Revenue decreased to $10.7 million from $12.5 million. Same-store sales were down 11.1% from 2002. The company is the exclusive franchisee of Ryan's Family Steak House restaurants in Florida.
The per-share loss in Q1 was two cents on 3.7 million shares, compared to net earnings of 16 cents on 3.27 million shares in Q1 2002. The company generated $533,000 cash from operations in the quarter.
In a prepared statement, the company says the economy and the war had "a negative impact on consumer confidence and customers' travel and spending habits." The Easter holiday, which had "a significant impact" on sales in the first quarter of 2002, will be included in the second quarter of the company's 2003 fiscal year, the company says.
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