Prandium in Red for Quarter, but Sales Up
Prandium Inc., Irvine-based operator of several restaurant chains, posted a first-quarter loss, but sales increased 18.5%.
The company, which recently changed its name from Koo Koo Roo Enterprises, lost $8.4 million, or 5 cents a share, for the three months ended March 28, compared with a year-earlier loss of $8.2 million, or 7 cents a share, on a lower number of shares outstanding. Sales totaled $134.3 million, up from $113.3 million.
Despite the loss, the company said it was encouraged by improved performances of its El Torito and Chi-Chi chains. Sales of El Torito and Chi-Chi restaurants open at least a year increased 1.9%, compared with an increase of 0.1% a year ago, Prandium said.
Company officials said the loss stemmed largely from $11.8 million in “restructuring and other charges†related to its merger late last year. In October, privately held Family Restaurants Inc. merged with the public Koo Koo Roo restaurant chain, taking on the Koo Koo name until the most recent change.
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