Casa Ole' Restaurants, Inc. announces first quarter results.HOUSTON--(BUSINESS WIRE)--May 31, 1996--Casa Ole' Restaurants, 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 :CASA Ca´sa n. 1. A house or mansion. I saw that Enriquez had made no attempt to modernize the old casa, and that even the garden was left in its lawless native luxuriance. - Bret Harte. ) today announced results for the 16 weeks ended April 19, 1996, for the predecessor predecessor - parent companies that combined to form Casa Ole' Restaurants, Inc. on April 24, 1996. For the 16 weeks ended April 19, 1996, Casa Ole' reported net income of $530,734, an increase of $214,208 over net income of $316,526 for the 16 weeks ended April 21, 1995. On a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basis, net income for the first quarter of 1996 was $482,012, or $0.17 per share. This compares with pro forma net income of $372,694, or $0.13 per share for the first quarter of 1995. The pro forma adjustments in both 1996 and 1995 were for compensation and related party expense arrangements, along with an adjustment to the provision for federal and state income taxes to reflect a 37 percent effective tax rate, as if the company had been taxed as a C corporation. Revenues for the 16 weeks were unchanged from the same period a year ago, at $5.4 million. Sales at restaurants operating in both fiscal quarters (comparable store sales) were up 5.4 percent over last year's same quarter. During the first quarter of 1995, the company operated two restaurants that did not conform to Verb 1. conform to - satisfy a condition or restriction; "Does this paper meet the requirements for the degree?" fit, meet coordinate - be co-ordinated; "These activities coordinate well" the company's current operating model Operating Model is a term that is used in many contexts. In essence an operating model describes how an organization operates across both business and technology domains. The Operating Model describes what is important for the organization. . One of those restaurants was closed during the first quarter of 1995 and the other restaurant was closed during the second quarter of 1995. For the first quarter of 1995 the two restaurants generated sales of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $294,000, which resulted in a combined loss before income taxes for both stores of approximately $124,000. The company is under contract on a site in Copperas Cove, Texas Copperas Cove is a city in Coryell County, Texas, United States. The population was 29,592 at the 2000 census. It is located on the western edge of Fort Hood. Geography Copperas Cove is located at (31.119700, -97.901749). , which is anticipated to be the first of three company-operated openings during 1996. The company also has a signed letter of intent on a location in Bellmead (Waco), Texas. The company's franchise system is expected to open four to five restaurants during 1996, two of which are currently under construction (including the first site in Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. ), and two more of which the sites are under contract.The company maintains its accounting records on a 13-period, 52/53 week fiscal year ending the last Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant in December December: see month. . As such, the company's first fiscal quarter contains 16 weeks, with each of the remaining three quarters containing 12 weeks. The company announced its initial public offering of 2,000,000 shares of Common Stock on April 25, 1996. The earnings for the 16 weeks ended April 19, 1996 is for the predecessor companies that combined to form Casa Ole' Restaurants, Inc. on April 24, 1996, immediately preceding the company's initial public offering. Pursuant to the terms of the reorganization The process of carrying out, through agreements and legal proceedings, a business plan for winding up the affairs of, or foreclosing a mortgage upon, the property of a corporation that has become insolvent. of the company, distributions of approximately $1.2 million that relate to undistributed Adj. 1. undistributed - (of investments) not distributed among a variety of securities undiversified - not diversified income through the date of the initial public offering will be made during the company's second quarter to shareholders of the predecessor S corporations. Casa Ole' Restaurants, Inc. operates and franchises Mexican-theme family dining restaurants featuring certain elements associated with the casual dining experience. The first Casa Ole' restaurant was opened in Pasadena Pasadena (păs'ədē`nə). 1 City (1990 pop. 131,591), Los Angeles co., S Calif., at the base of the San Gabriel Mts.; inc. 1866. , Texas in 1973, and today the company operates 13 restaurants and franchises 27 additional restaurants in various communities across Texas. -0-
CASA OLE' RESTAURANTS, INC.
COMBINED STATEMENTS OF INCOME
(Unaudited)
16-Week Period Ended
4/19/96 4/21/95
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Revenues:
Restaurant sales $5,113,540 $5,145,146
Franchise fees 232,188 205,496
Other 19,672 13,569
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5,365,400 5,364,211
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Costs and expenses:
Cost of sales 1,282,986 1,281,905
Restaurant operating expenses 2,789,854 3,077,652
General and administrative 722,254 606,609
Depreciation and amortization 54,435 86,344
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4,849,529 5,052,510
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Operating income 515,871 311,701
Other income (expense)
Interest (13,828) (14,085)
Other, net 101,356 41,653
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87,528 27,568
Income before income tax expense 603,399 339,269
Income tax expense 72,665 22,743
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Net income $ 530,734 $ 316,526
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Pro forma income statement data:
Net income as reported $ 530,734 $ 316,526
Pro forma adjustments:
Compensation and related party
expense arrangements 161,700 252,308
Provision for income taxes (210,422) (196,140)
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Pro forma net income $ 482,012 $ 372,694
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Pro forma net income per share $ 0.17 $ 0.13
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Pro forma weighted average
number of shares 2,793,116 2,793,116
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CONTACT: Casa Ole' Restaurants, Inc., Houston Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; Stacy Stacy may refer to: Places:
713/943-7574 |
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