J. Alexander’s Corporation (NASDAQ: JAX) today reported operating results for the second quarter and first half of fiscal 2012 ended July 1, 2012.
Highlights of the second quarter of 2012 compared to the second quarter of 2011 were as follows:
- Net sales increased 4.2% to $40,186,000 from $38,564,000.
- Average weekly same store sales per restaurant increased by 4.2% on a quarter-to-quarter basis.
- Restaurant operating margins (1) increased to 10.5% from 7.4%.
- Income before income taxes increased to $313,000 in the second quarter of 2012 from $47,000 in the second quarter of 2011. Excluding pre-tax charges of approximately $900,000 recorded in the second quarter of 2012 related to the Company’s evaluation of strategic alternatives, including the execution of a definitive merger agreement for the sale of the Company as previously disclosed, and to a possible contested election of directors, income before income taxes was approximately $1,213,000.
- Net income increased to $221,000, or $.04 per diluted share, from $57,000, or $.01 per share, in the second quarter of 2011. Excluding the special charges in the second quarter of 2012 noted above which on an after tax basis were approximately $780,000, net income for the quarter was approximately $1,001,000, or $.16 per diluted share.
Commenting on the second quarter of fiscal 2012, Lonnie J. Stout II, Chairman, President and CEO, said, “We are pleased to report another excellent period of solid gains in sales and net income. Once again, we achieved higher same store sales, which marked our eleventh consecutive quarter of increases. We continue to be encouraged by recent same store sales trends which we believe are due to improved economic conditions and consumer spending patterns, as well as our sustained focus on operational execution.”