Steakhouse Partners, Inc. (Nasdaq: SIZL – news), today reported financial results for the twelve weeks ended June 13, 2000. It also announced that its wholly owned subsidiary Paragon Steakhouse Restaurants, Inc. continues to experience solid earnings growth along with other financial improvements.
Q2 2000 consolidated net income (before one-time charges) of $0.2 million for the twelve weeks ended June 13, 2000 up from a loss of <$2.0> million for the same period in 1999. Consolidated net income reported was <$0.5> million for the twelve weeks ended June 13, 2000. Total non-recurring expenses for the period was <$0.7> million consisting of a 47% reduction in workforce and warehouse consolidation at Pacific Basin Foods and a planned investment in additional training and recruitment for Paragon Steakhouse Restaurants.
Q2 2000 Basic Earnings per share (before one-time charges) $0.06, up from <$.78> per share loss for the twelve weeks ended June 13, 2000 compared to the same period in 1999. Basic Earnings per share reported was <$0.15> for the twelve weeks ended June 13, 2000.
Q2 2000 same store sales for Paragon Restaurants adjusted for promotional coupons was up 5.1% from the comparable twelve weeks of 1999 to $29.9 million for the same 69 stores.
Q2 2000 Paragon net income of $0.6 million for the twelve weeks ended June 13, 2000 up from a loss of <$1.2> million for the same period in 1999.
“The continued improvements in our profitability along with our completed $22 million sale-leaseback transaction will enable Paragon to accelerate our growth plans. Also, we will continue to maximize our profitability via disciplined controls and additional top-line revenue growth,” commented Joseph L. Wulkowicz, Chief Financial Officer of the Company.
Except for the historical information contained herein, this news release contains forward-looking statements, which involve risk and uncertainties, including the risk that actual growth and profitability could differ materially from the results that may be indicated by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the developments and market acceptance of new brands, and market conditions in the steakhouse segment, as well as other risks detailed from time to time in Steakhouse Partner’s SEC reports.