Elephant & Castle Predicts Increased Revenues in Third Quarter; Alamo Grill Acquisition Completed.VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 31, 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) announced today the completion of 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 acquisition. As a result the company expects to see a positive boost to the year-end results ending December 31, 1996. The Alamo Grill was acquired for 147,059 shares of capital stock of Elephant & Castle Group Inc. and by the assumption of a limited amount of indebtedness of the Grill's parent company. The Alamo Grill, a 224-seat Southwestern-style steakhouse, reported gross sales Gross Sales A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. of US$2.64 million in the year ending January 28, 1996. A restaurant with consistently high volumes, it serves up to 1,900 people on an average Saturday. The restaurant is located in 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 Minneapolis, Minn. The Alamo Grill caters to the meat-and-potato lovers of the world, featuring "Texas-Size" portions of high quality charbroiled and smoked foods. Elephant & Castle Chairman, Jeffrey Barnett said that the Alamo Grill is a powerful addition to the E&C restaurant family "and we are quite hopeful of the future sales and earnings contribution it will make to our operations." Barnett further stated that he "anticipates a twenty percent increase in consolidated gross sales for the third quarter 1996 over same period last year." Third quarter sales in 1995 for the three month ended September 30, were $6,276,521 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. . Barnett attributes his estimate of increased gross sales to revenues currently experienced in the company's hotel based locations including the latest 300-seat Elephant & Castle location which opened in July 1996 at the 600-room Holiday Inn on the Embarcadero in San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , Calif. Barnett emphasized that third quarter results are scheduled to be released in November, 1996 and are not yet finalized. CONTACT: Elephant & Castle Group Inc. Wendy Lowrie, 604/684-6451 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion