Elephant & Castle Reports Operating Results For Third Quarter; Hotel Division Now Represents 42.7% Of Gross Sales.VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov. 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, BC today reported a sales increase of 25.8 percent in the third quarter ended September 30, 1996, compared with the same period a year ago. A new restaurant and increased revenues from the company's expanding hotel restaurant division, pushed sales for the quarter from 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. $6.3 million last year to CDN $7.9 million in the current quarter. For the nine months ended September 30, 1996, revenues increased 8.7 percent to CDN $20.5 million, compared with CDN $18.9 million a year ago. Net income improved from a loss of CDN $1.4 million or $0.56 per share in 1995 to a loss of CDN $924,626 or $0.35 per share this year. The 1995 results included a one-time expense of CDN $900,000 ($0.36 per share) related to restaurant closures. The company reported that net earnings in the current period dropped from a positive of CDN $14,404 ($0.01 per share) in the third quarter of 1995, to a loss of CDN $130,584 ($0.05 per share). A spokesperson from the company stated that "the loss was primarily due to costs related to financing that was completed in December 1995, higher amortization of pre-opening costs relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc new locations and significantly higher G&A expenses as well as losses from the operation of certain Mall based locations." President and Chief Executive Officer Jeffrey Barnett said that "hidden in the results are significant improvements in the companys' Hotel based operations which brightens the company's future financial outlook. " Mr. Barnett further stated that "Management is particularly encouraged by the sales increases and trends in its hotel based restaurants", citing examples such as the Winnipeg location which reflects an increase of 17.1 % and Philadelphia sales which increased 32.0%. Elephant & Castle's hotel division which consists of four locations equated to 42.7% of total 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. . The results from the current period included sales from an Elephant & Castle restaurant opened on July 4, 1996 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, 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. . Subsequent to the end of the period, a new 350-seat Elephant & Castle restaurant has been opened in the entertainment district of Toronto, Ontario. Additionally, the company has acquired and is operating 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, a 224-seat Southwestern-style steakhouse 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, MN. Elephant & Castle operates three themed restaurant concepts and has 21 locations currently. CONTACT: Wendy Lowrie (604) 684-6451 |
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