Star Buffet Inc. (STRZ, Financial) filed Quarterly Report for the period ended 2010-08-09.
Star Buffet Inc. has a market cap of $4.5 million; its shares were traded at around $1.42 with and P/S ratio of 0.1.
The Company has a consolidated net loss for the 28-week period ended August 9, 2010 of $(1,282,000) or $(0.40) per diluted share as compared with net income of $939,000 or $0.29 per diluted share for the comparable prior year period , a change of approximately $2,221,000 from the prior year period. The change is due to a decrease in income from operations of approximately $3,595,000 primarily from an increase in impairment expense of $1,811,000, a $306,000 gain on property disposals related to the fire in Jonesboro, Arkansas recorded in the prior year period, as discussed above, year and higher labor and general and administrative costs as a percentage of revenue. Total revenues decreased approximately $14.2 million or 29.8% from $47.7 million in the 28 weeks ended August 10, 2009 to $33.4 million in the 28 weeks ended August 9, 2010. The decrease in revenues was primarily attributable to 23 closed stores of which 14 stores were closed in fiscal 2010 and nine stores were closed in fiscal 2011 resulting in a sales decline of approximately $11.9 million and sales declines of approximately $3.1 million or approximately 10% in comparable same store sales. The decline in sales was partially offset by approximately $800,000 increase attributable to new stores or stores only opened for a portion of the first and second quarters of last year.
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Star Buffet Inc. has a market cap of $4.5 million; its shares were traded at around $1.42 with and P/S ratio of 0.1.
Highlight of Business Operations:
The Company has a consolidated net loss for the 12-week period ended August 9, 2010 of $(1,386,000) or $(0.43) per diluted share as compared with net income of $85,000 or $0.03 per diluted share for the comparable prior year period, a change of approximately $1,471,000 from the prior year period. The increase in the net loss is due to a decrease in income from operations of approximately $2,460,000 which primarily resulted from an increase in impairment expense of $1,811,000 as compared to the prior year period and a $306,000 gain on property disposals related to the fire in Jonesboro, Arkansas that was recognized in the prior year period. Total revenues decreased approximately $5.7 million or 29.3% from $19.5 million in the 12 weeks ended August 10, 2009 to $13.8 million in the 12 weeks ended August 9, 2010. The decrease in revenues was primarily attributable to 23 closed stores of which 14 stores were closed in fiscal 2010 and nine stores were closed in fiscal 2011 resulting in a sales decline of approximately $5.1 million and sales declines of approximately $1.1 million or approximately 8.6% in comparable same store sales. The decline in sales was partially offset by $500,000 increase attributable to new stores or stores only opened for a portion of the second quarter of last year.The Company has a consolidated net loss for the 28-week period ended August 9, 2010 of $(1,282,000) or $(0.40) per diluted share as compared with net income of $939,000 or $0.29 per diluted share for the comparable prior year period , a change of approximately $2,221,000 from the prior year period. The change is due to a decrease in income from operations of approximately $3,595,000 primarily from an increase in impairment expense of $1,811,000, a $306,000 gain on property disposals related to the fire in Jonesboro, Arkansas recorded in the prior year period, as discussed above, year and higher labor and general and administrative costs as a percentage of revenue. Total revenues decreased approximately $14.2 million or 29.8% from $47.7 million in the 28 weeks ended August 10, 2009 to $33.4 million in the 28 weeks ended August 9, 2010. The decrease in revenues was primarily attributable to 23 closed stores of which 14 stores were closed in fiscal 2010 and nine stores were closed in fiscal 2011 resulting in a sales decline of approximately $11.9 million and sales declines of approximately $3.1 million or approximately 10% in comparable same store sales. The decline in sales was partially offset by approximately $800,000 increase attributable to new stores or stores only opened for a portion of the first and second quarters of last year.
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