MINNEAPOLIS Boasting increased sales and a reduced cost structure, Buca Inc., owner and operator of 92 Buca di Beppo restaurants, swung to a fourth-quarter profit of $943,000, or 5 cents per share, versus a net loss of $6.4 million, or 32 cents per share for the year-earlier quarter.
Total restaurant sales for the fourth quarter ended Dec. 31 were $71.5 million, a 13.6-percent increase from the same period a year earlier. The sales boost was driven by a same-store sales increase of 4 percent and the fourth quarter's additional week of operation versus a year earlier, which contributed $6.1 million in sales.
Prior to the fourth quarter, Buca completed the sale of its Vinny T's of Boston concept for $6.8 million. The company received $3.0 million in cash that it used to reduce outstanding indebtedness and interest costs.
For the full year, Buca posted a net loss of $3.6 million, or 18 cents per share, on total sales of $253.8 million. In fiscal 2005, Buca recorded a net loss of $32.1 million, or $1.58 per share, on total sales of $239 million.
