<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
[x] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1995
-------------------------------
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
------------ ------------
Commission File Number 1-9684
------------------
CHART HOUSE ENTERPRISES, INC. 401(k) PLAN
- --------------------------------------------------------------------------------
(Full title of plan)
CHART HOUSE ENTERPRISES, INC.
- --------------------------------------------------------------------------------
(Name of issuer of securities held pursuant to the plan)
115 South Acacia Avenue, Solana Beach, California 92075-1803
- --------------------------------------------------------------------------------
(Address of principal executive offices of issuer of securities)
<PAGE>
CHART HOUSE ENTERPRISES, INC. 401(k) PLAN
FINANCIAL STATEMENTS AND SCHEDULES AS OF
DECEMBER 31, 1995 AND 1994
TOGETHER WITH AUDITORS' REPORT
<PAGE>
SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Plan Administrator has duly caused this annual report to be signed on its behalf
by the undersigned hereunto duly authorized.
CHART HOUSE ENTERPRISES, INC.
By: The 401(k) Plan Committee
Date: June 14, 1996 /s/ TIMOTHY A. HALVERSON
------------------------
Timothy A. Halverson
Chairman
/s/ JOHN L. ANDERSON
------------------------
John L. Anderson
Member
/s/ CANDACE R. FORSYTHE
------------------------
Candace R. Forsythe
Member
/s/ LEWIS M. JACKSON
------------------------
Lewis M. Jackson
Member
/s/ KEITH L. HINDENLANG
------------------------
Keith L. Hindenlang
Member
/s/ STEPHEN J. MCGILLIN
------------------------
Stephen J. McGillin
Member
2
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
----------------------------------------
To Chart House Enterprises, Inc.:
We have audited the accompanying statements of net assets available for plan
benefits of the CHART HOUSE ENTERPRISES, INC. 401(k) PLAN as of December 31,
1995 and 1994, and the related statement of changes in net assets available for
plan benefits, with fund information, for the year ended December 31, 1995.
These financial statements and the schedules referred to below are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements and schedules based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of the Chart
House Enterprises, Inc. 401(k) Plan as of December 31, 1995 and 1994, and the
changes in net assets available for plan benefits, with fund information, for
the year ended December 31, 1995, in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules A and B are
presented for the purpose of additional analysis and are not a required part of
the basic financial statements but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. The fund information in
the statement of net assets available for benefits and the statement of changes
in net assets available for benefits is presented for purposes of additional
analysis rather than to present the net assets available for plan benefits and
changes in net assets available for plan benefits of each fund. These
supplemental schedules, and fund information, have been subjected to the
auditing procedures applied in the audits of the basic financial statements and,
in our opinion, are fairly stated, in all material respects, in relation to the
basic financial statements taken as a whole.
ARTHUR ANDERSEN LLP
San Diego, California
June 14, 1996
<PAGE>
CHART HOUSE ENTERPRISES, INC. 401(k) PLAN
Statements of Net Assets Available for Plan Benefits
As of December 31, 1995 and 1994
<TABLE>
<CAPTION>
1995 1994
----------- -----------
<S> <C> <C>
Cash $ 783 $ 918
---------- ----------
Contributions Receivable -
Company - -
Participant - 365
---------- ----------
- 365
---------- ----------
Investments, at Market Value:
Equity Account 1,781,475 1,145,245
Balanced Account 1,533,739 1,029,543
Income Account 571,427 572,609
Money Market Account 1,135,420 937,176
Company Stock 1,382,595 2,099,539
Contribution and Disbursement 11,825 313
---------- ----------
Total Investments 6,416,481 5,784,425
---------- ----------
Total Assets 6,417,264 5,785,708
Less - Excess Contributions Payable (160,253) (123,245)
Non-Allocable Forfeitures (6,749) (15,724)
Overdeposit of Contribution (2,504) (11,359)
---------- ----------
Net Assets Available for Plan Benefits $6,247,758 $5,635,380
========== ==========
</TABLE>
The accompanying notes are an integral part of these statements.
