Restaurant News Resource - Mexican Restaurants Restaurant Industry News

The Board of Directors of Mexican Restaurants, Inc. announced it has taken definitive action to voluntarily delist its common stock on NASDAQ. Subsequent to the delisting, the Company intends to deregister its common stock and suspend its reporting obligations under the Securities Exchange Act of 1934.

Our restaurant revenues for the 13-week and 26-week periods of fiscal year 2010 decreased $1.2 million or 6.6% and $3.3 million or 9.0% to $16.9 and $33.8 million, respectively, compared with revenues of $18.1 and $37.1 million for the same respective periods in fiscal year 2009.

The board of directors of Mexican Restaurants, Inc. announced the formation of a special committee comprised of five independent directors to explore and evaluate alternatives available to reduce the cost burdens of being a publicly traded company, including whether to discontinue its listing on Nasdaq and to terminate its registration under the Securities Exchange Act of 1934.

For the Company’s 2010 first quarter ended April 4, 2010, Mexican Restaurants (NASDAQ:CASA) reported a net loss of $399,147 or $0.12 per diluted share, compared with net income of $179,853 or $0.05 per diluted share for the first quarter of fiscal year 2009.

For the fiscal year ended January 3, 2010, Mexican Restaurants (NASDAQ: CASA) reported a net loss of $848,699 or ($0.26) per diluted share. This compared with a net loss of $3,987,011 or ($1.22) per diluted share for fiscal year 2008.

Revenues for the third quarter of fiscal year 2009 decreased $381,636 or 2.2% to $17.3 million compared with $17.7 million for the same quarter in fiscal year 2008.

Company reported a net loss of $207,937 or $0.06 per diluted share, compared with a net income of $359,059 or $0.11 per diluted share for the second quarter of fiscal year 2008.

For the Company's 2009 first quarter ended March 29, 2009, the Company (NASDAQ:CASA) reported net income of $179,853 or $0.05 per diluted share, compared with a net income of $75,517 or $0.02 per diluted share for the first quarter of fiscal year 2008.

Mexican Restaurants announced the sale today of its La Senorita concept, comprising five restaurants and one franchisee restaurant in the State of Michigan, to Hacienda Mexican Restaurants for $2.6 million in cash.

For the fiscal year ended December 28, 2008, Mexican Restaurants reported a net loss of $3,987,011 or ($1.22) per diluted share.