Salt Lake-based JB's Restaurants Inc. reported net income for its fourth fiscal quarter ended Sept. 24 of $1.04 million, or 23 cents per share, up from $972,000, or 20 cents per share, for the same quarter last year.
For the full fiscal year, the company reported net income of $2.60 million, or 54 cents per share, up from $2.36 million, or 47 cents per share, for the prior year.Fourth quarter revenues increased 8.2 percent to $29 million reflecting the combination of a 3.2 percent increase in same-store sales and additional revenue from the opening of new restaurants.
Company-operated restaurants open at the end of the quarter totaled 131, up from 119 last year. Annual revenues increased 5 percent to a record $114.8 million primarily reflecting the opening of 15 new restaurants during the year.
"Successful marketing and effective cost control resulted in a 10 percent increase in net income while earnings per share increased 15 percent reflecting the effect of the company's repurchase of 500,000 shares of its common stock," said Fred P. Gonzales, president.
Chairman Clark D. Jones the company's objective in the 1990s is to achieve a 20 percent average annual growth rate in earnings per share while improving return on equity.
". . . we can achieve these goals as we continue to focus on the execution of our strategies," he said.