The Company's revenues of $81.9 million for the economic year ended December 28, 2008 were down $221,131 or 0.3% from the late year revenues of $82.1 million. Restaurant sales of $80.9 million for budgetary year 2008 decreased $465,227 or 0.6% compared with financial year 2007. The Company abandoned approximately $1.15 million in restaurant sales from the consequences of Hurricanes Gustav and Ike, and approximately $900,000 due to restaurant fires at two locations.
The reduction also reflected the purchase of one Casa Ole restaurant in July of 2007. Increased same-store sales and the totting up of four Mission Burrito attached sporadic restaurants somewhat repay these sales decreases. For the 52-week age ended December 28, 2008, Company-owned same-restaurant sales increased approximately 1.5%. This excludes the spent sales from the hurricanes and fires (only stores start the ball rolling in both periods are included in same-store sales amounts).
Franchised-owned same-restaurant sales as reported by franchisees, and reflecting the perplexed twister sales, increased approximately 1.2% over the same 52-week time ended December 28, 2008. Commenting on the Company's pecuniary year 2008 results, Curt Glowacki, Chief Executive Officer, stated, "Fiscal year 2008 posed many challenges for the economy, our customers and the restaurant industry.
Our Company was not untouched to those challenges, or to the colliding of two hurricanes and two restaurant fires. In addition, we faced a wax in food, utility and well-being cover costs. Commodity prices rose at a faster rank than the reprimand we felt we could escalation our menu prices and still defend our penalty value to the customer. Finally, the mandated inflate in the Federal nominal practise on July 24, 2008, added approximately $2,000 per week to our payroll cost, requiring our directors to form efforts to counterbalance these labor bring in increases through added labor efficiencies.
In get under of all of these factors, I am glad that our fourth board same-store sales were beneficial 2.3%, making it the sixth consecutive four times a year increase. Same-store sales persevere to be persuasive in the prime lodge of monetary year 2009." Mr. Glowacki concluded, "We go on to be very keyed up about our Company's intumescence plans for Mission Burrito, our diet erratic item into the important excrescence quick-witted out burrito category.
During 2008, as we continued to bloom the concept, we opened four and closed one Mission Burrito restaurant. In fiscal year 2009, we delineate to unrestrained one company-owned location. Further, we will convergence on the next step of fine-tuning the Mission Burrito concept.
We will also toughen the Company's heart operations, backup the Company's franchisees, and redeem the Company's preponderance sheet." Mexican Restaurants, Inc. operates and franchises 79 Mexican restaurants. As of today, the going round plan includes 60 Company-operated restaurants, 18 franchisee operated restaurants and one licensed restaurant. Special Note Regarding Forward-Looking Statements This bustle issue contains forward-looking statements within the signification of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements require known and strange risks, uncertainties and other factors which may cause the true results, exhibit or achievements of the Company to be in the long run unheard-of from any days results, engagement or achievements expressed or implied by such forward-looking statements. Such factors include, in the midst others, the following: increase strategy; dependence on supervision officers; geographic concentration; increasing susceptibility to adverse conditions in the region; changes in consumer tastes and eating habits; national, regional or neighbourhood money-making and actual position conditions; demographic trends; extreme weather; shipping patterns; the type, total and site of competing restaurants; inflation; increased food, labor and good costs; the availability of trained administration and hourly employees; seasonality and the timing of unfamiliar restaurant openings; changes in governmental regulations; dram peach on exposure; and other factors not yet prepared by the Company. The use of words such as "believes", "anticipates", "expects", "intends" and comparable expressions are intended to mark forward-looking statements, but are not the sole means of identifying such statements. Readers are urged to carefully journal and examine the various disclosures made by the Company in this circulate and in the Company's most brand-new Annual Report and Form 10-K , that bid to urge prejudiced parties of the risks and factors that may act upon the Company's business. Mexican Restaurants, Inc. and Subsidiaries Consolidated Statements of Operations Unaudited Unaudited 52-Week 52-Week 13-Week 13-Week Period Ended Period Ended Period Ended Period Ended 12/28/2008 12/30/2007 12/28/2008 12/30/2007 Revenues: Restaurant sales $ 20,301,795 $ 19,637,831 $ 80,914,538 $ 81,379,765 Franchise fees, royalties and other 151,031 204,796 636,773 710,394 Business hesitation 69,000 - 317,717 -- 20,521,826 19,842,627 81,869,028 82,090,159 Costs and expenses: Cost of sales 6,001,028 5,793,620 23,651,208 23,366,381 Labor 6,714,440 6,222,238 26,482,900 26,428,606 Restaurant operating expenses 4,828,067 4,823,298 20,046,135 20,097,179 General and administrative 1,865,226 1,780,843 7,639,665 7,471,756 Depreciation and amortization 946,556 872,435 3,567,753 3,417,348 Pre-opening costs 50,098 1,176 166,655 23,947 Goodwill decrease 5,130,100 -- 5,130,100 -- Other weakening and restaurant closure costs 651,363 9,120 773,789 99,978 Gain on unwitting disposals (550,366 ) -- (685,137 ) -- Loss on yard sale of other attribute and tackle 31,192 8,016 206,447 207,517 25,667,704 19,510,746 86,979,515 81,112,712 Operating gain (loss) (5,145,878 ) 331,881 (5,110,487 ) 977,447 Other revenue (expense): Interest return 1,109 2,057 5,260 10,715 Interest loss (102,526 ) (137,212 ) (427,742 ) (499,851 ) Other, reticle 8,254 12,426 34,631 46,335 (93,163 ) (122,729 ) (387,851 ) (442,801 ) Income (loss) from continuing operations before receipts taxes (5,239,041 ) 209,152 (5,498,338 ) 534,646 Income charge (expense) gain 1,305,698 (15,467 ) 1,478,367 (79,250 ) Income (loss) from continuing operations (3,933,343 ) 193,685 (4,019,971 ) 455,396 Discontinued operations: Income (loss) from discontinued operations -- -- -- 3,090 Restaurant closure takings (expense) -- 9,521 46,226 (175,796 ) Gain (loss) on trafficking of assets -- -- -- 3,412 Income (loss) from discontinued operations before proceeds taxes -- 9,521 46,226 (169,294 ) Income rate (expense) sake 16,317 (3,520 ) (13,266 ) 62,672 Income (loss) from discontinued operations 16,317 6,001 32,960 (106,622 ) Net profit (loss) $ (3,917,026 ) $ 199,686 $ (3,987,011 ) $ 348,774 Basic income (loss) per quota Income (loss) from continuing operations $ (1.21 ) $ 0.06 $ (1.23 ) $ 0.13 Income (loss) from discontinued operations 0.01 -- 0.01 (0.03 ) Net income (loss) $ (1.20 ) $ 0.06 $ (1.22 ) $ 0.10 Diluted income (loss) per deal Income (loss) from continuing operations $ (1.21 ) $ 0.06 $ (1.23 ) $ 0.13 Income (loss) from discontinued operations 0.01 -- 0.01 (0.03 ) Net income (loss) $ (1.20 ) $ 0.06 $ (1.22 ) $ 0.10 Weighted run-of-the-mill copy of shares (basic) 3,263,440 3,421,267 3,255,503 3,339,280 Weighted norm troop of shares (diluted) 3,263,440 3,502,684 3,255,503 3,430,276 SOURCE: Mexican Restaurants, Inc.
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