Tuesday, April 1, 2014

Chanticleer Holdings reports larger loss in 4Q

Charlotte-based investment company Chanticleer Holdings lost $2.3 million in the fourth quarter of last year, or 61 cents a share, the company reported in a regulatory filing. A year ago, the company reported a loss of $879,000, or 24 cents a share.

The larger loss came as the company reported higher operating expenses for its restaurants. Payroll and occupancy costs for its restaurants were both higher, Chanticleer said.

Last year, the company, whose focus had been solely on owning and operating Hooters in other countries, began investing in other restaurant brands. During the quarter, the company bought a Hooters in England and a majority interest in the Charlotte-based Just Fresh restaurant chain. It also opened its fifth Hooters in South Africa in the quarter.

Restaurant operating expenses for the fourth quarter were $2.1 million, or 63.3 percent of restaurant revenue. That was up from restaurant operating expenses of $1.1 million, or 58.7 percent of restaurant revenue, a year ago.

Revenue for the fourth quarter was $3.3 million, up from $2 million a year ago. The higher revenue was the result of the restaurants Chanticleer opened or acquired, the company said.

For the full year, the company reported a net loss of $5.2 million, or $1.19 a share, up from a loss of $3.2 million, or $1.13 per share, in 2012.

In the same regulatory filing, the company said a Just Fresh location will open in the new Charlotte Knights BB&T Ballpark. The restaurant will open April 11, Chanticleer said. It will be the chain's sixth location, the company said.