July 13, 1996 |
Shareholders of Summit Family Restaurants Inc. met Friday to vote on a proposed merger with CKE Restaurants, but executives at the two firms declined to release results. "We're not going to say anything until we hear from Summit's board," a CKE Restaurants spokeswoman said. Meanwhile, executives at Salt Lake City-based Summit said late Friday that results of the vote were not yet ready to be released. CKE, the Anaheim-based parent company of the Carl's Jr. chain, had offered $25.
April 17, 1999 |
Former Chrysler Chairman Lee Iacocca said he is stepping down from the board of Koo Koo Roo Enterprises Inc. in order to devote his attention to EV Global Motors, a new venture of which he is chairman and chief executive. Iacocca, 74, will retain his stake in the Irvine-based restaurant company, which also owns the El Torito, Chi-Chi's and Hamburger Hamlet chains.
January 20, 1994
As part of its bankruptcy reorganization, the former Restaurant Enterprises Group sold $450 million in bonds Wednesday in order to retire old debt and pay for the acquisition of 237 Chi-Chi's Mexican-style restaurants. The bonds carried a higher-than-normal interest rate because they were non-investment grade. Investor interest in riskier bonds is stronger these days because the securities pay higher returns than comparable fixed-income securities.
CALIFORNIA | LOCAL
February 9, 1995 |
Michael's Supper Club is back in Dana Point Harbor, replacing Charley Brown's, which closed last month. Owner Michael Zanetis said he hopes the second incarnation of his club will be the solution for the troubled building, which has housed four previous restaurants since its construction in 1983. It also had sat vacant for nearly five years. Zanetis, a San Juan Capistrano resident, has held a sublease on the 13,000-square-foot building at 24399 Dana Drive since 1988.
April 30, 1999 |
Prandium Inc., Irvine-based operator of several restaurant chains, posted a first-quarter loss, but sales increased 18.5%. The company, which recently changed its name from Koo Koo Roo Enterprises, lost $8.4 million, or 5 cents a share, for the three months ended March 28, compared with a year-earlier loss of $8.2 million, or 7 cents a share, on a lower number of shares outstanding. Sales totaled $134.3 million, up from $113.3 million.
December 5, 1996
Driven by strong gains in its third-quarter financial results, CKE Restaurants Inc.'s shares rose by $2.625 to $34.50, a new yearly high. The fast-food chain reported that net income for the third fiscal quarter rose 87% to $5.6 million, or 28 cents a share, from $3 million, or 16 cents a share, for the 1995 period. Revenue for the quarter ended Nov. 4 increased 44% to $162.3 million from $113.1 million. Same-store sales at Carl's Jr.
January 26, 1996
CKE Restaurants Inc. said it boosted the price it will pay for Summit Family Restaurants Inc. by 1.6% to $32.3 million in cash and stock. The amended agreement reflects an increase in the number of shares outstanding in Summit Family, a Salt Lake City restaurant company. Under the amended agreement, CKE, Anaheim-based parent of the Carl's Jr. chain, will pay $2.77 a share in cash and 0.1738 shares of CKE common stock, valued at $2.78 a share. Summit currently has 5.
May 21, 1996 |
Flagstar Cos. of Spartanburg, S.C., will complete its previously announced $300-million acquisition of the Coco's and Carrows chains later this week from Irvine-based Family Restaurants Inc., Flagstar officials said Monday. The deal, announced March 4, would give Flagstar control over more than 800 restaurants in California. Flagstar, which already owns the El Pollo Loco and Denny's chains, is buying a total of 330 Coco's and Carrows units.
May 24, 1996
Flagstar Cos. Inc. has completed its previously announced, $300-million acquisition of the Coco's and Carrows restaurant chains from Irvine-based Family Restaurants Inc., the companies said Thursday. The acquisition of the 330 Coco's and Carrows locations boosted Flagstar's total number of restaurants to more than 2,900 nationwide. The Spartanburg, S.C., company, which also owns the Denny's and El Pollo Loco chains, has more than 300,000 employees and nearly $3 billion in yearly revenue.
August 16, 1998
Anaheim-based GB Foods Corp., which operates the Green Burrito chain and other fast-food restaurants, reported net income of $281,000, or 4 cents a share, for the second quarter, 10% higher than the $256,000, or 4 cents a share, for the second quarter last year. Revenue declined 7% to $1.3 million from $1.4 million. For the six months, the company posted net income of $533,000, or 7 cents a share, a 50% gain from the $355,000, or 5 cents a share, reported for the first half of 1997.