JB's Restaurants Inc., the Salt Lake-based company that operates restaurants in 10 Western states, reported net income of $0.8 million, 16 cents per share, for the third quarter.
This compares with a net loss of $0.1 million, or 3 cents per share, for the same quarter last year, which included an after-tax charge of $0.7 million for costs associated with employee termination benefits.For the full fiscal year, income before one-time charges totaled $2 million, or 40 cents per share, as compared with $0.1 million, or 1 cent per share for the prior year.
Net income, including one-time charges (the write-off of deferred license rights for the "Big Boy" trade name), amounted to $0.4 million, or 8 cents per share, as compared with a net loss of $0.9 million, or 19 cents per share, for the prior year.
JB's Chairman Clark D. Jones said he was pleased at the increase. "Our annual operating earnings improvement over the prior year totals 39 cents per (and) reflect the success of our strategy to focus on and rebuild our core busines," said Jones.
The company generated sales for the quarter of $24.8 million, up from $24.6 million for the same quarter last year. For the current fiscal year, the company's sales totaled $99.6 million, down from $105.4 million the prior year. Jones said the decline "reflects the disposition of underperforming units near the end of the third quarter of the prior year."