Elephant & Castle Group Inc. reports increased 4th quarter income -- annual sales also increased.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. , B.C.--(BUSINESS WIRE)--March 28, 1995--Elephant & Castle Group Inc., operators of 15 English style restaurants and pubs 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. , Tuesday reported that sales for the year ended Dec. 31, 1994 increased 13.2 percent 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. $25.4 million from CDN$22.4 million in 1993, while the company's net income for 1994 increased 30 percent to CDN$213,166 from CDN$163,789 during calendar 1993. Net income per share was CDN$.09 in both periods, due to fewer of shares outstanding in 1993. In the fourth quarter of 1994, sales increased 6.9 percent to CDN$7.3 million compared with CDN$6.8 million for the comparable quarter in 1993. Net income for the quarter increased to CDN$345,614 or CDN$0.14 per share, compared with CDN$239,740 or CDN$.10 per share in the same period a year ago. 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's President and Chief Executive Officer, Jeffrey Barnett said, "We are pleased by the company's accelerated progress during 1994. "Not only did we improve sales and profitability in 1994 compared to 1993; we embarked on a new and exciting phase in our company's future on May 18, 1994 when we opened our first pub and restaurant in the Holiday Inn Crowne Plaza This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. in Winnipeg, Manitoba. This location has met and exceeded our expectations." Barnett continued, "In late February 1995, we opened a 350 seat pub and restaurant at a second Holiday Inn, the 445-room Holiday Inn, City Centre in Philadelphia's financial district and have thus far seen financial results mirroring the Winnipeg success, which bodes extremely well for the additional Holiday Inn locations planned for 1996 and thereafter." Barnett stated that, "Our earnings results were impacted to some degree due to some lingering lin·ger v. lin·gered, lin·ger·ing, lin·gers v.intr. 1. To be slow in leaving, especially out of reluctance; tarry. See Synonyms at stay1. 2. difficulties at two restaurants not operated as Elephant & Castle's at Shilo Inns Shilo Inn is a mid priced hotel chain operating 47 hotels predominantly on the west coast of the United States, with a large concentration of locations in the state of Oregon. in Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). and California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). ." He said that, "We are seeking the solutions to solve this problem, the absence of which would have contributed an additional CDN$200,000 to our bottom line." Barnett concluded, "We are grateful to Holiday Inn management for giving Elephant & Castle the opportunity to pioneer a continuing long term relationship with Holiday Inn Worldwide, which we anticipate will materially broaden in scope over the months ahead." -0-
ELEPHANT & CASTLE GROUP INC.
Financial Highlights
(unaudited)
(CDN $ - Canadian dollars)
Three months Twelve months
ended ended
December 31 December 31
1994 1993 1994 1993
Sales $7,308,147 $6,837,763 $25,414,275 $22,445,883 Net income 345,614 239,740 213,166 163,789 Net income 0.14 0.10 0.09 0.09 per share Average Weighted Shares Outstanding 2,473,333 2,430,000 2,440,583 1,865,000 Convenience Translation to U.S. dollars; Elephant & Castle reports results in Canadian dollars (CDN$); the following figures are convenience translation only. (U.S. $ - U.S. dollars)
Three months Twelve months
ended ended
December 31 December 31
1994 1993 1994 1993
Sales $5,257,660 $5,180,123 $18,283,651 $17,004,457 Net income 248,643 181,621 153,357 124,083 Net income per share 0.10 0.07 0.06 0.07 Average Weighted Shares Outstanding 2,473,333 2,430,000 2,440,583 1,865,000 CONTACT: Mount & Nadier Incorporate, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Herbert L. Haft or Alan R. Mount, 212/759-4440 or Elephant & Castle Group Inc., Vancouver Wendy Lowrie, Investor Relations Investor relations The process by which the corporation communicates with its investors. Officer, 604/684-6451 |
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