Printer Friendly

MASCOTT ANNOUNCES $1.6 MILLION CHARGE REFLECTING THE WRITE-OFF OF CERTAIN ASSETS AND FOURTH QUARTER RESULTS

 MASCOTT ANNOUNCES $1.6 MILLION CHARGE REFLECTING THE
 WRITE-OFF OF CERTAIN ASSETS AND FOURTH QUARTER RESULTS
 LIVINGSTON, N.J., May 7 /PRNewswire/ -- Mascott Corporation (NASDAQ: DINE) announced today that it has taken a one-time charge of $1,607,000 for the quarter ended March 1 1992, reflecting the write-off of the capital assets of one of the company's restaurants, Markers Restaurant & Bar in Jersey City, N.J. ("Markers-Harborside").
 Based upon the financial results of Markers-Harborside and the company's uncertainty that it will be able to recover the value of Markers-Harborside's assets through future operations, the company has taken a charge against earnings of the value of such assets for the fiscal quarter ended March 1, 1992.
 After giving effect to this one-time charge, the company incurred a net loss for the fiscal quarter ended March 1, 1992, of $1,882,000 ($.27 per share) on net sales of $1,570,000, compared with a net loss for the fiscal quarter ended Feb. 28, 1991, of $261,000 ($.03 per share) on net sales of $943,000. For the fiscal year ended March 1, 1992, after giving effect to this one-time charge, the company had a net loss of $2,230,000 ($.32 per share) on net sales of $5,730,00, compared with a net loss for the fiscal year ended Feb. 28, 1991, of $793,000 ($.11 per share) on net sales of $4,126,000.
 In commenting on these events and results, Scott M. Gillman, the chief executive officer of the company, stated, "We currently are evaluating all of the options available to the company concerning its continued operation of Markers-Harborside. At present, the company intends to continue to operate Markers-Harborside in an attempt to achieve profitability for such operations. However, notwithstanding the sluggish performance of Markers-Harborside, we will remain confident that our Cinnabon bakeries, Willie Mays Grilled & Roasted Chickens and other restaurant operations will enable the company to become profitable."
 Mascott Corporation currently owns and operates Markers Restaurant & Bar and Markers Express located in Jersey City, and Markers Italian Grille located in Somers Point, N.J. In addition, the company currently owns and operates seven Cinnabon bakery franchises and three Willie Mays Grilled & Roasted Chicken outlets in regional shopping malls.
 -0- 5/7/92
 /CONTACT: Scott M. Gillman, CEO of Mascott, 201-535-1000/
 (DINE) CO: Mascott Corporation ST: New Jersey IN: LEI SU:


CK-TQ -- NY034 -- 7536 05/07/92 10:40 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 7, 1992
Words:404
Previous Article:QUOTRON & FIRST CALL SIGN DISTRIBUTION AGREEMENT; FIRST CALL'S REAL-TIME EQUITY RESEARCH TO BE MADE AVAILABLE TO QUOTRON'S INSTITUTIONAL CLIENTS
Next Article:CENTRAL HUDSON GAS AND ELECTRIC $258.7 MILLION SENIOR DEBT RAISED TO 'A' BY FITCH -- FITCH FINANCIAL WIRE --
Topics:


Related Articles
PULITZER PUBLISHING COMPANY REPORTS FOURTH-QUARTER AND 1992 RESULTS
MASCOTT ANNOUNCES $945,000 CHARGE REFLECTING THE WRITE-OFF OF CERTAIN ASSETS AND FOURTH QUARTER RESULTS
MASCOTT CORPORATION SUSPENSION OF OPERATIONS OF MARKERS ITALIAN GRILLE
AVIALL REPORTS LOSS FOR 1995, REFLECTING CHARGE FOR EXITING AIRLINE ENGINE BUSINESS
AFC Enterprises, Inc. Announces Revised Earnings for Fiscal Year Ended December 27, 1998.
Harris Bank Announces 4th Quarter and 2002 Earnings.
Newport Corporation Reports Integration Plan, Expected Charges and Benefits.
MEGA Brands reports fourth quarter and 2008 results.
/C O R R E C T I O N -- Mega Brands Inc./.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters