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Company Press Release
ICH Corporation Announces 1999 First Quarter Results
SAN DIEGO--(BUSINESS WIRE)--May 5, 1999--I.C.H. Corporation (ICH) (AMEX:IH - news) today announced its results of operations for the first quarter of 1999. ICH is a Delaware holding corporation which, through its principal operating subsidiaries, currently operates 182 ''Arby's'' restaurants located primarily in Texas, Florida, Michigan, Pennsylvania and California, as well as 73 family dining restaurants under the ''Lyon's'' name located in California and Oregon.
The Company recorded net income of $707,000 or $.27 per common share ($.22 per common share fully diluted) for the three months ended March 31, 1999 as compared to net income of $293,000 or $.11 per common share ($.11 per common share fully diluted) for the prior year comparable period, an increase of 141%.
The Company's revenues for the three month period ended March 31, 1999 were $59.8 million, an increase of $31.1 million or 108% over the prior year comparable period. Sybra's sales for the three month period ended March 31, 1999 were $34.6 million, an increase of $6.0 million or 21% over the prior year comparable period, primarily as a result of a same store sales increase of 6.1% 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 March 31,1999 were $25.2 million. Sales from the Company's restaurants are moderately seasonal, with the months of January, February and March historically generating the lowest sales volumes.
Operating income for the period was $3.2 million, or 5.3% of revenues, an increase of $1.3 million from the prior year comparable period. Operating income from Sybra for the period was $2.4 million or 6.8% of sales, an increase of $604,000 or 34% over the prior year comparable period. This increase is due to the sales increase mentioned above as well as improved gross margins and decreased labor costs. Operating income from the Company's Lyon's restaurants for the period was $979,000 or 3.9% of sales.
Commenting on the Company's results, James R. Arabia, Chairman and Chief Executive Officer of ICH stated, ''The company's results for the first quarter reflect the healthy financial and operating performance of both of our principal subsidiaries. Our Arby's restaurants continue to turn in consistently strong levels of sales and profits. We are also pleased with the results of our first full quarter of operations of the Lyon's restaurant chain. While much hard work lies ahead to realize the full earnings potential of the well-established Lyon's franchise, these initial results are very encouraging.'' |
