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Article: Rainforest Cafe to take charge for development costs; company comments on development plans.
- Article from:
- Business Wire
- Article date:
- March 3, 1997
CopyrightCOPYRIGHT 1997 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MINNEAPOLIS--(BUSINESS WIRE)--March 3, 1997--Rainforest Cafe Inc. (NASDAQ/NMS:RAIN) announced today it will write-off development costs related to previously planned units at Trump Taj Mahal in Atlantic City and Stratosphere in Las Vegas.
The company will record a pretax charge of approximately $1.9 million to first-quarter 1997 earnings, or approximately $.07 per share after tax. The non-recurring charge reflects the write-off of all development costs related to the previously planned units at Trump Taj Mahal and Stratosphere. The charge reflects uncertainty surrounding the company's plans to develop these units.
At Trump Taj Mahal, third-party ...