-----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, BnWlt0zOgrwu03kEGps8dWwLTxJdyKBLGyCNR30QcjYsupYMKMbpmSOFikSNZ2HK WWli1p3nM4FlDlZVN60HeA== 0000784539-06-000003.txt : 20060309 0000784539-06-000003.hdr.sgml : 20060309 20060309152250 ACCESSION NUMBER: 0000784539-06-000003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20051228 ITEM INFORMATION: Other Events FILED AS OF DATE: 20060309 DATE AS OF CHANGE: 20060309 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: 06676022 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 eaco8k405.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 7, 2006 (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) 241-9798 Item 8.01. Other Events On March 7, 2006, EACO Corporation issued a press release announcing operating results for the fourth quarter and fiscal year ended December 28, 2005. Item 7. Financial Statements and Exhibits (c) Exhibits. 99.1 Press release dated March 7, 2006. 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: March 9, 2006 By: /s/ Edward B. Alexander Edward B. Alexander, President/ Chief Operating Officer EXHIBIT INDEX Exhibit No. 99.1 Press release dated March 7, 2006 issued by EACO Corporation. EX-99 2 eacoex991.txt Exhibit 99.1 EACO Corporation EACO Corporation 2113 Florida Boulevard Neptune Beach, Florida 32266 (904) 241-9798 Fax: (904) 241-9936 Contact: FOR IMMEDIATE RELEASE Edward B. Alexander President (904) 241-9798 March 7, 2006 EACO CORPORATION REPORTS FOURTH QUARTER AND FISCAL YEAR 2005 RESULTS NEPTUNE BEACH, FLORIDA - EACO Corporation (OTCBB:EACO), today reported operating results for the fourth quarter and year ended December 28, 2005. For the year ended December 28, 2005, net income was $9,353,700 ($1.91 per share) compared to a net loss of $2,031,600 ($0.53 per share) for the same period in 2004. As previously announced, the Company recognized a gain of $10,035,200 (net of income tax) during 2005 on the sale of all of its operating restaurants in 2005. Net loss for the fourth quarter was $814,900 ($0.21 per share) compared to a net loss of $589,900 ($0.15 per share) for the same period in 2004. Loss from continuing operations (net of income tax) for the fourth quarter was $232,000 ($0.06 per share) compared to $330,200 ($0.08 per share) in 2004. Loss from continuing operations for the year ended December 28, 2005 was $596,400 ($0.12 per share) compared to a loss of $1,306,300 ($0.34 per share) in 2004. Loss from discontinued operations, net of income tax was $582,900 ($0.15 per share) for the fourth quarter of 2005 compared to a loss of $259,700 ($0.07 per share) in 2004. Income from discontinued operations for the year ended December 28, 2005 was $9,950,100 ($2.03 per share) compared to a loss of $725,300 ($0.19 per share) in 2004. Net losses in the fourth quarter included approximately $309,000 in workers' compensation expense resulting from an actuarial study of the Company's outstanding claims, as well as recognized losses of $294,000 recorded on securities investments during the quarter. Without the workers' compensation expense and recognized losses, the net loss in the fourth quarter would have been approximately $212,000 ($0.05 per share). As previously announced, at the time of the sale of its restaurants, the Company had approximately $10 million in cash to redeploy. A portion of this redeployment was accomplished with of the purchase of the Sylmar, California property for $8.3 million, consisting of approximately $6.5 million in cash and $1.8 million in long-term debt. The Company continues to seek out other acquisitions or investments that it believes will enhance shareholder value.
EACO Corporation Consolidated Results of Operations For The Quarters Ended For The Year Ended --------------------------------------- - --------------- December 28, December 29, December 28, December 29, 2005 2004 2005 2004 --------------------------------------- - ---------------- Revenues: Rental income $104,100 $32,800 $216,400 $131,100 ---------- ----------- ----------- - ----------- Total revenues 104,100 32,800 216,400 131,100 ---------- ----------- ----------- - ----------- Cost and expenses: Asset impairment charge 31,000 -- 31,000 - -- Depreciation and amortization 64,200 77,800 248,000 276,000 General and administrative expenses 280,100 304,700 1,049,200 1,145,100 ---------- ----------- ----------- - ----------- Total costs and expenses 375,300 382,500 1,328,200 1,421,100 ---------- ----------- ----------- - ----------- Loss from operations (271,200) (349,700) (1,111,800) (1,290,000) Investment (loss) gain (294,000) (1,900) (235,900) 10,500 Interest and other income 227,800 57,300 530,200 119,400 Interest expense (34,800) (35,900) (139,300) (146,200) ---------- ----------- ----------- - ----------- Loss from continuing operations before income taxes (372,200) (330,200) (956,800) (1,306,300) Income tax benefit 140,200 -- 360,400 - -- ---------- ----------- ----------- - ----------- Loss from continuing operations (232,000) (330,200) (596,400) (1,306,300) ---------- ----------- ----------- - ----------- Discontinued operations: Loss on discontinued operations, net of income tax (582,900) (259,700) (85,100) (725,300) Gain on sale of discontinued operations, net of income tax -- -- 10,035,200 - -- ---------- ----------- ----------- - ----------- Income (loss) from discontinued operations (582,900) (259,700) 9,950,100 (725,300) ---------- ----------- ----------- - ----------- Net income (loss) (814,900) (589,900) 9,353,700 (2,031,600) Cumulative preferred stock dividend (19,100) (6,300) (76,500) (6,300) ---------- ----------- ----------- - ----------- Net income (loss) available (attributable) to common shareholders ($834,000) ($596,200) $9,277,200 ($2,037,900) ========== =========== =========== ========== Basic income (loss) per share: Continuing operations ($0.06) ($0.08) ($0.15) ($0.34) Discontinued operations (0.15) (0.07) 2.55 (0.19) ---------- ----------- ----------- - ----------- Net income (loss) ($0.21) ($0.15) $2.40 ($0.53) ========== =========== =========== =========== Basic weighted average common shares outstanding 3,906,800 3,881,500 3,889,900 3,790,000 ========== =========== =========== =========== Diluted income (loss) per share Continuing operations ($0.06) ($0.08) ($0.12) ($0.34) Discontinued operations (0.15) (0.07) 2.03 (0.19) ---------- ----------- ----------- - ----------- Net income (loss) ($0.21) ($0.15) $1.91 ($0.53) ========== =========== =========== =========== Diluted weighted average common shares outstanding 3,906,800(A) 3,881,500(A) 4,906,700 3,790,000(A) ========== =========== =========== =========== (A) Does not include impact of Preferred Stock convertible into Common Shares because of their anti-dilutive effect.
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