South America, Europe, Asia, and Australia. ," commented Gabe Tsampalieros, Cara's President and Chief Executive Officer. In the First Quarter, a total of 16 Harvey's and Swiss Chalet
Swiss Chalet is a chain of Canadian family restaurants originally founded in 1954 in Toronto, Ontario. restaurants were opened, while the Air Terminal Restaurant Division commenced operations with 16 foodservice venues at Pearson International Airport and Beaver beaver, either of two large aquatic rodents, Castor fiber and Castor canadensis, known for their engineering feats. They were once widespread in N and central Eurasia except E Siberia, and in North America from the arctic tree line to the S United Foods commenced operations of 15 foodservice venues at Ontario Place. The Second Cup Ltd. During Cara's First Quarter, Second Cup completed the successful divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of its American business and reshaped its capital structure by distributing $80 million to its shareholders, through a significant share buy-back program -- in which Cara participated pro-rata and received cash proceeds of $31.5 million while retaining our approximately 40 percent ownership. Second Cup is now uniquely focused on developing its Second Cup brand and its successful core operations in Canada. Acquisition of Kelsey's Subsequent to the quarter-end, (July 5, 1999), Cara acquired a 60 percent ownership of Kelsey's International Inc. through the purchase of all outstanding common shares owned by shareholders other than the Founder, and Chief Executive Officer, Paul Jeffery and 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. , Nils Kravis and an equity investment, at an aggregate consideration of $37.3 million. As a result, Kelsey's International has ceased to be a publicly listed company listed company n → compañía cotizable listed company n → société cotée en Bourse listed company list n → and is now a private company within the Cara Family. Kelsey's International operates 100 restaurants including Kelsey's Neighbourhood Bar & Grill Grill may refer to: In food:
CONSOLIDATED INFORMATION
------------------------
(In thousands of 1st Quarter 1st Quarter Percent
dollars except Increase
for share data ended June 20/99 ended June 21/99(decrease)
---------------------------------------------------------------
Systems Sales
(Note 1) $296,450 $285,359 3.9
---------------------------------------------------------------
Operating Income
(Note 2) $16,438 $16,338 0.6
---------------------------------------------------------------
Net Earnings $6,474 $7,014 (7.7)
---------------------------------------------------------------
Earnings Per Share
(in cents) 6.9 7.2 (4.2)
---------------------------------------------------------------
SEGMENTED INFORMATION
----------------------
Restaurant Group 1st Quarter 1st Quarter Percent
Increase
June 20/99 June 21/99 (decrease)
---------------------------------------------------------------
System Sales
(Note 3) $151,265 $146,819 3.0
---------------------------------------------------------------
Gross Revenue
(excl. sales by
franchise
operators) $48,132 $38,819 24.0
---------------------------------------------------------------
Operating Income
(Note 2) $9,364 $9,920 (5.6)
---------------------------------------------------------------
Foodservices Group 1st Quarter 1st Quarter Percent
Increase
June 20/99 June 21/99 (decrease)
---------------------------------------------------------------
Systems Sales
(Notes 4) $145,185 $138,540 4.8
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Gross Revenue
(Note 5) $163,504 $157,661 3.7
---------------------------------------------------------------
Operating Income
(Note 2) $7,074 $6,417 10.2
---------------------------------------------------------------
Note 1: System sales include sales by Cara's franchise operators but exclude intercompany sales and sales to Cara's franchise operators by Summit. Note 2: Operating income is earnings after Group goodwill, amortization, and administration expenses, but before corporate administration costs, financial expenses and provision for taxes. Last year's figures have been restated to reflect the allocation The apportionment or designation of an item for a specific purpose or to a particular place. In the law of trusts, the allocation of cash dividends earned by a stock that makes up the principal of a trust for a beneficiary usually means that the dividends will be treated as of Group administration expenses. Note 3: Restaurant Group system sales include sales by franchise operators. Note 4: Foodservices' system sales exclude intercompany sales and sales to Cara's franchise operators by Summit. Note 5: Foodservices' Gross Revenue excludes intercompany sales but includes sales to Cara's franchise operators by Summit. Earnings and earning per share Noun 1. earning per share - the portion of a company's profit allocated to each outstanding share of common stock net income, net profit, profit, profits, earnings, lucre, net - the excess of revenues over outlays in a given period of time (including depreciation do not include Cara's share of the equity earnings in The Second Cup Ltd ("Second Cup") for the period March 7 to June 26, 1999 as the same have yet to be reported to be spoken of; to be mentioned, whether favorably or unfavorably. See also: Report upon by Second Cup. However, Cara's share of equity earnings in The Spectra Group of Great Restaurants Inc. for the period March 29 to June 20, 1999 in the sum of $92,000 is included in Earnings and Earnings per Share. |
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