Elephant & Castle Group Inc. Posts 121% Increase in Income From Restaurant Operations On 35.3% Third Quarter Sales Gain.VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , British Columbia--(BUSINESS WIRE)--Oct. 22, 1998-- Elephant elephant, largest living land mammal, found in tropical regions of Africa and Asia. Elephants have massive bodies and heads, thick, pillarlike legs, and broad, short padded feet, with toes bearing heavy, hooflike nails. & Castle Group Inc. (Nasdaq:PUBSF) (PCX (1) A bitmapped graphics file format that handles monochrome, 2-bit, 4-bit, 8-bit and 24-bit color and uses RLE to achieve compression ratios of approximately 1.1:1 to 1.5:1. Images with large blocks of solid colors compress best under the RLE method. See PC Paintbrush. :PUB) announced today its third quarter sales increased 35.3% to US$7,778,000 from US$5,748,000 during the same period a year ago. Sales for the thirty-nine week period ended September 27, 1998 compared to the same period in 1997 were up 26.2% to US$20,276,000. Income from restaurant operations during the quarter was up 121% to US$708,000 versus the same period in 1997. For the thirty-nine week period ended September 27, the increase over the prior year is 102% to US$1,437,000. Excluding 1997 closure costs, the income from restaurant operations was up 56.6% for the 39 week period compared to the prior year. The continued improvement is the result of a 3% same store sales Same Store Sales A statistic used in retail industry analysis. It compares sales of stores that have been open for a year or more. Notes: This statistic allows investors to determine what portion of new sales has come from sales growth and what portion from the opening of growth in Canada, continued operating cost improvement, and the impact of newly opened restaurants including a full quarter's operation of the Rainforest Cafe Rainforest Cafe is a themed restaurant chain owned by Landry's Restaurants, Inc. of Houston, Texas. It was founded and created by entrepreneur Steven Schussler. Description restaurant in British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography . Investment in the company's growth through increased general and administrative expenses and interest expense related to the new restaurants continued to have an effect on the company's net income. The result was a net loss of US$(97,000) or US$(0.03) per share for the quarter, compared with US$(182,000) or US$(0.06) for the same period in 1997. Net loss for the thirty-nine week period was US$(719,000) or US$(0.23) per share compared to US$(676,000) or US$(0.23) in the same period last year. The company is on track to open its first Elephant and Castle/Alamo Twin in Philadelphia in Q4 1998 and its second Rainforest Cafe restaurant in Q1 1999. "We are now seeing improvements in sales and income from operations as the result of the focus of management improvements on our core systems. We have now solidified so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. the base for our aggressive 1999 development schedule and earnings" said Martin O'Dowd, President of Elephant & Castle Group Inc. The company further announced that it has reached an agreement to franchise the London Ontario Elephant & Castle restaurant. The move was taken to franchise the restaurant since it did not meet the company's target levels for long term retention within its portfolio. Elephant & Castle Group is a leading North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. restaurant company which operates and franchises British pub/style Elephant & Castle restaurants, Rainforest Cafe, and Alamo Alamo Eighteenth-century mission in San Antonio, Texas, site of a historic siege of a small group of Texans by a Mexican army (1836) during the Texas war for independence from Mexico. Grill Grill may refer to: In food:
loonie dollar - the basic monetary unit in many countries; equal to 100 cents (CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $). The conversion rate used is CDN$1 = US$0.66. The US$ figures are convenience translations only. -0-
Elephant & Castle Group Inc.
Financial Highlights
(unaudited)
---------------------------------------------------------------
13 weeks 3 months 39 weeks 9 months
ending ending ending ending
27th 30th 27th 30th
September, September, September, September,
1998 1997 1998 1997
CDN$ CDN$ CDN$ CDN$
---------------------------------------------------------------
Sales 11,797,000 8,719,000 30,754,000 24,375,000
Income from
Restaurant
Operations 1,074,000 485,000 2,180,000 1,078,000
Net Income/(Loss) (147,000) (276,000) (1,091,000)(1,025,000)
Average shares O/S 3,306,000 2,985,000 3,155,000 2,933,000
Earnings/(Loss)
per share ($0.04) ($0.09) ($0.35) ($0.35)
---------------------------------------------------------------
Convenience Translation to US Dollars
Elephant & Castle reports results in Canadian Dollars (CDN$).
The conversion rate used is CDN$1 = US$0.66
The following figures are convenience translations only.
---------------------------------------------------------------
13 weeks 3 months 39 weeks 9 months
ending ending ending ending
27th 30th 27th 30th
September, September, September, September,
1998 1997 1998 1997
US$ US$ US$ US$
---------------------------------------------------------------
Sales 7,778,000 5,748,000 20,276,000 16,070,000
Income from
Restaurant
Operations 708,000 320,000 1,437,000 711,000
Net Income/(Loss) (97,000) (182,000) (719,000) (676,000)
Average shares O/S 3,306,000 2,985,000 3,155,000 2,933,000
Earnings/(Loss)
per share ($0.03) ($0.06) ($0.23) ($0.23)
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