GOOD NEWS: 1997 First Quarter Earnings Per Share Increased 150% to $0.10 vs. $0.04
First Quarter Net Income More Than Tripled to $10.5 Million
ORLANDO, Fla., April 23 /PRNewswire/ -- Planet Hollywood International,
Inc. (NASDAQ:PHII) today announced financial results for its fiscal first
quarter ended March 30, 1997.
The Company generated first quarter revenues of $101.6 million, an
increase of 32% from revenues of $77.0 million in the first quarter last year.
Income before taxes increased 219% to $16.9 million compared to $5.3 million
in the first quarter of fiscal 1996. Income from operations rose 43% to
$13.3 million from $9.3 million in the first quarter last year. Net income
more than tripled to $10.5 million, or $0.10 per share, on a 26% increase in
the number of weighted average common shares outstanding. In comparison, in
the first quarter of 1996, the Company reported net income of $3.4 million, or
$0.04 per share. The increase in the number of weighted average common shares
outstanding reflects the issuance of new shares as part of the Company's
initial public offering completed on April 24, 1996, the proceeds of which
were used primarily to reduce outstanding long-term debt. |
