Mexican Restaurants, Inc. Announces 2010 Second Quarter Operating Results (NASDAQ: CASA)
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.
For the Company’s 2010 second quarter ended July 4, 2010, the Company reported a net loss of $102,524 or $0.03 per diluted share, compared with a net loss of $207,937 or $0.06 per diluted share for the second quarter of fiscal year 2009. For the 26-week period ended July 4, 2010, the Company reported a net loss of $501,670 or $0.15 per diluted share, compared with a net loss of $28,083 or $0.01 per diluted share for the 26-week period ended June 28, 2009.
The decrease in restaurant revenues primarily reflects a decrease in same-store sales. For the 13-week and 26-week periods ended July 4, 2010, Company-owned same-restaurant sales decreased approximately 7.1% and 9.4%, respectively. Franchised-owned restaurant sales, as reported by franchisees, decreased approximately 6.6% and 8.8%, respectively, over the same respective periods in fiscal 2009. We believe these decreases are a result of the continued weakness in the economy and its impact on consumers’ dining habits.
Commenting on the Company’s second quarter results, Curt Glowacki, Chief Executive Officer, stated, “Our second quarter results continue to reflect a weak economy and the impact it has on consumers’ dining habits. Declining same-store sales continues to be our biggest obstacle to returning to profitability, as cost leverage is lost when same-store sales decline. We believe the best response to this economic downturn is to stay focused on our customers. Late last year, we initiated a program to retrain all of our employees that emphasizes hospitality, service standards, salesmanship, food preparation and consistency, all within well-maintained and clean restaurants. We believe that program is beginning to make an impact.”
Mexican Restaurants, Inc. operates and franchises 72 Mexican restaurants. The current system includes 55 Company-operated restaurants, 16 franchisee operated restaurants and one licensed restaurant.
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