HOUSTON Mexican Restaurants Inc., the operator or franchisor of 79 restaurants under seven brands, more than doubled its second quarter profit, mostly on a large tax gain from a fire that shut down one restaurant for 20 weeks.
The company also said revenue for the quarter ended June 29 rose 0.6 percent to $21 million. Same-store sales increased 0.3 percent at corporate locations and increased 1 percent at franchised restaurants.
Second quarter net income totaled $359,059, or 11 cents per share, compared with year-ago earnings of $129,882, or 4 cents per share. The latest quarter included a gain of $149,338 related to the disposition of assets for a Casa Ole restaurant in Vidor, Texas, which was damaged by a fire, the company said.
Mexican Restaurants’ brands include Casa Ole, Crazy Jose’s, Monterey’s Tex Mex Cafe, Monterey’s Little Mexico, Tortuga Mexican Kitchen, La Senorita and Mission Burrito. Most of the restaurants operate in Texas, and some are located in Oklahoma, Louisiana and Michigan.