<PAGE>
CHART HOUSE ENTERPRISES, INC. 401(k) PLAN
Statement of Changes in Net Assets Available
for Plan Benefits
For the Year Ended December 31, 1995
<TABLE>
<CAPTION>
MONEY COMPANY CONTRIBUTION
EQUITY BALANCED INCOME MARKET STOCK DISBURSEMENT TOTAL
----------- ------------ ------------ ------------ ---------- ------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net Assets Available for
Plan Benefits
at Beginning of Year $1,145,839 $1,029,866 $ 571,020 $ 937,166 $1,951,176 $ 313 $ 5,635,380
----------- ------------ ------------ ------------ ---------- ------------- ------------
Contributions -
Company 609 543 257 - 198,893 - 200,302
Participant 421,994 361,915 141,011 194,852 262,395 - 1,382,167
----------- ------------ ------------ ------------ ---------- ------------- ------------
422,603 362,458 141,268 194,852 461,288 - 1,582,469
----------- ------------ ------------ ------------ ---------- ------------- ------------
Dividend Income and Capital
Gain Distributions 13,855 32,046 42,739 40,559 1,131 248 130,578
Net Appreciation
(Depreciation) in
Fair Value of Investments 305,537 251,701 42,046 (1,013) (706,639) 7,488 (100,880)
----------- ------------ ------------ ------------ ---------- ------------- ------------
319,392 283,747 84,785 39,546 (705,508) 7,736 29,698
----------- ------------ ------------ ------------ ---------- ------------- ------------
Net Transfer of Funds 63,184 23,375 (132,976) 203,099 (156,682) - -
----------- ------------ ------------ ------------ ---------- ------------- ------------
Distributions from
Termination,
Withdrawals and Excess
Contributions (169,543) (165,707) (94,259) (239,243) (352,631) 3,776 (1,017,607)
----------- ------------ ------------ ------------ ---------- ------------- ------------
Non-Allocable Forfeitures - - - - 8,963 - 8,963
----------- ------------ ------------ ------------ ---------- ------------- ------------
Overdeposit of Contribution - - 1,589 - 7,266 - 8,855
----------- ------------ ------------ ------------ ---------- ------------- ------------
Net Increase
(Decrease) 635,636 503,873 407 198,254 (738,082) 11,512 611,600
----------- ------------ ------------ ------------ ---------- ------------- ------------
Net Assets Available for
Plan Benefits
at End of Year $1,781,475 $1,533,739 $ 571,427 $1,135,420 $1,213,872 $ 11,825 $ 6,247,758
=========== ============ ============ ============ ========== ============= ============
</TABLE>
The accompanying notes are an integral part of this statement.
<PAGE>
CHART HOUSE ENTERPRISES, INC. 401(k) PLAN
-----------------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
DECEMBER 31, 1995
-----------------
(1) PLAN DESCRIPTION
----------------
Chart House Enterprises, Inc. (the "Company") established the Chart House
Enterprises, Inc. 401(k) (formerly "Thrift") Plan (the "Plan") effective January
1, 1986. The Plan is a defined contribution plan and is subject to the
provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
Participation in the Plan is available to all employees of the Company and its
subsidiaries who have completed at least one year and 1,000 hours of service and
who have reached the age of 21.
Effective January 1, 1988, the Plan was amended to, among other things, permit
participants to make voluntary pre-tax contributions pursuant to Section 401(k)
of the Internal Revenue Code and provide that Company matching contributions be
invested exclusively in common stock of the Company.
Contributions to the Plan are made by the participants and are matched by the
Company. Participants may contribute from 1% to 10% of their gross pay. The
Company will make a basic matching contribution of 25% of the first 5% of a
participant's contribution, not to exceed $1,250 for the Plan year, and will
make a supplemental quarterly matching contribution of an additional 25% of the
first 5% of a participant's contribution if the Company meets or exceeds
targeted results of operations, as determined by the Board of Directors.
Participant contributions are invested by the Plan's trustee in one or more
specified funds (see Note 2) as designated by each participant. Company
contributions are invested solely in shares of the Company's common stock.
