JB's Restaurants Inc. announced net income for its second fiscal quarter ended March 11 of $259,000 or 6 cents per share, down from $284,000, or 6 cents per share, for the same period last year.
Net income for the first half of the current fiscal year was $466,000, or 10 cents per share, down from $524,000, or 10 cents per share, for the first six months last year.The company, based in Salt Lake City, said the current year earnings per share reflect the effect of the 500,000 share repurchase program completed in the fourth quarter last year.
Revenues for the second quarter were $27.03 million, a 10.3 percent increase over the $24.51 million for the same quarter last year. For the first half, revenues increased 11.4 percent to $54.26 million, up from $48.70 million. The company said the increase reflects store expansion as same store sales decreased 0.7 percent compared with the year-ago quarter and are down 0.3 percent for the first half.
One new JB's restaurant opened during the quarter and one closed, bringing the total company-operated JB's restaurants to 133 at the end of the current quarter as compared with 121 at the end of the prior year quarter.
"The first half of the fiscal year presented some difficult challenges for our company and the industry as a whole," said Fred Gonzales, president and chief operating officer.
"The Persian Gulf crisis, a declining economy and a continuing competitive market have all had a negative effect on the restaurant business. However, we have programs in place to increase revenues and have effectively controlled our costs which will improve future results," he said.