Chart House Posts Improved Full Year 1999 and Fourth Quarter Results From Operations; 4% Same Store Sales Increase.Business Editors CHICAGO--(BUSINESS WIRE)--Jan. 27, 2000 Chart House Enterprises, Inc. (NYSE NYSE See: New York Stock Exchange :CHT CHT Chart CHT Center for Health Transformation (Washington, DC) CHT Chittagong Hill Tracts (Bangladesh region) CHT Certified Hypnotherapist CHT Cylinder Head Temperature CHT Certified Hand Therapist ) announced results from operations for the fifty-two Adj. 1. fifty-two - being two more than fifty 52, lii cardinal - being or denoting a numerical quantity but not order; "cardinal numbers" week period ended December December: see month. 27, 1999 of $608,000 versus an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. for the same period last year of $(963,000). The results from operations exclude 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. and gains on sales of assets. Including restructuring charges and gains on sales of assets, the Company reported a net loss for the fifty-two week period ended December 27, 1999 of $(3,540,000), or $(.30) per share, on revenues of $140,937,000. For the same period last year, the Company reported net income of $571,000, or $.05 per share, on revenues of $145,188,000. The 1999 net loss includes a previously announced restructuring charge for the closure of eleven restaurants of $4,890,000 and gains on sales of assets totaling $742,000 and the 1998 net income includes gains on sales of assets totaling $1,534,000. The results from operations for the fourth quarter 1999 ended December 27, 1999 were a loss of $(897,000) versus a fourth quarter 1998 loss of $(1,819,000). Including restructuring charges and gains on sales of assets, the Company reported a net loss for the fourth quarter ended December 27, 1999 of $(5,787,000), or $(.49) per share, on revenues of $32,937,000, compared to net income of $23,000, or $.00 per share, on revenues of $32,496,000 for the fourth quarter of 1998. The 1999 results include a previously announced restructuring charge for the closure of eleven restaurants of $4,890,000 and the 1998 results include gains on sales of assets totaling $1,534,000 and a tax provision benefit of $308,000. For the quarter, 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 were up 4%. &uot;I'm I'm Contraction of I am. Our Living Language Speakers of some scattered varieties of American English sometimes use I'm instead of I've or I have in present perfect constructions, as in pleased to see same store sales continue the positive trend for the third quarter in a row,&uot; stated Tom Walters Thomas H. Walters (born June 11, 1942 in Petal, Mississippi) was an American football safety in the NFL for the Washington Redskins. He played college football for The University of Southern Mississippi. He now teaches Sunday School in a small town in Texas. , President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . &uot;The trend indicates that the Chart House guest is positively responding to the restaurant remodel re·mod·el tr.v. re·mod·eled also re·mod·elled, re·mod·el·ing also re·mod·el·ling, re·mod·els also re·mod·els To make over in structure or style; reconstruct. program which began in late 1998 and the rollout of the new, seafood-oriented, Chart House menu which was completed in the second quarter of 1999.&uot; Walters commented further, &uot;The Angelo &Maxie's unit located in Manhattan continued it's strong performance. I am looking forward to capitalizing on their success with the opening of new units in 2000. With the execution of the plan to close eleven under-performing restaurants previously announced, the Company is poised and ready for the rapid growth of the Angelo and Maxie's concept.&uot; Angelo and Maxie's is a steakhouse concept the Company acquired in April 1999. The Company is aggressively pursuing expansion opportunities for both concepts and is already committed to three new locations in 2000. Headquartered in Chicago, Chart House Enterprises, Inc. currently operates 45 restaurants in the continental United States United States territory, including the adjacent territorial waters, located within North America between Canada and Mexico. Also called CONUS. and Hawaii. They include the California-inspired Chart House Restaurants, known for great seafood seafood Edible aquatic animals excluding mammals, but including both freshwater and ocean creatures. Seafood includes bony and cartilaginous fishes, crustaceans, mollusks, edible jellyfish, sea turtles, frogs, sea urchins, and sea cucumbers. , spectacular locations, and breathtaking breath·tak·ing adj. 1. Inspiring or exciting: a breathtaking view; a breathtaking ride. 2. Astonishing; astounding: breathtaking insensitivity. views, Angelo and Maxie's, a popular 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 steakhouse in Manhattan and the South Pacific-inspired Peohe's Restaurant located in Coronado, California Coronado is a city in San Diego County, California, United States. The population was 24,100 at the 2000 census. Coronado is Spanish for 'the crowned one", and thusly it is nicknamed The Crown City. . 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. .
CHART HOUSE ENTERPRISES, INC.
FOURTH QUARTER YTD RESULTS OF OPERATIONS
(In Thousands, Except Per Share Data)
Fifty Two Weeks Fifty Two Weeks
Ended December Ended December
27, 1999 28, 1998
(Unaudited) (Unaudited)
Revenues $140,937 $145,188
Costs and Expenses:
Cost of Sales 45,059 47,388
Restaurant Labor 42,015 42,078
Other Operating Costs 31,930 34,955
Selling, General
&Administrative
Expenses 11,472 14,353
Depreciation and Amortization 7,830 6,601
Gain on Sales of Assets (742) (1,534)
Restructuring Charges and
Writedown Assets 4,890 -
Interest Expense (net) 2,023 776
------ -------
Total Costs and Expenses 144,477 144,617
------- -------
Income (Loss) Before Income Taxes (3,540) 571
Provision for Income Taxes - -
------- -------
Net Income (Loss) ($3,540) $571
======= =======
Net Income (Loss) Per Common Share
- Basic and Diluted ($0.30) $0.05
======= =======
Weighted Average Shares
Outstanding 11,767 11,765
======= =======
CHART HOUSE ENTERPRISES, INC.
FOURTH QUARTER RESULTS OF OPERATIONS
(In Thousands, Except Per Share Data)
Thirteen Weeks Thirteen Weeks
Ended December Ended December
27, 1999 28, 1998
(Unaudited) (Unaudited)
Revenues $32,937 $32,496
Costs and Expenses:
Cost of Sales 10,734 10,923
Restaurant Labor 10,035 10,223
Other Operating Costs 8,046 8,461
Selling, General &Administrative
Expenses 2,439 3,261
Depreciation and Amortization 1,963 1,240
Gain on Sales of Assets - (1,534)
Restructuring Charge and
Writedown of Assets 4,890 -
Interest Expense (net) 617 207
------- -------
Total Costs and Expenses 38,724 32,781
------- -------
Loss Before Income Taxes $(5,787) (285)
Benefit for Income Taxes - (308)
------- -------
Net Income (Loss) $(5,787) $ 23
======= =======
Net Income (Loss) Per Common Share
- Basic and Diluted ($0.49) $ 0.00
======= =======
Weighted Average Shares
Outstanding 11,775 11,763
======= =======
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