HOUSTON — Mexican Restaurants Inc. has announced its financial results for the company's 2008 second quarter ended June 29, 2008.
For the second quarter, company-owned same-store sales increased approximately 0.3 percent while franchised-owned same-store sales, as reported by franchisees, increased approximately 1 percent over the same period last year.
Revenues for the quarter increased 0.6 percent to $21 million compared with $20.9 million for the same quarter last year. The slight increase reflects the rise in same-store sales and the addition of two Mission Burrito fast casual restaurants, mostly offset by the sale of the Casa Olé restaurant in Stafford, Texas, in June 2007 and the 20-week closure in the first and second quarters of fiscal 2008 of the Casa Olé restaurant in Vidor, Texas, that was damaged by fire.
The company reported net income of $359,059 compared with net income of $129,882 reported for the second quarter of fiscal year 2007.
For the 26-week period ended June 29, 2008, company-owned comps increased approximately 0.7 percent while franchised-owned comps, as reported by franchisees, increased approximately 2.1 percent over the same quarter last year.
Fiscal year 2008 revenues increased 0.1 percent to $41.4 million.
For the 26-week period, the company reported net income of $434,576 compared with net income of $60,338 for the same period last year. The second quarter and 26-week period ended June 29, 2008, included a before-tax gain on the disposition of assets from the Vidor fire of $149,338 and $275,709, respectively.
Mexican Restaurants Inc. operates and franchises 79 Mexican restaurants. The current system includes 60 company-operated, 18 franchisee-operated and one licensed restaurant.
