Shells Seafood Restaurants Inc.
A rough fourth quarter left the Tampa restaurant chain in the red for 2003, compared with a profitable 2002. Same store sales at Shells' 28 restaurants, all in Florida, fell 6.5 percent in the quarter ended Dec. 28 and 5.1 percent in 2003. The company said it expects to refinance $2-million in notes that will come due Jan. 31, 2005, or obtain alternative financing, though acknowledging such options may not be available. Shells' cash balance as of Dec. 28 was $724,000, down from $2.5-million a year earlier.
4th Qtr Year Ago
Revenue $9-mil $9.6-mil
Net Income -$1.2-mil -$303,000
Per Share -27 cents -7 cents
2003 2002
Revenue $44-mil $47.2-mil
Net Income -$1-mil $677,000
Per Share -23 cents 7 cents
Wendy's International Inc.
The third-largest U.S. hamburger chain operator reported fourth-quarter earnings increased 28 percent, helped by new menu items, strong sales and a favorable Canadian exchange rate for its Tim Hortons chain. Earnings were 2 cents a share higher than expected.
4th Qtr Year Ago
Revenue $862.4-mil $711.6-mil
Net Income $64.7-mil $50.7-mil
Per Share 56 cents 44 cents
2003 2002
Revenue $3.1-bil $2.7-bil
Net Income $236-mil $219-mil
Per Share $2.05 $1.89
ChevronTexaco Corp.
ChevronTexaco's fourth quarter profit nearly doubled, capping a year in which the oil giant cashed in on high fuel prices to snap out of a malaise. Results exceeded the $1.59 a share expected.
4th Qtr Year Ago
Revenue $30.5-bil $27.1-bil
Net Income $1.7-bil $904-mil
Per Share $1.63 85 cents
2003 2002
Revenue $120-bil $98.7-bil
Net Income $7.2-bil $1.1-bil
Per Share $6.96 $1.07