Participants are immediately vested in their own contributions and any
investment earnings thereon. Vesting in the Company's matching contributions
and any investment earnings thereon (the "Employer Accounts") is based on years
of continuous service. A participant vests at the rate of 20% per year and
becomes fully vested after five years of continuous service; however, in the
event of termination due to retirement, disability or death, participants become
fully vested regardless of years of service.
Each participant's account is credited with the participant's contributions and
the participant's share of the Company's contributions, together with earnings
and losses thereon. Forfeitures of non-vested amounts resulting from
participants who had terminated employment are to be used solely to offset
future Company matching contributions.
Upon termination of service due to retirement, disability or death, a
participant may elect to receive distribution of benefits in either a lump sum
or an annuity payment. If the termination of services is for any other reason,
distribution of benefits will be made in a lump sum payment.
-1-
<PAGE>
The Company reserves the right to change or terminate the Plan at any time. In
the event of termination of the Plan, the value of each participant's account
will become fully vested and non-forfeitable. The trustee of the Plan will be
directed to pay all liabilities and expenses of the Plan and to distribute the
assets of the Plan to the participants in accordance with the terms of the Plan.
In no event may the assets of the Plan revert to the Company.
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
------------------------------------------
Description and Valuation of Investments
- ----------------------------------------
In October 1992, the Company's Board of Directors adopted a resolution approving
the retention of The Consulting Group, a division of Smith Barney Shearson
Company, (formerly Shearson Lehman Brothers, Inc.) as advisor to the Plan.
Subsequently, four new investment managers were selected to manage new equity,
balanced, income and money market fund alternatives. In connection with this
change, SBS Trust Company, a division of Smith Barney Shearson Company, became
trustee of the Plan, effective July 1, 1993, in place of Merrill Lynch Trust
Company.
Investment funds available to the participants include (1) an equity fund
(managed by Provident Investment Council) which invests primarily in equity
securities with emphasis on capital appreciation; (2) a balanced fund (managed
by Value Line Asset Management) which invests in both common stocks and higher
quality fixed-income securities with equal emphasis on current income and
capital appreciation; (3) an income fund (managed by Howe & Rusling Investment
Management) which invests in high quality debt securities with emphasis on
current income; (4) a money market fund (managed by Boston Safe Deposit and
Trust Company), which invests in short-term U.S. Government Securities with
emphasis on current income to the extent consistent with preservation of
capital; and (5) the Company stock fund.
Plan investments are held by SBS Trust Company under a trust agreement effective
July 1, 1993. Investments in securities (summarized on Schedule A) are valued
at their quoted market prices.
Income Tax Status
- -----------------
The Internal Revenue Service has notified the Plan, by letter dated June 26,
1995, that the Plan as amended is qualified under Section 401(a) of the Internal
Revenue Code. Therefore, in management's opinion, the Plan is exempt from
Federal and state income taxes. Accordingly, no income taxes have been provided
for in the accompanying financial statements.
-2-
<PAGE>
Distributions Due to Terminated Participants
- --------------------------------------------
Account balances for participants that have terminated but have yet to be paid
as of the end of the year have been included in the net assets available for
plan benefits. These amounts will be presented as distributions in the
statement of changes in net assets available for plan benefits when actually
paid. At December 31, 1995 and 1994, such amounts totalled $615,498 and
$410,856, respectively.
(3) ADMINISTRATIVE EXPENSES
-----------------------
The Plan's administrative expenses are paid by the Company. These expenses
include, but are not limited to, trustee, legal and accounting fees.
(4) PARTY-IN-INTEREST AND REPORTABLE TRANSACTIONS
---------------------------------------------
No prohibited transactions with "parties-in-interest", as defined under ERISA,
occurred during 1995.
Five-percent reportable transactions, as defined under ERISA, which occurred
during 1995 are summarized on Schedule B.
