Fourth Quarter 2012 Financial Results
Total revenue for fourth quarter 2012 increased by 33.3% to $30.9 million compared to $23.2 million for the fourth quarter of 2011. The five Cadillac Ranch restaurants acquired in November and December of 2011 and the one Cadillac Ranch restaurant acquired in May 2012 accounted for approximately $5.1 million of the $7.7 million increase in sales. Total cost of sales before occupancy was $23.3 million in the fourth quarter of 2012 or 75.5% of revenue compared to prior year fourth quarter cost of sales before occupancy of $18.2 million or 78.7% of revenue.
General and administrative expenses were $2.5 million or 8.1% of revenue for the fourth quarter of 2012 compared to $2.5 million or 10.6% of revenue for the fourth quarter of 2011. This decrease in general and administrative expense as a percent of revenue was primarily attributable to the larger sales base associated with our Cadillac Ranch acquisitions. We believe that the benefit of restaurant, menu and food upgrades, and future restaurant unit growth will help to further reduce general and administrative expenses as a percentage of revenue.
The net loss for the fourth quarter of 2012 was $1.0 million compared to a net loss of $3.1 million in the fourth quarter of 2011. In the fourth quarter of 2011, there were additional one-time expenses related to the Cadillac Ranch asset acquisitions and personnel costs which caused a higher net loss. Net loss per share available to common shareholders was $(0.15) and $(0.70) for the fourth quarters of 2012 and 2011, respectively. Net loss per share available to common shareholders in the fourth quarters of 2012 and 2011 included $(0.03) and $(0.04) attributable to a declared dividend on preferred stock, respectively. Weighted average shares outstanding in the fourth quarters of 2012 and 2011 were 8.1 million and 4.7 million, respectively.
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