Elephant & Castle reports first quarter 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. , BRITISH COLUMBIA--(BUSINESS WIRE)--May 15, 1997-- 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. (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) today reported sales in the first quarter ended March 31, 1997 increased almost twenty-eight 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. $7.8 million, compared with CDN $6.1 million in 1996 as revenues kicked in from its three newest locations 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; Bloomington Bloomington. 1 City (1990 pop. 51,972), seat of McLean co., central Ill.; inc. 1839. The economy is based on farming; electrical equipment is also manufactured. , MN, and Toronto Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing , Ontario. The Company reported a net loss of CDN ($376,687) or CDN ($0.13) per share for the three months ended March 31, 1997 compared with a loss of CDN ($381,093) or CDN ($0.15) per share in the corresponding period in 1996. Chairman and Chief Executive Officer, Mr. Jeffrey Barnett, said that across the system, food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. cost percentages decreased; income from restaurant operations before depreciation and amortization, increased by CDN $177,000; and general and administrative expenses, as a percentage of sales, decreased to 7.3% in the first quarter of 1997 from 9.3% in the first quarter of 1996. However, the additional revenues were offset by higher depreciation and amortization costs related to the new locations, greater than budgeted labour expenses as well as higher interest expenses. Mr. Barnett stated that "the company is continuing its negotiations with landlords associated with four of its mall based Elephant & Castle locations in an attempt to bring occupancy cost Occupancy costs are the whole life costs of buildings and their associated land from occupancy until disposal. These costs may be incurred on a regular or irregular basis. Occupancy costs are those costs related to occupying a space including; rent, real estate taxes, personal to a controllable level thus positively influencing bottom line results." Mr. Barnett concluded by stating that "we recognize the need to control expenses while the hotel food and beverage, development program is progressing and management is committed to seeing future revenue increases turn into bottom line profits". The Company recently announced the finalization Writing the table of contents (TOC) on a recordable CD or DVD disc. The finalization process ensures that the disc can be played back on most CD and DVD players. See disc-at-once. of a joint venture agreement with Rainforest Cafe Rainforest Cafe is a themed restaurant chain owned by Landry's Restaurants, Inc. of Houston, Texas. It was founded and created by entrepreneur Steven Schussler. Description , Inc. (NASDAQ: RAIN) for the development of Rainforest Cafe units in Canada. The first of these "eatertainment" locations is expected to open within the year, a minimum of five locations are expected to be developed throughout Canada. The Company expects to make announcements shortly with regard to site selection. Additionally, the company intends to open two new Elephant & Castle restaurants this summer in downtown hotel locations in Seattle, WA and Boston, MA. -0-
ELEPHANT & CASTLE GROUP INC.
Financial Highlights
(unaudited)
(CDN Canadian dollars)
Three months ended March 31
1997 1996
Sales $7834,385 $6,127,585
Net Income (LOSS) (376,687) (381,093)
Net Income (Loss) per Share ($0,13) ($0,15)
Total Assets 18,731,034 14,966,283
Shareholders' Equity $7,856,577 $6,706,045
Average Shares Outstanding 2,843,633 2,604,611
Convenience Translation to U.S. dollars: Elephant & Castle reports
results in Canadian dollars (CDN $). For the 1997 Quarter the
conversion rate was $U.S. $1.00 = $CDN $1.37 ($U.S. $1.00 =
$CDN $1.37 in 1996)
The following figures are convenience translation only,
(U.S. $ - U.S. dollars)
Three months ended March 31
1997 1996
Sales $5,718,529 $4,472,690
Net Income (Loss) (274,954) (278,170)
Net Income (Loss) per Share ($0.10) ($0.11)
Total Assets 13,672,288 10,924,294
Shareholders' Equity 5,734,728 4,894,923
Average Shares Outstanding 2,843,633 2,604,611
CONTACT: Elephant & Castle Group Inc. Wendy Lowrie, Shareholder Relations, 604/684-6451 www.elephantcastle.com |
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