Friday, November 15, 2013

Chanticleer Holdings reports larger loss in 3Q

Chanticleer Holdings said Friday it had a bigger net loss in the third quarter compared with a year ago thanks in large part to higher expenses.

The Charlotte-based investment company, whose business model includes owning and operating Hooters restaurants outside the U.S., reported a loss of $1.4 million, or 38 cents per share, up from a loss of $740,000, or 20 cents per share, last year.

For the most recent quarter, the company said a rise in general, administrative and interest expenses was the primary reason it had a bigger loss than a year ago. Also, revenue declined 7.4 percent to $1.6 million as restaurant sales fell.

Chanticleer has seven Hooters locations in four countries: Australia, Hungary, South Africa and the United Kingdom. The company says it needs to increase its number of Hooters locations to overcome the costs of being public and reach profitability.

Chanticleer is expanding beyond its focus on Hooters. In October, it bought American Roadside Burgers. Last week, it said it has acquired a majority stake in the companies that own the Charlotte-based Just Fresh restaurant chain.

American Roadside and Just Fresh are based in Charlotte.