Elephant & Castle Group Inc. reports financial results.VANCOUVER--(BUSINESS WIRE)--Aug. 14, 1996--Elephant & 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, PACIFIC: PUB) of 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. , BC today reported a net loss 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. $412,949 for the three months ended June June: see month. 30, 1996 compared with a net loss of CDN $327,409 in the corresponding period in 1995. On a per share basis, the loss for the current period equated to CDN $0.16 compared with CDN $0.13 in 1995. For the first six months, the net loss was CDN $794,042, up from CDN $511,231 in 1995. The six months loss was CDN $0.30 per share in 1996 compared to $0.21 per share in 1995. There were 2.65 million shares outstanding in 1996 compared with 2.5 million in 1995. (The 1995 numbers were revised to reflect a change in year end income tax estimates, and they also exclude a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. reserve of CDN $900,000 related to the potential costs of closing three operations.) While losses increased during the second quarter, the company reported that income from restaurant operations, before general and administrative expenses and interest on long term debt, increased from CDN $174,271 in the 1995 quarter to CDN $249,212 this year. The improvement is a reflection of higher earnings at the company's hotel-based restaurants, the current direction of business interest. Winnipeg Winnipeg, city, Canada Winnipeg (wĭn`ĭpĕg), city (1991 pop. 616,790), provincial capital, SE Man., Canada, at the confluence of the Red and Assiniboine rivers. and Philadelphia Philadelphia, ancient cities Philadelphia, name of several ancient cities. One was in Lydia, W Asia Minor (now W Turkey). At the foot of Mt. Tmolus and near the location of modern Alaşehir, it was founded in the 2d cent. B.C. , the hotel-based units that were open throughout the second quarters of both 1995 and 1996 each experienced positive and profitable quarters. Sales in these restaurants were up 16 and 22 percent respectively and income from these operations grew substantially. Rosie's on Robson See Robson cache. , the company's third hotel-based unit, was not open in the 1995 quarter, but experienced excellent sales during the 1996 quarter turning a small profit. Profitability is expected to increase in the third quarter as certain operational efficiencies are realized. Sales from the three hotel-based locations represented almost 40 percent of total sales for the quarter. On July July: see month. 4, 1996 the company opened its fourth hotel-based restaurant in the 600-room Holiday Inn on the Bay in San Diego, California “San Diego” redirects here. For other uses, see San Diego (disambiguation). San Diego is a coastal Southern California city located in the southwestern corner of the continental United States. As of 2006, the city has a population of 1,256,951. and initial revenue levels are consistent with other hotel units. Chairman and Chief Executive Officer, Jeffrey Barnett Barnett as a personal name can refer to:
Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. direction of some of its smaller mail based restaurants. 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 operates authentic British-style pub restaurants in 20 Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. and U.S. locations. -0-
ELEPHANT & CASTLE GROUP INC.
Financial Highlights
(unaudited)
(CDN $ - Canadian dollars)
Three months ended Six months ended
June 30 June 30
1996 1995 1996 1995
----------------------- --------------------
Sales $6,514,880 $6,419,724 $12,642,465 $12,617,087
Loss -
before reserve (412,949) (327,409) (794,042) (511,231)
- reserve for
closing costs 0 (900,000) 0 (900,000)
Net Loss (412,949) (1,227,409) (794,042) (1,411,231)
Per Share
- before reserve ($0.16) ($0.13) ($0.30) ($0.21)
- reserve for
closing costs $0.00 ($0.36) $0.00 ($0.36)
Not Loss per Share ($0.16) (0.49) ($0.30) ($0.57)
Total Assets 14,733,158 9,765,749 14,733,158 9,765,749
Shareholders'
Equity 6,293,096 5,935,257 6,293,096 5,935,257
Average Shares
Outstanding 2,651,648 2,493,500 2,628,129 2,493,500
Convenience Translation in U.S. dollars: Elephant Castle reports results in Canadian dollars (CDN $). For 1996 the conversion rate was $U.S. $1.00 = $CDN $1.37 ($U.S. $1.00 = $CDN $1.39 in 1995) The following figures are convenience translations only. (U.S. $ - U.S. dollars)
Three months ended Six months ended
June 30 June 30
1996 1995 1996 1995
----------------------- --------------------
Sales $4,755,387 $4,618,506 $9,228,077 $9,077,041
Loss -
before reserve (301,423) (235,546) (579,593) (367,792)
- reserve for
closing costs 0 (647,482) 0 (647,482)
Net Loss (304,423) (883,028) (579,593) (1,015,274)
Per Share
- before reserve ($0.16) ($0.13) ($0.30) ($0.21)
- reserve for
closing costs $0.00 ($0.36) $0.00 ($0.36)
Not Loss per Share ($0.16) (0.49) ($0.30) ($0.57)
Total Assets 14,733,158 9,765,749 14,733,158 9,765,749
Shareholders'
Equity 6,293,096 5,935,257 6,293,096 5,935,257
Average Shares
Outstanding 2,651,648 2,493,500 2,628,129 2,493,500
CONTACT: Elephant & Castle Group, Inc. Wendy Lowrie, 604/684-6451 |
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