Triarc's stealing of Cable Car is looking better for Triarc all the time. Not so good to us shareholders.... If this message is hard to read, try this link:
biz.yahoo.com
Thursday July 24 4:05 PM EDT
Company Press Release
Source: Cable Car Beverage Corporation
Cable Car Beverage Corporation Reports Record Sales Growth
DENVER, July 24 /PRNewswire/ -- Cable Car Beverage Corporation (Nasdaq:DRNK) reported a 41% increase in sales to $7,388,832 for its second quarter ended June 30, and an increase of 43% in sales to $12,746,696 for the six month period compared to the prior year periods.
On June 24, 1997, the Company announced that it had entered into a definitive merger agreement with Triarc Companies, Inc. (NYSE:TRY). As a result of this proposed transaction, expenses of approximately $313,000 were incurred during the quarter ended June 30. These expenses are non-recurring and are not related to the ongoing operations of the Company.
Excluding these merger related expenses, pre-tax income increased 47% to $995,810 for the quarter and 64% to $1,584,021 for the six month period compared to the prior year periods and net income increased 39% to $598,530 for the quarter and 57% to $949,522 for the six month period compared to the prior year periods.
Including these merger related charges, the Company reported pre-tax income of $682,994 and net income of $342,006 for the quarter and pre-tax income of $1,271,205 and net income of $692,998 for the six month period.
Excluding these merger related expenses, earnings per share increased to $.06 for the quarter and to $.10 for the six month period. Including merger related expenses, the Company reported $.04 per share for the quarter and $.07 for the six month period compared to $.05 per share for the quarter and $.07 for the six month period for the 1996 periods.
Samuel Simpson, chairman and chief executive officer of Cable Car, stated, ``This was another record quarter for Cable Car as our Stewart's brand continues to gain market share in the super-premium soft drink category. Our proposed merger with Triarc Companies continues to progress as our business continues to grow.''
Cable Car Beverage Corporation is a beverage marketing company located in Denver, CO. The Company's primary brand is Stewart's, a line of super-premium soft drinks. The Company also markets Java Cola, Fountain Classics Seltzer, San Francisco Seltzer, and ASPEN Spring Water and flavored waters. Stewart's beverages are distributed by a network of over 200 distributors in over 40 states in the U.S. and throughout Canada.
Cable Car Beverage Corporation and Subsidiaries
Condensed Consolidated Statement of Operations
(Unaudited)
Three-Months Six-Months
Ended June 30, Ended June 30,
1997 1996 1997 1996
Net sales $7,388,832 $5,249,735 $12,746,696 $8,932,544
Cost of goods sold 5,283,393 3,766,940 9,123,558 6,463,841
Gross profit 2,105,439 1,482,795 3,623,138 2,468,703
Operating expenses 1,437,665 816,835 2,383,277 1,522,544
Income from operations 667,774 665,960 1,239,861 946,159
Other income, net 15,220 9,546 31,344 19,665
Income before
income taxes 682,994 675,506 1,271,205 965,824
Provision for
income taxes 340,988 245,455 578,207 362,417
Net income 342,006 430,051 692,998 603,407
Net income per share $.04 $.05 $.07 $.07
Common and common
equivalent shares 9,687,764 9,050,647 9,602,700 9,022,000
Supplemental Information Reflecting the Exclusion
of Merger Related Expenses
Three-Months Ended Six-Months Ended
June 30, June 30,
1997 1997
Pre-tax earnings,
excluding merger costs 995,810 1,584,021
Earnings, excluding merger costs598,530 949,522
EPS, excluding merger costs $.06 $.10
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SOURCE: Cable Car Beverage Corporation
Contact: Amy Bolding of Cable Car Beverage, 303-298-9038 ext. 26 |
