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Restaurant Industry News
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Friday November 21st, 2008 |
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Mexican Restaurants, Inc. Announces Third Quarter Operating Results
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For the third quarter ended October 1, 2006, Mexican Restaurants, Inc. (Nasdaq:CASA) reported net income of $375,389 or $0.10 per diluted share, compared with third quarter 2005 net income of $31,195 or $0.01 per diluted share. |
For the 39-week period ended October 1, 2006, the Company reported net income of $2,147,803 or $0.59 per diluted share, compared with net income of $1,208,516 or $0.32 per diluted share for the 39-week period of fiscal 2005.
During the third quarter of fiscal 2005, the Company estimates that it lost $1.0 million in revenues due to the impact of Hurricane Rita. Therefore, quarterly comparisons of same-store sales for the third quarter of fiscal 2006 required the use of actual 2005 sales up to September 22 and estimates for the final two weeks based on fiscal year 2004.
The Company's revenues for the third quarter of fiscal 2006 increased $1.3 million or 6.3% to $21.0 million compared with $19.8 million for the same quarter in fiscal 2005. Restaurant sales for third quarter 2006 increased $1.2 million or 6.3% to $20.8 million compared with $19.6 million for the third quarter of fiscal 2005. The increase in revenue reflects net new restaurant additions less a decline in same restaurant sales. For the third quarter ended October 1, 2006, total system same-restaurant sales decreased approximately 0.8%, Company-owned same-restaurant sales decreased approximately 0.9% and franchised-owned same restaurant sales decreased approximately 0.4%.
On a year-to-date basis, the Company's revenue was up $4.1 million or 6.8% to $64.4 million compared with $60.3 million for the same 39-week period in fiscal 2005. Restaurant sales for the 39-week period ended October 1, 2006 increased $3.9 million or 6.6% to $63.7 million compared with $59.8 million for the same 39-week period of fiscal 2005. Approximately $2.1 million of the increase in restaurant sales reflects new restaurant additions, with the remainder of the increase reflecting positive same-restaurant sales growth. For the 39-week period ended October 1, 2006, total system same-restaurant sales increased approximately 0.9%, Company-owned same-restaurant sales increased approximately 1.7% and franchised-owned same-restaurant sales decreased approximately 1.9%.
Commenting on the Company's third quarter results for fiscal 2006, Curt Glowacki, Chief Executive Officer, stated, 'Despite solid fundamentals and continued improvements in service and value propositions, this has been a quarter with many challenges. Sales momentum slowed due to shrinking consumer discretionary spending, while profit margins were impacted by rising utility costs and higher insurance premiums due to Hurricane Rita. Notwithstanding, we are confident about our future with the acquisition of Mission Burritos, a new fast casual concept; and our cost control measures should insulate us from continued volatility in the marketplace.'
Mexican Restaurants, Inc. operates and franchises 82 Mexican restaurants. The current system includes 63 Company-operated restaurants, 18 franchisee operated restaurants and one licensed restaurant.
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