StratAmerica Corp. reported rec-ord consolidated net income of $318,000 for the three months ended June 30, a 62 percent increase over the $200,000 earned in the same period last year.
Revenues for the period were $6.20 million, an increase of 13 percent as compared to $5.40 for the same quarter last year. Earnings of 1 cent per share for the comparable quarters remained the same.Income from continuing operations increased $57,000 for the first quarter of 1988 when compared to the first quarter of 1987. The company attributes the increase to higher restaurant sales and improved operations at Shari's Restaurants for the period.
StratAmerica Corp., holding company of former Utah Jazz owner Sam Battistone, acquired 85 percent of Shari's Management Corp. in 1985 as part of its food service development program. Shari's Management Corp. operates 25 Shari's Restaurants in Oregon and Washington. Twelve additional locations are licensed to Restaurants Etc. in several Western states.
Three additional Shari's are scheduled to open during this fiscal year, the company said. Two new Shari's will open late this year in Tacoma, Wash., and one in Hillsboro, Ore., will open early next year.