USA: American Restaurant Group reports improved sales, profit, and EBITDA in first quarter 2001
EBITDA for Stuart Anderson's Black Angus Restaurants is $12.1 million, versus $11.6 in prior year, with an EBITDA margin in both years of 14.7%. "`Although same-store-sales are softer due to a generally weaker economic environment, Black Angus EBITDA improved for the quarter by offsetting increased utility expenses with an improved cost of sales and other operating expenses," said Ralph Roberts, American Restaurant Group's Chief Executive Officer. "We have all been through similar economic softness before, and the key to our business is to continue to execute the Black Angus concept to the highest possible level."
As previously announced, in a June 2000 transaction, the Company sold the stock of four subsidiaries (Grandy's, Inc., Local Favorite, Inc., Spectrum Foods, Inc., and Spoons Restaurants, Inc.) to Spectrum Restaurant Group, Inc. (formerly known as NBACo, Inc.). As a result, Black Angus is the only remaining operating entity in the continuing operations of the Company. First quarter selling and administrative expenses continue to improve through the single focus of operating only the Black Angus concept.
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