Elephant & Castle Group Inc. Reports Fourth Quarter Earnings.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--March 27, 2000 Elephant & Castle Group Inc. (Nasdaq:PUBDC) (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) today announced results of operations for the thirteen week and fifty-two week periods ended Dec. 26, 1999. The company reported net income of 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. $370,000 or CDN$0.10 per share for the fourth quarter of 1999. This compares with net income of CDN$161,000 or CDN$0.05 per share for the comparable period last year. Total revenues for the thirteen week period were CDN$12,468,000 compared with CDN$11,876,000 in the comparable period one year ago. Net income for the fifty-two week period ending Dec. 26, 1999, was a loss of CDN$(4,262,000) or CDN$(1.21) per share compared to CDN $(929,000) or CDN$(0.29) in the prior year. Total revenues for the fifty-two week period ending Dec. 26, 1999, were CDN$50,104,000 compared to CDN$42,630,000 one year ago. Income from restaurant operations in the thirteen week period was CDN$1,111,000 compared to CDN$1,589,000 during the prior year. Figures for the fifty-two week period were CDN$2,844,000 compared to CDN$3,770,000 one year ago. 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] incurred substantial operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. . Rick Bryant, president and chief executive officer, commented, "I am pleased to be able to report a profitable fourth quarter, buoyed by the sale of the Rainforest Niagara franchise. Costs are coming into line and the business is now focused on quality operations and controlled growth, both out of corporate cash flow and through franchise development."
Elephant & Castle Group Inc.
Financial Highlights
(unaudited)
All Financials are reported in Canadian Dollars
13 Weeks Ended 52 Weeks Ended
Dec. 26, 1999 Dec. 27, 1998 Dec. 26, 1999 Dec. 27, 1998
CDN's CDN's CDN's CDN's
Sales 12,468,000 11,876,000 50,104,000 42,630,000
Income from
Restaurant
Operations 1,111,000 1,589,000 2,845,000 3,769,000
Net
Income/(Loss) 370,000 161,000 (4,262,000) (930,000)
Average Share
Outstanding 3,695,000 3,321,000 3,513,000 3,197,000
Earnings/(Loss)
Per Share $0.10 $0.05 $(1.21) $0.29
Elephant & Castle(R) Group Inc. is the largest operator and franchiser of authentic British-style pubs with 23 locations throughout 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 franchises the Southwestern-theme restaurant concept called 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(TM), currently located at the Mall of America Mall of America (also MOA, MoA, or the Megamall) is a shopping mall located in the Twin Cities suburb of Bloomington, Minnesota. It is just southeast of the junction of Interstate 494 and Minnesota State Highway 77, and is across the interstate from the in Bloomington, Minn., Franklin Mills Mall in Philadelphia, Pa., and College Park, Atlanta. Elephant & Castle Group Inc. also has a joint venture agreement with Rainforest Inc. (Nasdaq:RAIN) to develop and operate 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 and retail facilities in Canada. 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 December 27, 1998. |
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