Restaurant chain J. Alexander's said it earned $221,000 in the second quarter versus just $57,000 a year ago.
Revenues at the Nashville-based company climbed 4 percent to $40.2 million from the spring of 2011, helped by a hike in prices that offset rising beef costs and a 2 percent drop in weekly guests counts. The company's same-store sales increase also was 4 percent since it hasn't opened any new locations in the past 12 months.
"Once again, we achieved higher same store sales, which marked our eleventh consecutive quarter of increases," said Lonnie Stout, chairman, president and CEO of J. Alexander's. "We continue to be encouraged by recent same store sales trends which we believe are due to improved economic conditions and consumer spending patterns, as well as our sustained focus on operational execution."
Shares of J. Alexander's (Ticker: JAX) were changing hands Monday afternoon at $13, the price at which title insurer Fidelity National Financial has agreed to buy the company. However, Atlanta-based Privet Fund, which owns 10 percent of the company, is opposing that arrangement and has forced J. Alexander's to host a shareholders' meeting by late October.