Hamburger Hamlet Restaurants Inc., a Sherman Oaks-based restaurant chain, reported deep losses for the fourth quarter and year that ended Dec. 31.
The company reported a loss of $9.92 million for the fourth quarter, compared to a loss of $605,000 in the same three-month period a year earlier. Revenues dipped to $16.2 million, down 4% from $16.9 million in the fourth quarter of 1993.
The fourth-quarter results reflect a $6.5-million write-down of goodwill related to the company's reduced expectations for sales at certain restaurants, and a $1.25-million charge for the planned sale of four poorly performing locations.
For the year, Hamburger Hamlet reported a loss of $10.6 million on revenue of $67.8 million, compared to a profit of $458,000 on sales of $68.5 million for 1993.
Shawn Holder, chief executive of Hamburger Hamlet, called the latest results "disappointing" and said the company is "carefully evaluating each of our 35 restaurants, and the regions in which they operate, and will continue to either revitalize or attempt to sell these operations as necessary."