-3-
<PAGE>
CHART HOUSE ENTERPRISES, INC. 401(k) PLAN SCHEDULE A
Item 27A - Schedule of Assets Held for Investment Purposes
As of December 31, 1995
<TABLE>
<CAPTION>
EQUITY ACCOUNT
(MANAGED BY PROVIDENT INVESTMENT COUNCIL) Units Market
Asset Description Held Cost Value
- ----------------- ------- --------- ---------
<S> <C> <C> <C>
SHORT TERM INVESTMENTS
Reserve Deposit Acct. (RDA VI) 225,203 $225,203 $226,418
EQUITIES AND CONVERTIBLES
American Intl Group Inc. 187 12,996 17,297
Federal Home Ln Mtg Corp. - Common 145 7,954 12,107
Federal Natl Mtg Assn 570 48,678 70,609
First USA Inc. 480 17,877 21,300
MBNA Corp. 1,160 30,598 42,775
Amgen Inc. 340 17,712 20,187
Cardinal Health Inc. 190 7,776 10,402
Healthsouth Corp. 645 17,650 18,786
Medtronic Inc. 970 31,236 54,199
Merck & Co. Inc. 580 34,465 38,063
Oxford Health Plans Inc. 290 12,101 21,424
Pfizer Inc. 870 39,998 54,810
St. Jude Med Inc. 480 15,919 20,640
United Healthcare Corp. 650 28,803 42,494
Gillette Co. 240 7,669 12,510
Capital Cities ABC Inc. 335 25,564 41,331
Circus Circus Enterprises Inc. 320 10,081 8,920
First Data Corp. 1,642 72,930 109,809
Hospitality Franchise Sys Inc. 430 22,263 35,152
McDonalds Corp. 595 19,572 26,849
Mirage Resorts Inc. 245 8,327 8,452
Paychex Inc. 225 6,725 11,222
Service Corp. Intl. 795 33,381 34,980
Enron Corp. 930 31,290 35,456
Analog Devices Inc. 760 21,076 26,885
Andrew Corp. 422 18,987 16,141
Applied Matls Inc. 740 24,238 29,137
Automatic Data Processing Inc. 220 11,110 16,335
British Sky Broadcasting Group Plc Sponsored ADR 460 11,092 17,308
Cisco Sys Inc. 590 31,093 44,029
Computer Assoc Intl Inc. 900 43,373 51,188
Computer Sciences Corp. 380 21,935 26,695
Danka Business Sys Plc Sponsored ADR 340 7,544 12,580
Frontier Corp. 475 10,770 14,250
Glenayre Technologies Inc. 250 18,230 15,562
Hewlett Packard Co. 590 29,784 49,412
</TABLE>
<PAGE>
CHART HOUSE ENTERPRISES, INC. 401(k) PLAN SCHEDULE A (Continued)
Item 27A - Schedule of Assets Held for Investment Purposes
As of December 31, 1995
<TABLE>
<CAPTION>
EQUITY ACCOUNT - CONTINUED
(MANAGED BY PROVIDENT INVESTMENT COUNCIL) Units Market
Asset Description Held Cost Value
- ----------------- ----------- ----------- -----------
<S> <C> <C> <C>
Intel Corp. 1,140 47,706 64,695
LSI Logic Corp. 335 16,683 10,971
Microsoft Corp. 885 41,285 77,659
Oracle Corp. 1,345 32,823 56,994
3Com Corp. 670 26,023 31,239
Informix Corp. 805 21,624 24,150
SGS-Thomson Microelectronics SHS-NY Registry 350 15,685 14,088
Tyco Intl Ltd. 360 9,343 12,825
Ericsson L M Tel Co. ADR Cl B SEK 10 2,960 37,731 57,720
Autozone Inc. 915 24,553 26,421
CUC Intl Inc. 290 11,124 9,896
Cabletron System Inc. 222 10,842 17,982
MGIC Investment Corp. Wis 330 9,468 17,903
U S Robotics Corp. 350 27,601 30,713
Xilinx Inc. 410 21,584 12,505
----------- -----------
TOTAL EQUITY ACCOUNT $ 1,390,075 $ 1,781,475
=========== ===========
</TABLE>
<PAGE>
CHART HOUSE ENTERPRISES, INC. 401(k) PLAN SCHEDULE A (Continued)
Item 27A - Schedule of Assets Held for Investment Purposes
As of December 31, 1995
<TABLE>
<CAPTION>
