West Palm Beach, FL - The Cooker Restaurant Corporation announced record first quarter sales and earnings. Sales for the quarter of $40.4 million were 24% better than last year. Net income after tax of $2.3 million was up 65% from last year's first quarter adjusted for the cumulative effect of a change in the accounting for start up expenses. Excluding the impact of the accounting change, the first quarter net income after tax was 22% better than last year.
Earnings per share (diluted) of $.23 were 64% better than last year. Excluding the impact for the accounting change this year's $.23 earnings per share (diluted) is 21% better than last year.
Phil Pritchard, President and C.O.O., commenting on first quarter performance noted that same store sales in the first quarter were .2% above last year. He also stated that sales at new units not yet in the same store sales base were especially strong, raising the all store average unit sales by .6% over last year's first quarter.
Mr. Pritchard went on to say he was pleased with first quarter expense control. Both Cost of Goods Sold and Store Labor Expense (as a percent of sales) were below last year. Store Operating Expense while above last year's first quarter was down from recent trends. The decrease in General and Administrative Expense (as a percent of sales) is due to lower new store pre- opening expense.
At the end of the first quarter the Company operated sixty-two "Cooker Bar and Grille" restaurants in ten states. During the first quarter new units opened in Augusta, GA and Troy (Detroit), MI. In April new units will open in West Palm Beach and Tallahassee, FL. Four additional sites are expected to open in the last half of the year.
Cooker Bar and Grille restaurants are designed to provide a warm, comfortable and friendly environment. The menu offers a wide variety of appetizers, soups, and salads as well as chicken, fish, beef, pork, and pasta entrees, sandwiches and desserts. Most of these items are prepared from scratch daily using original recipes and fresh ingredients. Portion sizes are generous and service is prompt, friendly and efficient. With prices from $4.95 to $14.95 and a "100% Satisfaction Guarantee" Cooker provides an attractive value.
Meat Industry Insights News Service
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