Carl Karcher Enterprises Inc.: The Anaheim-based owner and franchiser of Carl's Jr. Restaurants reported a 4% decline in earnings for the third quarter of fiscal 1990 despite a 14% gain in revenue. For the quarter ended Nov. 6, net income was $4.1 million compared with $4.2 million recorded for the year-earlier period. Revenue rose to $121.6 million from $106.5 million.
For the first three quarters of the fiscal year, net income declined 13%, to $14.5 million from $16.6 million for the like period of fiscal 1989. Revenue increased 18%, $393.3 million from $334.5 million.
The company said a decline in investment income and an increase in interest expense contributed to lower net income for both the third quarter and for the first nine months.
Donald F. Karcher, president and chief operating officer, said revenue growth slowed slightly during the third quarter due to higher competitive discounting. In addition, the company's expansion program resulted in higher general and administrative costs.