Chart House third-quarter earnings.
Third-quarter revenues were $47.3 million in 1995 up from $46.3 million for the third quarter of 1994.
Net income for the nine months ended Sept. 30, 1995, was $4.2 million, or 50 cents per share, on revenues of $136.7 million. Net income for the same period last year was $3.8 million, or 46 cents per share, on revenues of $131.7 million.
The company opened two Islands restaurants during the third quarter in Chino and Palm Desert, Calif., and in September closed its Quahogs restaurant in Warwick, R.I., pending a review of alternative uses for the restaurant property.
The St. Croix and St. Thomas Chart House restaurants in the U.S. Virgin Islands have suspended operations for an indefinite period as a result of storm damage from Hurricane Marilyn. The company carries property damage and business interruption insurance, which should adequately cover the financial loss resulting from the hurricane.
Clucker's Wood Roasted Chicken Inc. elected to extend the closing date for its purchase of Paradise Bakery Inc. from the company and the transaction now is expected to close in early November.
Chart House Enterprises operates 87 restaurants, including 65 Chart Houses, 14 Islands, seven Paradise Bakeries and one Peohe's. The company's franchisees operate an additional 44 Paradise Bakeries.
The company has exclusive rights to develop and operate Islands restaurants under a license granted by the owner of the Islands concept and manages 15 Islands restaurants owned by the licensor. -0-
CHART HOUSE ENTERPRISES INC. SUMMARY RESULTS OF OPERATIONS (In thousands, except per-share data)
Third Quarter Ended Sept. 30, 1995 1994
Revenues $47,332 $46,277 Restaurant expenses 40,014 38,572
Income from restaurant operations $ 7,318 $ 7,705 Selling, general and administrative expenses 3,597 4,079 Interest expense 1,194 1,109
Income before income taxes $ 2,527 $ 2,517 Provision for income taxes 784 847
Net income $ 1,743 $ 1,670
Net income per common share 21 cents 20 cents
Weighted average shares outstanding 8,276 8,290
Nine Months Ended Sept. 30, 1995 1994
Revenues $136,667 $131,656 Restaurant expenses 115,573 110,693
Income from restaurant operations $ 21,094 $ 20,963 Selling, general and administrative expenses 11,425 11,860 Interest expense 3,618 3,279
Income before income taxes $ 6,051 $ 5,824 Provision for income taxes 1,879 2,039
Net income $ 4,172 $ 3,785
Net income per common share 50 cents 46 cents
Weighted average shares outstanding 8,276 8,289
CONTACT: Chart House Enterprises Inc., Solana Beach
Harold E. Gaubert Jr., 619/755-8281
Booke and Co., New York
Stephen B. Booke, 212/490-9095
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|Date:||Oct 20, 1995|
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