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Restaurant Industry News
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Friday November 21st, 2008 |
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Mexican Restaurants, Inc. Announces First Quarter Operating Results
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Revenues up 7.9% and Net Income up 13.4%
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For the first quarter ended April 2, 2006, Mexican Restaurants, Inc. (Nasdaq:CASA) reported net income of $765,946 or $0.21 cents per diluted share, compared with net income of $675,147 or $0.18 per diluted share for the first quarter of fiscal 2005. In addition, net income increased 13.4% compared with the first quarter of fiscal 2005.
The Company's revenues for the first quarter of fiscal 2006 increased $1.6 million or 7.9% to $21.7 million compared with $20.1 million for the same quarter in fiscal 2005. Restaurant sales for first quarter 2006 increased $1.6 million or 8.0% to $21.5 million compared with $19.9 million for the first quarter of fiscal 2005. Approximately 62.0% of the increase in revenues reflects positive same-restaurant sales (the ninth consecutive quarter of positive same-restaurant sales). For the first quarter ended April 2, 2006, total system same-restaurant sales increased 4.1%, Company-owned same-restaurant sales increased 5.1% and franchised-owned same restaurant sales increased 1.2%. The remaining increase in restaurant sales reflects new restaurant additions.
Commenting on the Company's first quarter results, Curt Glowacki, Chief Executive Officer, stated, "The Company's first quarter results are indicative of how consumers have continued to respond to our value and service offerings. Same-restaurant sales were up and restaurant margins improved compared with the first quarter in fiscal 2005. During the first quarter of fiscal 2006, we opened one new restaurant in Oklahoma that is exceeding our sales expectations and we signed a lease for a restaurant we plan to open in Texas during the third quarter of fiscal 2006. These results and initiatives are a reflection of our ongoing commitment to generate growth while running a profitable company."
Mexican Restaurants, Inc. operates and franchises 80 Mexican restaurants. The current system includes 61 Company-operated restaurants, 18 franchisee-operated restaurants and one licensed restaurant.
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