-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Di1o8Ot7O6gi+YNr8OTIduDUO4ElO2to6U6OzGlYkkyleleTaDvfnfs6YE29s51f Dsb+uRRrOdJii47jQmWmzw== 0000784539-05-000008.txt : 20050509 0000784539-05-000008.hdr.sgml : 20050509 20050509132154 ACCESSION NUMBER: 0000784539-05-000008 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20041229 ITEM INFORMATION: Other Events FILED AS OF DATE: 20050509 DATE AS OF CHANGE: 20050509 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EACO CORP CENTRAL INDEX KEY: 0000784539 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 592597349 STATE OF INCORPORATION: FL FISCAL YEAR END: 1230 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-14311 FILM NUMBER: 05810681 BUSINESS ADDRESS: STREET 1: 2113 FLORIDA BLVD STREET 2: STE A CITY: NEPTUNE BEACH STATE: FL ZIP: 32266 BUSINESS PHONE: 9042494197 MAIL ADDRESS: STREET 1: 2113 FLORIDA BLVD STE A CITY: NEPTUNE BEACH STATE: FL ZIP: 32266 FORMER COMPANY: FORMER CONFORMED NAME: FAMILY STEAK HOUSES OF FLORIDA INC DATE OF NAME CHANGE: 19920703 8-K 1 eaco8k505.txt U.S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report March 2, 2005 (Date of earliest event reported) EACO CORPORATION (Exact name of registrant as specified in its charter) Florida (State or other jurisdiction of incorporation) 0-14311 59-2597349 (Commission File Number) (IRS Employer Identification No.) 2113 Florida Boulevard, Neptune Beach, FL 32266 (Address principal executive offices) (Zip Code) Registrant's telephone number, including area code (904) 249-4197 Item 2.01 Results of Operations and Financial Condition On March 2, 2005, the Company issued a press release reporting operating results and revenues for the fourth quarter and year-to- date periods ended December 29, 2004. Item 9.01. Financial Statements and Exhibits (c) Exhibits. 99.1 Press Release dated March 2, 2005. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. EACO Corporation Date: May 9, 2005 By: /s/ Edward B. Alexander Edward B. Alexander, President/ Chief Operating Officer EXHIBIT INDEX Exhibit No. 99.1 Press Release dated March 2, 2005 issued by EACO Corporation. Exhibit 99.1 Contact: FOR IMMEDIATE RELEASE Stephen Travis Director of Finance (904) 249-4197 March 2, 2005 EACO Corporation Reports Improved Fourth Quarter Results NEPTUNE BEACH, FLORIDA - EACO Corporation (OTCBB:EACO), today reported operating results and revenues for the fourth quarter and year-to-date periods ended December 29, 2004. Fourth quarter 2004 sales increased to $8,656,300 from $8,529,500 for the same period in 2003. Same store sales increased 5.5% for the fourth quarter of 2004 compared to the same period in 2003. Net loss for the fourth quarter was $588,000 compared to $1,182,700 for the same period in 2003. Loss per share for the fourth quarter of 2004 was 15 cents compared to 32 cents for the fourth quarter of 2003. Net loss for the year ended December 29, 2004 was $2,031,600 compared to $2,401,000 for the same period in 2003. Loss per share for this period was 53 cents compared to loss per share of 65 cents for the same period in 2003. Loss from operations and net loss for the twelve months ended December 29, 2004 and December 31, 2003 were impacted by asset valuation charges of $594,200 and $63,100, respectively. These charges were non-cash adjustments to the value of certain restaurant assets, made in accordance with Statement of Accounting Standards No. 144, "Accounting for the Impairment of or Disposal of Long-Lived Assets." In addition, the Company recorded expenses of $199,600 and $274,000 in the fourth quarters of 2004 and 2003 to adjust its expected workers' compensation liability, based on the results of actuarial reviews in both years. Edward Alexander, President and Chief Operating Officer of the Company, remarked, "We continue to be excited about the results of and future potential of our new Whistle Junction concept. Whistle Junction has created tremendous excitement, resulting in the recently-announced offer from Banner Buffet to buy sixteen of the Company's restaurants and develop the concept. Regardless of the outcome of this pending transaction, we think Whistle Junction has a very bright future." EACO Corporation Condensed Consolidated Results of Operations
For The Quarters Ended For The Twelve Months Ended ------------------------------------------------------- December 29, December 31, December 29, December 31, 2004 2003 2004 2003 --------------------------------------------------- Revenues: Sales $8,656,300 $8,529,500 $37,585,600 $37,384,000 Vending revenue 55,500 51,000 213,900 212,200 ---------- ----------- ----------- ----------- Total revenues 8,711,800 8,580,500 37,799,500 37,596,200 ---------- ----------- ----------- ----------- Cost and expenses: Food and beverage 3,260,800 3,262,200 14,249,100 14,251,900 Payroll and benefits 2,906,000 2,922,400 11,741,900 11,678,100 Depreciation and amortization 499,500 478,600 1,975,700 1,990,500 Other operating expenses 1,431,800 1,417,800 6,208,200 6,148,700 General and administrative expenses 561,400 607,900 2,197,300 2,317,300 Franchise fees 199,900 341,000 1,112,000 1,494,400 Asset valuation charge --- 63,100 594,200 63,100 (Gain) loss on store closings and disposition of equipment (57,300) 45,200 76,700 133,100 ---------- ----------- ----------- ----------- 8,802,100 9,138,200 38,155,100 38,077,100 ---------- ----------- ----------- ----------- (Loss) from operations (90,300) (557,700) (355,600) (480,900) Investment (loss) gain 0 (224,800) 12,400 (330,600) Interest and other income 42,000 25,600 115,700 146,200 Interest expense (478,900) (425,900) (1,741,300) (1,735,800) ---------- ----------- ----------- ----------- Loss before income taxes (527,200) (1,182,800) (1,968,800) (2,401,100) Provision for income taxes -- -- -- -- ---------- ----------- ----------- ----------- Net loss ($527,200) ($1,182,800) ($1,968,800) ($2,401,100) ========== =========== =========== =========== Basic loss per share ($0.14) ($0.32) ($0.52) ($0.65) ========== =========== =========== =========== Basic weighted average common shares outstanding 3,882,000 3,706,200 3,813,000 3,706,200 ========== =========== =========== =========== Diluted loss per share ($0.14) ($0.32) ($0.52) ($0.65) ========== =========== =========== =========== Diluted weighted average common shares outstanding 3,882,000 3,706,200 3,813,000 3,706,200 ========== =========== =========== ===========
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