American Restaurant Group in Black
Newport Beach-based American Restaurant Group Inc. said it earned $1.5 million in the first quarter, compared with a net loss of $2.1 million a year earlier. The company also recorded an extraordinary gain of $9.6 million from refinancing during the quarter.
The company, which lost $2.1 million in the first three months last year, sold $190 million of bonds and preferred stock rights in February to refinance its debt in a move to gain more breathing room.
Revenue was down 2% to $112.1 million as the result of closing poor-performing restaurants, the company said.
The company owns Stuart Anderson’s Black Angus restaurants, as well as Spoons, National Sports Grill and Grandy’s chains.