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Avado Brands reports $11.23 million loss in December on revenues of $31.66 million
New York, Jan. 28 - Avado Brands Inc. reported a loss of $11.23 million in December on revenues of $31.66 million.
That was a worsening from a $2.06 million loss in November, largely due to a special charge of $7.35 million, according to the monthly operating report filed Friday with the U.S. Bankruptcy Court for the Northern District of Texas.
The Madison, Ga., restaurant company reported net revenue of $31.66 million for December, up sharply from $21.32 million in November.
Including the special charge, the operating loss was $4.78 million compared to a $1.06 million gain in November.
Cash and cash equivalents as of Jan. 2 were $18.17 million of which $1.74 million was unrestricted. In November, the company reported total cash and cash equivalents of $19.87 million with $1.57 million of it unrestricted.
Avado filed for bankruptcy on Feb. 4, 2004. Its Chapter 11 case number is 04-31555.
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