With a total of 144 units in 21 states in the third quarter, the company operates under names of Western Sizzlin Steak & More, Western Sizzlin Wood Grill, Great American Steak & Buffet Company and Quincy Steakhouses. Hoping to spur additional sales and traffic, the company is remodeling two company-owned restaurants in Northern Virginia, and there are plans to open a new prototypical franchised Western Sizzlin in Arkansas sometime next year.
Western Sizzlin also obtained financing during the quarter to open from its joint venture partner, W & K Foods to operate a "Wood Grill by Western Sizzlin" restaurant in Harrisnburg, VA. This location is scheduled to open mid 2006.
During the quarter ended Sept. 30, net income totaled $203,548 compared to net income of $199,530 at the same period last year. Revenues rang in at $4.8 million compared to $5.7 million for the third quarter of 2004, while earnings per share remained flat at 2 cents.
In the past nine months, net income fell to $378,992 compared to net income of $540,707 for 2004. Revenues were also disappointing at $15.2 million or 3 cents per share, down from $16.6 million or 5 cents per share last year. Year-to-date, there have been 12 franchise closures and three openings.
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