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 $1.51 million loss, or a loss of 18 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. 31, 1995, on revenues of $42.5 million. Net income for the fourth quarter of 1994 was $501,000, or 6 cents per share, on revenues of $43.3 million. The fourth quarter loss reflected $4.85 million in pre-tax 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. related to management's plan to dispose of To determine the fate of; to exercise the power of control over; to fix the condition, application, employment, etc. of; to direct or assign for a use. See also: Dispose five restaurant properties and to reduce overhead costs overhead costs see fixed costs. . Partially offsetting the restructuring charges were a $1.86 million pre-tax gain on the sale of the company's Paradise Bakery subsidiary and a $1.0 million credit to reduce the provision for income taxes resulting from larger than anticipated tax benefits from FICA FICA abbr. Federal Insurance Contributions Act Noun 1. FICA - a tax on employees and employers that is used to fund the Social Security system income tax - a personal tax levied on annual income tip tax credits. Net income for the year ended Dec. 31, 1995, was $2.66 million, or 32 cents per share, on revenues of $179.2 million, compared with 1994 net income of $4.29 million, or 52 cents per share, on revenues of $174.9 million. During the fourth quarter, the company opened three Islands restaurants, in Woodland Hills and Montclair, Calif., and Mesa, Ariz, closed one Chart House restaurant in Idyllwild, Calif. and completed the sale of Paradise Bakery. "Cutting through the fog of the non-recurring restructuring charges and gain on sale of Paradise Bakery, our earnings performance for 1995 was about the same as the prior year," said John Creed John Mildred Creed (21 November 1842 – 30 October 1930) was an Australian doctor and politician. Creed was born at Ashbrook (Ampney St Mary), near Cirencester, Gloucestershire, England and educated at Cowley, Gloucestershire and Kingsdown College, Bristol. , chairman 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. . "We have set a new strategic course and believe that management's focus on revitalizing re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. our Chart House restaurants will provide improved returns to our shareholders." Chart House Enterprises operates 82 restaurants, including 64 Chart Houses, 17 Islands and one Peohe's. In addition, the company has exclusive rights to develop and operate Islands restaurants under a license granted by the owner of the Islands concept and manages 15 Islands restaurants owned by the licensor. -0-
CHART HOUSE ENTERPRISES INC.
SUMMARY RESULTS OF OPERATIONS
(In thousands, except per-share data)
Fourth Quarter Ended
Dec. 31,
1995 1994
Revenues $42,488 $43,284 Restaurant expenses 38,065 37,050 Restructuring charges 4,853 --- Income (loss) from restaurant operations $ (430) $ 6,234 Selling, general and administrative expenses 3,861 4,212 Interest expense 1,193 1,248 Other income -- gain on sale of subsidiary (1,855) --- Income (loss) before income taxes $(3,629) $ 774 Provision (benefit) for income taxes (2,120) 273 Net income (loss) $(1,509) $ 501 Net (loss) income per common share (18 cents) 6 cents Weighted average shares outstanding 8,273 8,295
Year Ended
Dec. 31,
1995 1994
Revenues $179,155 $174,940 Restaurant operating expenses 153,638 147,743 Restructuring charges 4,853 --- Income from restaurant operations $ 20,664 $ 27,197 Selling, general and administrative expenses 15,286 16,072 Interest expense 4,811 4,527 Other income -- gain on sale of subsidiary (1,855) --- Income before income taxes $ 2,422 $ 6,598 Provision (benefit) for income taxes (241) 2,312 Net income $ 2,663 $ 4,286 Net income per common share 32 cents 52 cents Weighted average shares outstanding 8,277 8,292 CONTACT: Chart House Enterprises Inc., Solana Beach Harold E. Gaubert Jr., 619/755-8281 or Booke and Co., 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 Stephen B. Booke, 212/490-9095 |
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