Restaurant company Flagstar Cos. said it made...
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Restaurant company Flagstar Cos. said it made $9.3 million for the fourth quarter, contrasted with a loss of $1.6 billion a year ago that was due largely to a restructuring charge.
The Spartanburg, S.C., company, which owns Denny’s and other restaurant chains, reported earnings of 22 cents per share for the three months ended Dec. 31, contrasted with a loss of $38.18 for the same period a year ago.
Revenue decreased slightly to $660 million from $674 million for the 1993 quarter, partly because the number of restaurants Flagstar operates decreased.
Last year’s fourth-quarter results included a $1.1-billion charge for restructuring and writing off goodwill and other intangible assets from the company’s earlier leveraged buyout.
For the year, Flagstar reported earnings of $350 million, or $7.16 a share, contrasted with a loss of $1.7 billion, or $40.14 per share, for 1993. Sales increased slightly to $2.7 billion.
The 1994 figure includes a $393-million gain from the sale of the Canteen food service division and other assets.
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