Profit Plunges at Jerry’s Deli as Revenues Jump
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Jerry’s Famous Deli Inc. posted a big drop in earnings in its third quarter despite a 59% jump in revenues because of its expansion program.
In the period that ended Sept. 30, the restaurant chain posted net income of $9,000 compared to a $291,000 profit a year ago. Revenues in the quarter were $10.9 million, compared to $6.9 million last year.
The Studio City-based concern owns eight restaurants in California and one in Miami.
An outlet in Woodland Hills is closed for renovation, and a planned one in Costa Mesa is under construction and will open early next year.
The company said it also raised $12 million through the sale of preferred stock.
For the nine months, Jerry’s saw its net income fall 26% to $420,000, compared to a $569,000 profit a year ago.
Nine-month revenues climbed 28% to $26.7 million, from $20.9 million.
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