Sale of restaurants boosts Cosi earnings
August 13, 2010
DEERFIELD, ILL. — Net income at Cosi Inc. in the second quarter ended June 28 rose to $3,793,000, equal to 7c per share on the common stock, driven in large part to a $5,120,000 gain on the sale of 13 company-owned restaurants in Washington, D.C., to a franchisee. This compared with a loss of $969,000 in the second quarter of fiscal 2009.
Total revenues fell 6% to $29,623,000 from $31,636,000 during the previous year. Cosi said company-owned net restaurant sales declined 8% in the quarter, to $28,589,000.
“We are pleased with the continued positive comparable sales trends we saw throughout the second quarter,” said James Hyatt, president and chief executive officer. “We will continue to focus on driving traffic and sales while remaining committed to improving restaurant operating margins and controlling administrative costs.”
For the six months ended June 28, net income was $739,000, or 1c per share, which compared with a loss of $4,295,000 in the same period of fiscal 2009. Net sales were $57,221,000, down 5% from $60,302,000.