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J. Alexander’s Corporation Reports Results for Third Quarter and First Nine Months of 2011 Fiscal Year
NASHVILLE, Tenn.--(BUSINESS WIRE)--November 1, 2011--J. Alexander’s Corporation (NASDAQ: JAX) today reported operating results for the third quarter and first nine months of fiscal 2011 ended October 2, 2011.
A summary of the third quarter of 2011, compared to the third quarter of 2010, follows:
- Net sales increased 5.1% to $36,944,000 from $35,164,000.
- Average weekly same store sales per restaurant increased by 5.0%.
- The loss before income taxes was $927,000 compared to a loss before income taxes of $1,012,000 in the third quarter of 2010.
- An income tax benefit of $321,000 was recorded in the third quarter of 2011 compared to an income tax benefit of $2,490,000 in the third quarter of 2010. The 2010 benefit was primarily the result of an asset cost segregation study performed by the Company which generated additional depreciation deductions that were carried back to offset taxable income in previous years.
- The net loss was $606,000 compared to net income of $1,478,000 in the third quarter of 2010, and the loss per share was $ .10 compared to diluted earnings of $.25 per share in the third quarter of 2010.
Commenting on results for the third quarter of fiscal 2011, Lonnie J. Stout II, Chairman, President and CEO, said, “We posted another excellent period of growth in net sales, our eighth consecutive quarter of same store sales gains. While we were pleased with our sales results, we remain very concerned about continued increases in our input costs and their effect on our cost of sales and operating results.”
For the third quarter of 2011, J. Alexander’s Corporation recorded average weekly same store sales per restaurant of $86,100 (which was the same as average weekly sales per restaurant since all restaurants are currently included in the same store base), up from $82,000 in the corresponding quarter a year earlier.
J. Alexander’s Corporation reported an increase of 0.3% in average weekly guest counts per restaurant from the comparable quarter of 2010. The average guest check, including alcoholic beverage sales for the quarter, rose 4.5% to $26.37 from $25.23 in the previous year’s third quarter. The effect of menu price increases for the quarter just ended was approximately 2.5% compared to the same period a year earlier.
The Company’s increases in same store sales contributed to lower labor and related costs and other restaurant operating expenses as percentages of net sales during the third quarter of the current year compared to the third quarter of 2010. Total labor and related costs decreased to 35.0% of net sales from 35.2% of net sales. Other restaurant operating expenses decreased to 22.8% of net sales from 23.3% of net sales. Depreciation and amortization of restaurant property and equipment also decreased to 4.0% of net sales for the third quarter of 2011 from 4.2% for the third quarter of 2010 because of the increase in same store sales.
The following information was filed by Alexanders J Corp on Tuesday, November 1, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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