Overview

• U.S. restaurant operator's Q2 revenue declined yr/yr as same-store sales fell 7.6%

• Q2 net loss narrowed compared to prior yr

• Company cites Bryant Park lease uncertainty as ongoing drag on revenue and results

Outlook

• Company expects ongoing lease uncertainty at Bryant Park Grill to adversely affect results

• Company says Florida revenues remain challenged by current economic climate

Result Drivers

• BRYANT PARK LEASE UNCERTAINTY - Co said ongoing lease dispute at Bryant Park Grill and Café continued to hurt business due to customer confusion and reduced event bookings

• PREPAID RENT WRITE-OFF - Co recorded $566,000 charge to write off prepaid rent for Bryant Park locations amid legal dispute

• WEAK FLORIDA AND D.C. MARKETS - Co said Florida revenues remain challenged by economic climate and D.C. market continues to be difficult

Company press release: ID:nBw7CrpqKa

Key Details

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