Experience > Services
Experience > Services (Restaurants)
CRC reported for the year ended 2002 consolidated sales and resulting EBITDA of $144,398,000 and $14,699,000, respectively. CRC's operating company, Consolidated Restaurant Operations, Inc. (CRO – www.croinc.com), operates 103 company-operated stores and oversees another 36 franchisee or joint venture operated stores in 16 states and Canada, employing 6,000 full and part-time employees.
Under Mr. Harkey's leadership, CRO has formulated and implemented a host of innovative and material operational enhancements, increasing CRC's consolidated EBITDA on a recurring basis by more than $6 million.
We began a consolidation within the restaurant industry in January 1998 by acquiring El Chico Restaurants, Inc. (then NASDAQ:ELCH) and Good Eats Restaurants, Inc. for combined total consideration of $75 million in cash and equity securities. Today, El Chico is CRC's casual dining platform in the Mexican segment of the restaurant industry, with 61 company-operated and 25 franchisee-operated stores in 11 states employing 3,730 full and part-time employees.
In September 1998, we acquired Cool River Restaurants, Inc. for combined total consideration of $12 million in cash and equity securities. Cool River is CRC's casual dining platform in the Steakhouse segment of the restaurant industry, with three company-operated stores in Texas and Colorado employing 587 full and part-time employees.
In January 1999, we acquired Spaghetti Warehouse Restaurants, Inc. (then NYSE:SWH) for total consideration of $62 million in cash. Spaghetti Warehouse is today CRC's casual dining platform in the Italian segment of the restaurant industry. Spaghetti Warehouse possesses 22 company-operated and 10 joint venture operated stores in 9 states and Canada and employs 1,496 full and part-time employees.
On June 26, 2000 CRC acquired III Forks Restaurants, Inc. for total consideration of $10.5 million.