American Restaurants Reports 62% Profit Drop
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American Restaurants Corp. in Ventura reported a 62% drop in earnings for the first quarter ended March 31, despite a 9% increase in revenue.
American Restaurants, which operates 15 Hudson’s Grills and three other restaurants, earned $35,195 in the first quarter of 1991, down from $93,616 a year earlier. But its revenue climbed to $7.5 million from $6.9 million.
The company said the lower profit was due to increased labor and food costs, and higher liquor taxes. Its recent sale of 11 Wendy’s restaurants was not reflected in the first-quarter results.
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