EACO Corporation Reports Fourth Quarter and Fiscal Year 2005 Results.NEPTUNE BEACH Neptune Beach may refer to:
See OTC Bulletin Board (OTCBB). :EACO), today reported operating results for the fourth quarter and year ended December December: see month. 28, 2005. For the year ended December 28, 2005, net income was $9,353,700 ($1.91 per share) compared to a net loss of $2,031,600 ($0.53 per share) for the same period in 2004. As previously announced, the Company recognized a gain of $10,035,200 (net of income tax) during 2005 on the sale of all of its operating restaurants in 2005. Net loss for the fourth quarter was $814,900 ($0.21 per share) compared to a net loss of $589,900 ($0.15 per share) for the same period in 2004. Loss from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the (net of income tax) for the fourth quarter was $232,000 ($0.06 per share) compared to $330,200 ($0.08 per share) in 2004. Loss from continuing operations for the year ended December 28, 2005 was $596,400 ($0.12 per share) compared to a loss of $1,306,300 ($0.34 per share) in 2004. Loss from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. , net of income tax was $582,900 ($0.15 per share) for the fourth quarter of 2005 compared to a loss of $259,700 ($0.07 per share) in 2004. Income from discontinued operations for the year ended December 28, 2005 was $9,950,100 ($2.03 per share) compared to a loss of $725,300 ($0.19 per share) in 2004. Net losses in the fourth quarter included approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $309,000 in workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. expense resulting from an actuarial ac·tu·ar·y n. pl. ac·tu·ar·ies A statistician who computes insurance risks and premiums. [Latin study of the Company's outstanding claims, as well as recognized losses Recognized Loss The amount of loss reported for income tax purposes. Notes: You can defer recognizing some losses and then deduct the losses for the following year(s). of $294,000 recorded on securities investments during the quarter. Without the workers' compensation expense and recognized losses, the net loss in the fourth quarter would have been approximately $212,000 ($0.05 per share). As previously announced, at the time of the sale of its restaurants, the Company had approximately $10 million in cash to redeploy re·de·ploy tr.v. re·de·ployed, re·de·ploy·ing, re·de·ploys 1. To move (military forces) from one combat zone to another. 2. . A portion of this redeployment re·de·ploy tr.v. re·de·ployed, re·de·ploy·ing, re·de·ploys 1. To move (military forces) from one combat zone to another. 2. was accomplished with the purchase of the Sylmar, California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). property for $8.3 million, consisting of approximately $6.5 million in cash and $1.8 million in long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . The Company continues to seek out other acquisitions or investments that it believes will enhance shareholder value.
EACO Corporation
Consolidated Results of Operations
For The Quarters Ended For The Year Ended
----------------------------------------------------
December 28, December 29, December 28, December 29,
2005 2004 2005 2004
----------------------------------------------------
Revenues:
Rental income $104,100 $32,800 $216,400 $131,100
----------- ----------- ----------- -----------
Total revenues 104,100 32,800 216,400 131,100
----------- ----------- ----------- -----------
Cost and expenses:
Asset impairment
charge 31,000 -- 31,000 --
Depreciation and
amortization 64,200 77,800 248,000 276,000
General and
administrative
expenses 280,100 304,700 1,049,200 1,145,100
----------- ----------- ----------- -----------
Total costs and
expenses 375,300 382,500 1,328,200 1,421,100
----------- ----------- ----------- -----------
Loss from
operations (271,200) (349,700) (1,111,800) (1,290,000)
Investment (loss)
gain (294,000) (1,900) (235,900) 10,500
Interest and other
income 227,800 57,300 530,200 119,400
Interest expense (34,800) (35,900) (139,300) (146,200)
----------- ----------- ----------- -----------
Loss from
continuing
operations
before income
taxes (372,200) (330,200) (956,800) (1,306,300)
Income tax benefit 140,200 -- 360,400 --
----------- ----------- ----------- -----------
Loss from
continuing
operations (232,000) (330,200) (596,400) (1,306,300)
----------- ----------- ----------- -----------
Discontinued
operations:
Loss on
discontinued
operations, net
of income tax (582,900) (259,700) (85,100) (725,300)
Gain on sale of
discontinued
operations,
net of income
tax -- -- 10,035,200 --
----------- ----------- ----------- -----------
Income (loss)
from
discontinued
operations (582,900) (259,700) 9,950,100 (725,300)
----------- ----------- ----------- -----------
Net income
(loss) (814,900) (589,900) 9,353,700 (2,031,600)
Cumulative
preferred stock
dividend (19,100) (6,300) (76,500) (6,300)
----------- ----------- ----------- -----------
Net income (loss)
available
(attributable)
to common
shareholders ($834,000) ($596,200) $9,277,200 ($2,037,900)
=========== =========== =========== ===========
Basic income (loss)
per share:
Continuing
operations ($0.06) ($0.08) ($0.15) ($0.34)
Discontinued
operations (0.15) (0.07) 2.55 (0.19)
----------- ----------- ----------- -----------
Net income (loss) ($0.21) ($0.15) $2.40 ($0.53)
=========== =========== =========== ===========
Basic weighted
average common
shares
outstanding 3,906,800 3,881,500 3,889,900 3,790,000
=========== =========== =========== ===========
Diluted income
(loss) per share
Continuing
operations ($0.06) ($0.08) ($0.12) ($0.34)
Discontinued
operations (0.15) (0.07) 2.03 (0.19)
----------- ----------- ----------- -----------
Net income (loss) ($0.21) ($0.15) $1.91 ($0.53)
=========== =========== =========== ===========
Diluted weighted
average common
shares
outstanding 3,906,800(A) 3,881,500(A) 4,906,700 3,790,000(A)
=========== =========== =========== ============
(A) Does not include impact of Preferred Stock convertible into Common
Shares because of their anti-dilutive effect.
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