Steakhouse Partners Reports First Quarter Financial Results
Steakhouse Partners, Inc. (Pink Sheets: STKP) announced financial results for the first quarter ended March 29, 2005.
The net revenue and net income for the first quarter were $13,303,376 and $189,405 or $.03 per share, respectively. Last year, the first quarter net loss was ($113,227) or ($0.03) per share. While net revenue for the first quarter in 2004 was $14,159,399, this included almost $550,000 of net revenue from discontinued operations.
The same store sales decline from the 25 comparable Paragon core restaurants of 3.5% was expected as a result of the Company reducing discounted sales (as a relation to gross revenue) by over 25%. Further, the Company reported that for the first quarter 2005, the Gross Profit percent increased over 30% (10.6% versus 8.1%) and EBITDA increased approximately 50% (6.4% versus 3.9%), from same quarter prior year.
Chairman and CEO A. Stone Douglass said, "I am very pleased with the increased profitability demonstrated by our Company over the last two fiscal quarters." Mr. Douglass continued, "These results confirm that our strategic plans are working and our operating cost reductions are helping to position the Company for future growth."
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 2.5 million meals annually and operates principally under the brand names of Hungry Hunter, Hunter Steakhouse, Mountain Jack's and Carvers.
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