Elephant & Castle Reports Fiscal '95 Results.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)--April 16, 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) of Vancouver, BC today reported sales 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. $25.8 million in the year ended Dec. 31, 1995, up from CDN$25.4 million in the previous year. Net loss for 1995 was CDN$1.6 million, compared with a profit of CDN $213,166 for 1994. The 1995 figure includes 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 for closing costs Closing Costs The numerous expenses (over and above the price of the property) that buyers and sellers normally incur to complete a real estate transaction. Costs incurred include loan origination fee, discount points, appraisal fee, title search, title insurance, survey, taxes, and anticipated legal expenses involving three locations. Loss per share for the year was CDN($0.63), (CDN($0.27) excluding the reserve) compared with income of CDN$0.09 per share in fiscal 1994. Company President and Chief Executive Officer Jeffrey Barnett Barnett as a personal name can refer to:
A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of pre-opening costs for the three new restaurants opened during the year. The company's policy is to write off these costs in the first twelve months of operation. These amounts charged against earnings were CDN$344,289 in 1995, compared with CDN$70,928 in 1994. General and Administrative expenses for 1995 were CDN$675,000 higher than 1994. Included in the increase were CDN$200,000 in development costs of potential new locations, plus higher costs for travel, professional fees and administration of new locations. The company expects G&A expenses to stabilize stabilize See peg. and, as a percentage of sales, to decrease as additional units are opened. In the fourth quarter, sales declined marginally from CDN$7.3 million in 1994 to CDN$6.9 million in the current period. There was a loss in the 1995 period of CDN$339,114, compared with a profit in the 1994 of CDN$345,914. This equated to a per share loss of CDN$(0.13), compared with earnings of CDN$0.14 in 1994. Mr. Barnett said that sales were reduced in the fourth quarter because of the closures of three restaurants in 1995. All would have contributed to higher sales in what is traditionally a strong quarter. Mr. Barnett said that with a number of key new programs in place, 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. is positioned to generate significantly higher sales and improved earnings in 1996. Three new money makers came on stream in 1995. In February February: see month. , the company opened a restaurant-pub at the 450-room Holiday Inn Select hotel in Philadelphia. In August, Rosie's on Robson, a New York- style delicatessen, was launched in the Vancouver, BC entertainment district in the 280 room all-suite Rosedale Hotel and in September, the company's first Elephant on Campus opened at the British Columbia Institute of Technology In addition to the main Burnaby campus, it has a campus in downtown Vancouver, a marine campus in North Vancouver, an aerospace and technology campus in Richmond, the Great Northern Way Campus in Vancouver and a number of small satellite campuses. in Burnaby, BC. In May, 1996, in its first franchise agreement with Cata Operations, a billion-dollar foodservice operator, an Elephant & Castle pub-restaurant will open at the expanded Vancouver International Airport Vancouver International Airport (IATA: YVR, ICAO: CYVR) is located on Sea Island in Richmond, British Columbia, Canada, about 15 kilometres from downtown Vancouver. . This summer, in a continuation of the company's working relationship with Holiday inn Worldwide, and Elephant & Castle will open at the 600-room Holiday Inn on the Embarcadero em·bar·ca·de·ro n. pl. embarcade·ros California A pier, wharf, or landing place, especially on a river or inland waterway. 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. , CA. The company has also entered into active discussions with two additional hotel groups and, separate from its hotel business, will open a restaurant shortly in a heritage building in Toronto's theatre district. One of the most significant announcements in 1995 came on Dec. 1 when a multi-million dollar financing package was completed. Mr. Barnett said that the company anticipates significant future growth and more favourable operating costs operating costs npl → gastos mpl operacionales , reflecting the company's continued expansion in the hotel and other fields. At year end the company had in excess of CDN$5 million from which to finance expansion. -0-
Elephant & Castle Group Inc.
Financial Highlights
(CDN$ - Canadian dollars)
Three months ended December 31 Twelve months ended December 31
1995 1994 1995 1994
Sales $6,870,731 $7,308,147 $25,764,339 $25,414,275 Income (Loss) (339,114) 345,614 (681,955) 213,166 - before reserve - reserve for 0 0 (900,000) 0 closing costs Net income (Loss) (339,114) 345,614 (1,581,955) 213,166 Per Share - before ($0.13) $0.14 ($0.27) $0.09 reserve -reserve for closing $0.00 $0.00 ($0.36) $0.00 costs Net Income (Loss) per ($0.13) $0.14 ($0.63) $0.09 Share Total Assets 15,888,100 $10,328,981 $15,888,100 $10,328,981 Shareholders' 7,087,138 7,345,905 7,087,138 7,345,905 Equity Average Shares 2,530,537 2,493,500 2,502,759 2,440,583 Outstanding
Convenience Translation to U.S. Dollars: Elephant & Castle
reports results in Canadian dollars (CDN $). For 1995 the conversion
rate was $U.S. $1.00 = $CDN $ 1.37 (U.S. $1.00 = $1.35 in 1994) The
following figures are convenience translations only.
(U.S. $ - U.S. dollars)
1995 1994 1995 1994
Sales $5,015,132 5,413,442 $18,806,087 $18,825,389 Income (Loss) - (247,528) 256,010 (497,777) 157,901 before reserve - reserve for 0 0 (656,934) 0 closing costs Net Income (Loss) (247,528) 256,010 (1,154,712) 157,901 Per Share - before ($0.10) $0.10 ($0.20) $0.06 reserve - reserve for $0.00 $0.00 (0.26) $0.06 closing costs Net Income (Loss) (0.10) $0.10 ($0.46) $0.06 Per Share Total Assets 11,597,153 7,651,097 11,597,153 7,651,097 Shareholders' 5,173,093 5,441,411 5,173,093 5,441,411 Equity Average Shares 2,530,537 2,493,500 2,502,759 2,440,583 Outstanding CONTACT: Elephant & Castle Group, Inc. Wendy Lowrie 604-684-6451 |
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