Chart House posts third 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 $2.3 million, or a loss of 28 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 third quarter ended Sept. 30, 1996, on revenues of $38.8 million. Net income for the third quarter of 1995 was $1.7 million, or 21 cents per share, on revenues of $47.3 million. The net loss for the 39-week period ended Sept. 30, 1996 was $3.4 million, or a loss of 40 cents per share, on revenues of $126 million. Net income for the same period of last year was $4.2 million, or 50 cents per share, on revenues of $136.7 million. The third quarter loss includes a special pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta charge of $4.2 million ($2.8 million net of taxes, or 33 cents per share) to write off the company's investment in Islands Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and LP, a limited partnership that operates six Islands restaurants in Florida. Special charges year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. in 1996 total approximately $5.5 million ($3.6 million net of taxes, or 44 cents per share), which also includes 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 and compensation costs and other unusual charges taken in the first and second quarters. The decrease in third 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 (1 percent) for both the third quarter and the nine-month period. The company has begun to implement the early stages of a plan to revitalize 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. the Chart House restaurants, by initially placing a greater emphasis on food and introducing new menu items. Food and labor costs have increased as a percentage of sales as those changes have been implemented, contributing to unfavorable operating results. The company completed the 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. of its Cardiff, Calif. restaurant in the third quarter. The remodel included a new interior as well as an upgraded kitchen to handle a greatly expanded menu. Sales at the restaurant have been strong following the re-opening. "I am encouraged by customer response to the changes we have made at our recently remodeled Chart House restaurants," said President and Chief Executive Officer Harry Roberts. "We are making headway head·way n. 1. Forward movement or the rate of forward movement, especially of a ship. 2. Progress toward a goal. 3. The clear vertical space beneath a ceiling or archway; clearance. 4. in reducing costs and gaining efficiencies at the restaurant level." 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. . -0-
CHART HOUSE ENTERPRISES INC.
Summary Third Quarter Results of Operations
(In Thousands, Except Per Share Data)
13 Weeks Ended Three Months Ended
Sept. 30, Sept. 30,
1996 1995
Revenues $ 38,812 $ 47,332
Costs and Expenses:
Cost of Sales 12,266 13,682
Restaurant Labor 10,905 12,723
Other Operating Costs 8,845 10,845
Selling, General & Administrative
Expenses 3,104 3,597
Depreciation and Amortization 2,297 2,764
Write-Down of Assets of Business
Transferred 4,198 --
Interest Expense 1,306 1,238
Interest Income (480) (44)
Total Costs and Expenses 42,441 44,805
Income (Loss) Before Income Taxes (3,629) 2,527
Provision (Benefit) for Income Taxes (1,320) 784
Net Income (Loss) $(2,309) $ 1,743
Net Income (Loss) Per Share $ (0.28) $ 0.21
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CHART HOUSE ENTERPRISES INC.
Summary Nine Months Results of Operations
(In Thousands, Except Per Share Data)
39 Weeks Ended Nine Months Ended
Sept. 30, Sept. 30,
1996 1995
Revenues $125,955 $136,667
Costs and Expenses:
Cost of Sales 38,323 39,449
Restaurant Labor 35,824 36,481
Other Operating Costs 30,525 31,659
Selling, General & Administrative
Expenses 11,898 11,425
Depreciation and Amortization 7,386 7,984
Write-Down of Assets of Business
Transferred 4,198 --
Interest Expense 3,665 3,754
Interest Income (788) (136)
Total Costs and Expenses 131,031 130,616
Income (Loss) Before Income Taxes (5,076) 6,051
Provision (Benefit) for Income Taxes (1,725) 1,879
Net Income (Loss) $(3,351) $ 4,172
Net Income (Loss) Per Share $ (0.40) $ 0.50
CONTACT: Chart House Enterprises Inc., Solana Beach William R. Kuntz Jr., 619/755-8281 |
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