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 May 11, 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 May 11, 2005, the Company announced operating results for the
first quarter of 2005.
Item 9.01. Financial Statements and Exhibits
(c) Exhibits.
99.1 Press Release dated May 11, 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 12, 2005 By: /s/ Edward B. Alexander
Edward B. Alexander, President/
Chief Operating Officer
EXHIBIT INDEX
Exhibit No.
99.1 Press Release dated May 11, 2005 issued by EACO
Corporation.
Exhibit 99.1
Stephen Travis
Director of Finance May 11, 2005
(904) 249-4l97
EACO CORPORATION REPORTS
BEST QUARTERLY RESULTS IN THREE YEARS
______________________
NEPTUNE BEACH, FLORIDA - EACO Corporation (OTCBB:EACO), today
reported revenues and operating results for the first quarter
ended March 30, 2005.
Same store sales increased 0.4% for the first quarter of 2005
compared to the same period in 2004, the Company's sixth
consecutive quarterly increase. Total first quarter 2005 sales
decreased to $10,026,600 from $10,259,300 for the same period in
2004, due to the disposal of two under-performing restaurants
since the comparable period in 2004.
Net income for the first quarter of 2005 was $258,200 ($.07 per
share) compared to a net loss of $330,700 ($.09 per share) for the
same period in 2004, which included an asset valuation charge of
$594,200. This marked the Company's best quarterly performance
since the first quarter of 2002.
Edward B. Alexander, President of the Company, remarked "We
continue to be pleased with the transformation of our restaurants
to our Whistle Junction and Florida Buffet concepts. We have
completed two Whistle Junction remodels and one Florida Buffet
remodel so far in 2005, and each one has produced sales increases
to date. We look forward to completing this transformation."
EACO Corporation
Consolidated Statements of Operations
(Unaudited)
For the Quarter Ended
--------------------------
March 30, March 31,
2005 2004
--------------------------
Revenues:
Sales $10,026,600 $10,259,300
Vending revenue 48,800 49,000
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Total revenues 10,075,400 10,308,300
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Costs and expenses:
Food and beverage 3,747,400 3,851,300
Payroll and benefits 2,810,100 2,893,500
Depreciation and amortization 500,400 490,600
Other operating expenses 1,560,100 1,470,700
General and administrative expenses 610,800 621,600
Franchise fees 174,200 371,200
Asset valuation charge 0 594,200
Loss on disposition of equipment 19,200 12,200
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Total costs and expenses 9,422,200 10,305,300
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Earnings from operations 653,200 3,000
Investment gain 0 23,900
Interest and other income 56,200 53,400
Interest expense (451,200) (411,000)
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Earnings (loss) before
income taxes 258,200 (330,700)
Provision for income taxes 0 0
----------- -----------
Net income (loss) $258,200 (330,700)
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Basic earnings (loss) per share $0.07 ($0.09)
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Diluted earnings (loss) per share $0.07 ($0.09)
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