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Cosi boasts $31.8M in 4th-Q revenues

DEERFIELD Ill. Cosi Inc. posted a fourth-quarter net loss of $4.8 million on a 11.3-percent gain in revenues to $31.8 million, citing organic growth and reduced charges for asset impairments, compared with a year earlier. The fast-casual sandwich and salad chain lost $6.0 million for the quarter a year earlier.

For the latest quarter, ended Jan. 1, Cosi earned 12 cents per share, versus 16 cents in the prior fourth quarter. The company, operator or franchisor of about 130 Cosi outlets, said same-store sales rose 0.4 percent for the quarter, during which the chain grew by 10 net openings of corporate restaurants.

For the full year, Cosi lost $12.3 million, or 32 cents per share, versus a net loss of $13.1 million, or 38 cents per share, for fiscal year 2005. Annual revenues rose 8.3 percent to $126.9 million as same-store sales for the year grew 0.3 percent. Cosi said it logged its first-ever positive cash flow from operations in fiscal 2006, aided by a record 27 new restaurant openings.

For fiscal 2007, Cosi expects to grow by 14 corporate units and 45 to 55 franchised branches. It expects per-share earnings for 2007 to be 8 cents to 12 cents, excluding stock-based compensation expense, on corporate store sales of $150 million to $155 million.

TAGS: Finance
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