FGCI..has had some really nice gains. It's expected to have a breakout quarter at 300% increase in revenue. Trend has been a bit bearish up till now, look like earning report might bring it over into a turnaround.
Family Golf Centers Reports Record First Quarter Results; Revenues Rise 113%, Net
Income up 140%
AFTER IT's May report:
MELVILLE, N.Y.--(BUSINESS WIRE)--May 12, 1998--Family Golf
Centers, Inc. (NASDAQ, NM: FGCI), which owns, operates and manages golf properties, today reported record revenues and net income for the first quarter ended March 31, 1998.
First quarter net income rose 140 percent, to $1,346,000, or 7 cents per share, adjusted for a 3-for 2 stock split, on May 4, 1998, on 20,196,000 diluted shares outstanding, from $562,000, or 3 cents per share on 18,125,000 diluted shares, adjusted for the stock split, outstanding in last year's first quarter. Total revenues increased 113 percent, to $19,170,000 for the first quarter of 1998 from $9,015,000 in the comparable quarter last year.
Operating revenues for the quarter were $14,967,000, up from $6,522,000 in the 1997 quarter, and merchandise sales grew to $4,203,000 from $2,493,000.
Dominic Chang, chairman and CEO, noted that during the first quarter of 1998 Family Golf completed its merger with MetroGolf Inc., the owner/operator of eight golf centers, acquired an additional four golf properties, purchased the Iceplex Skating and Family
Entertainment Center in Raleigh, NC and announced the acquisition of
golf club manufacturer Confidence Golf.
Early in the second quarter, Family Golf announced it had entered into a definitive agreement to acquire Eagle Quest Golf Centers, Inc.,
which owns or operates 18 golf centers in Texas, Washington and
Canada, subject to regulatory approvals and other conditions. "The
acquisitions we have made since the close of 1997 have extended the
company's geographic reach, diversified our sources of revenue, offset the seasonality of our core golfing properties and firmly established Family Golf Centers as a leader in family-oriented recreation," Changconcluded.
As of March 31, Family Golf Centers owned, operated or had underconstruction 77 golf, ice skating and entertainment facilities in 20 states.
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