Chart House posts fourth quarter results.SOLANA Solana is the Spanish word for the sunny side of a mount or valley. It can refer to:
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 a net loss of $2.1 million, or a loss of 25 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , for the fourth quarter ended Dec. 30, 1996, on revenues of $34.6 million. The net loss for the fourth quarter of 1995 was $1.5 million, or a loss of 18 cents per share, on revenues of $42.5 million. The 1996 fourth quarter loss includes special pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta charges of $2.3 million ($1.5 million net of taxes, or 18 cents per share) for severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when costs and the write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of assets. In the fourth quarter of 1995, the company had a special restructuring charge 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. of $4.9 million and recognized a $1.9 million gain from the sale of a subsidiary. Excluding the special charges, the net loss for the 1996 fourth quarter was $550,000, or a loss of 7 cents per share. The net loss for the fiscal year ended Dec. 30, 1996, was $5.4 million, or a loss of 66 cents per share, on revenues of $160.6 million. Net income for the prior fiscal year was $2.7 million, or 32 cents per share, on revenues of $179.2 million. Special charges for the year total approximately $7.8 million ($5.2 million net of taxes, or 63 cents per share), which includes severance costs, a write-down of the company's investment in Islands and other unusual charges taken in the first three quarters of 1996, together with the fourth quarter special charges described above. Excluding the special charges, the net loss for the 1996 fiscal year was $253,000, or a loss of 3 cents per share. The decrease in fourth quarter revenues is mostly attributable to the sale of the company's Islands restaurants in May 1996. Comparable sales at Chart House restaurants were down slightly for both the fourth quarter and the year. "This past year has been a difficult transition year for the company," said executive vice president and CFO See Chief Financial Officer. , Bill Kuntz The introduction to this article provides insufficient context for those unfamiliar with the subject matter. Please help [ improve the introduction] to meet Wikipedia's layout standards. You can discuss the issue on the talk page. . "We had two 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. changes and implemented major new programs in our restaurant operations and our corporate organization during 1996. Having survived the disruptive disruptive /dis·rup·tive/ (-tiv) 1. bursting apart; rending. 2. causing confusion or disorder. impact of those changes, we are now well positioned for improved operations in 1997." Chart House Enterprises Inc. operates 64 restaurants 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 U.S. Virgin Islands and Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. .
CHART HOUSE ENTERPRISES INC.
Summary Fourth Quarter Results of Operations
(In Thousands, Except Per Share Data)
13 Weeks Three Months
Ended Dec. 30, Ended Dec. 31,
1996 1995
(Unaudited) (Unaudited)
Revenues $ 34,596 $ 42,488
Costs and Expenses:
Cost of Sales 10,879 12,442
Restaurant Labor 9,824 12,102
Other Operating Costs 8,241 10,808
Selling, General & Administrative
Expenses 3,343 3,861
Depreciation and Amortization 2,357 2,713
Write-Down of Assets and
Restructuring and Unusual Charges 2,306 4,853
Interest Expense 1,238 1,242
Interest Income (452) (49)
Other Income - Gain on Sale
of Subsidiary -- (1,855)
Total Costs and Expenses 37,736 46,117
Income (Loss) Before Income Taxes (3,140) (3,629)
Provision (Benefit) for Income
Taxes (1,068) (2,120)
Net Income (Loss) $ (2,072) $ (1,509)
Net Income (Loss) Per Share (25 cents) (18 cents)
-0-
CHART HOUSE ENTERPRISES INC.
Summary Fiscal Year Results of Operations
(In Thousands, Except Per Share Data)
Fiscal Year Fiscal Year
Ended Dec. 30, Ended Dec. 31,
1996 1995
Revenues $ 160,551 $ 179,155
Costs and Expenses:
Cost of Sales 49,202 51,891
Restaurant Labor 45,648 48,583
Other Operating Costs 38,767 42,467
Selling, General &
Administrative Expenses 13,911 15,286
Depreciation and Amortization 9,743 10,697
Write-Down of Assets and
Restructuring and Unusual
Charges 7,833 4,853
Interest Expense 4,903 4,996
Interest Income (1,240) (185)
Other Income - Gain on Sale of
Subsidiary -- (1,855)
Total Costs and Expenses 168,767 176,733
Income (Loss) Before Income Taxes (8,216) 2,422
Provision (Benefit) for
Income Taxes (2,793) (241)
Net Income (Loss) $ (5,423) $ 2,663
Net Income (Loss) Per Share (66 cents) 32 cents
CONTACT: Chart House Enterprises Inc., Solana Beach William R. Kuntz Jr., 619/755-8281 |
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