VANCOUVER, April 28 /PRNewswire-FirstCall/ -- Elephant & Castle Group Inc. (OTCBB - PUBSF) today announced results of operations for the thirteen weeks ended March 26, 2006.
Rick Bryant, President and Chief Executive Officer, commented, "Our performance during the first quarter of 2006 was very strong, building further on the growth achieved in 2005. We saw strong sales and profit performance from our comparable stores in both markets. In the US, where same store sales growth was 9.3%, the business has now achieved same store sales growth for 11 successive quarters and 13 quarters of the past 14. In Canada, same store sales growth of 9.5% built further on our improving performance in this market."
He added, "The changes in our store base during 2005, with two openings and three closures, further improved per store average revenues and operating margins, with EBITDA in the first quarter of 2006 growing by 221% to US $687,000. We continue to pursue opportunities for further expansion of our US store base."
Results for the thirteen weeks ended March 26, 2006:
The Company reported a net loss of US $600,000 or US $0.10 basic loss per share for the thirteen weeks ended March 26, 2006 after inclusion of a loss on foreign exchange of US $9,000 and an interest charge of US $715,000. This compares with a loss of US $804,000 or US $0.14 per share for the first quarter of 2005, which included a loss on foreign exchange of US $91,000 and an interest charge of US $653,000. Total revenues for the thirteen weeks ended March 26, 2006 were US $8,243,000 compared with US $6,972,000 for the prior fiscal year.
Elephant & Castle Group Inc. is the premier operator and franchisor of authentic British-style pubs with 23 locations throughout North America.
This news release (as well as information included in oral statements or other written statements made or to be made by the Company) may contain forward-looking statements, such as statements relating to future expansion, that involve risks and uncertainties relating to future events. Actual events or the Company's results may differ materially from the results discussed in the forward-looking statement. The Company does not expect to update forward-looking statements continually as conditions change. These risks and uncertainties include, but are not limited to, those relating to competition, fluctuations and changes in consumer preferences and attitudes, intellectual property protection, development and construction activities. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements contained in the company's Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended December 25th, 2005.
Elephant & Castle Group Inc.
12th Floor, 1190 Hornby Street, Vancouver, BC V6Z 2K5
Ph: (604)-684-6451 Fax: (604)-684-8595
