("...Second Quarter Net Loss Of $.06 per share" 2-2. [#reply-10929664 1-2])
FAMILY GOLF CENTERS, INC.Financial Highlights
(in thousands except per share data)(Unaudited)
Three months ended Six months ended
6/30/99 6/30/98 6/30/99 6/30/98
------- ------- ------- -------
Operating revenues $ 35,518 $ 26,314 $ 62,847 $ 43,051
Merchandise sales 11,980 8,310 19,800 13,070
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Total revenue $ 47,498 $ 34,624 $ 82,647 $ 56,121
Operating expense $ 33,578 $ 15,534 $ 55,780 $ 29,285Cost of
merchandise sold 8,373 5,669 13,719 8,909
Selling, general
& admin 3,989 3,011 7,581 6,673
Merger expenses 7,752 7,752
------- -------- ------- -------Income from
operations $ 1,558 $ 2,658 $ 5,567 $ 3,502
Interest expense $ 4,171 $ 2,746 $ 7,326 $ 5,375
Other income 116 234 494 1,190
------- -------- ------- -------Income
before taxes $ (2,497) $ 146 $ (1,265) $ (683)Income
tax expense $ (973) $ 4,027 $ (493) $ 4,887
------- -------- ------- -------
Income before a cumulative effect of change in
accounting principle $ (1,524) $ (3,881) $ (772) $ (5,570)Cumulative
effect of change in accounting principle:
Preopening expenses $ 2,035
------- -------- ------- -------
Net income (loss) $ (1,524) $ (3,881) $ (772) $ (7,605)
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Income (loss) before cumulative effect of change in accounting principle per
diluted share $ (0.06) $ (0.19) $ (0.03) $ (0.26)
Cumulative effect of change in
accounting principle $ (0.10)
------- -------- ------- -------
Net income (loss)
per diluted share $ (0.06) $ (0.19) $ (0.03) $ (0.36)
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Weighted average shares outstanding
- dilutive 26,056 20,856 26,088 20,844
FAMILY GOLF CENTERS, INC.Condensed Consolidated Balance Sheets
June 30, Dec. 31,
1999 1998
-------- --------
ASSETS (Unaudited) Current assets:
Cash, cash equivalents and short-term
investments $ 4,235 $ 21,566
Inventories 28,401 26,220
Prepaid expenses, taxes and other
Current assets 16,086 10,277
-------- --------
Total current assets $ 48,722 $ 58,063
Property, plant and equipment net 486,177 444,280
Other assets 67,092 69,697
-------- --------
Total assets $601,991 $572,040
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LIABILITIESCurrent liabilities: Accounts payable, accrued expenses
and other current liabilities $ 27,460 $ 23,998
Current portion of long-term obligations 273,994 3,950
-------- --------
Total current liabilities 301,454 27,948
Long-term obligations (less current portion) 130,621
Convertible subordinated debenture 115,000
Other liabilities 10,308 9,148
-------- --------
Total liabilities $311,762 $282,717
Minority interest 40 40
STOCKHOLDERS' EQUITY
Total stockholders' equity 290,189 289,283
-------- --------
Total liabilities and stockholders' equity $601,991 $572,040
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