El Torito Restaurants

With the market for Mexican food still seeing strong national growth, El Torito Restaurants Inc. reported a 36% increase in net income in the fourth quarter of last year and a 43% jump for all of 1984.

At the same time, fourth quarter sales at the Irvine-based Mexican restaurant chain were up 14% over the year-ago period, and sales for the year rose 19% over 1983’s levels. The company’s fiscal year ended Dec. 31, 1984.

Larry J. Cano, president and chief executive of the firm that employs 11,000 nationwide, predicted that the “positive growth trend” will continue in 1985.

Net income of $2.1 million was reported for the fourth quarter, compared to $1.6 million during the same 1983 quarter. For the year net income was $11.1 million compared to $7.8 million in fiscal 1983.

El Torito’s sales in the 1984 fourth quarter were $61 million compared to $54 million in the last quarter of 1983. Sales for the year exceeded $250 million, compared to 1983 sales of $211 million.

In 1985, El Torito will convert 24 recently purchased Casa Maria restaurants. It will also open a handful of non-Mexican restaurants, including two in Orange County, as broadens its market in trying to attract more upscale customers.