Silver diner posts loss after lease write-off

Nation's Restaurant News, Dec 10, 2001

ROCKVILLE, MD. -- Silver Diner Inc., which operates 12 namesake restaurants, reported a third-quarter loss of $73,770, compared with a loss of $464,578 in the year-ago period. The nine-month loss was $1.6 million, vs. a same-period loss of $1.8 million the year before.

Silver Diner took a $267,448 write-off in the nine months for an abandoned site after the termination of its lease in the Pentagon Row shopping center in Arlington, Va. Nine-month revenue grew 2 percent, to $24.5 million.

Same-store sales fell 1.5 percent in the third quarter and 5.9 percent in the nine months. The company said the recent closure of a Silver Diner unit would have "minimal impact" on its balance sheet because the unit's assets were written down in late 2000.

COPYRIGHT 2001 Reproduced with permission of the copyright holder. Further reproduction or distribution is prohibited without permission.
COPYRIGHT 2008 Gale, Cengage Learning
 

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