Third Quarter 2011 Financial Results
Total revenue for third quarter 2011 increased by 3.0% to $22.9 million compared to $22.3 million for the third quarter of 2010. Total cost of sales before occupancy was $17.6 million in the third quarter of 2011 or 76.9% of sales compared to prior year third quarter cost of sales before occupancy of $17.3 million or 77.7% of sales.
General and administrative expenses were $2.0 million or 8.7% of revenue for the third quarter of 2011 compared to $1.6 million or 7.1% of revenue for the third quarter of 2010. General and administrative costs included non-cash stock compensation of $143,000 in the third quarter of 2011 compared to $67,000 in the third quarter of 2010. With the addition of several key members of management in connection with our May 2011 transaction, we expect general and administrative expenses to run at a higher rate in future months. We believe that the benefit of restaurant upgrades and future restaurant unit growth will offset these expenses in the long term. We will monitor these expenses closely and will make adjustments as needed.
The net loss for the third quarter of 2011 was $1.0 million compared to a net loss of $1.5 million in the third quarter of 2010. Net loss per share available to common shareholders was $(0.26) and $(0.20) respectively. Net loss per share available to common shareholders in the third quarter of 2011 included $(0.04) attributable to dividend declared. There was a weighted average of 4.7 million and 7.4 million shares of common stock outstanding in the third quarters 2011 and 2010, respectively.Year-to-Date 2011 Financial Results Total revenue for the first three quarters of 2011 increased by 3.5% to $70.1 million compared to $67.7 million for the first three quarters of 2010. Total cost of sales before occupancy was $53.4 million in the first three quarters of 2011 or 76.3% of sales compared to prior year first three quarters cost of sales before occupancy of $51.8 million or 76.5% of sales.
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