Elephant & Castle Group Inc. Reports First Quarter Results.MINNEAPOLIS--(BUSINESS WIRE)--May 11, 1999-- 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.(R) (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :PUBSF, PACIFIC:PUB) today announced results of operations for the thirteen-week period ended March 28, 1999. Total revenues for the thirteen-week period were 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. $12,205,000 compared with CDN$9,282,000 in the comparable period one year ago, reflecting a 31.5% increase. The Company reported a loss of CDN($704,000) or CDN($.21) per share for the 1st quarter of 1999, compared with a loss of CDN($438,000) or CDN($.14) per share for the comparable period last year. Income from restaurant operations increased 42% in the thirteen-week period to CDN$759,000 compared to CDN$534,000 during the prior year. This improvement in cash flow being generated by operations at the unit level shows the effect of margin and cost controls implemented by the Company. The Scarborough 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 was open six weeks of the quarter and contributed to the sales increase, while the two units at Franklin Mills Franklin Mills is an enclosed shopping mall located in northeast Philadelphia, Pennsylvania, bordering Bensalem in Bucks County and 15 miles outside Center City.[1] Mall continue to perform below plan. The Company's general and administrative expenses have fallen as a percentage of sales to 7.8% as efficiencies are starting to be achieved. Interest costs as a percentage of sales were 4.2% in the quarter reflecting the additional indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. incurred during the quarter, in addition to the indebtedness at December 27, 1998. Martin O'Dowd, President and Chief Executive Officer commented, "We are very pleased with the continuing operating results at the unit level. Our core business remains very strong. This is the fourth consecutive quarter of unit level improvements. We have taken the necessary steps to reduce our G & A level to below 7% by year-end, and continue to focus on opportunities to lessen less·en v. less·ened, less·en·ing, less·ens v.tr. 1. To make less; reduce. 2. Archaic To make little of; belittle. v.intr. To become less; decrease. our interest expense." Mr. O'Dowd further commented, "The recent signing of the exclusive development agreement with Bass Hotels and Resorts for a minimum of seven franchised units over two years will provide us a growth vehicle for the 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 brand giving the Company a new avenue for expansion and producing new revenue." Elephant & Castle(R) Group Inc. is the largest operator of authentic British-style pubs in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . In addition, the company owns and operates the Southwestern-theme restaurant concept called Alamo Grill(tm). These two brands are also franchised throughout 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. and Canada. Elephant & Castle Group Inc. also has a joint venture agreement with Rainforest Cafe Inc. to develop, own and operate the Rainforest Cafe restaurant and retail facilities in Canada. -0-
Elephant & Castle Group Inc.
Financial Highlights
(unaudited)
All Financials are reported in Canadian Dollars (000's)
13 Weeks Ended March 13 Weeks Ended
28, 1999 March 29, 1998
CDN CDN
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Restaurant Sales $12,205 $9,282
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Restaurant Expenses:
Food & Beverage Costs 3,476 2,672
Labor Costs 3,933 3,092
Occupancy and Other 3,121 2,431
Depreciation & Amortization 916 553
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11,446 8,748
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Income from Restaurant Operations
759 534
General & Administrative Expense
956 771
Interest on Long Term Debt 507 201
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Net Income/(Loss) (704) (438)
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Average Shares Outstanding 3,345,155 3,044,630
Earnings/(Loss) Per Share $(0.21) $(0.14)
This news release (as well as information included in oral statements or other written statements made or to be made by the Company) may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , such as statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc future expansion, that involve risks and uncertainties relating to future events. Actual events or the Company's results may differ materially from the results discussed in the forward-looking statement. The Company does not expect to update forward-looking statements continually as conditions change. These risks and uncertainties include, but are not limited to, those relating to competition, fluctuations and changes in consumer preferences and attitudes, intellectual property protection, development and construction activities. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements contained in the company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the Securities and Exchange Commission for the fiscal year ended Dec. 28, 1998. |
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