BALANCED ACCOUNT
(MANAGED BY VALUE LINE ASSET MANAGEMENT) Units Market
Asset Description Held Cost Value
- ----------------- -------- -------- --------
<S> <C> <C> <C>
SHORT-TERM INVESTMENTS
Reserve Deposit Acct. (RDA VI) 185,853 $186,049 $192,038
GOVERNMENT
United States Treasury Notes 200,000 199,375 212,906
(8/28/95 7 1/4% 2/29/2000)
EQUITIES AND CONVERTIBLES
American Intl Group Inc. 225 15,619 20,812
Fifth Third Bancorp 350 18,462 25,637
Green Tree Financial Corp 800 15,700 21,100
Amgen Inc. 600 20,112 35,625
Cordis Corp. 300 18,075 30,150
Medtronic Inc. 600 22,800 33,525
Merck & Co. Inc. 400 16,163 26,250
Millipore Corp. 600 20,550 24,675
Mylan Labs Inc. 1,050 20,475 24,675
Schering Plough Corp. 500 19,156 27,375
Stryker Corp. 400 17,700 21,000
Coca Cola Co. 300 17,250 22,275
Gillette Co. 500 21,156 26,062
Capital Cities ABC Inc. 400 33,775 49,350
Disney Walt Co. 400 22,200 23,550
La Quinta Inns Inc. 700 14,525 19,162
Manpower Inc Wis 600 17,550 16,875
Office Depot Inc. 700 20,300 13,737
Staples Inc. 750 14,375 18,281
Sysco Corp. 600 16,500 19,500
Clayton Homes Inc. 1,250 18,000 26,719
ADC Telecommunications Inc. 500 15,625 18,250
Andrew Corp. 400 20,500 15,300
Cisco Sys Inc. 500 17,375 37,313
Computer Assoc Intl Inc. 450 17,925 25,594
DSC Communications Corp. 300 18,900 11,062
Danka Business Sys Plc Sponsored ADR 700 19,425 25,900
Emccorp Mass 800 15,400 12,300
Intel Corp. 350 22,794 19,863
Loral Corp. 800 16,400 28,300
Microsoft Corp. 200 18,450 17,550
Motorola Inc. 300 16,350 17,100
</TABLE>
<PAGE>
CHART HOUSE ENTERPRISES, INC. 401(k) PLAN SCHEDULE A (Continued)
Item 27A - Schedule of Assets Held for Investment Purposes
As of December 31, 1995
<TABLE>
<CAPTION>
BALANCED ACCOUNT
(MANAGED BY VALUE LINE ASSET MANAGEMENT) Units Market
Asset Description Held Cost Value
- ----------------- ---------- ---------- -----------
<S> <C> <C> <C>
Oracle Corp. 500 20,688 21,188
Tellabs Inc. 400 13,600 14,800
Teradyne Inc. 800 16,450 20,100
Watkins Johnson Co. 500 22,938 21,875
Alco Std Corp. 600 24,450 27,375
First Miss Corp. 700 10,932 18,550
Firstmiss Gold Inc. 495 6,556 11,014
Great Lakes Chem Corp. 300 20,175 21,600
Praxair Inc. 1,500 32,075 50,438
Arrow Electrs Inc. 400 20,300 17,200
Black & Decker Corp. 1,400 38,225 49,350
Healthcare Compare Corp. 600 18,150 26,100
Thermo Electron Corp. 500 22,000 26,000
Cuc Intl Inc. 700 21,000 23,888
Idex Corp. 600 15,225 24,450
---------- -----------
TOTAL BALANCED ACCOUNT $1,287,775 $ 1,533,739
========== ===========
</TABLE>
<PAGE>
CHART HOUSE ENTERPRISES, INC. 401(k) PLAN SCHEDULE A (Continued)
Item 27A - Schedule of Assets Held for Investment Purposes
As of December 31, 1995
<TABLE>
<CAPTION>
INCOME ACCOUNT
(MANAGED BY HOWE & RUSLING INVESTMENT
MANAGEMENT) Units Market
Asset Description Held Cost Value
- ----------------- ---------- ---------- -----------
<S> <C> <C> <C>
SHORT-TERM INVESTMENTS
Reserve Deposit Acct. (RDA VI) 18,858 $ 18,858 $ 27,900
GOVERNMENT
United States Treasury Notes 40,000 43,737 41,925
(7 1/8% 10/15/98)
United States Treasury Notes 100,000 113,688 108,719
