Newspaper article THE JOURNAL RECORD

Eateries Inc. Files Initial Common Stock Offering

Newspaper article THE JOURNAL RECORD

Eateries Inc. Files Initial Common Stock Offering

Article excerpt

An initial offering of 700,000 shares of common stock at $3.25 to $3.75 per share for expansion has been filed with the Sec urites and Exchange Commission by Eateries Inc. of Oklahoma City, headed by Chairman and President Vincent F. Orza Jr.

Eateries Inc., which was started in June 1984, has develped five restaurants in the Oklahoma City metropolitan area, including four under the name of Garfield's Restaurant & Pub, plus The Steak Joint at 7628 N. May Ave.

The proceeds of the offering, which was underwritten by Fitzgerald, DeArman & Roberts Inc. of Tulsa, would include $1.4 million for the construction and development of seven restaurants, according to the prospectus.

In addition, the prospectus said the use of the proceeds would include $216,000 for reduction of long-term debt, $200,000 for additional personnel and $50,000 to remodel and re-equip existing restaurants.

The market objective is to expand the two restaurant concepts within the Midwest and Southwest, and eventually within the continental United States and Canada, the prospectus said.

Potential expansion cities were listed as Tulsa, Kansas City, Phoenix, Des Moines, Omaha, Wichita, Colorado Springs, Austin and San Antonio.

The 700,000 shares in the offering amount to 37 percent of the outstanding shares. The other 1,170,000 shares, or 63 percent, are owned by exisiting shareholders, the prospectus said.

The owners of these shares, listed by the prospectus, include Vincent and Patricia L. Orza with 450,000 shares, or 24.06 percent after the offering; Edward D. Orza of New City, N.Y. (executive vicepresident, treasurer and director) with 450,000, and James M. Burke (vice president of operations) with 100,000 shares, or 5.35 percent.

In 1985, the first full year of operation, Eateries Inc. had a net loss of $21,290 on total revenues of $1.7 million, according to the prospectus. That included two Garfield's restaurants in Edmondand at 10109 N. …

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