Hamburger Hamlets Earnings Decline 62%

Hamburger Hamlets reported a 62.4% drop in its earnings to $56,727 or 2 cents a share for the third quarter ended Dec. 27, compared to $151,203, or 5 cents a share, a year earlier. Revenue was up 7.4% to $11.9 million from $11 million a year earlier.

The Sherman Oaks-based chain of specialty restaurants blamed its earnings decline on expenses incurred from opening Kate Mantilini, a Beverly Hills restaurant. It also took a $66,000 write-down on property in Ocean City, Md. the company is trying to sell. For the nine months ended December, the company reported a 130% jump in income to $868,000, or 27 cents a share, compared to $377,000, or 12 cents a share a year earlier. Sales were up 9.5% to $35.9 million compared to sales of $32.8 million a year earlier.