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.