Famous Dave's Q2 GAAP income from operations cut to one third
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Comparable sales for Company-owned restaurants open 24 months or more decreased 6.4% compared to a decrease of 10.8% for the same period in 2015.
Franchise royalty revenue increased slightly from $4.6 million to $4.7 million primarily reflecting the refranchising of the seven Chicago restaurants late in the first quarter 2016, partially offset by a comparable sales decrease of 4.3%.
GAAP net income from continuing operations was $0.02 per diluted share.
General and administrative expenses decreased from approximately $4.9 million to approximately $4.8 million for the second quarter of 2016. This decrease was moderated by increased legal costs for franchise related matters and professional fees related to brand development which were not repeated in the second quarter of 2016.
GAAP income from operations was $334,000 compared to $981,000 for the same period in 2015. Adjusted income from operations was approximately $1.4 million compared to $1.9 million for the second quarter of 2015.
GAAP net income from continuing operations was $0.02 per diluted share, compared to $0.07, per diluted share, for the second quarter of 2015.
Adjusted net income from continuing operations per share was $0.17, per diluted share, compared to $0.17, per diluted share, for the second quarter of 2015. ■