Rusty Pelican Reports Quarterly Loss of $512,000
Rusty Pelican Restaurants Inc. said Thursday that while its restaurants were profitable, accounting changes and write-offs for abandoned development plans caused a loss of $512,000 for its fiscal 1986 third quarter, compared with a year-earlier profit of $667,000.
Revenues for the period ended April 6 were $13.8 million, up 6.2% from $13 million.
For the first nine months of its fiscal 1986, the Irvine-based restaurant chain--owner of 19 Rusty Pelican and Ancient Mariner seafood restaurants--posted a loss of $327,000, compared with a profit of $1.2 million for the comparable period in its fiscal 1985. Revenue of $41 million was up 19% from $34.5 million.
In a separate announcement, the company said that Gregory G. Dollarhyde, former executive group vice president and chief financial officer at TGI Fridays, a Dallas-based restaurant group, has been named chief financial officer and vice president of finance for Rusty Pelican Inc. Dollarhyde, 33, replaces Jim Bowie, who left the company late last year and opened a consulting firm. The position was temporarily filled by Forrest Hunt, who returns to his former position as Rusty Pelican’s director of finance.