Elephant & Castle Group Inc. Reports Second Quarter Results.VANCOUVER, British Columbia--(BUSINESS WIRE)--Aug. 15, 1997-- 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 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, 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 reported sales in the second quarter ended June 30,1997 increased almost 20% to 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. $7.8 million, compared with CDN $6.5 million in 1996. The Company reported a net loss of CDN ($372,803) or CDN ($0.13) per share for the three months ended June 30, 1997 compared with a loss of CDN ($412,949) or CDN ($0.16) per share in the corresponding period in 1996. Chairman and Chief Executive Officer, Jeffrey Barnett said that across the system, food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. cost percentages decreased; income from restaurant operations increased by CDN $50,929; and general and administrative expenses decreased, as a percentage of sales to 7.2% from 9.2% in the second quarter of 1996. However, higher interest costs on long term debt incurred to finance new locations impacted overall bottom line results. The Company announced previously that former President 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 , Inc. Martin O'Dowd had been appointed President of Elephant & Castle's US subsidiary, Elephant & Castle, Inc. and that former Keg Restaurants Ltd. President, Colin Stacey had been appointed the Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . Elephant & Castle Group Inc. operates 19 restaurant operations in Canada and the United States The United States and Canada share a unique legal relationship. U.S. law looks northward with a mixture of optimism and cooperation, viewing Canada as an integral part of U.S. economic and environmental policy. . Two additional hotel based pub-restaurants are due to open shortly in the Cavanaugh's Hotel on Fifth Avenue in Seattle, WA and in the new Club Quarters Club Quarters is a private, full service hotel chain for member organizations designed for the business traveler, subsidized for family and friends' use on weekends and holiday periods. The target demographic is the business traveler. Hotel on Devonshire Street in Boston, MA. -0-
ELEPHANT & CASTLE GROUP INC.
Financial Highlights
(unaudited)
(CDN $ - Canadian dollars)
Three months ended June 30 Six months ended June 30
1997 1996 1997 1996
Sales $7,821,633 $6,514,880 $15,656,018 $12,642,465
Net Income (Loss) (372,803) (412,949) (749,490) (794,042)
Net Income (Loss)
per share ($0.13) ($0.16) ($0.26) ($0.30)
Total Assets 18,342,703 14,733,158 18,342,703 14,733,158
Shareholders' Equity 8,062,027 6,293,096 8,062,027 6,293,096
Average Shares
Outstanding 2,968,347 2,651,648 2,906,323 2,628,129
Convenience Translation to U.S. dollars: Elephant & Castle
reports results i Canadian dollars (CDN $). For 1997 and 1996 the
conversion rate was $U.S. $1.00 = $CDN $1.37 The following figures
are convenience translations only.
(U.S. $ - U.S. dollars)
Three months ended June 30 Six months ended June 30
1997 1996 1997 1996
Sales $5,709,221 $4,755,387 $11,427,750 $9,228,077
Net Income (Loss) (272,119) (301,423) (547,073) (579,593)
Net Income (Loss)
per share ($0.09) ($0.12) ($0.19) ($0.22)
Total Assets 13,388,834 10,754,130 13,388,834 10,754,130
Shareholders' Equity 8,062,027 6,293,096 8,062,027 6,293,096
Average Shares
Outstanding 2,968,347 2,651,648 2,906,323 2,628,129
CONTACT: Elephant & Castle Group Inc. Wendy Lowrie, 604/684-6451 (Shareholder Relations) |
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