Company Press Release
ICH Corporation Announces 1999 Second Quarter Results
Quarter Highlights:
SAN DIEGO--(BUSINESS WIRE)--Aug. 4, 1999-- - Earnings per share (fully diluted) of $.41 vs. $.18 in 1998 (128%
increase)
- Net Income increase of 170%
- Same store sales increase of 3.8% at Company's Arby's restaurants
I.C.H. Corporation (ICH or the Company) (AMEX:IH - news) today announced its results of operations for the second quarter of 1999. ICH is a Delaware holding corporation which, through its principal operating subsidiaries, currently operates 183 ''Arby's'' restaurants located primarily in Texas, Florida, Michigan, Pennsylvania, New Jersey and California, as well as 73 family dining restaurants under the ''Lyon's'' name located in California and Oregon.
The Company recorded a 170% increase in net income to $1.4 million or $.51 per common share ($.41 per common share fully diluted) for the three months ended June 30, 1999 as compared to net income of $531,000 or $.20 per common share ($.18 per common share fully diluted) for the prior year comparable period, an increase of 128% in fully diluted earnings per common share.
The Company's revenues for the three month period ended June 30, 1999 were $61.1 million, an increase of $29.8 million or 96% over the prior year comparable period. Sybra's sales for the three month period ended June 30, 1999 were $35.8 million, an increase of $4.8 million or 16% over the prior year comparable period, primarily as a result of a same store sales increase of 3.8% for the period, sales from new store openings and store acquisitions. Sales from the Company's Lyon's restaurants for the three month period ended June 30, 1999 were $25.3 million.
Operating income for the period increased $2.1 million or 90% to $4.4 million, or 7.2% of revenues, from the prior year comparable period. Operating income from Sybra for the period was $3.2 million or 8.9% of sales, an increase of $569,000 or 22% over the prior year comparable period. This increase is due to the sales increase mentioned above as well as improved restaurant level operating efficiencies. Operating income from the Company's Lyon's restaurants for the period was $1.4 million or 5.3% of sales.
Results for the Six Months
The Company's revenues for the six month period ended June 30, 1999 were $120.9 million, an increase of $61.0 million or 102% over the prior year comparable period. Sybra's sales for the six month period ended June 30, 1999 were $70.4 million, an increase of $11.1 million or 19% over the prior year comparable period. The sales increase is a result of new store openings and acquisitions and a same store increase of 4.4% for the six month period. Sales from the Company's Lyon's restaurants for the six month period ended June 30, 1999 were $50.5 million.
Operating income for the period was $7.6 million, or 6.3% of sales, an increase of $3.4 million or 82% over the prior year comparable period. Operating income from Sybra for the period was $5.5 million or 7.9% of sales, an increase of $1.3 million over the prior year comparable period. Operating income from the Company's Lyon's restaurants for the period was $2.3 million or 4.6% of sales.
The Company recorded net income of $2.1 million or $.77 per common share ($.65 per common share fully diluted) for the six months ended June 30, 1999, as compared to net income of $824,000 or $.32 per common share ($.30 per common share fully diluted) for the prior year comparable period.
Commenting on the Company's results, James R. Arabia, Chairman and Chief Executive Officer of ICH stated, ''The Company's results for the second quarter continue to reflect the healthy financial and operating performance of both of our principal subsidiaries. Overall, our Arby's restaurants are performing very well, while early results from our newly-constructed Arby's units are generally exceeding expectations. In addition, we are encouraged by the results of our first two quarters of operating the Lyon's chain, although significant work remains for the Company to realize the full earnings potential of the franchise. |
