Cara Finishes The Year Strongly With Improved Fourth Quarter Results.
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Cara Finishes The Year Strongly With Improved Fourth Quarter Results.
Business Editors
TORONTO--(BUSINESS WIRE)--May 30, 2002 Cara Operations Limited Cara Operations Limited Report to Shareholders For the Fourth Quarter ended March 31, 2002 with comparative figures for the Fourth Quarter ended April 1, 2001 Cara Operations Limited ("Cara") today announced its operating results for the Fourth Fiscal Quarter of 2002 being the 16-week period ended March 31, 2002 (the "Fourth Quarter" or the "Quarter"). Cara finished Fiscal 2002 strongly, reporting Fourth Quarter system sales of $475.6 million and gross revenues of $307.1 million reflecting year-over-year growth of 9.8% and 5.8%, respectively. Net earnings and earnings per share for the Quarter improved to $10.1 million and 11 cents per share respectively compared to $9.9 million and 10.7 cents respectively reported last year. "We are pleased with the manner in which the Fourth Quarter operating results rebounded from the Third Quarter and with the year-over-year improvement. This positive performance was largely attributable to the cost reductions implemented at Airline Services in the Third Quarter to counteract the negative impact of last year's slowing economy and the events of September 11th, 2001, as well as the continued profitable growth of our recognized restaurant brands. Notwithstanding the significant adverse impact that the after-shock of September 11th had on the results of our Airline Services Division, Cara reported its second most profitable year on record (when measured by EPS). This fact underscores the evolutionary change that has occurred at Cara over the last few years, and we want to thank all our teammates and operating associates for their exemplary efforts and dedication towards this achievement. Subsequent to the year-end, we completed the sale of our Heathcare Services Division to Compass Group Canada for total proceeds of approximately $30 million, and in addition, in a transaction having a total value of $34.4 million announced our intention to exchange our existing interest in The Spectra Group of Great Restaurants Inc. ("Spectra") for a controlli...See the full content of this document
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