Steakhouse Partners Reports Second Quarter Financial Results
Net Revenue for the thirteen weeks and twenty-six weeks ended June 29, 2004 were $14.3 million and $28.5 million, respectively.
Net loss for the quarter and first half of the year were approximately $0.3 million and $0.4 million, respectively with a basic loss per share of $0.07 and $0.09. Normal comparisons cannot be readily made between quarters (2004 versus 2003), as the Company disposed of 20 units during the Company's Chapter 11 proceedings, between the end of the first quarter of 2003 and the end of the first quarter of 2004.
The 25 core restaurants held by the Company had sales of approximately $14.3 million for the second quarter, a comparable increase of 4.7% over same store sales from the previous year's second quarter. For the first half of the year the 25 core restaurants held by the Company had sales of approximately $27.9 million with a comparable increase of 4.4% over same store sales from the previous year. The Company successfully implemented a 3.5% price increase at the end of the second quarter, intended to offset the significant increases in beef and dairy costs that it experienced in the quarter. Also, the Company has improved net revenues by systematically reducing expensive discount coupons by over 11.5%.
Chairman and CEO A. Stone Douglass said, "Our core units maintained positive same store sales increases in consecutive quarters for the first time in over five years. We are proud of the revenue results our core restaurants achieved in our second quarter after reorganization. With increasing net revenue aided by the price increase, we expect the core units to return to profitability."
About Steakhouse Partners, Inc.
Steakhouse Partners, Inc. owns and operates 25 steakhouse full-service restaurants located in 8 states. The restaurants specialize in complete steak and prime rib meals, and also offer fresh fish and other lunch and dinner dishes. The Company serves approximately 3 million meals annually and operates principally under the brand names of Hungry Hunter, Hunter Steakhouse, Mountain Jack's and Carvers. Steakhouse Partners emerged from bankruptcy on December 31, 2003.
Logos, product and company names mentioned are the property of their respective owners.
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