(7 7/8% 11/15/1999)
United States Treasury Notes 25,000 26,539 28,375
(8 7/8% 5/15/2000)
United States Treasury Notes 50,000 52,680 55,071
(7 1/2% 11/15/2001)
United States Treasury Notes 50,000 49,398 52,164
(6 1/4% 2/15/2003)
United States Treasury Notes 35,000 32,185 35,738
(5 7/8% 2/15/2004)
United States Treasury Notes 25,000 26,617 27,750
(7 1/4% 5/15/2004)
United States Treasury Bonds 100,000 123,844 128,516
(9 3/8% 2/15/2006)
CORPORATE
Xerox Cr Corp Note (10% 4/01/99) 25,000 29,947 27,987
Philip Morris Co. Inc. Notes (7 1/8% 12/01/1999) 25,000 26,403 25,967
Ford Motor Co. Del (9% 9/15/2001) 10,000 11,904 11,315
---------- -----------
TOTAL INCOME ACCOUNT $ 555,800 $ 571,427
========== ===========
</TABLE>
<PAGE>
CHART HOUSE ENTERPRISES, INC. 401(k) PLAN SCHEDULE A (Continued)
Item 27A - Schedule of Assets Held for Investment Purposes
As of December 31, 1995
<TABLE>
<CAPTION>
MONEY MARKET ACCOUNT
(MANAGED BY BOSTON SAFE DEPOSIT & TRUST CO.) Units Market
Asset Description Held Cost Value
- ----------------- ---------- ---------- -----------
<S> <C> <C> <C>
Reserve Deposit Acct. (RDA VI) 11,512 11,512 11,825
Employee Benefit Deposit Acct. (EBDA) 1,131,668 $1,131,668 $1,135,420
---------- -----------
TOTAL MONEY MARKET ACCOUNT $1,143,180 $1,147,245
========== ===========
COMPANY STOCK ACCOUNT
Units Market
Asset Description Held Cost Value
- ----------------- ---------- ---------- -----------
SHORT-TERM INVESTMENTS
Reserve Deposit Acct. (RDA VI) 17,500 $ 17,500 $ 17,583
EQUITIES AND CONVERTIBLES
Chart House Enterprises, Inc. 227,502 1,853,907 1,365,012
---------- -----------
TOTAL COMPANY STOCK ACCOUNT $1,871,407 $1,382,595
========== ===========
TOTAL INVESTMENTS HELD $6,248,237 $6,416,481
========== ===========
</TABLE>
<PAGE>
CHART HOUSE ENTERPRISES, INC. 401(k) PLAN SCHEDULE B
Item 27D - Schedule of Reportable Transactions
For the Year Ended December 31, 1995
SERIES OF TRANSACTIONS
- ----------------------
<TABLE>
<CAPTION>
Number in Series Dollar Value Of
Identity of ----------------- ---------------------- Net Gain
Party Involved Asset Description Purchases Sales Purchases Sales Cost (a) (Loss)
- --------------- -------------------- --------- ----- ---------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Chart House
Enterprises, Inc. Common Stock 17 27 $ 411,923 $ 361,700 $ 385,139 ($ 23,439)
SBS Trust Co. Reserve Deposit Account
(RDA VI) 388 293 2,990,229 2,907,542 2,907,542 -
SBS Trust Co. Employee Benefit Deposit
Account (EBDA) 81 56 485,765 288,304 288,304 -
</TABLE>
(a) Cost was equal to market value on transaction date.
<PAGE>
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
-----------------------------------------
As independent public accountants, we hereby consent to the incorporation
of our report included in this Annual Report on Form 11-K for the Chart House
Enterprises, Inc. 401(k) Plan into the Chart House Enterprises Inc.'s previously
filed Registration Statement File No. 33-34947 for the Plan.
ARTHUR ANDERSEN LLP
San Diego, California
June 14, 1996
