Così Inc. has reported a net loss for its first quarter ended March 28, 2011, of $2.1 million, or $0.04 per basic and diluted common share. The loss is down slightly from the net loss of $3 million, or $0.06 per basic and diluted common share, for the 2010 first quarter.
Così's total revenues for the 2011 first quarter decreased 13 percent to $23.7 million, down from $27.5 million in the 2010 first quarter.
Company-owned net restaurant sales were $23 million for the first quarter compared to $27 million for the 2010 first quarter, primarily related to the sale of 13 company-owned restaurants to a franchisee during the second quarter of 2010.
System-wide same-store restaurant sales for the first quarter increased 1.7 percent as compared to the first quarter of 2010. For the quarter, comps increased 3 percent at company-owned locations and decreased 0.5 percent at franchised locations.
Così reported that as of March 28, 2011 it had cash and cash equivalents of $9,284,000 and virtually no debt other than lease obligations.
