-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TGjJ4VgXxSC4SoHl1N9J9yX+xQYNKeC48aeSdWYHGKyEnLd35xFQSMXhSWRfckyi lLw3GBdVr4OP1tXbwaLD+g== 0000784539-04-000027.txt : 20040809 0000784539-04-000027.hdr.sgml : 20040809 20040809162025 ACCESSION NUMBER: 0000784539-04-000027 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20040809 ITEM INFORMATION: Other events FILED AS OF DATE: 20040809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EACO CORP CENTRAL INDEX KEY: 0000784539 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 592597349 STATE OF INCORPORATION: FL FISCAL YEAR END: 1230 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-14311 FILM NUMBER: 04961588 BUSINESS ADDRESS: STREET 1: 2113 FLORIDA BLVD STREET 2: STE A CITY: NEPTUNE BEACH STATE: FL ZIP: 32266 BUSINESS PHONE: 9042494197 MAIL ADDRESS: STREET 1: 2113 FLORIDA BLVD STE A CITY: NEPTUNE BEACH STATE: FL ZIP: 32266 FORMER COMPANY: FORMER CONFORMED NAME: FAMILY STEAK HOUSES OF FLORIDA INC DATE OF NAME CHANGE: 19920703 8-K 1 eaconr0204.txt U.S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report August 9, 2004 (Date of earliest event reported) EACO CORPORATION (Exact name of registrant as specified in its charter) Florida (State or other jurisdiction of incorporation) 0-14311 59-2597349 (Commission File Number) (IRS Employer Identification No.) 2113 Florida Boulevard, Neptune Beach, FL 32266 (Address principal executive offices) (Zip Code) Registrant's telephone number, including area code (904) 249-4197 Exhibit 99.1 Eatery Concepts News Release EACO Corporation 2113 Florida Boulevard Neptune Beach, Florida 32266 (904) 249-4197 Fax: (904) 249-1466 Contact: FOR IMMEDIATE RELEASE Stephen Travis Director of Finance (904) 249-4197 August 9, 2004 EACO CORPORATION REPORTS LARGEST INCREASE IN SAME-STORE SALES SINCE 1986 FOR SECOND QUARTER NEPTUNE BEACH, FLORIDA - EACO Corporation (OTCBB:EACO), today reported revenues and operating results for the second quarter and year to date periods ended June 30, 2004. Same store sales increased 9.9% for the second quarter of 2004 compared to the same period in 2003, the Company's largest quarterly increase since 1986. Total second quarter 2004 sales increased to $9,959,200 from $9,567,400 for the same period in 2003. Net loss for the second quarter was $571,400 ($0.15 per share) compared to net loss of $394,500 ($0.11 per share) for the same period in 2003. The Company's results for the second quarter of 2004 include $381,700 in store opening expenses associated with the Company's new Whistle Junction concept. Sales for the six months ended June 30, 2004 were $20,218,500 compared to $20,295,500 for the same period in 2003. Same store sales increased 8.5% for the six months ended June 30, 2004, compared to the same period in 2003. Net loss for the six months ended June 30, 2004 was $902,100 ($0.24 per share) compared to net loss of $449,900 ($0.12 per share) for the same period in 2003. The Company's results for the first six months of 2004 include a non-cash asset valuation charge of $594,200, and store opening expenses associated with the Company' new Whistle Junction concept totaling $493,600. Edward B. Alexander, President of the Company, remarked, "Our second quarter same-store sales increase was our best in almost twenty years. We now have produced nine consecutive months with positive same-store sales. We continue to be excited about the contribution our two Whistle Junction conversions are making to these results, and we are actively pursuing plans to enable us to convert more of our restaurants to this concept."
EACO Corporation Condensed Consolidated Results of Operations (Unaudited) For The Quarters Ended For The Six Months Ended -------------------------------------------------- June 30, July 2, June 30, July 2, 2004 2003 2004 2003 -------------------------------------------------- Revenues: Sales $9,959,200 $9,567,400 $20,218,500 $20,295,500 Vending revenue 47,600 56,100 96,600 107,200 ---------- ----------- ----------- ----------- Total revenues 10,006,800 9,623,500 20,315,100 20,402,700 ---------- ----------- ----------- ----------- Cost and expenses: Food and beverage 3,840,600 3,619,200 7,691,900 7,718,500 Payroll and benefits 3,138,500 2,887,700 6,032,000 6,090,000 Depreciation and amortization 491,300 508,200 981,900 1,023,600 Other operating expenses 1,789,100 1,607,500 3,220,300 3,180,200 General and administrative expenses 527,700 542,400 1,155,300 1,143,700 Franchise fees 295,600 382,500 666,800 811,700 Asset valuation charge --- --- 594,200 --- Loss on store closings and disposition of equipment 58,600 39,400 93,000 73,900 ---------- ----------- ----------- ----------- 10,141,400 9,586,900 20,435,400 20,041,600 ---------- ----------- ----------- ----------- (Loss) earnings from operation (134,600) 36,600 (120,300) 361,100 Investment (loss) gain (13,100) (19,300) 10,800 (26,500) Interest and other income 26,900 19,900 69,000 93,300 (Loss) gain on sale of property (32,100) 9,400 (32,100) 9,400 Interest expense (418,500) (441,100) (829,500) (887,200) ---------- ----------- ----------- ----------- Loss before income taxes (571,400) (394,500) (902,100) (449,900) Provision for income taxes -- -- -- -- ---------- ----------- ----------- ----------- Net loss ($571,400) ($394,500) ($902,100) ($449,400) ========== =========== =========== =========== Basic loss per share ($0.15) ($0.11) ($0.24) ($0.12) ========== =========== =========== =========== Basic weighted average common shares outstanding 3,771,000 3,706,200 3,744,000 3,706,200 ========== =========== =========== =========== Diluted loss per share ($0.15) ($0.11) ($0.24) ($0.12) ========== =========== =========== =========== Diluted weighted average common shares outstanding 3,771,000 3,706,200 3,753,400 3,706,200 ========== =========== =========== ===========
See accompanying notes to condensed consolidated financial statements. -----END PRIVACY-ENHANCED MESSAGE-----