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In a release dated March 11, the company stated:
Fourth Quarter 2008 Financial Results
- Total revenue for the fourth quarter 2008 rose by 10.2 percent to $21.7 million compared to $19.7 million for the fourth quarter of 2007.
- For all the restaurants, the restaurant-level EBITDA margin was 12.9 percent for the fourth quarter of 2008. This represents an increase of 0.9 percent in restaurant-level EBITDA compared to 12.0 percent in the fourth quarter of 2007.
Steve Wagenheim, CEO, said, "We are pleased with the continued results and improvements in the efficiencies of our operation. This past quarter solidified the consistency of the behaviors that are now leading to lower prime costs which are the cornerstone to our margins. As an example, our prime costs, which include cost of food, beverage and labor, in the first two months of 2009 represent an improvement of nearly 8 percent compared to the prior year period and are approaching 62 percent on a consistent basis. Our staff has a lot to be proud of for all the hard work they have put in to improve the stores in the midst of a recession."
- Total cost of sales was $18.9 million in the fourth quarter or 87.1 percent of sales compared to prior year cost of sales of $17.3 million or 88.0 percent of sales. The improvement in the fourth quarter compared to the prior year quarter was due to several factors: First, across-the-board improved execution in labor and food costs helped to drive our prime costs down; second, the ability of many of our new partners hired in the early part of 2008 to begin to gain traction with their stores and meet management initiatives and expectations; and third, the maturing of the new stores that have been opened over the past year.
- General and administrative expenses were $2.7 million or 12.3 percent of sales for the fourth quarter of 2008 compared to $3.0 million or 15.0 percent of sales for the fourth quarter of 2007. Non-cash compensation expense within the general and administrative expense represented 0.6 percent of sales for the fourth quarter of 2008.
- The net loss for the fourth quarter of 2008 was $4.0 million or $(0.25) per share.
Year-to-Date Financial Results
- Revenue increased 26.8 percent to $96.3 million for the fiscal year ended December 30, 2008, compared to $75.9 million for the fiscal year ended December 25, 2007, aided by seven new restaurants and the additional fiscal week in the third quarter of 2008.
- For all the restaurants, the restaurant-level EBITDA margin was 11.8 percent for fiscal year 2008, while the restaurant-level EBITDA margin for comparable restaurants was 12.9 percent. The overall restaurant-level EBITDA margin was negatively impacted by newer restaurants open for less than one year.
- General and administrative expenses were $10.9 million or 11.3 percent of sales for fiscal year 2008 compared to $8.6 million or 11.4 percent of sales for 2007.
- The net loss for fiscal year 2008 was $15.8 million or $(0.97) per share compared to a net loss of $9.6 million or $(0.62) per share for 2007.
((Comments on this story may be sent to newsdesk@closeupmedia.com))
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