Record Net for Rusty Pelican Restaurants

Bolstered by a 53% sales increase, Rusty Pelican Restaurants Inc. on Tuesday reported record net income for its fourth quarter and full fiscal year ended July 28.

The Irvine-based restaurant chain said that net income for the fourth quarter rose 59% to $1.2 million, from $753,000 a year ago. Revenues jumped to $19.2 million, from $12.6 million during a year earlier.

For the year, net income increased 26% to $2.3 million, from $1.8 million the prior year. Revenues were up 47% to $53.7 million, contrasted with $36.5 million in fiscal 1984.

Forrest Hunt, the company’s director of finance, said that careful selection of new restaurant sites led to the jump in sales and profits in 1984. “Finding the right site is critical for us,” he said.

The 19-store seafood chain added seven restaurants in the past 14 months, primarily in upscale West Coast locations, Hunt said. Within the past few months, the 20-year-old chain has opened restaurants in Seattle, LaJolla and Cupertino.

In the past year, employment at the company rose to 2,325 people, from 1,975 the year before, Hunt said.

Hunt also said that Rusty Pelican plans to add four more restaurants in fiscal 1986. Most of the chain’s growth has taken place since October, 1983, when Rusty Pelican went public.