Avado Brands posts $17.84 million loss for September on $28.1 million of sales

By Jeff Pines

Washington, Oct. 22 - Avado Brands Inc. posted a $17.84 million loss for September on sales of $28.10 million, the company said in a monthly operating report filed Friday with the U.S. Bankruptcy Court for the Northern District of Texas.

The operating loss for the month was $14.88 million.

In August, the company posted a $4.31 million loss on revenues of $25.98 million with an operating loss of $1.73 million.

A possible explanation for the difference in results is a $15.04 million special charge, where the month before the special charge was only $2.26 million.

Total cash and cash equivalents, including restricted cash, for September was $19.69 million compared with $19.99 million for August. Restricted cash for September was $18.24 million and for August it was $18.24 million.

Avado, a Madison, Ga.-based restaurant company, filed for bankruptcy on Feb. 4, 2004. Its Chapter 11 case number is 04-31555.

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