Quarterly report pursuant to Section 13 or 15(d)

Segment reporting

v2.4.0.8
Segment reporting
 9 Months Ended
Sep. 30, 2014
Segment reporting [Abstract]  
Segment reporting

Note 17 - Segment reporting:

 

The Company operates in three segments: owned STK units ("STKs"), food and beverage hospitality management agreements ("F&B") and Other concepts ("Other"). We believe STKs, F&B and Other to be our reportable segments as they do not have similar economic or other characteristics to be aggregated into a single reportable segment. Our STK segment consists of leased restaurant locations and competes in the full service dining industry. Our F&B segment consists of management agreements in which the Company operates the food and beverage services in hotels or casinos and could include an STK, which we refer to as managed STK units. We refer to owned STK units and managed STK units together as “STK units”. These management agreements generate management and incentive fees on net revenue at each location. Our Other segment includes owned non-STK leased locations.

  

    Three Months Ended September 30,     Nine Months Ended September 30,  
    2014     2013     2014     2013  
                         
Revenues:                        
STKs   $ 10,375,136     $ 8,695,667     $ 27,807,365     $ 26,732,173  
F&B     1,945,363       2,137,086       6,207,523       5,585,556  
Other     69,685       252,865       915,556       731,389  
                                   
    $ 12,390,184     $ 11,085,618     $ 34,930,444     $ 33,049,118  
                                   
Segment Profits:                                  
STKs   $ 1,564,275     $ 871,410     $ 3,488,507     $ 3,803,113    
F&B     1,945,363       2,137,086       6,207,523       5,585,556    
Other     (176,877 )     (123,582 )     (90,488 )     (438,840 )  
                                   
Total segment profit     3,332,761       2,884,914       9,786,518       8,949,829    
                                   
General and administrative, net     1,922,482       1,080,686       6,024,364       2,973,313    
Depreciation and amortization     327,810       341,529       1,000,464       1,197,431    
Interest expense, net of interest income     (6,268 )     235,507       52,220       614,642    
Other     (224,079 )     810,913       (2,329,785 )     1,012,720    
                                   
Income (loss) from continuing operations before provision for income taxes   $ 1,312,816     $ 416,279     $ 5,039,255     $ 3,151,723    

 

    September 30,     December 31,  
    2014     2013  
             
Property & equipment, net      
STKs   $ 15,103,170     $ 11,893,554  
F&B     160,012       145,364  
Other     1,640,639       1,406,495  
Total   $ 16,903,821     $ 13,445,413