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
========== =========== =========== ===========